PM announcement helps Taylor Wimpey, other builders

| September 2, 2008 | 0 Comments
PM announcement helps Taylor Wimpey, other builders

European equities markets saw gains Tuesday on declines in crude oil prices.

In London, the FTSE 100 added 0.32 percent to 5,620.7 while the FTSE 250 gained 1.43 percent to 9,543.6.

Home builders were higher after Prime Minister Gordon Brown announced a £1 billion iniative to help the housing market and suspended the stamp tax on home purchases under £175,000, with Taylor Wimpey (LSE: TW) adding 8o.48 percent and Persimmon (LSE: PSN) gaining 10.12 percent.

Elsewhere in Europe the FTSE Eurofirst 300 was up 0.85 percent to 1,199.43 as the CAC-40 added 1.5 percent to 4,539.07, the Dax was 1.51 percent higher to 6,518.47 and the IBEX gained 1.8 percent to 11,903.9.

Most equities markets in the Asia-Pacific region were lower on the session.

In Tokyo, the Nikkei 225 was down 1.75 percent to 12,609.47 while the Topix index fell 1.48 percent to 1,212.37 and the Mothers market dropped 1.6 percent to 460.53 after Prime Minister Yasuo Fukuda resigned after less than a year in office amid low performance ratings.

The Hang Seng added 0.65 percent to 21,042.46 while the Straits Times Index was up 1.66 percent to 2,758.94 and India’s Sensex gained 3.8 percent to 15,049.86.

In Australia, the S&P/ASX200 was down 0.04 percent to 5,116 and the Sydney Ordinaries dropped 0.1 percent to 5,195 while elsewhere the Kospi was 0.52 percent lower to 1,407.14, the Shanghai Composite was down 0.87 percent to 2,304.89 and the Taiex dropped 1.66 percent to 6,699,82.

At just past noon on Wall Street the Dow Jones Industrial Average was 1.01 percent higher to 11,660.1 while the Nasdaq Composite had added 0.24 percent to 2,373.16 and the S&P 500 had gained 0.29 percent to 1,286.59.

Crude oil prices were significantly lower on the session, closing out the floor session on the New York Mercantile Exchange at under $110 per barrel, while metals and grains prices were also lower.

The US dollar strengthened while the pound declined on recession worries in the UK.

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