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August 4, 2008    

International Ferro Metals leads London miners lower

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by Elaine Frei
International Ferro Metals leads London miners lower

European equities markets were lower Monday as new data showed that US consumer prices were up while after-tax incomes were down in June.

In London, miners were lower after copper prices fell, with the FTSE 100 falling 0.64 percent to 5,320.2 while the FTSE 250 was down 0.59 percent to 8,787.4.

The top five losers on the 100 were all miners, with declines in the 5.5 percent to 9.5 percent range, while on the 250, ferrochrome producer International Ferro Metals (LSE: IFL) dropped 13.76 percent and Aquarius Platinum (LSE: AQP; ASX: AQP; JSE: AQP) was down 12.38 percent.

Elsewhere in Europe, the FTSE Eurofirst 300 was down 1.07 percent to 1,151.32 while the Dax was 0.73 percent lower to 6,349.81, the CAC-40 fell 0.78 percent to 4,280.63 and the IBEX dropped 1.05 percent to 11,447.6.

Asia-Pacific region equities markets were down as well as investors worried about metals prices sent lower by falling demand.

In Tokyo, the Nikkei 225 was down 1.23 percent to 12,933.18 while the Topix index fell 1.94 percent to 1,248.25 and the Mothers market dropped 4 percent to 476.47 after automobile manufacturers reported that US sales fell last month.

Elsewhere in the region, Australia’s markets declined on retreats among miners, with the S&P/ASX200 falling 0.33 percent to 4,887.7 as the Sydney Ordinaries dropped 0.41 percent to 4,957.6.

In Taiwan, the Taiex was down 0.36 percent to 6,977.36 while India’s Sensex was 0.54 percent lower to 14,577.87, the Straits Times Index fell 10.3 percent to 2,876.08, the Hang Seng dropped 1.52 percent to 22,514.92, the Kospi was down 1.95 percent to 1,543.05 and the Shanghai Composite dropped 2.14 percent to 2,741.74.

At just past 1 p.m. in New York, Wall Street’s markets were lower as oil prices fell, with the Dow Jones Industrial Average down 0.25 percent to 11,297.99 while at the same time the Nasdaq Composite had fallen 0.92 percent and the S&P 500 had dropped 0.67 percent to 1,251.85.

Commodities prices, including the price of oil, metals, and grains, were all lower on the session.

The US dollar was weaker versus the euro, while the pound dropped in relation to both the euro and the greenback.

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