Around the World's Markets
Thursday 17 June 1999
LEADING SHARES rose as subdued US inflation figures eased fears of a interest rate hike in the States.
The FTSE 100 closed 53.7 higher at 6,504.9, in high volume. The bulk of the rally came in the afternoon after a strong opening on Wall Street. The Dow was over 100 points higher at the London close amid fading worries of a near-term monetary tigthening. The smaller indices were also in good form. The FTSE 250 ended 43.7 higher at 5871.7 - very close to its 1999 peak - while the Small Cap was up 10.7 to 2,622.9. Market Report, page 23
THE NIKKEI 225 closed 0.4 per cent down at 17,210.18 after the Bank of Japan's latest monthly report failed to provide a boost. "The market is very quiet. Everyone is waiting for the consumer price index figures for May for the US," a trader said.
The BoJ said that although Japan's economy had stopped deteriorating, there was no clear movement towards recovery. GDP figures last week have prompted buying in economy-sensitive chemicals groups and steel makers; for example, Mitsubishi Chemical rose 3.41 per cent to 425 yen.
THE NIKKEI 225 average closed 0.4 per cent down at 17,210.18 after the Bank of Japan's lastest monthly report failed to boost the market. "The market is very quiet. Everyone is waiting on the consumer price index figures for May for the US," a trader said. The BoJ reported that although Japan's economy had stopped deteriorating, there were no clear movements towards recovery.
GDP growth figures released last week have encouraged buying in economy- sensitive chemicals companies and steelmakers.
THE HANG SENG INDEX closed up 219.71 points, or 1.7 per cent, to 13,155.12 after a strong performance from the utilities index and demand for Cable & Wireles HKT, the renamed Hong Kong Telecommunications, which rose HK$0.90, 5 per cent, to HK$19.80. Cheung Kong Holdings added $1.25 at HK$64.74 after a subsidiary said it would take a stake in Hong Kong's mass transit rail company. Shangri-La Asia rose HK$0.45, 5 per cent, to HK$9.40 on the back of its offers for hotels.
THE CAC-40 index set a new closing high, cheered by stable US consumer price data which eased inflation worries.
The bluechip index closed up 1.44 per cent at 4,481.75 beating May 3's closing high of 4,442.84 and nearing its all-time high of 4,483.94.
A strategist said: "The [CAC] trend remains up, sentiment is improving as the economic outlook brightens and tomorrow's IFO business climate index data in Germany should be better."
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