Global equities hurt by G-7 report

| April 14, 2008
Global equities hurt by G-7 report

Global equities markets were lower Monday after a pessimistic report from the weekend meeting of the G-7 nations in Washington, D.C., over the weekend.

The Taiex dropped 0.19 percent to 8,892.68 in Taiwan while in Australia the Sydney Ordinaries fell 1.71 percent to 5,410.9 and the S&P/ASX200 was down 1.78 percent to 5,342.4.

South Korea’s Kospi was 1.85 percent lower to 1,746.71, the Straits Times Index fell 2.68 percent to 3,042.96, the Hang Seng was down 3.47 percent to 23,811.2 and the Shanghai Composite dropped 5.62 percent to 3,296.67.

Tokyo’s markets were also lower as the Nikkei 225 fell 3.05 percent to 12,917.51, the Topix index was down 2.53 percent to 1,246.24 and the Mothers market of small and mid-caps dropped 0.93 percent to 588.63.

The main exception to Asian losses was in India, where the Sensex added 0.72 percent to 15,807.64.

Europe’s equities markets were lower as well.

The FTSE Eurofirst 300 was down 0.76 percent to 1,275 while the CAC-40 was 0.66 percent lower to 4,766.49, the Dax fell 0.74 percent to 6,554.49 and the IBEX dropped 0.89 percent to 13,160.3.

London’s markets also declined, with the FTSE 100 down 1.08 percent to 5,831.6 and the FTSE 250 dropping 0.86 percent to 9,845.5.

Wall Street was slightly lower in mid-afternoon trade, with the Dow Jones Industrial Average down 0.1 percent to 12,313.13 while the Nasdaq Composite had dropped 0.29 percent to 2,283.51 and the S&P 500 was 0.24 percent lower to 1,329.59.

Crude oil prices were higher on the session, while precious metals and grains prices were mixed.

The US dollar declined in relation to the euro, while the pound gained on producer price advances that lessened the likelihood of big interest rate cuts from the Bank of England.

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