Europe Markets Make Solid Gains
Canada's benchmark TSE 300 managed to close up 33.4 points to 6832.40 after a very choppy day. U.S. indices fell after the as-expected FOMC announcement of a 50-basis-point rate cut, but stocks bounced back to close on a strong note and this was a support for the TSE 300. Of the 14 subindices, seven closed up -- lead by Utilities and Oils, while Conglomerates and Communciations issues lead the other seven subindices lower.
Europe markets finished higher. In London, the Financial Times-Stock Exchange 100 index was up 46.70 points, or 0.98%, to 4,832.30. An index of U.K. manufacturing shrank, and growth in housing prices slowed, according to new economic data. In France, the CAC 40 added 40.09 points, or 1%, to 4,044.66. In Germany, the DAX Index gained 18.82 points, or 0.44%, to 4,258.79. Chancellor Schroeder said he sees strong GDP growth in 2002, and called the slowdown in 2001 "temporary."
Asia markets ended higher. The Nikkei gained 164.28 points, or 1.65%, to 10,136.56, led by autos and banks. In Hong Kong, the market was closed for a holiday. On Monday, the Hang Seng surged 349.91 points, or 3.64%, to 9,950.70.