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November 30, 2009    

Lloyds Banking Group drops most in London

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by Elaine Frei
Lloyds Banking Group drops most in London

European equities markets were lower Monday on concerns about how Dubai’s debt situation will affect the global economy.

The FTSE 100 was 1.05 percent lower to 5,190.68 in London, while the FTSE 250 dropped 1.25 percent to 8,918.44.

Most banks were lower, led down by Lloyds Banking Group (LSE: LLOY) as a decline of 5.98 percent made it the worst performer in London, while Royal Bank of Scotland (LSE: RBS) was close behind as it dropped 4.45 percent on the session.

Miners were mixed, with most lower, but Aquarius Platinum (LSE: AQP) led gainers as it added 5.01 percent, while Eurasian Natural Resources (LSE: ENRC) led gainers on the 100 after Credit Suisse upgraded its shares from “neutral” to “outperform”.

Iron ore miner Ferrexpo (LSE: FXPO) dropped 3.1 percent to lead decliners in the sector.

The travel and leisure sector was mostly lower, with declines led by Enterprise Inns (LSE: ETI) as it dropped 5.19 percent, but TUI Travel (LSE: TT) added 0.9 percent ahead of its fiscal fourth quarter report, due tomorrow, British Airways added 0.77 percent, and gambling group Ladbrokes (LSE: LAD) led gainers in the sector as it added 3.05 percent.

The FSTE Eurofirst 300 was down 1.29 percent to 986.7 while the Dax fell 1.05 percent to 5,625.95, the CAC-40 was 1.11 percent lower to 3,680.15 and the IBEX dropped 1.12 percent to 11,644.7.

Most markets in the Asia-Pacific region were higher Monday, although the Straits Times Index was down 1.09 percent to 2,732.12 in Singapore.

In Tokyo, the Nikkei 225 was 2.91 percent higher to 9,345.55 while the Topix index added 3.57 percent to 839.94 and the Mothers market gained 2.95 percent to 387.19 as exporters were helped by a weaker yen and most banks saw gains.

Banks were up on fewer worries about Dubai’s debt after the United Arab Emirates offered some help to Dubia’s banks and after Japanese banks said they are not extensively exposed to Dubai’s debt.

Mitsubishi UFJ (TYO: 8306) added 8.6 percent and Mizuho Financial Group (TYO: 8411) was 9.5 percent higher, but Miyazaki Bank (TYO: 8393) dropped 19.7 percent after it said it will sell news shares worth up to ¥12.2 billion to raise more cash.

Elsewhere in the region, the Taiex added 1.22 percent to 7,582.21 while the Sensex was up 1.77 percent to 16,926.22 and the Kospi gained 2.04 percent to 1,555.6.

In Australia, the Sydney Ordinaries gained 2.57 percent to 4,715.5 and the S&P/ASX200 was up 2.83 percent to 4,701.3.

The Shanghai Composite was 3.2 percent higher to 3,195, while in Hong Kong the Hang Seng added 3.25 percent to 21,821.5.

Wall Street was also lower in midday trade after having seen gains earlier in the session.

At just past 12:30 p.m. local time, the Dow Jones Industrial Average was 0.34 percent lower to 10,274.55 while at the same time the Nasdaq Composite had dropped 0.64 percent to 2,124.7 and the S&P 500 was down 0.38 percent to 1,087.35.

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