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Thursday 28th of August 2008
January 30, 2008

European equities lower; London mixed


by Elaine Frei
European equities lower; London mixed

European markets were lower on the session. The FTSE Eurofirst 300 was down 0.66 percent to 1,329.43. The IBEX dropped 0.22 percent in Madrid while the Dax was down 0.26 percent to 6,875.35 in Frankfurt and the Paris CAC-40 dropped 1.37 percent to 4,873.57. Meanwhile, markets were mixed in London. The FTSE 100 was 0.81 percent lower to 5,837.3 but the FTSE 250 added 0.03 percent to 9,908.5.

Asia-Pacific equities were lower Wednesday on reduced broker recommendations for Korean shipbuilders and after a Japanese power company cut its profit forecast and it was anticipated that others would do so as well. The Taiex was down 0.43 percent to 7,543.5 while the Shanghai Composite fell 0.9 percent to 4,417.85. In Australia, the Sydney Ordinaries dropped 1.55 percent to 5,665.3 and the S&P/ASX200 was 1.71 percent lower to 5,618.7. The FTSE Straits Times Index was down 1.64 percent to 3,000.03. In India, the Sensex fell 1.84 percent to 17,758.64. Hong Kong’s Hang Seng index was 2.63 percent lower to 23,653.69 while the Kopsi index dropped 2.98 percent to 1,589.06 in South Korea. In Tokyo, the Nikkei 225 fell 0.99 percent to 13,345.03 and the Topix index was down 0.65 percent to 1,320.11 while the Mothers market of small and mid-caps dropped 1.39 percent to 647.39.

Wall Street saw gains immediately after the Federal Reserve cut its main interest rate to 3 percent, as had been expected, but markets were lower by the end of the session in New York. The Dow Jones Industrial Average dropped 0.3 percent to 12.442.83 while the Nasdaq Composite was down 0.38 percent to 2,349 and the S&P 500 fell 0.48 percent to 1,355.81.

Oil, gold and silver prices were up after the Fed announced its decision on interest rates, while grains prices were mixed on the day.

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