Banks lower on UBS report

| April 15, 2009
Banks lower on UBS report

European equities markets were lower Wednesday, hurt by banks after Swiss bank UBS (SWX: USBN; NYSE: UBS; TYO: 8657) said it lost almost SFr2 billion in the first quarter and said it will cut jobs again.

Miners were big losers in London as the FTSE 100 fell 0.52 percent to 3,968.4 and the FTSE 250 dropped 0.6 percent to 7,109.38.

Talvivaara Mining (LSE: TALV) had the worst day on the 250 and led all miners lower as it dropped 9.56 percent while among miners listed on the 100, Antofagasta (LSE: ANTO) was down 6.27 percent while Xstrata (LSE: XTA) fell 6.52 percent and Vedanta Resources (LSE: VED) was 7.54 percent lower.

The FTSE Eurofirst 300 was down 0.22 percent to 788.21 while the Dax fell 0.16 percent to 4,549.79, the CAC-40 was 0.48 percent lower to 2,985.74 and the IBEX dropped 1.39 percent to 8,711.9.

UBS was down 6.9 percent after issuing its report, while other European banks also saw declines.

Markets in the Asia-Pacific region were mixed.

In Tokyo, the Nikkei 225 was down 1.13 percent to 8,742.96 while the Topix index fell 0.97 percent to 835.25 but the Mothers market added 0.59 percent to 316.31.

Australian markets also declined, as the Sydney Ordinaries fell 0.11 percent to 3,693.9 and the S&P/ASX200 was down 0.14 percent to 3,747.5, while the Taiex was 0.3 percent lower in Taiwan and South Korea’s Kospi dropped 0.71 percent to 1,333.09.

The Shanghai Composite added 0.35 percent to 2,536.06 while the Straits Times Index was 0.47 percent higher to 1,905.99, the Hang Seng was up 0.57 percent to 15,669.62 and the Sensex gained 2.9 percent to 11,284.73 in India.

Wall Street was mixed in afternoon trade as the Dow Jones Industrial Average was up 0.3 percent to 7,944.23 at just before 2 p.m. while at the same time the S&P 500 was even at 841.52 and the Nasdaq had dropped 0.79 percent to 1,612.95.

Oil prices were just a bit lower and grains prices dropped, but metals prices saw gains on the session.

The US dollar and the pound both strengthened during the session.

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