European markets gain; London sees declines

| January 7, 2008 | 0 Comments
European markets gain; London sees declines

Equities markets in Europe saw some gains on Monday. The FTSE Eurofirst 300 added 0.01 percent to 1,457.79. The Dax and the CAC-40 each were 1.1 percent higher, to 7,817.17 and 5,452.83 respectively, while Madrid’s IBEX gained 0.44 percent to 14,667. London’s markets fell on the session. The FTSE 100 was down 0.14 percent to 6,339.5 while the FTSE 250 dropped 1.68 percent to 10,093.1.

Most equities markets in the Asia-Pacific region declined Monday on concerns that there will be a recession in the United States. While most markets in the region saw declines, the Shanghai Composite added 0.59 percent to 5,393.34 and India’s Sensex was up 0.61 percent to 10,812.65. In Hong Kong, however, the Hang Seng was 1.24 percent lower to 27,179.49. South Korea’s Kospi index dropped 1.76 percent to 1,831.14.

In Australia, the Sydney Ordinaries fell 2.27 percent to 6,240.4 while the S&P/ASX200 was down 2.3 percent to 6.161.6. The Straits Times index was 2.46 percent lower to 3,353.06 in Singapore. Taiwan’s Taiex plummeted 4.11 percent to 7,883.37. Tokyo’s markets were also lower on the session. The Nikkei 225 was down 1.3 percent to 14,500.55 and the Topix index fell 1.36 percent to 1,392.71 while the Mother’s market dropped 1.28 percent to 737.02.

Wall Street was mixed at mid-afternoon in New York amid optimism that the Federal Reserve will lower interest rates, but there was concern over an incident between Iranian and US naval vessels in waters near Iraq over the weekend. The Dow Jones Industrial Average was 0.06 percent lower to 112,792.37 and the Nasdaq Composite had dropped 0.21 percent to 2,499.27, but the S&P 500 was up 0.09 percent to 1,412.84.

Oil, metals, and grains prices were lower on the day, while the pound saw declines and the US dollar gained on the yen and the euro in early afternoon trade in New York.

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