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Saturday 04th of July 2009
July 2, 2009

Diageo sees best day on 100; WPP Group drops most


by Elaine Frei
Diageo sees best day on 100; WPP Group drops most

European equities markets were lower Thursday after new data from the United States Labor Department revealed that unemployment was up again there in June and on a separate report that said Eurozone unemployment rose to 9.5 percent, the highest level in a decade.

In London, the FTSE 100 was 2.45 percent lower to 4,234.27 while the FTSE 250 dropped 1.77 percent to 7,374.01.

There were only four gainers on the 100, led by drinks maker Diageo (LSE: DGE; NYSE: DEO) with a gain of just 0.89 percent, while the biggest loser on the 100 was advertising, public relations and lobbying firm WPP Group (LSE: WPP; NAS: WPPGY), which fell 7.01 percent.

The FTSE Eurofirst 300 was down 2.45 percent to 844.46 while the IBEX fell 2.63 percent to 9,643.5, the CAC-40 was 3.13 percent lower to 3,116.41 and the Dax dropped 3.81 percent to 4,718.49.

Markets saw mixed results in the Asia-Pacific region.

The Nikkei 225 was down 0.64 percent to 9,876.15 in Tokyo, while the Topix index fell 0.46 percent to 924.02 and the Mothers market dropped 0.35 percent to 443.61.

Other decliners in the region included South Korea’s Kospi, which fell 0.01 percent to 1,411.48 while the Hang Seng was down 1.09 percent to 18,178.05 and the Straits Times Index dropped 1.35 percent to 2,320.82.

Australia’s markets saw gains as the Sydney Ordinaries added 0.07 percent to 3,875.2 and the S&P/ASX200 was up 0.09 percent to 3,877.3.

The Sensex also added 0.09 percent, to 14,658.49 while the Taiex was 1.35 percent higher to 6,667.53 and the Shanghai Composite gained 1.73 percent to 3,060.25.

Wall Street was lower in early afternoon trade as the Dow Jones Industrial Average dropped 2.09 percent to 8,326.01 at just almost 3:30 p.m. in New York while at the same time the Nasdaq Composite was down 2.32 percent to 1,802.89 and the S&P 500 was 2.37 percent lower to 901.49.

Crude oil, metals and grains prices were all lower on the session.

The euro weakened after comments from the president of the European Central Bank that economic recovery in the Eurozone will probably not begin until the middle of next year, while the bad jobs news from the US and Eurozone helped the yen strengthen because it made investors less likely to look for risky currency deals.

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