Most banks decline in London; Standard Chartered sees slight gain

| July 15, 2011 | 0 Comments
Most banks decline in London; Standard Chartered sees slight gain

Equities markets in Europe were mostly lower Friday on concern over stress tests of banks there by the European Union, and on new data from the United States showing that consumer confidence there is down this month in preliminary readings and that industrial production in the US grew less than expected.

The FTSE 100 was down 0.06 percent to 5,843.66 in London, while the FTSE 250 dropped 0.17 percent to 11,746.8 as many sectors were mixed on the session, including insurers, the chemicals sector, homebuilders, the real estate sector, retailers, the travel and leisure sector and the food and beverage sector.

Most banks were lower in London on concerns about the banks stress tests, but Standard Chartered (LSE: STAN), which was up 0.12 percent, while the media sector, miners and the telecommunications sector were all also mostly lower, but the utilities and energy sectors were mostly higher, although there were seven decliners among energy companies.

Fashion house Burberry Group (LSE: BRBY) added 4.16 percent to lead gains on the 100 after Citigroup issued an improved earnings outlook and raised the company’s target share price, while business and finance publisher Euromoney Institutional Investor (LSE: ERM) was up 10.08 percent to lead gains on the 250 and in the media sector.

The worst performance on the 100 came from satellite communications group Inmarsat (LSE: ISAT), which was down 3.25 percent, while Home Retail Group (LSE: HOME) led declines on the 250 as it ddropped 6.26 percent.

In the mining sector, BHP Billiton (LSE: BLT) dropped 1.93 percent after it said it will buy US-based Petrohawk Energy (NYSE: HK) for around $12 billion in cash.

The FTSE Eurofirst 300 was down 0.09 percent to 1,088.37 while the CAC-40 was 0.66 percent lower to 3,726.59 and the IBEX dropped 1.19 percent to 9,484.2 and saw just five gainers, but the Dax managed to add 0.07 percent to 7,220.12.

Markets in the Asia-Pacific region were mixed Friday, with some down on a warning from Standard & Poor’s that it could cut its credit rating on the United States, and after the US Federal Reserve said it will wait to see if more stimulus meansures are necessary.

In Tokyo, the Nikkei 225 added 0.39 percent to 9,974.47 while the Topix index was up 0.29 percent to 859.36, but the Mothers market dropped 0.69 percent to 480.99 as oil companies and commodities traders declined after crude oil and base metals prices were lower.

Oil producer Inpex (TYO: 1605) was down 1.5 percent, while trader Mitsubishi Corp (TYO: 8058) was 0.5 percent lower and Mitsui & Co (TYO: 8031) dropped 0.6 percent.

Appliance retailers were higher in Tokyo on media reports that the government might again pay rebates for the purchase of appliances that save energy in an effort to help avoid expected power shortages due to closure of power generation facilities after the March earthquake, with K’s Holdings Corp (TYO: 8282) up 1.8 percent, while Yamada Denki Co (TYO: 9831) added 2.4 percent and Best Denki (TYO: 8175) gained 7 percent.

Other gainers in the region included the Shanghai Composite, which was up 0.35 percent to 2,820.17, while the Kospi added 0.71 percent to 2,145.20 in South Korea and Taiwan’s Taiex gained 1.1 percent to 8,574.91, but the Straits Timex Index was down 0.14 percent to 3,084.24 in Singapore, India’s Sensex fell 0.3 percent to 18,561.9, the Hang Seng was also 0.3 percent lower to 21,875.4 and Australia’s makets declined as the S&P/ASX200 was down 0.38 percent to 4,473.5 and the Sydney Ordinaries dropped 0.41 percent to 4,542.7.

New York equities markets were higher in midday trade, with the Dow Jones Industrial Average up 0.02 percent to 12,439 while the S&P 500 had gained 0.2 percent to 1,311.48 and the Nasdaq Composite was 0.66 percent higher to 2,780.77.

Crude oil and metals prices were higher, with crude oil up more than $1 per barrel in New York and London, while gold and silver were up slightly in New York trade.

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