European equities down on credit concerns

| February 20, 2008 | 0 Comments
European equities down on credit concerns

European equities markets declined Wednesday on renewed worries about losses in credit markets. The FTSE Eurofirst 300 was down 1.15 percent to 1,322.18. Madrid’s IBEX was 1.43 percent lower to 13,080.4 while the Dax fell 1.47 percent to 6,899.68 and the CAC-40 dropped 1.49 percent to 4,812.81. London’s markets also saw losses. The FTSE 100 was down 1.23 percent to 4,893.6 while the FTSE 250 dropped 10,124.4.

Equities markets in the Asia-Pacific were also lower on the sector. The Taiex was down 1.62 percent to 7,894.47 in Taiwan while South Korea’s Kospi index was 1.9 percent lower to 1,687.91. In Australia, the Sydney Ordinaries fell 1.96 percent to 5,577.3 as the S&P/ASX200 dropped 2.18 percent to 5,496.5. The Shanghai Composite was down 2.09 percent to 4,567.03 while Hong Kong’s Hang Seng was 2.21 percent lower to 23,590.58. The FTSE Straits Times Index fell 2.3 percent to 3,026.83 and India’s Sensex dropped 2.53 percent to 17,617.6. Tokyo’s markets were also lower. The Nikkei 225 was down 3.26 percent to 13,310.37 and the Topix index fell 3.16 percent to 1,302.72 while the Mothers market dropped 2.75 percent to 669.88.

Wall Street was up slightly in mid-afternoon trade after early declines as investors seemed to choose to ignore gains in the Consumer Price Index. The Dow Jones Industrial Average was 0.17 percent higher to 12,358.79 while the Nasdaq Composite was up 0.26 percent to 2,312.17 and the S&P 500 added 0.24 percent to 1,352.

Crude oil prices were higher again, while metals prices were mixed. Grains prices were also mixed.

The US dollar gained on the euro and the yen, while the South African rand declined in relation to all major currencies.

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