Asian, European markets see declines
by Elaine Frei
Equities markets in the Asia-Pacific region saw significant declines on Monday after a warning on economic slowdowns ahead from the G7 nations.In Australia the Sydney Ordinaries fell 2.11 percent to 5,603.1 and the S&P/ASX200 was down 2.13 percent to 5,537.6. The FTSE Straits Times Index was 2.17 percent lower to 2,868.29. South Korea’s Kospi index dropped 3.29 percent to 1,640.67 while the Hang Seng was down 3.64 percent to 22,616.11. In India, the Sensex fell 4.78 percent to 16,630.91 on a spectacularly bad trade debut by Reliance Power Ltd. (BSE: REL), which was down as much as 21 percent during the session and settled 17 percent lower.
Markets in Tokyo, China and Taiwan were closed for holidays.
The warnings from the G7 also hurt European markets, sending them lower as well. The pan-European FTSE Eurofirst 300 dropped 0.8 percent to 1,291.96. In Frankfurt, the Dax was down 0.35 percent to 6,743.54 while the Paris CAC-40 was 0.57 percent lower to 4,682.7. Madrid’s IBEX fell 0.9 percent to 12,818.8. London’s equities markets declined on the session. The FTSE 100 was down 1.32 percent to 5,707.7 while the FTSE 250 dropped 0.74 percent to 9,735.4.
Wall Street was up in mid-afternoon trade Monday on bargain-hunting by investors and on takeover rumors. The Dow Jones Industrial Average added 0.39 percent to 12,229.77 while the Nasdaq Composite jumped 2,322.6 and the S&P 500 gained 0.6 percent to 1,339.27.
Crude oil prices and precious metals prices were higher, with platinum reaching another new high prices. Grains prices were lower, but not before wheat jumped its full 60 cents per bushel, a newly imposed limit on the Chicago Board of Trade, to a new record high before retreating again.
The yen gained versus all major currencies on the G7’s warnings of continuing market volatility and economic slowdown.
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