Asia-Pacific markets mixed on session

Equities markets in the Asia-Pacific region were mixed on Tuesday as most markets were open again after closures for the Lunar New Year holiday. Gains for some came on higher metals prices and on the announcement of a new plan to help struggling US homeowners remain in their homes. South Korea’s Kospi index added 0.16 percent to 1,643.29. In Australia the Sydney Ordinaries gained 1.18 percent to 5,669.4 and the S&P/ASX200 was 1.27 percent higher to 5,608.1. The Hang Seng was up 1.35 percent to 22,921.67 while the FTSE Straits Times Index added 2.02 percent to 2,926.23. Losers included India’s Sensex, with a decline of 0.14 percent to 16,608.01. Taiwan’s Taiex dropped 1.57 percent to 7,553.3.

Tokyo’s markets were mixed. The Nikkei 225 added 0.04 percent to 13,021.96 but the Topix index fell 0.08 percent to 1,286.1 and the Mothers market dropped 0.84 percent to 597.07. The declines in the Topix came on reports of accounting irregularities for US insurer American International Group (NYSE: AIG), which sent insurers lower. Shippers saw gains, while the oil sector was up on higher oil prices.

European markets were higher on the session after US tycoon Warren Buffet offered to help bond insurers. The FTSE Eurofirst 300 was up 3.36 percent to 1,334.21. The Dax was 3.33 percent higher to 6,967.84 while the Paris CAC-40 added 3.37 percent to 4,840.71 and the IBEX gained 3.4 percent to 13,254.7. There were no losers on the CAC-40 or the Dax. Among the best performers on the day were car and truck makers, the steel sector, and banks.

London’s markets also saw gains, with the FTSE 100 adding 3.19 percent to 5,889.6 and the FTSE 250 seeing a gain of 3.13 percent to 10,040.2. The only loser on the 100 was an automobile insurer. Biggest gainers included stock brokers, miners, banks, and the travel sector.

Wall Street was up in early afternoon trade, helped by Warren Buffet’s offer of help to bond insurers, in which he said he would be willing to reinsure up to $800 billion in municipal bonds insured by several of the insurers. The Dow Jones Industrial Average was 1.5 percent higher to 12,423.24 while the Nasdaq Composite added 0.7 percent to 2,336.27 and the S&P 500 gained 1.17 percent to 1,354.77. Carmakers were higher despite quarterly losses reported by General Motors (NYSE: GM). Manufacturers and banks also saw gains.

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