Tech Strength Lifts Canadian Stocks
Canadian stocks closed higher on good earnings reports from high techs, as well as U.S. economic reports supporting expectations for further rate cuts. The TSE 300 Index rose 135.40 to 8879.40 on strength in Industrial Products, led by an 8% gain in Nortel. Upside was restrained by losses in Oil & Gas after OPEC announced a 1.5 million b/d production cut, in line with expectations. Utilities also fell as the California power crisis worsens.
European markets finished higher. The London Financial Times-Stock Exchange 100 index climbed 114.10 points, or 1.88%, at 6,197.40. In Germany, the DAX Index gained 150.49 points, or 2.31%, at 6,653.38. Meanwhile, France's CAC 40 was up 122.42 points, or 2.12%, at 5,884.09.
The Asian markets finished mixed. Japan's Nikkei ended up 83.18 points, up 0.61%, at 13,667.63. Hong Kong's Hang Seng Index finished down 101.67 points, or 0.66%, at 15,261.48.