Around the World's Markets

LONDON

FINANCIALS led the market lower. Footsie fell 57.1 points to 5,433.9 in lacklustre trading. Supporting shares were also weak. Bank shares were damaged by analyst downgradings with Royal Bank of Scotland the hardest hit, down 61p to 827p, as Morgan Stanley, long-time bulls of the banking sector, turned cautious. Insurances continued to suffer from last week's poor nine month display by Royal & Sun Alliance, down 8p at 493p. CGU, with third quarter figures tomorrow, gave up 22p to 898p. Derek Pain, page 23

NEW YORK

STOCKS FELL for the first time in nine days amid profit taking and worries that the US Federal Reserve will not cut interest rates next week. JP Morgan and other banks led the decline.

In early afternoon trading, the Dow industrials fell 75.92 to 8,900.94. The S& 500 fell 11.60 to 1,129.41 and the Nasdaq composite rose 8.70 to 1,847.51.

Banks were among the biggest beneficiaries of the Fed's rate cuts on 29 September and 15 October, as lower rates boost demand for loans and credit.

TOKYO

THE TOKYO stock market staged a modest rally thanks to a slight fall in the yen against the dollar, which eased the prospects of leading exporters. The Nikkei index closed 72.57 higher at 14,194.54 but investors remained cautious, waiting for details of the government's package of measures aimed at stimulating the economy.

Export-based hi-tech stocks led the way, including Sony Corporation. But banking shares fell back, reflecting concern at the rise in the premiums Japanese banks have to pay to raise funds abroad.

HONG KONG

STOCKS SAGGED to a lower close on profit taking, after healthy gains in the past month. The benchmark Hang Seng index shed 287.8 points, or 2.84 per cent, to end at 9,851.93, with turnover shrinking from Friday's HK$9.6bn to HK$5.72bn.

Brokers said that the market was concerned the government might offload some of its HK$118bn stock portfolio, after a round of share placing by red chip companies. The red chip China-Affiliated Corporations index fell 1.24 per cent to 1,015.21.

FRANKFURT

SHARES CLOSED lower on profit-taking and on a lower Wall Street opening, but traders here remained confident of an upward trend in the market. The Xetra DAX closed at 4,762.38, down 47.35, while the DAX closed today's floor session down 67.64 at 4,768.58.

Pharmaceutical and chemicals group Hoechst rose nearly 5 per cent as rival Swiss chemical groups Ciba Specialty Chemicals and Clariant announced a merger. Hoechst, which owns 45 per cent of Clariant, ended 1 per cent lower as the broader market fell.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Content Writer - Global Financial Services

£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...

Recruitment Genius: Web Developer - PHP

£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...

Recruitment Genius: Field Sales Consultant - Financial Services - OTE £65,000

£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...

Recruitment Genius: Loan Underwriter

£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...

Day In a Page

A nap a day could save your life - and here's why

A nap a day could save your life

A midday nap is 'associated with reduced blood pressure'
If men are so obsessed by sex, why do they clam up when confronted with the grisly realities?

If men are so obsessed by sex...

...why do they clam up when confronted with the grisly realities?
The comedy titans of Avalon on their attempt to save BBC3

Jon Thoday and Richard Allen-Turner

The comedy titans of Avalon on their attempt to save BBC3
The bathing machine is back... but with a difference

Rolling in the deep

The bathing machine is back but with a difference
Part-privatised tests, new age limits, driverless cars: Tories plot motoring revolution

Conservatives plot a motoring revolution

Draft report reveals biggest reform to regulations since driving test introduced in 1935
The Silk Roads that trace civilisation: Long before the West rose to power, Asian pathways were connecting peoples and places

The Silk Roads that trace civilisation

Long before the West rose to power, Asian pathways were connecting peoples and places
House of Lords: Outcry as donors, fixers and MPs caught up in expenses scandal are ennobled

The honours that shame Britain

Outcry as donors, fixers and MPs caught up in expenses scandal are ennobled
When it comes to street harassment, we need to talk about race

'When it comes to street harassment, we need to talk about race'

Why are black men living the stereotypes and why are we letting them get away with it?
International Tap Festival: Forget Fred Astaire and Ginger Rogers - this dancing is improvised, spontaneous and rhythmic

International Tap Festival comes to the UK

Forget Fred Astaire and Ginger Rogers - this dancing is improvised, spontaneous and rhythmic
War with Isis: Is Turkey's buffer zone in Syria a matter of self-defence – or just anti-Kurd?

Turkey's buffer zone in Syria: self-defence – or just anti-Kurd?

Ankara accused of exacerbating racial division by allowing Turkmen minority to cross the border
Doris Lessing: Acclaimed novelist was kept under MI5 observation for 18 years, newly released papers show

'A subversive brothel keeper and Communist'

Acclaimed novelist Doris Lessing was kept under MI5 observation for 18 years, newly released papers show
Big Blue Live: BBC's Springwatch offshoot swaps back gardens for California's Monterey Bay

BBC heads to the Californian coast

The Big Blue Live crew is preparing for the first of three episodes on Sunday night, filming from boats, planes and an aquarium studio
Austin Bidwell: The Victorian fraudster who shook the Bank of England with the most daring forgery the world had known

Victorian fraudster who shook the Bank of England

Conman Austin Bidwell. was a heartless cad who carried out the most daring forgery the world had known
Car hacking scandal: Security designed to stop thieves hot-wiring almost every modern motor has been cracked

Car hacking scandal

Security designed to stop thieves hot-wiring almost every modern motor has been cracked
10 best placemats

Take your seat: 10 best placemats

Protect your table and dine in style with a bold new accessory