Financials Weigh on Canada Shares

Europe and Asia stocks finish mixed

Canada's benchmark TSE 300 spent the day in negative territory and closed down 81.4 points to 7530.6. The Fed's quarter-point cut was already discounted, and thus did not provide a boost. The continued sell off in the heavily weighted Financial sector was a continued pressure -- on Tuesday it was Merrill Lynch's bad news, and on Wednesday Toronto Dominion Bank gave the bad news. Of the 14 subindices, eight closed down, lead by the Financials. S&P will look for continued losses.

Europe markets ended mixed on Wednesday ahead of the 25-basis-point rate cut by the U.S. Fed. In London, the Financial Times-Stock Exchange 100 index closed higher by 52.20 points, or 0.94%, to 5,607.90. In Germany, the DAX Index fell 14.69 points, or 0.25%, to 5,833.10. In France, the CAC 40 fell 33.01 points, or 0.65%, to 5,057.72.

Asia stocks finished mixed as investors anticipated the size of the Fed's rate cut. Japan's Nikkei index shed 149.84 points, or 1.15%, to 12,828.98. In Hong Kong, the Hang Seng index added 42.24 points, or 0.33%, to 13,004.21.

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