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August 8, 2007    

Equities markets rise globally

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by Elaine Frei
Equities markets rise globally

The New York equities markets were higher in early afternoon trade on Wednesday, with the Dow Jones Industrial Average up 0.84 percent to 13,617.78. The Nasdaq Composite was 1.92 percent higher to 2,610.69, while the S&P 500 had added 1.15 percent to 1,493.72.

Asia-Pacific equities markets were higher as well, with several making substantial gains. In Indonesia, the Jakarta Composite was the world’s biggest mover on the day, adding 4.1 percent to 2,262.64. Elsewhere, the Shanghai Composite was up, but only by 0.26 percent to 4,663.16. Australian indices saw gains after the Reserve Bank of Australia raised the interest rate to 6.5 percent, its highest level in 11 years. The Sydney Ordinaries was 1.85 percent to 6,124.7, while the S&P/ASX200 gained 1.93 percent to 6,100.8.

South Korea’s Kospi index was up 2.34 percent to 1,903. In India, the Sensex added 2.51 percent to 15,307.98, while the Taiex index gained 2.68 percent to 9,099.46. The Hang Seng index had its biggest 1-day rise in 3 years as it added 2.87 percent to 22,536.67 in Hong Kong. Meanwhile in Singapore, the Straits Times index was 3.37 percent higher to 3,413.17, its best day in 4 years. In Tokyo, the Nikkei 225 added 0.64 percent to 17,029.28, while the Topix index gained 0.53 percent to 1,669.04. On the other hand, the Mothers market dropped 2.15 percent to 783.78.

Markets made significant gains in Europe on the session. The FTSE Eurofirst 300 added 1.96 percent to 1,554.5. In Frankfurt the Dax was up 1.23 percent to 7,605.94, while the Paris CAC-40 gained 2.29 percent to 5,749.29 and the IBEX was 2.4 percent higher to 15,004.2 in Madrid. In London the FTSE 100 added 1.35 percent to 6,393.9, while the FTSE 250 gained 1.96 percent to 11,455.

Crude oil prices were higher in New York after the US Energy Information Administration said that crude oil and gasoline stockpiles were lower in the week ending August 3. Brent crude prices were a bit lower, however. Metals prices were mixed.

A Bank of England report that found inflation still above targets had most analysts expecting an interest rate increase for the UK in September and strengthened sterling, while the Australian dollar gained on an interest rate rise to 6.5 percent from the Reserve Bank of Australia.

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