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Canada Shares Tip Lower


Canada's benchmark TSE 300 closed slightly down Monday, falling 12 points to 7632.70. The bullish reversal in the NASDAQ and the US$1.80 pop in spot gold were not enough to offset the overall downtrend. Six subindices closed higher, lead by the Golds as Barrick Gold and Placer Dome jumped more than 3% The Financials and Oils lead the other eight subindices lower.

European markets were higher. In London, the Financial Times-Stock Exchange 100 index finished up 3.90 points, or 0.07%, to 5,431.10, following a report that producer prices fell 0.2% in July, which was better than expected. In France, the CAC 40 ended higher by 74.33 points, or 1.53%, to 4,920.35. In Germany, the DAX Index gained 20.28 points, or 0.37%, to 5,453.77, amid a report that German retail sales fell 1.8% in June, the fourth slide in five months, suggesting that consumer spending is too weak to sustain the economy.

Asia markets ended lower. Japan's Nikkei 225 plunged 257.50 points, or 2.19%, to 11,477.56, the lowest closing level for the index since December 24, 1984. The decline was led by technology and telecommunications shares in the wake of heightened fears of earnings deterioration. In Hong Kong, the Hang Seng index lost 71.52 points, or 0.61%, to 11,694.29.


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