Credit market worries send European markets lower
by Elaine Frei
Europe’s markets were lower on the session Thursday as investors continued to be concerned about losses in the credit markets. The Eurofirst 300 was down 1.4 percent to 1,282.9. In Madrid the IBEX was 1.12 percent lower to 12,803.3 while the Dax fell 1.38 percent to 6,591.31 and the Paris CAC-40 dropped 1.65 percent to 4,678.05. In London, the FTSE 100 was down 1.49 percent to 5,766.4 while the FTSE 250 dropped 1.51 percent to 9,990.8.
In early afternoon trade on Wall Street, the Dow Jones Industrial Average was 1.28 percent lower to 12,098.68 while the Nasdaq Composite was down 1.58 percent to 2,236.98 and the S&P 500 had dropped 1.64 percent to 1,311.8 as credit market worries and a jump in home foreclosures made investors nervous.
Equities markets in Tokyo were higher Thursday on a weaker yen and higher prices for oil and metals. The Nikkei 225 was up 1.88 percent to 13,215.42 while the Topix index was 1.87 percent higher to 1,287.55 and the Mothers market of small and mid-caps added 0.82 percent to 653.68 percent. Other Asia-Pacific region markets were also higher, helped by the gains in commodities prices. The Straits Times Index was 0.25 percent higher to 2,917.92 and the Hang Seng was up 0.99 percent to 23,342.73. In Australia the S&P/ASX200 and the Sydney Ordinaries each added 1.1 percent, to 5,435.5 and 5,531.9 respectively. South Korea’s Kospi gained 1.21 percent to 1,697.44 while the Shanghai Composite was up 1.59 percent to 4,260.99 and Taiwan’s Taiex jumped 2.06 percent to 8,658.64.
Crude oil prices broke records in New York again, but gains ended up not being as steep as Wednesday’s. Metals prices were lower, while grains were mixed.
The euro set new record highs against the US dollar and the British pound after both the Bank of England and the European Central Bank held interest rates steady for the time being.
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