European equities mixed on session

| February 27, 2008 | 0 Comments
European equities markets mixed on session

European markets were mixed Wednesday after troubling earnings reports from the banking and industrial sectors. Madrid’s IBEX was up 0.13 percent to 13,454.3 and the Dax added 0.17 percent to 6,997.85, but the CAC-40 fell 0.09 percent to 4,968.82 in Paris while the pan-European FTSE Eurofirst 300 dropped 0.25 percent to 1,357.78. London’s markets were also mixed. While the FTSE 250 added 0.36 percent to 10,421.1, the FTSE 100 was down 0.18 percent to 6,076.5.

Equities markets in New York were slightly higher in afternoon trade after Federal Reserve chairman Ben Bernanke indicated that the Fed will cut interest rates again if necessary to help the struggling US economy. In early afternoon trade the Dow Jones Industrial Average was 0.09 percent higher to 12,695.75 while the Nasdaq Composite had added 0.8 percent to 2,346.86 and the S&P 500 had gained 0.13 percent to 1,381.42.

Equities markets in the Asia-Pacific region were higher as commodities prices rose and on good quarterly results from the banking and retail sectors. In India, the Sensex added 0.11 percent to 17,825.99 while the FTSE Straits Times Index was up 0.54 percent to 3,094.45. South Korea’s Kospi index was 0.69 percent higher to 1,720.89. In Australia, the Sydney Ordinaries gained 1.68 percent to 5,842.5 and the S&P/ASX200 was up 1.78 percent to 5,767.2. The Taiex was 1.86 percent higher to 8,462.08. The Shanghai Composite added 2.26 percent to 4,334.05 and the Hang Seng gained 3.24 percent to 24,483.84.

In Tokyo, the Nikkei 225 was up 1.49 percent to 14,031.3 and the Topix was 1.27 percent higher to 1,364.52 while the Mothers market of small and mid-caps gained 1.54 percent to 690.27.

Crude oil prices were lower after spiking above $102 per barrel, while precious metals and grains prices were mixed. Base metals prices saw gains on demand hopes.

The US dollar hit a new low versus the euro, while the Australian dollar saw gains on the likelihood of an interest rate increase there next month.

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