Market Updates

Miners Drag Europe

Elena
07 Mar, 2001
New York City

    European averages traded lower at mid-day, dragged by U.S. markets losses overnight and weak resource stocks. The German DAX 30 lost 0.8%, the French CAC 40 dropped 0.7%, and London FTSE 100 slipped 0.9%.

8:30 AM ET- European Markets Mid-day

European stocks traded lower at mid-day dealings, hurt by sharp U.S. markets losses and weak resource stocks including BHP Billiton, down 3.7% and Rio Tinto, down 3%. However, automaker Volkswagen AG bucked the lower trend, rising 1.1%. The German DAX 30 lost 0.8%, the French CAC 40 dropped 0.7%, and London FTSE 100 slipped 0.9%.

8:00 AM ET - Asian Markets Close

Asian-Pacific benchmarks finished in the red, reflecting weak close on Wall Street and cautiousness ahead of Bank of Japan’s meeting on Wednesday. The Nikkei slipped 1.1% on speculations the BOJ could tighten its ultra-easy monetary policy.

Semiconductor-linked stocks declined on disappointing earnings from U.S. technology company Texas Instruments. Chip maker Elpida Memory fell 6%. Softbank slid 8.5% on reports that the Internet service company is in deal talks with British mobile-phone operator Vodafone.

South Korea’s Kospi tumbled 2.1%, China Shanghai Composite plunged 2.3% on profit taking by institutional investors, Hong Kong’s Hang Seng fell 1.3%, and Taiwan Weighted index dropped 1.2% on weakness in banking and tech stocks.

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