Taylor Wimpey leads London housebuilders higher

| August 14, 2009 | 0 Comments
Taylor Wimpey leads London housebuilders higher

European equities markets were lower Friday as investors worried about new data on US consumer confidence which called into question how fast the economy will recover from the recession.

The Reuters/University of Michigan consumer confidence index was at 63.2 in August, down from 66 in July and below an expected rise to 68.5.

In London, the FTSE 100 was down 0.87 percent to 4,713.97 while the FTSE 250 managed to add 0.38 percent to 8,515.83.

Among homebuilders, Taylor Wimpey (LSE: TW) was up 6.7 percent on the 250 to lead the sector’s gains, while Barratt Developments (LSE: BDEV) gained 5.03 percent.

The FTSE Eurofirst 300 was down 0.88 percent to 940.21 while the CAC-40 fell 0.83 percent to 3,495.27, the IBEX was 1.31 percent lower to 10,901.9 and the Dax dropped 1.7 percent to 5,309.11.

Most markets in the Asia-Pacific sector were higher on the session.

The Nikkei 225 was 0.76 percent higher to 10,597.33 in Tokyo, while the Topix index added 0.53 percent to 973.57 but the Mothers market was down 0.72 percent to 466.87.

The Hang Seng added 0.15 percent to 20,893.33 while the Taiex was up 0.49 percent to 7,069.51 and in Australia the S&P/ASX200 was 0.57 percent higher to 4,461 and the Sydney Ordinaries gained 0.64 percent to 4,465.1.

The Straits Times Index was up 0.66 percent to 2,631.51 and the Kospi added 1.71 percent to 1,591.41.

Among decliners in the region, the Sensex was 0.69 percent lower to 15,411.63 while the Shanghai Composite dropped 2.98 percent to 3,046.97.

Disappointment over the new data on consumer confidence sent US markets lower in early afternoon trade as the Dow Jones Industrial Average fell 1.48 percent to 9,259.36, while at the same time the Nasdaq Composite was down 1.8 percent to 1,973.11 and the S&P 500 had dropped 1.54 percent to 997.09.

Crude oil, precious and base metals, and grains prices were all lower on the session.

The euro weakened on new data showing that consumer prices are down in Europe.

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