Canada Markets Slump at Close

London's key index falls; Nikkei makes a strong recovery to close higher

Canada's benchmark TSE 300 spent the day trading in negative territory and closed down 40.4 points to 7586.8. The slump wasn't nearly as bad as the 183-point drop in the influential Dow Jones Industrial Average, but still was damaging. S&P says the TSE 300 is expected to decline even further, to as low as 7519 points. Nine of the 14 subindices closed down, lead by the Industrials as key stock Nortel broke to a new two-year low today, at C$11.15. Gold and financial stocks led the other five subindices higher.

European markets finished lower. In London, the Financial Times-Stock Exchange 100 index lost 85.10 points, or 1.57%, to 5,320.20. In France, the CAC 40 was down 56.32 points, or 1.15%, to 4,855.60. And in Germany, the DAX Index shed 128.47 points, or 2.22%, to 5,663.26.

Asian markets ended mixed. Japan's Nikkei 225 rebounded from Monday's plunge to 16-year lows to close higher by 273.62 points, or 2.36%, to 11,883.25. Among the leaders were bank shares, and tech and telecom stocks. In Hong Kong, the Hang Seng lost 22.35 points, or 0.18%, to 12,214.10.

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