Australia’s ASX index in record 10th consecutive session decline

Equities markets in the Asia-Pacific region remained mixed on Friday even after comments from both the administration of President George W. Bush and Federal Reserve chairman Ben Bernanke in support of measures to help out the ailing US economy. Most markets in the region saw some gains, but India, Singapore, and Australia all saw losses. In Australia, the S&P/ASX200 was down 0.84 percent to 5,747.3 for a record 10th session in a row while the Sydney Ordinaries fell 0.98 percent to 5,799.4.

Meanwhile, the FTSE Straits Times Index was 1.13 percent lower to 3,104.25 and the Sensex dropped 3.49 percent to 19,013.7, a decline of nearly 700 points. Among gainers, the Hang Seng was up 0.35 percent to 25,201.87 in Hong Kong. The Shanghai Composite added 0.56 percent to 5,180.51 while South Korea’s Kospi index was 0.65 percent higher to 1,734.72. In Taiwan, the Taiex gained 1.02 percent to 8,184.65.

Tokyo also saw gains. The Nikkei 225 was up 0.56 percent to 13,861.29 and the Topix index was 0.83 percent higher to 1,341.5 while the Mothers market jumped 5.38 percent to 680.37. The Tokyo markets were up on the belief that the US will take action on its slumping economy and on a weaker yen. The semiconductors sector and electronics groups saw gains. However, papermakers were down again as a result of the recycled paper scandal in which several paper manufacturers have admitted to falsifying records to make it seem as if they were using the required amount of recycled paper in their products.

Markets were lower in Europe again. The FTSE Eurofirst 300 fell 1.15 percent to 1,358.51. Madrid’s IBEX was down 0.87 percent to 13,655.4 while the CAC-40 was 1.25 percent lower to 5,092.4 and the Dax dropped 1.34 percent to 7,314.17. Banks and insurers were down on the session while utilities saw gains and motor vehicle manufacturers were mixed.

London’s markets saw mixed results. The FTSE 100 was 0.01 percent lower to 5,091.7 while the FTSE 250 added 0.18 percent to 9,680.1 on the session. Miners were mostly higher and banks were mixed, while insurers declined on the 100 and food processors were lower on the 250.

New York equities markets were higher early in the session, but by early afternoon trade the Dow Jones Industrial Average and the S&P 500 had lost their gains on disappointment with comments from US President George W. Bush, who announced his plan to cut taxes in order to stimulate the slowing economy. In early afternoon activity, the Dow was down 0.19 percent to 12,163.69 and the S&P 500 had fallen 0.56 percent to 1,325.78. The Nasdaq Composite, however, was 0.13 percent higher to 2,349.94. Not even a higher reading on consumer sentiment could help raise enthusiasm on Wall Street. Computer makers and the related semiconductors sector were both higher, however, and bond insurers were mixed after a broker downgrade.

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