Pharma gains in Europe, mixed in UK

Bucking global trends on Wednesday, New York equities markets were higher in mid-day trade. The Dow Jones Industrial Average was up 0.46 percent to 13,564.21, while the Nasdaq Composite had added 0.38 percent to 2,649.17 and the S&P 500 gained 0.47 percent to 1,517.15. Bids rumors sent consumer goods makers and aluminium producers higher, while fast food restaurant operators saw gains on broker upgrades. Some in the oil sector were predicting gains on higher prices and better refining margins, leading to gains in share prices. Some in the biotechnology sector were unchanged ahead of quarterly reports.

Equities markets everywhere else saw declines on the session. In Australia, the Sydney Ordinaries were 0.54 percent lower to 6,363.2. Asian markets also saw declines. The Sensex fell 0.66 percent to 14,910.62 in India, while the Straits Times index in Singapore was 1.11 percent lower to 3,600.75 and the Hang Seng dropped 1.22 percent to 22,607.02. In Tokyo, the Nikkei 225 fell 1.1 percent to 18,049.51 and the Topix index declined 1.2 percent to 1,767.72. Tokyo exporters were hurt by the yen, with carmakers and most electronics groups seeing declines. Retailers were also lower, while condiment makers were hurt by bids news.

In Europe equities declined for a second straight day, but losses were not as steep as they were on Tuesday. The FTSE Eurofirst 300 was 0.28 percent lower to 1,602.41. In Paris the CAC-40 fell 0.3 percent to 6,001.09, while the IBEX was down 0.39 percent to 14,766.2 in Madrid. Meanwhile, the Dax was 0.83 percent lower to 7,898.54 in Frankfurt. Gains came for hotels operators, the pharmaceutical sector, and retailers. On the other hand, car and truck makers, banks, and power generators saw declines.

London’s markets also saw declines, with the FTSE 100 down 0.24 percent to 6,615.1 and the FTSE 250 falling 0.56 percent to 11,666.8. Oil companies and the leisure sector were higher, but retailers and the pharmaceuticals sector were mixed. Property developers and airlines declined.

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