Asian Markets Finish with Gains

Profit taking sends European bourses lower

European markets finished lower. In London, the Financial Times-Stock Exchange 100 index slipped 39.30 points, or 0.74%, to 5,298.70, in profit taking and on a report by the OECD that U.K. growth is likely to slow though mid-2002. In France, the CAC 40 lost 66.97 points, or 1.44%, to 4,593.52. In Germany, the DAX Index gave up 88.92 points, or 1.71%, to 5,096.18, on profit taking and on report German Factory Orders fell 4.1% in October.

Asian markets finished with solid gains. The Nikkei added 78.85 points, or 0.74%, to 10,727.94 as momentum in bank shares built, adding support to gains in exporter stocks. In Hong Kong, the market gained 72.89 points, or 0.65%, to 11,360.26.

Canada's TSE 300 succumbed to modest profit taking activity, but the underlying trend was bullish and the pullback would not invalidate this posture as long as the baseline support of 7190 remains intact. The policy environment remains acccomodative with the Bank of Canada expected to deliver another chunky rate cut of 50 basis points at its Nov. 27 scheduled policy annoucement date. Interest rate sensitive stocks may yet benefit. The near term chart target of 7688 is still relevant.

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