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Thursday 20th of November 2008
July 25, 2007

Dax drops almost 1.5 percent on session

by Elaine Frei
Dax drops almost 1.5 percent on session

Equities markets in the Asia-Pacific region were mostly lower on Wednesday, but there were a couple of notable exceptions to the declining trend. In South Korea, the Kospi index added 0.6 percent to 2,004.22, the first time it has closed above the 2,000 level. In China the Shanghai Composite adding 2.7 percent to 4,323.97.

On the other hand, Australian equities saw declines as the Sydney Ordinaries dropped 1.2 percent to 6,378 and the S&P/ASX200 was 1.27 percent lower to 6,340.5. Elsewhere, the Taiex in Taiwan was down 0.04 percent to 9,740.13, while in Hong Kong the Hang Seng index fell 0.47 percent to 23,362.18. In India the Sensex dropped 0.61 percent to 15,699.33. The Straits Times index was 0.86 percent lower to 3,658.53 in Singapore. In Tokyo, the Nikkei 225 fell 0.8 percent to 17,858.42 and the Topix index dropped 0.68 percent to 1,754.03, but the Mothers market of small and mid-caps added 0.66 percent to close at 857.81.

Most European markets saw declines for the second session in a row. The major exception was Madrid’s IBEX, which added 0.16 percent to 14,937.7. In Paris, the CAC-40 dropped 1.19 percent to 5,837.11, while the Dax was 1.46 percent lower to 7,692.55 in Frankfurt. The FTSE Eurofirst 300 fell 0.92 percent to 1,571.04. London’s markets saw losses as well, with the FTSE 100 down 0.68 percent to 6,454.3 as the FTSE 250 was 1.46 percent lower to 11,415.2.

Wall Street was higher in midday trade. The Dow Jones Industrial Average was 0.38 percent higher at mid-session to 13,769.71 after gaining as much as 100 points at one point and losing up to 30 points at another in morning trade. The Nasdaq Composite was 2,647.27, up 0.28 percent, while the S&P 500 had added 0.36 percent to 1,516.51.

Crude oil prices were higher after crude oil inventories fell and gasoline stockpiles rose about as much as had been expected, while distillates supplies grew more than had been anticipated. Metals prices were lower.

The yen and the US dollar saw gains but not against the Australian dollar, which was higher in relation to both major currencies on speculation that interest rates in Australia will rise next month.

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