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Thursday 20th of November 2008
August 6, 2007

Wall Street sees gains


by Elaine Frei
Wall Street sees gains

Most equities markets in the Asia-Pacific region were lower on Monday. The main exception was the Shanghai Composite, which added 1.48 percent to 4,628.11 to reach a new record close in China. In South Korea, the Kospi index dropped 1.16 percent to 1,855.05, while Taiwan’s Taiex index fell 1.28 percent to 8,941.73 and the Sensex was 1.55 percent lower to 14,903.03 in India. Australia’s markets also saw declines, with the S&P/ASX200 down 1.67 percent to 5,920.2 and the Sydney Ordinaries 1.76 percent lower to 5,949.5.

The Hong Kong Hang Seng index dropped 2.67 percent to 21,936.73, while the Straits Times index was 3.7 percent lower to 3,308.99 in Singapore for its biggest decline since the end of February. The STI has fallen 9.7 percent since July 24. The Tokyo markets were lower as well. The Nikkei 225 was down 0.39 percent to 16,914.46 and dropped as lows as 16,675 early in the session, while the Topix index fell 0.27 percent to 1,668.04 and the Mothers market was 2.01 percent lower to 817.76.

Most European markets were lower as well, the major exception being Frankfurt’s Dax, which added 0.11 percent to 7,444.04 on the session. The FTSE Eurofirst 300 fell 0.85 percent to 1,504.27. The IBEX dropped 0.7 percent to 14,432.1 in Madrid, while the Paris CAC-40 was 1.16 percent lower to 5,532.99.
In London, the FTSE 100 was 0.57 percent lower to 6,189.1 and the FTSE 250 fell 1.67 percent to 10,998.8.

Wall Street was higher in early afternoon trade. The Dow Jones Industrial Average had added 0.63 percent to 13,264.5, while the Nasdaq Composite was 0.29 percent higher to 2,518.56 and the S&P 400 was up 0.69 percent to 1,442.9. The Russell 2000 index had gained 0.06 percent to 755.84.

Prices for crude oil were substantially lower on the session, while metals prices were mixed.

The US dollar weakened again, while the yen held steady versus the euro but strengthened versus sterling. Sterling was also weaker against the US dollar and the euro. Yields were higher on US Treasury bonds.

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