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Monday 31st of January 2011
January 15, 2009    

More losses for banking sector

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by Elaine Frei
More losses for banking sector

European equities markets were lower Thursday as the banking sector saw declines on concerns that banks will need to raise more cash to stay afloat after predictions of more losses to be reported.

In London, losses on the FTSE 100 were led by Lloyds TSB (LSE: LLOY) with a decline of 11.35 percent, followed by Barclays (LSE: BARC; NYSE: BCS; TYO: 8642), which fell 8.23 percent and HSBC Holdings (LSE: HSBA; NYSE: HBC; Euronext: HSBC; SEHK: 005) at a drop of 7.01 percent.

Standard Chartered (LSE: STAN) bucked the trend as it added 2.82 percent.

In London, the FTSE 100 fell 1.42 percent to 4,121.11 while the FTSE 250 dropped 2.49 percent to 6,204.97.

The FTSE Eurofirst 300 was down 1.21 percent to 794.44 as the IBEX fell 0.94 percent to 8,611.1, the CAC-40 was 1.84 percent lower to 2,995.88 and the Dax dropped 1.94 percent to 4,336.73.

Equities markets in the Asia-Pacific region were lower on the decline in US retail sales, announced by the Commerce Department on Wednesday, and after Japanese machinery orders fell by 16.2 percent in November from October’s numbers.

The Nikkei 225 fell 4.92 percent to 8,023.31 in Tokyo, while the Topix index was down 2.86 percent to 795.99 and the Mothers market dropped 1.53 percent to 330.2.

Elsewhere in the region, the Shanghai Composite was 0.45 percent lower to 1,920.21, the Hang Seng fell 3.37 percent to 13,242.96, the Straits Times Index dropped 3.44 percent to 1,704.06 and the Sensex was down 3.46 percent to 9,046.74.

In Australia, the Sydney Ordinaries fell 4.07 percent to 3,476.8 and the S&P/ASX200 was down 4.27 percent to 3,529.5, while in Taiwan the Taiex was 4.44 percent lower to 4,320.77 and South Korea’s Kospi dropped 6.03 percent to 1,111.34.

Banks were lower as Wall Street saw more declines.

In early afternoon trade, the Dow Jones Industrial Average was down 2.18 percent to 8,021.33 while the Nasdaq Composite fell 1.71 percent to 1,464.17 and the S&P 500 had dropped 2.59 percent to 820.8.

Crude oil prices fell again, as did metals prices.

The euro weakened after the European Central Bank cut interest rates to 2 percent in the Eurozone and hinted that more cuts are likely.

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