Market Updates

Nikkei Falls 1.4%

Elena
16 Mar, 2006
New York City

    Asian-Pacific benchmarks finished mixed on interest rate concerns and a key earnings report from China Mobile. The Nikkei started higher, helped by exporter issues, but eventually dropped 1.4% on weak property and bank stocks. Hong Kong Hang Seng was up 0.06% on optimism about strong corporate results, while Taiwan Weighted index fell 0.2% on profit taking in the tech sector. Australia All Ordinaries advanced 0.6% on resource stocks.

8:00AM Asian markets closed mixed. The Nikkei slipped 1.4%.
Asian-Pacific benchmarks ended Thursday session mixed, reflecting interest-rate concerns and a key earnings report from China Mobile. The Nikkei opened higher on exporter issues, boosted by stronger dollar, but eventually tumbled 1.4% to 16,096.21 as investors worries about higher Japanese interest rates dragged real estate and bank stocks, including Sumitomo Realty and Development, down 6.6%. Hong Kong’s Hang Seng slightly advanced to 0.06% on optimism about strong corporate results. Australia All Ordinaries climbed 0.6% on resources and building-materials issues. Taiwan Weighted index fell 0.2% on profit-taking in the tech sector.

European markets traded lower at mid-day, erasing early gains. A strong performance from supermarket group Casino Guichard and steelmaker Corus Croup failed to keep stocks in the positive as oil, healthcare and insurance stocks exerted strong pressure. The German DAX 30 declined 0.3%, the French CAC 40 fell 0.3%, and London FTSE 100 lost 0.2%.

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