Tokyo up on weaker yen; Europe, US equities in declines

Equities markets in Tokyo were higher Thursday on a weaker yen and higher prices for oil and metals. The Nikkei 225 was up 1.88 percent to 13,215.42 while the Topix index was 1.87 percent higher to 1,287.55 and the Mothers market of small and mid-caps added 0.82 percent to 653.68 percent. Traders and the oil sector were higher as commodities prices rose, while insurers gained on an announced plan to rescue a big US bond insurer. Electronics manufacturers and video game makers were also up on the session.

Other Asia-Pacific region markets were also higher, helped by the gains in commodities prices. The Straits Times Index was 0.25 percent higher to 2,917.92 and the Hang Seng was up 0.99 percent to 23,342.73. In Australia the S&P/ASX200 and the Sydney Ordinaries each added 1.1 percent, to 5,435.5 and 5,531.9 respectively. South Korea’s Kospi gained 1.21 percent to 1,697.44 while the Shanghai Composite was up 1.59 percent to 4,260.99 and Taiwan’s Taiex jumped 2.06 percent to 8,658.64.

Europe’s markets were lower on the session as investors continued to worry about losses in the credit markets and were also concerned that gains in oil prices will hurt earnings at the airlines. The Eurofirst 300 was down 1.4 percent to 1,282.9. In Madrid the IBEX was 1.12 percent lower to 12,803.3 while the Dax fell 1.38 percent to 6,591.31 and the Paris CAC-40 dropped 1.65 percent to 4,678.05. Utilities saw gains, as did some in the retail sector. There were also advances among makers of corrective lenses. Besides airlines, banks, builders and hotels operators saw declines. Chipmakers were also down on expectations of a decline if flash-memory prices.

In London, the FTSE 100 was down 1.49 percent to 5,766.4 while the FTSE 250 dropped 1.51 percent to 9,990.8. Utilities were higher after Goldman Sachs raised target share prices on some sector components. The oil and mining sectors were mixed, while banks, insurers, and many in the retail sector saw declines.

In early afternoon trade on Wall Street, the Dow Jones Industrial Average was 1.28 percent lower to 12,098.68 while the Nasdaq Composite was down 1.58 percent to 2,236.98 and the S&P 500 had dropped 1.64 percent to 1,311.8. While at a bit after 1 p.m. Wal Mart (NYSE: WMT) was the only gainer on the Dow, retailers were generally lower. Dollar stores fell even though sales were up in that component of the sector even though sales were up in February as some predicted that sales will probably decline in March. The oil sector was down on general negative sentiment. Bond insurers fell as some analysts said rescue plans announced for one insurer were insufficient. Banks were also lower.

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