Barclays leads London banks lower

| January 22, 2010 | 0 Comments
Barclays leads London banks lower

European equities markets were lower Friday as banks declined on a proposal made Thursday by US President Barack Obama which would, if enacted, could limit what kind and how much of a risk banks could take with their money.

The FTSE 100 was down 0.6 percent to 5,302.99 in London, while the FTSE 250 fell 0.99 percent to 9,325.22.

Most London banks were lower on concerns that the proposed US rules on banks could slow the volume of transactions by banks elsewhere.

Barclays Bank (LSE: BARC) led the sector lower as it dropped 4.12 percent, with only Lloyds Banking Group seeing gains as it added 0.56 percent.

Bankers to banks, the inter-dealer money brokers did even worse as ICAP (LSE: IAP) dropped 6.58 percent for the worst performance of the session on the 100 and in London, while Tullett Prebon (LSE: TLPR) turned in the worst results of the day on the 250 as it fell 6 percent.

The travel and leisure sector was mostly lower, but still managed to take the top three spots on the winner’s list on the 250, led by online gambler PartyGaming (LSE: PRTY), which added 6.21 percent for the best performance of the session in London on the news that it is talks toward a merger with an Australian online gambler.

888 Holdings (LSE: 888), another online gambler, added 4.41 percent, while pubs operator Enterprise Inns (LSE: ETI) was up 3.52 percent.

Miners were mixed on the session, but still managed to fill four of the top five winners spots on the 100, led by Xstrata (LSE: XTA), which added 2.37 percent, while over on the 250 Aquarius Platinum (LSE: AQP) led the sector with a gain of 3.1 percent.

The FTSE Eurofirst 300 was down 1.03 percent to 1,025.39 to bring its decline on the week to 2.6 percent, its biggest weekly decline in nearly 3 months, while the IBEX fell 0.62 percent to 11,373.4, the Dax was 0.9 percent lower to 5,695.32 and the CAC-40 dropped 1.07 percent to 3,820.78.

Asia-Pacific markets were lower on continuing concerns in the region regarding China’s steps to rein in its economy.

In Tokyo, the Nikkei 225 fell 2.56 percent to 10,590.55 and the Topix index was down 1.58 percent to 940.94, but the Mothers market managed a slight gain of 0.07 percent to 426.

Silicon-wafer manufacturer Shin-Etsu Chemical Co. (TYO: 4063) was down 6 percent on a disappointing full-year outlook.

Toyota Motor (TYO: 7203) fell 3.2 percent on a stronger yen and after it was announced that it would recall over 2 million vehicles in the United States due to accelerator pedals that could stick.

It was the carmaker’s 4th recall of vehicles in the Us in 2 years.

Elsewhere in the region, the Hang Seng was down 0.65 percent to 20,726.18 while the Shanghai Composite fell 0.96 percent to 3,128.59, the Straits Time Index was 1.1 percent lower to 2,819.71 and the Sensex dropped 1.12 percent to 16,859.68.

In Australia, the S&P/ASX200 was down 1.59 percent to 4,750.6 and the Sydney Ordinaries fell 1.6 percent to 4,771.9, while the Kospi was 2.19 percent lower to 1,685.35 in South Korea and Taiwan’s Taiex dropped 2.47 percent to 7,927.31.

New York markets were lower in midday trade as the Dow Jones Industrial Average had dropped 0.24 percent to 10,364.64 while at the same time the S&P 500 was down 0.29 percent to 1,113.29 and the Nasdaq Composite had fallen 0.53 percent to 2,253.6.

Midday trade found oil prices lower in New York, while metals prices were mixed.

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