Around the World's Markets
Tuesday 18 August 1998
SHARES RECOVERED from a poor start, encouraged by a strong New York opening. Early trading was weighed down by the Russian devaluation and Japan's continuing weakness, but after lunch prices perked up and at one time Footsie was up 30.9 points, but then closing 12.2 higher at 5,467.2.
National Power gained 30p to 553p on talk that Nomura, the Japanese investment house, is trying to put together an pounds 8.5bn consortium to bid and then split the company into four.
STOCKS MADE fragile gains in early trading in New York amid speculation that prices already reflected the economic turmoil in Russia and Asia, but the markets were also twitchy ahead of President Clinton's testimony about the Monica Lewinsky affair.
The Dow was up 0.5 per cent by the London close.
The dollar saw earlier five-week highs at above 1.81 marks evaporate as traders reassessed worries over Germany's exposure to Russia.
JAPAN'S BENCHMARK Nikkei index fell below the 15,000 level for the first time in two months on worries that Asia's weakened economies would stunt global growth. The Nikkei 225 average ended down 2.18 per cent at 14,794.7. Sony led decliners.
The yen steadied in London after a senior Tokyo official said its depreciation was nearing an end and Japan would intervene when the time was right. The dollar/yen dipped below 146, but by late trading stood at 145.75/85.
GERMAN SHARES recouped earlier losses, with the benchmark Dax index ending up 8.68 points at 5,456.6 after Russia devalued the rouble and imposed a 90-day debt moratorium. The electronically traded Xetra Dax closed down 0.75 per cent at 5,432.
"Russia is obviously making people very nervous. The German banks are the biggest creditors," said one dealer. Shares in Dresdner Bank dropped 1.5 per cent.
- 1 Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
- 2 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 3 Nick Kyrgios calls former Olympian Dawn Fraser a 'blatant racist' after she tells Wimbledon star to 'go back where their parents came from'
- 4 World learns of app that shows you who unfriended you on Facebook, app promptly crashes
- 5 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
Man who was struck and killed by lightning in Brecon Beacons 'was carrying a selfie stick'
Greece debt crisis as it happened: EU chiefs at loggerheads hours before Alexis Tsipras’s last ditch deal proposals
Bakery sends 'horrific' version of Frozen-themed birthday cake to unsuspecting customer
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
Greece debt crisis: Angela Merkel and Francois Hollande issue Athens with 24-hour ultimatum to avoid crashing out of the euro
Greece crisis: Referendum exposes a gaping hole at the heart of the European Union – its lack of genuine legitimacy
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