Canada Shares Tumble on Tech Warnings
Canada's benchmark TSE 300 fell 62.39 points to 8,129.60, ending the week on bearish footing. Technology stocks were the worst performers, led by negative earnings warnings. Gold stocks responded positively to spot gold's gigantic US$7.40 rally. Decliners lead advancers by a margin of 176 to 102 while 22 stocks were unchanged.
European markets finished mixed. On the heels of U.K. Prime Minister Tony Blair's landslide re-election win, London's Financial Times 100 index ended up 2.30 points, or 0.04%, to 5,950.60. In Euroland, the European Central Bank left rates unchanged as the bank remains worried about inflation. France's CAC 40 Index finished off 13.46 points, or 0.25%, to 5,439.93. In Germany, the DAX Index finished down 2.96 points, or 0.05%, to 6,187.21.
Asian markets ended higher. In Tokyo, the Nikkei closed up 152.71 points, or 1.15%, to close at 13,430.22, fueled, in part, by Intel's suggestion of stability in the chip business. In Hong Kong, the Hang Seng gained 105.46 points, or 0.77%, to close at 13,808.89.