Saturday, September 26, 2009 LONDON: World stocks traded in narrow ranges Friday as investors looked to leaders of the Group of 20 rich and developing economies assembled in the U.S. for assurance that they will not stifle global economic recovery by prematurely taking away stimulus measures.In afternoon trading in Europe, Britain's FTSE 100 was up 0.4 percent to 5,105.61 and France's CAC 40 climbed 0.02 percent at 3,759.01. Germany's DAX was down 0.1 percent at 5,600.09.Asian markets closed down, with Tokyo the heaviest loser — down 2.6 percent — and Wall Street was set to open marginally higher after markets fell Thursday. Investors had pulled out of stocks amid worries about the sustainability of this year's rally and news of an unexpected drop in sales of existing homes in August.Dow Jones industrial average futures rose 0.3 percent to 9,661 and Standard & Poor's 500 futures added 0.3 percent to 1,047.60.Investors are increasingly nervous that governments will unwind emergency measures that have helped money flow through financial markets since the crisis erupted last year. This week, the U.S. Federal Reserve announced it would slow its purchases of mortgage-backed securities, while the European Central Bank said it would curtail certain types of dollar-denominated loans."Investors are a bit nervous after the run the markets have had, which is entirely rational," said David Hussey, head of European equities at MFC Global Investment Management. "We have had a bit of a sell-off this week. The market's probably got a bit overextended in the short term and there has been retrenchment across the board, in America, Asia and Europe has followed that."Amid the concern, G-20 leaders were gathered for a two-day meeting in the U.S. dedicated to bringing about a strong and sustainable turnaround after the world's worst downturn in decades. Both President Obama and British Prime Minister Gordon Brown said nations should not move too quickly to end low interest rates, stimulus spending and other props to growth."Much of the gains across asset classes so far this year — to levels not justified by fundamentals — have been a direct result of cheap and easily available funding," Dariusz Kowalczyk, chief Investment strategist for SJS Markets in Hong Kong, wrote in a note. "News that the amount and availability of liquidity will be imminently limited caused fears that asset bubbles will be diffused sooner."With little economic and corporate data due for release in Europe, investors were awaiting figures on U.S. durable goods orders in August, due later Friday."Anything that gives traders cause for concern — and an unexpected decline in durable goods would do precisely this — could easily act as the trigger to take more money off the table ahead of the weekend break," said Anthony Grech, market strategist at IG Index.In Japan, the Nikkei 225 stock index shed 278.24 points, or 2.6 percent, to 10,265.98 after Nomura, the country's leading brokerage, announced its biggest shares sale ever, weighing on the broader market.Hong Kong's Hang Seng lost 0.1 percent to 21,024.40, and China's Shanghai index dropped 0.5 percent.Elsewhere, South Korea's Kospi shed 0.1 percent, India's Sensex edged lower by 0.1 percent and Indonesia's index lost 1.0 percent. Taiwan and Australia's markets were up 0.3 percent.Overnight on Wall Street, the Dow fell 0.4 percent to 9,707.44 and the S&P 500 index lost or 1.0 percent to 1,050.78.Oil prices gained slightly after a two-day plunge. Benchmark crude for November delivery was up 35 cents at $66.24 in European trade.
Friday, August 14, 2009 MUMBAI: A 26-year-old woman died Thursday of H1N1 swine flu in the southern city of Bangalore, raising India's death toll from the virus to 20, authorities said.The death was the first reported in India's information technology capital, the Press Trust of India reported.Meanwhile in Pune, the worst-affected in India, two more victims of the virus died Thursday, raising the death toll in that western city near Mumbai to 12, the report said. The victims were an 11-month-old boy and a 75-year-old old woman.US media reported movie halls, schools and colleges were ordered closed Thursday for three days to a week in Mumbai, the commercial and financial capital of the country, as fear of the pandemic spread.Prajakata Lavangare, a spokeswoman for the government of Maharashtra state of which Mumbai is the capital, said similar orders were issued in Pune, which is also located in the state.The woman who died in Bangalore was identified only as Roopa, a teacher in...
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