Canada Stocks Rebound
Canadian stocks closed broadly higher, with major indexes rebounding from the recent tech-wreck bloodbath in end-of-quarter portfolio adjusting. The TSE 300 rose 163.22 points to 7608.00 as Industrial Products and Utilities enjoyed a powerful rally, followed by Oil & Gas and Financial Services. All subindexes finished in positive territory. Breadth was 884-362 positive. North American bonds were higher on Chicago PM data, which supports hopes for an intrameeting Fed rate cut. The Canadian dollar was lower vs. the U.S. dollar. Martin defended Ottawa's non-intervention in media.
In London, the Financial Times-Stock Exchange 100 index closed up 45.30 points, or 0.81%, to 5633.70 as some surveys show the U.K. economy will outpace U.S. growth. In Germany, the DAX Index ended down 50.86 points, or 0.87% to 5828.44. In France, the CAC 40 ended up 22.53 points, or 0.44% to 5180.45 as the French unemployment rate fell to 8.8% in February from 9% in January.
The Tokyo market proved unable to maintain its strength on the last day of fiscal 2000, giving up modest gains made in early trade. The Nikkei 225 closed down 0.56% at 12,999.7, not far above a technical support of roughly 12,850, and marking a 36% decline from the previous fiscal year. Chip shares that rose in the morning came down in late trade. Bank shares closed up, while telecoms and tech stocks littered the list of net losers. In Hong Kong, the Hang Seng gained 82.75, or 0.65%, to 12760.64.