Asia, Europe markets see gains; Wall Street mixed

| April 13, 2011 | 0 Comments
Asia, Europe markets see gains; Wall Street mixed

Equities markets in Asia and the Pacific region were higher Wednesday after Japanese carmakers saw gains with the announcement from chipmaker Renesas Electronics (TYO: 6723), which supplies automobile manufacturers with microchips, said it will resume production at a factory damaged by last month’s earthquake in June, earlier than scheduled.

The Nikkei 225 was up 0.9 percent to 9,641.18 in Tokyo, while the Topix index added 0.73 percent to 844.59 and the Mothers market gained 0.63 percent to 430.24 as carmakers saw advances on the news from Renesas and on a reiterated its “buy” rating on one auto manufacturer, while the oil sector was lower after Tuesday’s declines in crude oil prices.

Tokyo Electric Power (TYO: 9501) was up but other Japanese utilities were lower on a report that the other utilities could be asked to help pay costs incurred as a result of earthquake and tsunami damage at the Fukushima Dai-Ichi nuclear power plant, possibly by contributing as much as ¥50 billion ($595 million) for each nuclear plant operated by each utility.

Australia’s markets were up as the Sydney Ordinaries added 0.19 percent to 4,999.6 and the S&P/ASX200 gained 0.25 percent to 4,911, while Taiwan’s Taiex was up 0.55 percent to 8,780.2, the Hang Seng added 0.66 percent to 24,135 in Hong Kong, the Shanghai Composite was up 0.96 percent to 3,050.4, Singapore’s Straits Times Index gained 1.09 percent to 3,172.08, the Kospi was 1.56 percent higher to 2,121.92 and India’s Sensex was up 2.25 percent to 19,696.9.

European markets were up after factory output in the Eurozone was reported up in February for the fifth month in a row.

The FTSE 100 added 0.77 percent to 6,010.44 in London, while the FTSE 250 was up 0.64 percent to 11,615.8, with banks seeing gains after a US bank reported more profits than expected in the first quarter, most insurers and the majority of the retail sector were higher, the energy sector was mostly up but miners and the engineering sector were mixed, and while most of the travel and leisure sector was higher, travel agents saw declines.

The FTSE Eurofirst 300 was up 0.73 percent to 1,135.46 while the IBEX added 0.01 percent to 10,786, the CAC-40 was up 0.75 percent to 4,006.23 and listed only three decliners, and the Dax gained 1.06 percent to 7,177.97 with only two decliners.

New York equities markets were mixed just before 1 p.m. local time, with the Dow Jones Industrial Average down 0.21 percent to 12,237.9 and the S&P 500 was 0.28 percent lower to 1,310.46, but the Nasdaq Composite added 0.14 percent to 2,748.56.

Oil prices were mixed at midday, with New York markets lower but London prices up slightly, although prices for West Texas Intermediate crude were higher early, right after the US Energy Information Administration reported that gasoline stockpiles dropped by 7 million barrels last week.

Gold and copper prices were lower in New York trade, but silver prices were slightly higher.

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