European Markets Lower
Candian stocks moved higher Tuesday as they played catch-up for Monday's market closing. Energy and resource stocks led the way. The S&P/TSX composite index rose 66.16 pts, or 0.70%, to 9,518.35.
European stock markets finished lower on Tuesday. London's FTSE 100 index was down 7.3 points, or 0.15%, to 4,982.5 following a report that Britain's Business Investment fell 0.1% in the first quarter. Among the stocks moving, Vodafone was lower after CEO Arun Sarin said profitability in the year ahead may be worse than he previously anticipated.
Germany's DAX index fell 10.31 points, or 0.23%, to 4,396.64 following news that the ZEW index of institutional and analyst sentiment slumped to lower-than-expected 13.9 from April's 20.1. Also, the OECD cut its 2005 eurozone growth forecast. Deutsche Boerse was higher after TCI Fund Management dropped its calls for the ouster of supervisory board Chairman Rolf Breuer and Chief Executive Werner Seifert.
In Paris, the CAC 40 index lost 16.31 points, or 0.4%, to 4,102.06. Exel was higher after the company said its first-half net income more than tripled from year ago levels.
Asian markets finished mixed on Tuesday. In Japan, the Nikkei index fell 25 points, or 0.22%, to 11,133.65 as investors took profits in tech plays that had enjoyed gains the day before. Speculation over a revaluation of the Chinese yuan and nervousness over diplomatic relations with China also weighed on sentiment, according to Standard & Poor's MarketScope. A yuan revaluation could put upward pressure on the yen, which would hurt Japanese exporters. Steel stocks were hurt by news that Tokyo Steel Manufacturing plans to cut prices.
In Hong Kong, the Hang Seng index gained 20.19 points, or 0.15%, to 13,719.32. Trading was cautious as investors digested interest rate hikes by local banks, a fresh outbreak of avian flu in China, and uncertainty over the yuan revaluation. Gains in Sun Hung Kai Properties, Henderson Land, and Wharf Holdings bolstered the Hang Seng index.
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