Autos Drag France

Elena
10 Apr, 2006
Frankfurt

European markets were mixed at mid-day. Strong energy, resource and auto stocks sent the British and German averages slightly higher, but concerns over the French economy offset the positive sentiment. The German DAX 30 gained 0.04%, London FTSE 100 rose 0.3%, while the French CAC 40 declined 0.3%, reflecting disappointing industrial production data.

[R] 8:15 AM European averages traded mixed at mid-day.[/R]
European markets traded mixed at mid-day as strength among energy, resource and auto stocks sent the British and German averages slightly higher, but concerns over the French economy offset the positive sentiment. Oil companies like BP and Royal Dutch Shell advanced as crude prices moved higher. The German DAX 30 gained 0.04%, London FTSE 100 rose 0.3%, while the French CAC 40 declined 0.3%, reflecting disappointing industrial production data. Major automakers like Renault, Peugeot-Citroen dropped as the report showed that autos was the worst affected sector, down 3.9%.


[R]7:45AM Asia closed mostly down.[/R]
Asian-Pacific benchmarks finished mostly in the negative, reflecting weakness among interest-rate sensitive stocks on renewed concerns about further rate increases. The Nikkei slipped 0.6% to 17,456.58 on profit taking. Investors sold off technology, machinery and other stocks, following the strong rally last weak and remaining cautious ahead of the forthcoming earnings season. Sony dropped 1.2% on news that Samsung Electronics is planning to invest $2 billion to expand its joint production. Among major machinery stocks, Komatsu dropped 2% and Fanuc fell 0.6%. Hong Kong’s Hang Seng advanced for a fifth consecutive session. The index rose 0.3%, led by gains for MTR, up 5.3% and China Mobile, up 1.2%. China Shanghai Composite climbed 1.2%, boosted by automakers, while Singapore Straits Times lost 0.2% on property shares, and Australia All Ordinaries dropped 0.8% on weak resource and financial stocks.