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Rolls Royce falls on weak demand forecast

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by Elaine Frei
Rolls Royce falls on weak demand forecast

European equities markets were lower Monday after the US technology sector, especially computer-related shares, declined and on reports that Yahoo (NAS: YHOO) will reorganize.

The FTSE 100 was 0.99 percent lower to 3,850.73 in London, while the FTSE 250 dropped 1.49 percent to 5,919.34.

Aircraft motor manufacturer Rolls-Royce (LSE: RR) dropped 5.44 percent on its statement that the demand for helicopters will be weak in the near term, while aerospace and defense group BAE (LSE: BA) was down 3.7 percent.

The FTSE Eurofirst 300 was down 0.68 percent to 730.73 while the CAC-40 fell 0.82 percent to 2,727.87, the IBEX was 0.83 percent lower to 7,540.4 and the Dax dropped 1.95 percent to 3,936.45.

Most markets in the Asia-Pacific region saw gains on the session but Tokyo’s markets were lower as the Nikkei closed down 0.54 percent to 7,376.16, the Topix index closed at a 25-year low for the second session in a row as it fell 0.57 percent to 735.28 and the Mothers market dropped 2.68 percent to 289.32.

Australian markets also declined as the Sydney Ordinaries dropped 1.46 percent to 3,304.1 and the S&P/ASX200 was 1.5 percent lower to 3,351.2.

Gainers in the region included the Taiex, which added 0.92 percent to 4,477.78, while the Shanghai Composite was up 1.96 percent to 2,305.78, the Straits Times Index was 2.24 percent higher to 1,630.69, the Kospi added 3.15 percent to 1,099.55 and the Hang Seng gained 3.75 percent to 13,175.1.

Wall Street was lower in afternoon trade as the Dow Jones Industrial Average and the S&P 500 were both down to 1997 levels as investors remained concerned that the government could nationalize US banks, even though the government continues to insist that it wants to avoid that.

Crude oil and precious metals prices were lower, but copper gained on lower London Metal Exchange stockpiles and grains prices on the Chicago Board of Trade were mixed.

The yen weakened as investors were willing to take on more risk on the possibility that the US government will increase their investments in banks.

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News posted: February 23, 2009

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