It seems European stock markets have yet to pull back from last week's dismal trading- sparked by the Madrid bomb attack - as the FTSE 100 is again on a downward turn in London this morning.
Within the first hour of trading, most stocks were in the red and the FTSE 100 index fell 18 points or 0.4% to 4449.4, with the FTSE All-Share index fell just a fraction less to 2224.6.
Life insurance firm Royal & SunAlliance is currently down 4.25p or 4.57% to 88.75p while Amvescap, the money manager, is down 7p or 1.7% to 417.25p.
BAA is also down 6p or 1.13% to 526.5p, along with British Airways which has dropped 6.25p or 2.17% to 282.25p, as the travel industry still suffers uncertainty about its potential returns this year, given last week’s terrorist attack in Madrid.
The only firm to make any real gains this morning is Yell Group, which is currently up 2.65p or 0.84% to 328.75p.
In Asia today, the activity on most stock market indices suggests traders were unhappy about last week’s sudden performance decline, and are now looking to regain some of the losses.
The Japanese Nikkei 225 Stock index managed to close up 1.4% to 11,317.9 by 3pm in Tokyo, while the Hong Kong Hang Seng index was set for its biggest gain in two weeks.
That said, South Korea’s Kospi index is still suffering as a result of last week’s impeachment of President Roh Moo Hyun for alleged election-law violations, even though trading performance by Samsung Electronics had earlier in the day suggested the 1.7% loss experienced last week was about to be reversed.
Taiwan's TWSE index also had its biggest drop in almost a year as there is now a belief the current President Chen Shui-bian may not be re-elected. This will put an end to the financial industry reform which has significantly boosted Taiwan’s economy over the last few years.
In the US on Friday, fortunes moved in the other direction, as all three indices closed up and the Nasdaq made gains of over 2%.
The Dow Jones closed up a modest 111.7 points or 1.1% to 10.240 while the S&P 500 index added just under 14 points or 1.25% to 1,120.5 and the Nasdaq Composite index gained 40.8 points or 2.1% to 1.984.7.IFAonline
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