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Friday 29th of August 2008
October 30, 2007

Global equities mostly lower on session


by Elaine Frei
Global equities mostly lower on session

Most Asia-Pacific region equities markets were lower on Tuesday. The major exceptions were in Hong Kong, where the Hang Seng index set its fourth record in a row as it closed 0.16 percent higher to 31,638.22, and in Shanghai, where the Shanghai Composite jumped 2.6 percent to 5,897.19. In Australia, the Sydney Ordinaries dropped 0.52 percent to 6,772.50 and the S&P/ASX200 was down 0.62 percent to 6,750.2. Elsewhere, the Kospi index fell 0.51 percent to 2,052.37 in South Korea. Taiwan’s Taiex was down 0.53 percent to 9,757.93, while the Straits Times index was 0.56 percent lower to 3,798.45 in Singapore and India’s Sensex fell 0.97 percent to 19,783.51. In Tokyo, markets were mixed. While the Topix rose slightly, by 0.04 percent to 1,607.21, the Nikkei 225 was down 0.28 percent to 16,651.01 and the Mothers market dropped 0.84 percent to 957.05.

Most European markets saw losses on the session, with the exception being Madrid’s IBEX. The IBEX added 0.28 percent to 15,782.5. The FTSE Eurofirst 300 was 0.42 percent lower to 1,581.69. The Dax was down 0.4 percent to 7,977.94 in Frankfurt, while the CAC-40 dropped 0.55 percent to 5,803.93. In London, the FTSE 100 was 0.7 percent lower to 6,659 while the FTSE 250 fell 0.64 percent to 11,479.1.

Wall Street was lower in afternoon trade on Tuesday ahead of Wednesday’s decision on interest rates by the Federal Reserve and on a report that that consumer confidence was down in October, to its lowest level in two years. In addition, more disappointing corporate results were issued. The Dow Jones Industrial Average was 0.2 percent lower to 13,842.71, while the Nasdaq Composite fell 0.22 percent to 2,823.76 and the S&P 500 was down 0.25 percent to 1,537.08.

The price of crude oil fell dramatically but remained above $90 per barrel in New York, while metals prices were also lower. Grain prices were also down, but meat and livestock futures were mixed.

Sterling and the Swiss franc both strengthened in early afternoon trade in New York.

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