Good morning Margaret,
It does not look good this morning for the markets as the following is a report of the overseas outlook:
Friday November 7 4:26 AM EST
FOCUS-Euro shares fall with Asian mkts, yen dips
By Roger Jeal
LONDON, Nov 7 (Reuters) - The London stock market, Europe's biggest, retreated by well over one percent in early trading on Friday under the influence of sharp falls in Asian markets.
The Paris bourse also headed deep into the red, dropping more than three percent, while the turmoil in Asia also sent German shares down by more than two percent in electronic trading amid fragile market confidence.
''There's been no real confidence in any rally that has happened this week,'' one Frankfurt share trader said.
''There's still a lot of uncertainty in the Far East and until that settles down and the situation stabilises there's not going to be any confidence in the market.''
On currency markets the yen weakened on continued concern about the Japanese financial system, with the mark attracting most interest, market analysts said.
London share traders said business was thin ahead of key U.S. jobs data due at 1330 GMT which would give the next clues about likely interest rate developments.
Hong Kong's Hang Seng Index suffered its fourth decline in a row on fears of high interest rates and currency weakness.
The blue-chip index lost 308.06 points, or 2.96 percent, to end at 10,104.50 after reviving from a day's low of 9,796.40.
Tokyo stocks, meanwhile, plunged below the key 16,000 mark for the first time in more than two years on growing concern about the Japanese economy and its fragile banking sector.
The key Nikkei index of 225 leading shares tumbled 4.2 percent, or 697.51 points, to close at 15,836.36.
On Wall Street U.S. blue chips ended slightly lower on Thursday after a volatile session. The Dow Jones industrial average closed down 9.33 points at 7,683.24.
In European currency trading the mark/yen rate broke through key resistance at 72.00 yen to the mark and analysts said it could push to 72.50.
''There is more safe haven buying of marks and Swiss francs relative to the dollar,'' said Sonja Gibbs, market strategist at Nomura International.
''It looks like there is more interest rate support for marks than dollars near term,'' she added.
CURRENCIES AT 0915 GMT
The dollar was quoted at 1.7115 marks and 123.58 yen, compared with 1.7201 and 123.22 in late
European trade on Thursday.
STOCK MARKETS AT 0915 GMT
LONDON - The FTSE 100 index was down 52.5 points or 1.08 percent at 4,811.3.
FRANKFURT - The Ibis DAX index for electronic trading was 80.16 points or 2.10 percent lower at
3,733.72.
Have a nice day
Frank |
