Global markets mixed ahead of holiday break

Asia-Pacific region equities markets were mixed on Thursday ahead of a four-day weekend for many and as markets in Tokyo and India were closed for holidays. Declines came on falling commodities prices as many were concerned that demand will fall due to problems in the US economy.

Gainers included the Kospi index, which added 0.07 percent to 1,623.39 in South Korea. In addition, the Shanghai Composite was up 1.13 percent to 3,804.05 and the Taiex gained 1.94 percent to 8,337.62. Among decliners on the session were the Straits Times Index, which was down 0.29 percent to 2,824.91. Australia’s markets closed early ahead of the holiday, dragged down by commodities-related shares. The S&P/ASX200 was 3.06 percent lower to 5,127.5 while the Sydney Ordinaries dropped 3.12 percent to 5,182.4. The Hang Seng was down 3.47 percent to 21,108.22. Many Asia-Pacific markets will be closed Friday and Monday.

Equities markets in Europe were lower ahead of a four-day holiday break on bad news from the banking sector and on lower commodities prices. The FTSE Eurofirst 300 was 0.26 percent lower to 1,227.03. In Madrid, the IBEX traded virtually unchanged at 12,964.2 while the Paris CAC-40 was down 0.49 percent to 4,533.72 and the Dax dropped 0.65 percent in 6,319.99. Airlines and the aerospace sector were higher on the session, as were some insurers. Banks and the semiconductors sector saw mixed results, while the oil sector, utilities, telecoms and the steel sector were lower.

London’s markets also saw declines, with the FTSE 100 down 0.91 percent to 5,495.2 and the FTSE 250 falling 1.08 percent to 9,448.4. As in the rest of Europe and in Asia, much of the declines were based on falling commodities prices. Miners were lower, as was the real estate sector. Banks saw gains and the retail sector was up on a report that sales were up by 1 percent in February from January. Insurers were mixed, with more gainers than losers.

US markets were higher in mid-afternoon trade in New York, helped by falling commodities prices which eased concerns about inflation. The Dow Jones Industrial Average was 1.38 percent higher to 12,266.63 while the Nasdaq Composite added 1.21 percent to 2,236.72 and the S&P 500 had gained 1.37 percent to 1,316.21. The markets also benefited from a survey from the Philadelphia Federal Reserve showing factory activity in the mid-Atlantic region slowed less than had been expected in March. The mortgage sector saw gains on broker upgrades which raised hopes that the housing market will stabilize soon. The Nasdaq Composite was pushed higher by a raised dividend within the semiconductors sector. US markets will be closed on Friday in observance of Good Friday.

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