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10th of August 2011
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Miner Fresnillo leads gainers on FTSE 100

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by Elaine Frei
Miner Fresnillo leads gainers on FTSE 100

European equities markets were down again Wednesday after the Institute for Supply Management’s non-manufacturing index was at 52.7 in July, against an expected rise to 53.5 after being at 53.3 in June, and after both Moody’s Investors Service and Fitch Ratings warned that the US credit rating could still be downgraded if lawmakers do not follow through on debt-reduction, although both also reiterated their AAA ratings on US credit for the time being.

The FTSE 100 was down 2.34 percent to 5,584.51 in London, while the FTSE 250 dropped 1.73 percent to 10,994.6 as banks, the chemicals sector and the energy sector all saw all constituents decline on the session and telecoms, home builders and the media sector all had just one gainer each.

The mining sector was lower, but the biggest gainers on both the 100 and the 250 were from the sector as gold and silver miner Fresnillo (LSE: FRES) added 5.18 percent to lead gains in the sector and on the 100, while Hochschild Mining, which also mines gold and silver, was up 4.92 percent to top gains on the 250.

Commodities trader Glencore International (LSE: GLEN) was down 7 percent as the worst performer on the 100, while Imagination Technologies Group dropped 8.29 percent and was the top lower on the 250.

Eight constituents of the all-lower energy sector dropped 4 percent or more on the session, led by Tullow Oil (LSE: TLW) with a decline of 5.68 percent, while Cairn Energy (LSE: CNE) was down 5.08 percent after it abandoned a well off Greenland after no oil or gas were discovered.

The FTSE Eurofirst 300 was down 1.99 percent to 1,027.82 while the IBEX fell 0.85 percent to 9,037.7, the CAC-40 was 1.93 percent lower to 3,454.94 and the Dax dropped 2.3 percent to 6,640.59, with just two gainers on the CAC-40 and none on the Dax.

Markets in Asia and the Pacific region saw declines as investors worried about disappointing data from the US as the Commerce Department reported that consumer spending was down by 0.2 percent there in June, while two measures of consumer confidence were also lower in the US.

The Nikkei 225 was 2.11 percent lower to 9,637.14 in Tokyo, while the Topix index was down 2.04 percent to 826.75 and the Mothers market dropped 0.31 percent to 453.88, with exporters lower on concerns about the US economy after Moody’s Investors Service issued a negative outlook and warned it could still downgrade the US credit rating.

Exporters were also hurt by a stronger yen, with camera and copier maker Canon (TYO: 7751) down 1.7 percent, while solar panel manufacturer Kyocera Corp (TYO: 6971) fell 2.3 percent.

Carmakers were down not only on strength for the yen, but on reports that sales in the US were lower in July, with Toyota Motor (TYO: 7203) down 1.3 percent after sales were down 23 percent there, while Honda Motor (TYO: 7267), which gets 40 percent of its sales in North America, dropped 3.2 percent after it said US sales were down 28 percent last month.

Tokyo banks were lower after Daiwa Securities Capital Markets Co cut its downgrade of the sector from “outperform” to “neutral”, with Mizuho Financial Group (TYO: 8411) down 1.6 percent, while Mitsubishi UFJ (TYO: 8306) was 2 percent lower and Sumitomo Mitsui Financial Group (TYO: 8316) dropped 2.1 percent.

The Shanghai Composite was down 0.03 percent to 2,678.49, India’s Sensex fell 0.94 percent to 17,940.6, the Straits Times Index was 1.47 percent lower to 3,130.34 in Singapore, Taiwan’s Taiex dropped 1.49 percent to 8,456.86, the Hang Seng was down1.91 percent to 21,992.7 in Hong Kong, Australia’s markets were lower as the Sydney Ordinaries dropped 2.26 percent to 4,408.3 and the S&P/ASX200 fell 2.27 percent to 4,332.8, and South Korea’s Kospi was 2.59 percent lower to 2,066.26.

Equities markets were lower in New York on disappointing data, with the Dow Jones Industrial Average down 0.75 percent to 11,777.9 at just before 1 p.m. local time, while the S&P 500 had dropped 0.58 percent to 1,246.81 and the Nasdaq Composite was 0.29 percent lower to 2,661.43.

Crude oil prices were lower after the US Energy Information Administration said that crude oil inventories added 1 million barrels last week, with West Texas Intermediate crude down $2.09 to $91.70 per barrel on the New York Mercantile Exchange, while recent reports showed Brent crude down $2.86 to $113.60 per barrel.

Gold prices were off earlier highs in midday trade but remained in record territory, up $24.10 from Tuesday’s close to $1,668.60 per troy ounce, while silver was up by $1.78 per troy ounce but copper had dropped 6 cents to trade at $4.33 per pound in New York.

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News posted: August 3, 2011

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