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Monday 27th of October 2008
October 24, 2008

Total, other European oil producers, see declines


by Elaine Frei
Total, other European oil producers, see declines

Equities markets in Europe saw declines Friday as investors were concerned about earnings amid a worsening global economy.

Oil producers were lower on more declines in crude oil prices even as OPEC announced its decision to cut oil production by 1.5 million barrels per day from 1 November.

French oil company Total (Euronext: FP; NYSE: TOT) down 3.6 percent while Royal Dutch Shell’s (LSE: RDS A, RDS B; NYSE: RDS.A, RDS.B) A shares fell 5.09 percent and its B shares were 4.8 percent lower and BP (LSE: BP; NYSE: BP; TYO: 5051) dropped 5.38 percent.

In London, the FTSE 100 was down 5 percent to 3,883.36 and the FTSE 250 was 5.47 percent lower to 5,793.56, while elsewhere in the region the FTSE Eurofirst 300 fell 4.93 percent to 829.73, the CAC-40 was down 3.54 percent to 3,193.79, the Dax was 4.96 percent lower to 4,295.67 and the IBEX dropped 5.2 percent to 3,353.2.

Asia-Pacific equities markets were down significantly on declines in profits and sales and as some companies cut their outlooks.

In Tokyo the Nikkei was down 9.6 percent on the session to 7,649.08 while the Topix index fell 7.52 percent and the Mothers market dropped 4.63 percent to 296.79.

The Shanghai Composite was down 1.92 percent to 1,839.62 while in Australia the S&P/ASX200 fell 2.64 percent to 3,869.4 and the Sydney Ordinaries dropped 2.73 percent to 3,831.6.

Taiwan’s Taiex was 3.19 percent lower to 4,579.62, the Hang Seng was 8.3 percent lower to 12,618.38, the Straits Times index fell 8.33 percent to 1,600.28 in Singapore, the Kospi dropped 10.57 percent to 938.75 and India’s Sensex plummeted 10.96 percent to 8,701.07.

Wall Street looked to be following other global markets lower on the day, with the Dow Jones Industrial Average down 4.04 percent to 8,340.24 in mid-afternoon trade while the Nasdaq Composite as 3.8 percent lower to 1,543.01 and the S&P 500 dropped 4.36 percent to 868.48 as investors worried about global economic slowdowns.

Crude oil and grains prices were lower and while metals prices were mixed, most were lower.

The yen gained ground on a retreat from risk while the pound and the euro weakened against the US dollar.

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