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Monday 01st of December 2008
August 13, 2008

Barratt Developments down 15 percent in homebuilder declines


by Elaine Frei
Barratt Developments down 15 percent in homebuilder declines

European equities markets were down Wednesday as investors feared more losses for banks, as UK unemployment grew, and after crude oil prices saw gains.

The FTSE 100 was down 1.55 percent to 5,448.6 in London, while the FTSE 250 dropped 1.96 percent to 8,109.5.

Homebuilders were lower as Barratt Developments (LSE: BDEV) was down 15.31 percent and Taylor Wimpey (LSE: TW) dropped 8.1 percent.

The FTSE Eurofirst 300 was 2.42 percent lower to 1,179.64 while Frankfurt’s Dax fell 2.49 percent to 6,422.10, Madrid’s IBEX was down 2.51 percent to 11,695.4 and the Paris CAC-40 dropped 2.56 percent to 4,402.97.

Asia-Pacific equities markets were down on new data showing that Japan’s economy contracted by 0.6 percent in the second quarter as consumers spent less and there were fewer exports.

The Nikkei 225 was down 2.11 percent to 13,023.05 while the Topix index fell 1.96 percent to 1,246.48 and the Mothers market of small and mid-caps dropped 3.44 percent to 456.68.

Elsewhere in the region, the Taiex was down 0.02 percent to 7,292.34, the Straits Times Index fell 0.18 percent to 2,811, the Shanghai Composite was 0.44 percent lower to 2,446.3 and India’s Sensex dropped 0.78 percent to 15,093.12.

The Kospi index was 0.91 percent lower to 1,562.72 in South Korea and Hong Kong’s Hang Seng was down 1.61 percent to 21,293.32 while in Australia the Sydney Ordinaries fell 1.85 percent to 4,995.9 and the S&P/ASX200 dropped 2.02 percent to 4,951.6.

In early afternoon trade in New York, the Dow Jones Industrial Average was 1.09 percent lower to 11,515.78 while the Nasdaq Composite was down 0.44 percent to 2,419.99 and the S&P 500 dropped 0.5 percent to 1,283.2.

Crude oil prices, most metals, and grains prices were all higher.

The yen strengthened on less demand for carry trades while the pound weakened as the Bank of England cut growth forecasts for the first quarter of 2009 and UK unemployment grew.

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