Standard Chartered drops 7.5 percent in London

| August 4, 2009 | 0 Comments
Standard Chartered drops 7.5 percent in London

European equities markets were mostly lower Tuesday as banks gave back recent gains and miners declined on lower base metals prices.

The FTSE 100 was down 0.24 percent to 4,671.37 in London, while the FTSE 250 added 1.03 percent to 8,242.51.

Standard Chartered (LSE: STAN; SEHK: 2888) led a mixed banking sector lower and turned in the worst performance of the day on the 100 as it dropped 7.52 percent.

The FTSE Eurofirst 300 was down 0.33 percent to 938.83 while the CAC-40 fell 0.04 percent to 3,476.37, the Dax was 0.18 percent to 5,417.02 and the IBEX dropped 0.22 percent to 10,876.8.

Markets in the Asia-Pacific region were mixed.

In Tokyo, the Nikkei 225 added 0.22 percent to 10,375.01 for a fresh ten-month closing high and the Topix index was up 0.15 percent to 959.02 but the Mothers market was 0.75 percent lower to 461.39.

Other gainers included the Kospi, which added 0.09 percent to 1,566.37 while the Shanghai Composite was up 0.26 percent to 3,471.44.

In Australia, the Sydney Composite gained 1.02 percent to 4,313.9 and the S&P/ASX200 added 1.08 percent to 4,309.3.

The Hang Seng was down 0.05 percent to 20,796.43 while the Sensex fell 0.59 percent to 15,830.98, the Straits Times Index was 1.23 percent lower to 2,648.76 and the Taiex dropped 1.43 percent to 6,955.87.

Markets were higher at early afternoon in New York as the Dow Jones Industrial Average added 0.17 percent to 8,302.66 percent at just before 1:30 p.m., while the Nasdaq Composite was up 0.14 percent to 2,011.41 and the S&P 500 had gained 0.21 percent to 1,004.76.

Crude oil prices were mixed while precious metals were up but most base metals saw declines on higher inventories in afternoon trade in London, but copper was up by afternoon in New York.

Meanwhile, grains prices were lower in afternoon trade in Chicago.

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