Around the World's Markets
Saturday 18 September 1999
THE STOCK market saw a turbulent day of trading, but its eventual direction was dictated by the US. The FTSE 100 closed up 25.2 points at 6039.8.
The market climbed strongly in the first few hours but slipped back all the way to its opening by noon. The mood picked up again as the US market opened positively.
Building materials group Hanson was among the high risers as the market concluded that recent falls were overdone.
Market report, page 21
WALL STREET climbed higher in late morning trading, as "triple witching" expiration of options and futures was expected to produce volatility, and interest rate concerns moved to a back burner.
By midday, the Dow Jones was up 109 points, or 1.03 per cent, at 10,847. Internet auction site eBay was down 3.5 per cent on news it will soon face competition from a new network of nearly 100 rivals, including Microsoft and Lycos.
JAPANESE BLUE chips perked up as the dollar bounced above 106 yen and eased fears its recent surge would stall the economic recovery. The Nikkei 225 closed up 50.68 at 17,342.27. "The dollar's recovery above 106 made us believe that the market may be leaving the recent turbulence behind," said one trader.
The dollar's recent tumble to near 103 had sparked fears that the strong yen would slash Japanese manufacturers' overseas income and put the fledgling economic recovery at risk.
LEADING STOCKS gained after the dollar gained ground against the Japanese yen. The Hang Seng closed up 54.24 points or 0.40 per cent at 13,484.84.
Traders said the recovery was helped by optimism that the G7 would work together to weaken the yen. One said local investors were too pessimistic about a strong yen, which could help Asian exports and increase Japanese investment in manufacturing elsewhere in Asia.
GERMAN SHARES surrendered earlier gains to end almost unchanged as investors shrugged off Wall Street's positive opening and sold core industrial stocks.
The DAX-30 closed down half a points at 5,301.86, off an earlier high of 5,365.27.
Chemicals maker Henkel fell 3 per cent, drugs maker Schering and utility Viag lost 2 per cent and electronic group Siemens slipped more than 1 per cent. Deutsche Telekom, the heaviest DAX share, retreated 1 per cent.
- 1 Nokia no more: Microsoft drops once-ubiquitous mobile name in favour of its Lumia brand
- 2 Renee Zellweger on plastic surgery reports: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
- 3 Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
- 4 Australian café owner sparks debate after saying 'No' to having unruly children on premises
- 5 Couple die within 28 hours of each other after being married for 73 years
Ottawa shooting: Canadian soldier dies after being shot at National War Memorial with one gunman killed inside parliament
Renee Zellweger on plastic surgery reports: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
Isis releases first video showing stoning of woman accused of committing adultery as her father shouts 'don't call me Dad'
Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
Diwali 2014: What is the festival of lights and how is it celebrated?
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Support for EU membership 'at highest level since 1991 with most Brits wanting to stay in'
iJobs Money & Business
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...
£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...
£20000 - £25000 per annum + OTE £Competitive: SThree: SThree Group and have be...