U.S. Telecom Tumble Pulls Canada Shares Lower
Canada's benchmark TSE 300 closed with an 85-point loss to 7,814.00. Bad news in two key U.S. telecom stocks hit Nortel and other Canadian tech stocks. Plus, the Argentine situation was a weight on the Financials (as well as concern about general economic conditions). Of the 14 subindices, 11 closed down.
European markets finished lower. The FTSE 100 in London ended down 22.10 points, or 0.42%, to 5,221.50, as Ericsson and Worldcom hit telecom and tech stocks. France's CAC 40 index fell 46.96 points, or 1.02%, to 4,559.46 amid an unsettling loss of Prime Minister Jospin in France's presidential election. Germany's DAX index lost 79.07 points, or 1.50%, to 5,205.48 after Germany's opposition parties scored a surprise landslide victory in a state election.
Asia stocks ended mixed. Japan's benchmark Nikkei 225 index surged 209.63 points, or 1.82%, to 11,721.64. Hong Kong's Hang Seng stock index shed 112.76 points, or 1.00%, to 11,139.42.