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Europe’s markets see declines


by Elaine Frei
January 9, 2008
Europe's markets see declines

European equities were lower on the day Wednesday. The FTSE Eurofirst 300 was down 1.17 percent to 1,449.72. Madrid’s IBEX was 0.46 percent lower to 14,603.5 while the Dax fell 0.86 percent to 7,782.71 and the Paris CAC-40 dropped 1.1 percent to 5,435.42. London’s markets also saw declines, with the FTSE 100 down 1.32 percent to 6,272.7 and the FTSE 250 falling 1.94 percent to 9,964. The 250 lost nearly 200 points on the day.

Most equities markets in the Asia-Pacific region saw gains on Wednesday as commodities related shares advanced on higher metals and oil prices a day after gold hit a new record high price. The Straits Times Index added 0.19 percent to 3,344.53 in Singapore while the Shanghai Composite was up 0.91 percent to 5,435.81. South Korea’s Kospi index was 1 percent higher to 1,844.47 while the Taiex gained 1.53 percent to 8,085.06 and the Hang Seng jumped 1.86 percent to 27,615.85.

Among the few markets seeing declines were the Sensex, at 0.02 percent lower in 20,869.78. Meanwhile in Australia, the S&P/ASX200 added 0.66 percent to 6,087.7 and the Sydney Ordinaries gained 0.74 percent to 6,159.5.

Tokyo’s markets were higher on the session. The Nikkei 225 was up 0.49 percent to 14,599.16 and the Topix index was 1.51 percent higher to 1,424.29 while the Mothers market gained 0.46 percent to 751.25.

Equities markets in New York were lower in mid-afternoon trade, with the Dow Jones Industrial Average down 0.46 percent to 12,531.11. The Nasdaq Composite had dropped 0.95 percent to 12,417.21 while the S&P 500 fell 0.52 percent to 1,382.91. Among the issues making investors nervous are the economy’s strength and the coming corporate results season.

The price of crude oil was lower after the US Energy Information Administration reported that gasoline and distillates inventories were higher last week although crude oil stockpiles had fallen. Gold prices remained in record territory, but other precious metals prices were mixed and copper declined. Grains prices were also lower on the day.

The euro, pound and yen were all weaker in forex trade.



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