Tesco top gainer on 100

European equities markets were lower Tuesday on the possibility that the Greek bailout deal reached in July could be renegotiated, although the contemplated revisions are said to be of a technical nature.

The FTSE 100 was down 2.58 percent to 4,944.44 in London, while the FTSE 250 dropped 3.33 percent to 9.425.93.

Most retailers were lower, but Tesco (LSE: TSCO) added 2.59 percent to lead gains on the 100 after UBS raised its recommendation on the grocery retailer from “neutral” to “buy”, while DIY retailer Home Retail Group (LSE: HOME) was up 2.61 percent to lead gains in the sector and on the 250 for the second consecutive session but online grocery retailer Ocado Group (LSE: OCDO) dropped 11.06 percent as the worst performer in the sector.

Financial services group Hargreaves Lansdown (LSE: HL) turned in the worst performance on the 100 as it dropped 7.88 percent while the worst performer on the 250 came from the all-lower energy sector, where oil explorer Ophir Energy (LSE: OPHR) was down 13.24 percent and 10 of the sector’s constituents were down by 4 percent or more.

The mining sector was mostly lower, with 14 sector constituents down by 4 percent or more, led by a 9.71 percent decline for Allied Gold Mining (LSE: ALD), although there were two gainers in the sector as African Barrick Gold added 2.03 percent and trader Glencore International (LSE: GLEN) was up 1.77 percent.

Banks were lower in London, with Barclays (LSE: BARC) the worst performer in the sector as it dropped 7.62 percent, followed by a 4.95 percent decline for Lloyds Banking Group (LSE: LLOY) while Standard Chartered (LSE: STAN) was down 4.88 percent.

The FTSE Eurofirst 300 was down 2.74 percent to 887.24 while the IBEX fell 1.54 percent to 8,225.4 and saw three gainers, while the CAC-40 was 2.61 percent lower to 2,850.55 and the Dax dropped 2.98 percent to 5,216.71, with no gains on either the Dax or the CAC-40.

Markets in the Asia-Pacific region were mostly lower after European leaders could not agree on solutions to the debt crisis in Europe.

The Nikkei 225 was down 1.05 percent to 8,456.12 in Tokyo, while the Topix index was 1.46 percent lower to 736.18 and the Mothers market dropped 1.99 percent to 393.58 after Goldman Sachs cut its forecast for global economic growth from 4.3 percent to 3.5 percent for next year and put the chances of another recession in the United States at 40 percent.

The new, more pessimistic outlook from Goldman Sachs hurt banks, sending Sumitomo Mitsui Financial Group (TYO: 8316) down 1.5 percent while Mitsubishi UFJ (TYO: 8306) dropped 3.8 percent.

Traders and shippers fell as commodities prices fell and cargo rates were lower, with trader Mitsui and Company (TYO: 8031) down 2.9 percent while Mitsubishi Corp (TYO: 8048) dropped 5.7 percent, and shipper Kawasaki Kisen Kaisha (TYO: 9107) was 4.5 percent lower.

Oil producer Inpex (TYO: 1605) was down 3.16 percent on lower oil prices.

Carmakers were hurt by lower sales figures in the US, with Toyota Motor (TYO: 7203) dropping 2.5 percent after it said sales were down 17 percent in the US, while Honda Motor (TYO: 7267) was 2.8 percent lower on US sales that dropped 8 percent.

Australia’s markets were also lower, with the Sydney Ordinaries down 0.63 percent to 3,935.6 while the S&P/ASX200 was 0.64 percent lower to 3,872.1, India’s Sensex fell 1.77 percent to 15,864.9, the Hang Seng dropped 3.4 percent to 16,250.3 in Hong Kong, Singapore’s Straits Times Index was down 3.45 percent to 2,531.02, and the Kospi was 3.59 percent lower to 1,706.19 in South Korea.

Taiwan’s Taiex managed a gain of 0.48 percent to 7,047.87, while the Shanghai Composite remained closed for a holiday.

New York equities markets were mixed as the Dow Jones Industrial Average dropped 0.79 percent to 10,571.1 but the S&P 500 was up 0.04 percent to 1,099.71 and the Nasdaq Composite was 1.34 percent higher to 2,367.12, with the Nasdaq helped by another statement from US Federal Reserve Chairman Ben Bernanke that he is prepared to do more to help economic recovery.

Crude oil prices were down in New York and London, with November contracts for West Texas Intermediate crude 66 cents lower to $76.95 per barrel at midday on the New York Mercantile Exchange while at last report Brent crude had dropped 67 cents to $101.04 per barrel on the ICE Futures Europe exchange in London.

Metals prices were also lower, with gold down as investors were not as worried about inflation after Fed Chairman Bernanke also said that the US labor market will not likely improve anytime soon, while copper prices dropped on continued worries about the debt crisis in the Eurozone and about the chances of another global recession and the effect that would have on demand.

December gold was down $35.10 to $1,622.60 per troy ounce at midday in New York, while December silver was 99 cents lower to $29.81 per troy ounce and December copper dropped 4 cents to $3.11 per pound in New York and three-month contracts were down $190 to $6,800 per tonne on the London Metal Exchange.

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