Prudential lower as investors ask for resignations

European equities markets were lower Monday on economic concerns and after Germany’s constitutional court was said to be thinking about issuing a temporary injunction against the nation’s participation in the European bailout of Greece and after base metals prices fell on concerns that the economic recovery is in jeopardy, which could hurt metals demand.

Some losses were made back, however, after new data showed that European factory orders were up in April, adding 2.8 percent over the March level against an expected 0.4 percent decline expected by analysts, and up 29.6 percent from April 2009.

The FTSE 100 was 1.11 percent lower to 5.069.06 in London, while the FTSE 250 dropped 1.27 percent to 9,477.7.

Prudential (LSE: PRU) was down 3.96 percent in a mostly lower sector after investors called for resignations from the insurer’s Chairman and CEO over its failed takeover of American International Group (NYSE: AIG), although sales were reported up 27 percent in the first five months of the year.

Although most of the sector was lower, Lancashire Holdings (LSE: LRE) added 1.83 percent for the best performance in the sector and automobile insurer Admiral Group (LSE: ADM) gained 0.61 percent on the session.

Miners led declines on the 100, with Kazakhmys (LSE: KAZ) down 4.02 percent for the worst performance in the sector and on the index, while the only gainer on the session among miners was Randgold Resources (LSE: RRS), which added 0.93 percent.

Chipmaker ARM Holdings (LSE: ARM) had the best day on the 100, adding 3.1 percent.

Most in the retail sector were lower, but home furnishings retailer Dunelm Group (LSE: DNLM) added 6.02 percent to lead the sector, the 250 and all London shares, followed by book retailer WH Smith (LSE: SMWH), which gained 2.25 percent.

There were only two gainers in the energy sector as JKX Oil & Gas (LSE: JKX) added 0.6 percent and Petrofac Ltd (LSE: PFC) was 0.17 percent higher, while Melrose Resources (LSE: MRS) fell 6.41 percent to lead declines in the sector, followed by a 5.91 percent decline for Lamprell (LSE: LAM).

BP was down 0.7 percent after it said it is catching more of the oil flowing out of a leaking well in the Gulf of Mexico, but it also said the cost of the spill has now exceeded $1.25 billion.

Food processor Premier Foods (LSE: PFD) was the worst performer on the 250 and in London, droppiong 6.86 percent in a mixed sector.

Markets in the Asia-Pacific region were lower on continuing concerns about Europe’s debt problems after comments from a spokesman for Hungary’s Prime Minister, who said last week that the nation’s economy is in dire shape, as well as on new jobs data from the US Labor Department which failed to meet expectations.

The Nikkei 225 was down 3.84 percent to 9,520.8 in Tokyo, while the Topix index fell 859.21 and the Mothers market dropped 3.64 percent to 409.38.

A stronger yen hurt exporters.

Camera maker Canon (TYO: 7751), which gets 78 percent of its sales from abroad, was down 5.3 percent, while consumer electronics giant Sony (TYO: 6758) fell 4.8 percent.

Among automobile manufacturers, Toyota Motor (TYO: 7203), with 71 percent of its revenues coming from outside Japan, was 4 percent lower, while at the same time Honda Motor (TYO: 7267) dropped 4.6 percent.

Conglomerate Hitachi (TYO: 6501) was down 7 percent on concerns that it could lose a big contract to build trains for the UK.

Elsewhere in the region, South Korea’s Kospi fell 1.57 percent to 1,637.97, the Shanghai Composite dropped 1.64 percent to 2,511.73, the Straits Times Index was down 1.95 percent to 2,751.88, the Sensex was 1.97 percent lower to 16,781.07, the Hang Seng fell 2.03 percent to 19, 378.15, and the Taiex was down 2.54 percent to 7,157.83.

In Australia, the Sydney Ordinaries dropped 2.72 percent to 4,350.7 and the S&P/ASX200 was 2.78 percent lower to 4,325.9.

New York markets were mixed in midday trade as the Dow Jones Industrial Average was up 0.05 percent to 9,936.7 and the S&P 500 had added 0.03 percent to 1,065.25, but the Nasdaq Composite had dropped 0.58 percent to 2,206.38.

Crude oil prices were higher at midday, but only by a few cents per barrel, while gold prices were up more than $22 per troy ounce and silver was also higher, but copper prices were lower.

Tags: Asia-Pacific equities, commodities, European equities, London equities, Wall Street