Asia-Pacific equities markets mixed on session

Equities markets in the Asia-Pacific region were mixed on Tuesday on the possibility that the US economy is strong enough to survive the current subprime mortgage and wider credit crisis without significant damage. Gains came in China, where the Shanghai Composite added 0.45 percent to 5,293.7, as well as in Singapore and Hong Kong where the Straits Times index was up 0.78 percent to 3,438.27 and the Hang Seng was 1.13 percent higher to 27,771.21. In Taiwan, the Taiex index traded even at 8,680.86.

Decliners in the region included South Korea’s Kospi index, which fell 1.12 percent to 1,872.24. In Australia the Sydney Ordinaries and the S&P/ASX200 each dropped 1.68 percent, to 6,490.2 and 6,425.4 respectively, while the Sensex was down 1.8 percent to 19,280.8.

Tokyo’s markets were mixed, with major indices higher on sentiment that recent declines have been too much. The Nikkei 225 gained 1.12 percent to 15,211.52 while the Topix index added 0.87 percent to 1,469.27. However, the Mothers market of small and mid-caps dropped 0.49 percent to 819.08. Banks and traders both gained on the session.

European equities markets bounced back from Monday’s declines. The FTSE Eurofirst 300 was up 1.16 percent to 1,479.71. Madrid’s IBEX gained 1.03 percent to 15,700 while the Paris CAC-40 was 1.36 percent higher to 5,506.58 and the Dax added 1.58 percent to 7,630.31. Carmakers and tire manufacturers saw gains, while utilities were mixed and the semiconductors sector declined.

London’s markets also saw gains. The FTSE 100 was up 1.73 percent to 6,226.5 while the FTSE 250 added 0.92 percent to 10,499.9. There were wide gains among house builders and property developers and investors, while some banks and mortgage lenders were lower.

In New York, equities markets were higher after the Federal Reserve released the minutes of their most recent meeting, despite mixed messages between that report and another report also released by the Fed. Just before the close of trade the Dow Jones Industrial Average was 0.47 percent higher to 13,019.9 while the Nasdaq Composite added 0.07 percent to 2,595.17 and the S&P 500 gained 0.56 percent to 1,441.32. Businesses related to mortgage lending declined on news and rumors.

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