Canadian Equities Rebound on Optimistic Outlook
Canadian stocks finish higher, with major indexes rebounding in tandem with U.S. equities on short covering, bargain hunting, and belief of some market participants that "the worst is over." The TSE 300 rose 28.77 to 8600.80, up from 8474.33 session low, as Industrial Products recovered from session lows and Utilities forged higher. Breadth was 713-458 positive. GoC bonds closed lower, but like equities, up from worst levels of day. Oil futures higher in technical trading. Precious metals finished mixed, with palladium near record high.
European markets ended on a down note. The London Financial Times-Stock Exchange 100 index finished off 27.50 poins, or 0.45%, at 6,060.60, after a gloomy earnings forecast that raises uncertainties about the overall economy. In Germany, the DAX Index ended down 62.95 points, or 0.98%, at 6,341.57, as DaimlerChrysler's forecast of slower sales heightens concerns about German economic growth this year. Meanwhile, France's CAC 40 ended off 9.84 points, or 0.17%, at 5,653.35.
In Asia, equity markets finished lower. Japan's Nikkei 225 Index closed off 177.86 points, or 1.31%, at 13,432.65. Hong Kong's Hang Seng index finished off 64.80 points, or 0.42%, at 15,435.79.