Europe Stocks End Higher
European stock markets finished higher on Monday. London's Financial Times-Stock Exchange 100 index was up 48.7 points, or 1.13%, to 4,350.2 on short covering and lower oil prices. Lloyd's of London, Hiscox, Wellington, and Atrium were lower on worries about costs of Hurricane Charley that damaged Florida.
Germany's DAX index gained 52.12 points, or 1.43%, to 3,699.11 on bargain hunting. Some investors were encouraged that the IMF raised its growth outlook for Germany, but the Bundesbank sees a slowdown due to recent rise in oil prices and job cuts.
In Paris, the CAC 40 index rose 31.84 points, or 0.91%, to 3,516.68. EADS lost ground on worries that airlines might cut back on purchases if oil prices remain high. Alcatel was higher after winning a $24 million contract from Enterprise of Telecommunications of Laos.
In Asia, the markets finished lower on Monday amid worries about soaring oil prices. Japan's Nikkei 225 index lost 69.39 points, or 0.65%, to close at 10,687.81 as exporters such as Toyota Motor fell. Retailers, brokerages, and other shares dependent on domestic business headed south, as investors become increasingly worried over Japan's economic health after weaker-than-expected GDP growth for the second quarter.
In Hong Kong, the Hang Seng index fell 140.08 points, or 1.13%, to 12,219.75 as local blue chips fell across the board, with HSBC down 0.42% and Hutchison Whampoa down 0.44%.
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