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Saturday 22nd of November 2008
January 25, 2008

European markets see mixed trade


by Elaine Frei
European markets see mixed trade

Markets in Europe were mixed on the session. The pan-European FTSE Eurofirst 300 ended virtually even at 1,330.42. In Frankfurt, the Dax fell 0.06 percent to 6,816.74 while the Paris CAC-40 dropped 0.76 percent to 4,878.12 for its fourth consecutive weekly decline. On the other hand, Madrid’s IBEX was 0.26 percent higher to 13,141.1. In London the FTSE 100 was down 0.12 percent to 5,869 while the FTSE 250 dropped 1.2 percent to 9,738.5.

Equities markets in the Asia-Pacific region were higher on Friday. The least of the gains came in China, where the Shanghai Composite added 0.93 percent to 4,761.69. The Kospi was up 1.77 percent to 1,692.41 in South Korea while Taiwan’s Taiex was 2.96 percent higher to 7,739.59. In Singapore the FTSE Straits Times Index gained 3,159.48. The Sydney Ordinaries added 5 percent to 5,886.3, a gain of 280 points while the S&P/ASX200 was up 5.02 percent to 5,860 as it added 279 points. In India the Sensex was 6.62 percent higher to 18,361.66 while Hong Kong’s Hang Seng index jumped 6.73 percent to 25,122.37. Tokyo’s markets also saw gains. The Nikkei 225 put on 536 points, a gain of 4.1 percent to 13,629.16, while the Topix index added 4.7 percent to 1,344.77 and the Mothers market was 3.36 percent to 663.52.

After early gains, Wall Street saw declines in early afternoon trade at least partly due to profit taking after two days of advances. The Dow Jones Industrial Average was down 1.05 percent to 12,248.63 while the Nasdaq Composite was 0.89 percent lower to 2,339.97 and the S&P 500 had dropped 1.21 percent to 1,335.73.

Crude oil prices returned to above $90 per barrel in New York and London. Meanwhile, metals prices were higher as platinum and gold both touched new record highs and grains prices jumped on higher demand for US crops from overseas buyers.

The yen was up on the day versus the euro and but ended down on the week, while the US dollar also strengthened against both the euro and the yen but lost ground to the pound.

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