Most Asia-pacific markets decline on session

Most Asian markets were lower on Wednesday, worried by a report that investment bank Merrill Lynch (NYSE: MER; TYO: 8675) will write down $2.5 billion more in the third quarter than previously estimated, adding to concerns over the effect of the subprime crisis. There were a couple of gains in Asia, however. In India, the Sensex added 0.11 percent to 18,512.91, while the Shanghai Composite jumped 1.21 percent to 5,843.11.

Indices seeing declines included Hong Kong’s Hang Seng, which dropped 0.15 percent to 29,333.53. In Australia the Sydney Ordinaries fell 0.38 percent to 6,652.1 while the S&P/ASX200 was down 0.4 percent to 6,634.4. The Taiex was 0.63 percent lower to 9.442.62 in Taiwan. South Korea’s Kospi index dropped 0.75 percent to 1,933.36, while The Straits Times index was down 1.25 percent to 3,649.12 in Singapore.

Tokyo’s markets were mixed on the session. The Nikkei 225 was 0.56 percent lower to 15,358.39 and the Topix index fell 0.43 percent to 1,563.86, but the Mothers market added 2.21 percent to 923.56. Banks were lower, while metals and chemicals groups, retailers and the pharmaceuticals sector all saw gains.

European markets were also lower. The FTSE Eurofirst 300 was 0.56 percent lower to 1,549.26. In Frankfurt the Dax dropped 0.18 percent to 7,828.96 and in Paris the CAC-40 was down 0.53 percent to 5,674.67, while Madrid’s IBEX fell 1.29 percent to 15,231.3. Banks were in Europe as well. Truck makers were mixed while carmakers and utilities saw gains.

Equities were down in London as well, with the FTSE 100 down 0.49 percent to 6,482 and the FTSE 250 falling 0.71 percent to 11,278.5. Miners and the pharmaceuticals sector were lower. The oil sector saw gains on bids rumors, while aerospace and defense groups and some retailers were up on the session.

The Dow Jones Industrial Average had lost more than 130 points at midday, falling 0.99 percent to 13,540.31. The Nasdaq Composite, meanwhile, was down 1.93 percent to 2,745.37 and the S&P 500 dropped 1.3 percent to 1,499.79. Banks, the semiconductors sector and internet retailers were all lower on the session.

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