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Sunday 12th of October 2008
July 31, 2007

Paris CAC-40 gains almost 2 percent


by Elaine Frei
Paris CAC-40 gains almost 2 percent

European markets were significantly higher on the session Tuesday as they attempted to recover from last week’s declines. The FTSE Eurofirst 300 added 2.01 percent to 1,548.24. The Dax was 1.71 percent higher to 7,584.14 in Frankfurt, while the Paris CAC-40 gained 1.85 percent to 5,751.08 and Madrid’s IBEX jumped 2.03 percent to 14,802.4. There were also substantial gains in London, where the FTSE 100 added 2.48 percent to 6,360.1 and the FTSE 250 was 2.26 percent higher to 11,321.9.

Wall Street was higher in midday trade on mixed economic data, but was in negative territory by the time the market closed in New York. The Dow Jones Industrial Average dropped 1.1 percent to 13,211.99, while the Nasdaq Composite fell 1.4 percent to 2,456.27 and the S&P 500 was 1.3 percent lower to 1,455.27.

Most Asia-Pacific equities markets were higher on Tuesday. The exception was the Nikkei 225 in Tokyo, which dropped 0.2 percent to 17,248.89. The Topix index, however, closed barely higher at 1,706.18 and the Mothers market was 1.38 percent higher to 864.7. Elsewhere in the region, Australia’s S&P/ASX200 added 0.58 percent to 6,144.2, while the Sydney Ordinaries were 0.67 percent higher to 6,187.5. In China, the Shanghai Composite gained 0.68 percent to 4,471.03.

The Straits Times index in Singapore was up 1.17 percent to 3,567.46, while in South Korea the Kospi index added 1.39 percent to 1,933.27. India’s Sensex was 1.9 percent higher to 15,550.99 and the Hang Seng index in Hong Kong climbed 1.96 percent to 23,184.94. In Taiwan, the Taiex jumped 2.37 percent to 9,287.25 after having dropped 6.9 percent in the past four sessions.

The price of oil and most metals advanced on the session.

The yen strengthened against all major currencies as investors decided to leave high-risk carry trade.

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