Eurasian leads miners lower in London

| September 23, 2008 | 0 Comments
Eurasian leads miners lower in London

European equities markets declined Tuesday after US Federal Reserve Chairman Ben Bernanke told the Senate Banking Committee that if Congress fails to pass the government’s $700 billion plan to buy bad debts from banks, markets and the economy could be harmed.

Declines also came as commodities related shares fell on declines in the prices of crude oil and metals.

In London, the FTSE 100 was down 1.91 percent to 5,136.12 while the FTSE 250 dropped 3.41 percent to 8,454.58.

Some miners saw significant declines led by Anglo American (LSE: AAL), which was down 8.21 percent while Vedanta Resources (LSE: VED) fell 10.39 percent and Eurasian (LSE: ENRC) dropped 11.43 percent.

The FTSE Eurofirst 300 was down 1.52 percent to 1,109.93 as the Dax fell 0.64 percent to 6,068.53, the IBEX was 1.34 percent lower to 11,176.5 and the CAC-40 dropped 1.98 percent to 4,139.82.

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

Taiwan’s Taiex managed to add 1.17 percent to 6,182.21 and South Korea’s Kospi gained 1.44 percent to 1,481.37 and Tokyo’s markets were closed for a public holiday, but other markets saw declines.

The Shanghai Composite was down 1.56 percent to 2,201.51 while in Australia the Sydney Ordinaries fell 1.83 percent to 4,957.7 and the S&P/ASX200 was 1.93 percent lower to 4,923.5.

In Singapore, the Straits Times Index was down 2.66 percent to 2,476.51 while India’s Sensex fell 3.03 percent to 13,570.31 and the Hang Seng dropped 3.87 percent to 18,872.85 in Hong Kong.

At just before 1 p.m. in New York, the Dow Jones Industrial Average was 0.26 percent lower to 10,986.62 while the Nasdaq Composite was down 0.1 percent to 2,176.73 and the S&P 500 had dropped 0.36 percent to 1,202.71.

Crude oil and metals prices fell on the session, while grains prices were mixed.

The US dollar was stronger but the South African rand weakened after the finance minister there resigned.

Tags: , , , , ,

Comments (0)

Trackback URL | Comments RSS Feed

There are no comments yet. Why not be the first to speak your mind.

Leave a Reply

Visited 1832 times, 3 so far today