CAC-40 drops 1.8 percent on session

European markets were lower on Monday as the subprime crisis continued to cause disturbances. The FTSE Eurofirst 300 dropped 1.32 percent to 1,487.28. In Frankfurt, the Dax was 0.24 percent lower to 7,479.83, while Madrid’s IBEX fell 1.18 percent to 13,696.9 and the Paris CAC-40 was down 1.8 percent to 5,439.37. Utilities were higher, as were stock exchange operators, drinks makers and eyeglass lens manufacturers. Decliners included banks, financial planners, the logistics sector, chipmakers and the telecommunications sector.

London’s equities markets saw substantial declines again. The FTSE 100 was 1.69 percent lower to 6,182.8 and the FTSE 250 dropped 1.91 percent to 10,745.3. Banks and mortgage lenders were lower, as were property developers, house builders and pubs operators. The pharmaceuticals sector, food processors, software makers, and the transport sector all saw gains.

Wall Street was lower in midday trade. The Dow Jones Industrial Average was down 0.4 percent to 13,389.36, while the Nasdaq Composite fell 0.9 percent to 2,578.74 and the S&P 500 was 0.66 percent lower to 1,474.52. Brokers, chipmakers, and the software sector all saw declines.

Most equities markets in the Asia-Pacific region were lower. The main exceptions were South Korea’s Kospi index, which added 0.09 percent to 1,871.68, and the Shanghai Composite with an advance of 2.06 percent to 5,421.39. But markets were lower in Australia after crude oil prices fell from record highs. The Sydney Ordinaries dropped 0.51 percent to 6,283.7 and the S&P/ASX200 was 0.56 percent lower to 6,271.4. In India, the Sensex was down 0.64 percent to 15,504.43. The Hang Seng index fell 1.2 percent to 24,599.34 in Hong Kong, while in Taiwan the Taiex dropped 1.46 percent to 8,899.91. Singapore’s Straits Times index was 1.7 percent lower to 3,476.31. The Tokyo markets were closed for the observance of the Respect for the Aged Day holiday.

Story link: CAC-40 drops 1.8 percent on session