House builders decline in New York

Wall Street was lower in early afternoon trade Monday as investors worried that interest rates might not be cut in the wake of comments from several Federal Reserve officials. The Dow Jones Industrial Average was 0.38 percent lower to 13,064.04, while the Nasdaq Composite had dropped 0.63 percent to 2,549.43 and the S&P 500 was down 0.63 percent as well, to 1,444.37. House builders saw declines, as did some mortgage lenders. Some technology stocks were higher.

European markets also declined on the session. The FTSE Eurofirst 300 was 0.84 percent lower to 1,482.25. In Paris the CAC-40 fell 0.8 percent to 5,386.43, while the Dax dropped 0.82 percent to 7,375.44 in Frankfurt. Madrid’s IBEX was 1.06 percent lower to 13,726.3. Some banks were higher, as were energy-related shares. Car and truck makers and retailers were mixed. Steel makers, some financial planners, and construction-related sectors saw declines.

In London, the FTSE 100 was 0.92 percent lower to 6,134.1 and the FTSE 250 fell 1.2 percent to 10,974.8. Media group ITV (LSE: ITV) added 2.02 percent to 352.75p for the best day on the 100. Utilities saw gains, while financial services and food processors were mixed. Construction-related sectors and property developers were lower.

Markets in the Asia-Pacific region were mixed on Monday, with losers outnumbering gainers. Among winners on the day was India’s Sensex, with a gain of 0.04 percent to 15,596.83. The Hang Seng added 0.07 percent to 23,999.7 in Hong Kong, while the Shanghai Composite overcame early declines and closed up 1.48 percent to 5,355.29. On the other hand, the Taiex fell 0.89 percent to 8,937.58 in Taiwan, while in Singapore the Straits Times index were 1.35 percent lower to 3,441.87. The Sydney Ordinaries dropped 1.38 percent to 6,209.6, while the S&P/ASX200 was down 1.39 percent to 6,191.2. South Korea’s Kospi index fell 2.6 percent to 1,835.87.

In Tokyo, the Nikkei 225 was 2.22 percent lower to 15,764.97. The Topix index dropped 2.04 percent to 1,525.22 and the Mothers market was down 4.13 percent to 675.71. The real estate sector was lower again, and so were electronics manufacturers. Banks were mixed.

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