House builder losses on broker comment led by Bellway
by Elaine Frei
European equities markets were lower Tuesday on concerns about more write downs related to credit markets.
In London, the FTSE 100 fell 0.13 percent to 5,534.5 while the FTSE 250 dropped 0.99 percent to 9,291.2.
Some UK homebuilders suffered declines after Dresdner Kleinwort issued negative comments in regards to the sector.
Bovis Homes (LSE: BVS), which added 9.65 percent yesterday, was down 4.74 percent and Persimmon (LSE: PSN), which gained 11.02 percent yesterday, was down 5.2 percent on the session today while Bellway (LSE: BWY) dropped 5.6 percent.
The FTSE Eurofirst 300 was 0.33 percent lower to 1,208.89 while the Dax fell 0.36 percent to 6,585.87, the IBEX was 0.43 percent lower to 11,996.1 and the CAC-40 dropped 0.44 percent to 4,518.48.
Most equities markets in the Asia-Pacific region saw declines Tuesday after metals prices continued to fall, led by gold prices.
In Tokyo, the Nikkei 225 was down 0.95 percent to 13,303.6 while the Topix index fell 0.67 percent to 1,271.42 and the Mothers market dropped 0.7 percent to 472.93.
In wider Asian markets, the only major indexes to see gains were in Australia, where the Sydney Ordinaries added 0.41 percent to 5,090.3 and the S&P/ASX200 gained 0.55 percent to 5,053.6.
Elsewhere in the region, South Korea’s Kospi was down 0.25 percent to 1,577.12, the Straits Times Index fell 0.3 percent to 2,816.82, the Taiex was 0.43 percent lower to 7,293.8, the Shanghai Composite dropped 0.52 percent to 2,457.2, Hong Kong’s Hang Seng was down 1 percent to 21,640.89 and the Sensex dropped 1.88 percent to 15,212.13.
At just past 1 p.m. in New York, the Dow Jones Industrial Average was down 0.52 percent to 11,720.88 while the Nasdaq Composite had added a bare 0.03 percent to 2,440.58 and the S&P 500 was down 0.47 percent to 1,299.13.
Crude oil prices fell yet again despite geopolitical concerns, while most metals were lower and grains were mixed.
The pound declined on the news that house prices fell again in July.
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