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European stocks down as investors wait for US direction

European stocks down as investors wait for US direction
AFP
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First Published: Tue, Sep 04 2007. 03 00 PM IST
Updated: Tue, Sep 04 2007. 03 00 PM IST
London: Europe’s main stock markets fell on Tuesday in subdued trade as investors awaited Wall Street’s reopening after a three-day holiday weekend in the United States.
In early deals, London’s FTSE 100 index of leading shares dropped 0.49% to 6,284.10 points and Frankfurt’s DAX 30 slid 0.41% to 7,617.35.
In Paris the CAC 40 dipped 0.51% to 5,622.49 points and the DJ Euro Stoxx 50 index lost 0.67% to stand at 4,267.06 points.
The euro stood at 1.3602 dollars.
New York markets, which were shut on Monday (3 September) owing to the Labor Day public holiday, reopen Tuesday at 1330 GMT.
“It’s a pretty dead day in the markets, with the bank holiday in the US and the Asian market coming off a bit following through into Europe,” said Mark Priest, head of equity sales at Tradindex.
“Investors are waiting what is going to happen on Friday in the US with key employment data coming out.”
The market is keenly awaiting the release of the August employment report next Friday, expected to show a modest growth in job creations, analysts said.
Traders also expect equity markets to remain range bound ahead of interest rate decisions from the European Central Bank and the Bank of England on Thursday.
In Asia on Tuesday, Japanese share prices ended lower on caution as Asian investors also awaited fresh US developments.
The Tokyo Stock Exchange’s key Nikkei-225 index closed down 0.63% to close at 16,420.47 points.
Hong Kong’s Hang Seng Index closed flat at 23,886.07 points as investors locked in profits after the key index hit a new all-time high during the day on the back of gains in China banks and local property developers, dealers said.
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First Published: Tue, Sep 04 2007. 03 00 PM IST