Market Updates
Oil Weighs on Europe
Elena
21 Mar, 2006
Frankfurt
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European averages lost ground at mid-day, dragged by energy and mining stocks after a sharp drop in oil and record-high copper prices yesterday. The German DAX 30 lost 0.6%, the French CAC 40 slipped 0.4%, and London FTSE 1000 was down 0.2%.
8:30 AM European averages lost ground at mid-day.
European markets traded lower at mid-day with energy stocks leading decliners after the 4% drop of oil Monday. Miners like BHP Billiton and Rio Tinton also lost ground, following the sharp jump in copper price. Ben Bernanke’s speech yesterday and some corporate earnings failed to provide inspiration to the market. The German DAX 30 dropped 0.6% on SAP earnings, the French CAC 40 slipped 0.4%, and London FTSE 100 fell 0.2%.
8:00AM Asian markets closed broadly lower.
Asian-Pacific benchmarks closed broadly in the negative, following Ben Bernanke’s speech which was interpreted as one, giving signals that the Fed Reserve will soon raise interest rates. Tokyo Stock Exchange was closed for a holiday. South Korea’s Kospi ended a five-day winning streak to close down 0.8%, dragged by tech and brokerage shares. Taiwan Weighted index slipped 0.9% on weak electronics and steel shares, Hong Kong’s Hang Seng ended down 0.1% in a light trading day ahead of FOMC meeting, while Shanghai Composite advanced 0.2%, lifted by property stocks and currency gains. Philippine stocks hit a seven-year high, rising 1% on strong earnings reports. India Sensitive Index hit an intra-day high, breaking the 11,000-point level, but closed down 0.1%.
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