Australia markets main exception to global equities gains

| March 11, 2008 | 0 Comments
Australia markets main exception to global equities gains

Global equities markets were higher on Tuesday as the US Federal Reserve announced that it will lend up to $200 billion in Treasuries to banks in exchange for mortgage-backed securities in an effort to make more money available for lending.

In the Asia-Pacific region, the only major declines came in Australia, where the S&P/ASX200 dropped 0.89 percent to 5,134.2 and the Sydney Ordinaries fell 1.22 percent to 5,211.1 after the mining sector declined on drops in metals prices. Elsewhere most markets saw moderate gains. The Shanghai Composite was 0.47 percent higher to 4,165.88 while the Straits Times Index was up 0.86 percent to 2,860.85. Taiwan’s Taiex added 0.99 percent to 8,381.6. The Kospi index gained 1 percent to 1,641.48, the Sensex added 1.25 percent to 16,123.15 and the Hang Seng was up 1.28 percent to 22,995.35.

Tokyo’s markets also saw gains. The Nikkei 225 was 1.01 percent higher to 12,658.28 while the Topix index added 0.88 percent to 1,235.15 and the Mothers market jumped 3.19 percent to 613.05.

The FTSE Eurofirst 300 added 1.28 percent to 1,270.81. The Dax was up 1.19 percent to 6,524.57 in Frankfurt while the Paris CAC-40 was 1.33 percent higher to 4,627.69 and Madrid’s IBEX jumped 3.17 percent to 13,056.1. London’s markets were also higher, with the FTSE 100 up 1.09 percent to 5,690.4 and the FTSE 250 gaining 1.06 percent to 9,772.8.

Wall Street was higher in midafternoon trade. The Dow Jones Industrial Average was up 2.27 percent to 12,007.42. The Nasdaq also gained 2.27 percent, to 2,218.69, while the S&P 500 added 1,300.67.

Crude oil prices hit a new record and was higher on the day despite retreat from highs. Metals prices were mixed, while grains prices were higher on the session.

The US dollar was higher versus the euro and the yen after the Fed’s announcement, but the greenback declined versus the South African rand.


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