BBC NEWS Americas Africa Europe Middle East South Asia Asia Pacific Arabic Spanish Russian Chinese Welsh

 You are in: Business
Front Page 
UK Politics 
Market Data 
Your Money 
Business Basics 
Talking Point 
In Depth 

Commonwealth Games 2002

BBC Sport

BBC Weather

Thursday, 13 September, 2001, 07:07 GMT 08:07 UK
Asian markets stabilise
The head of the Japanese Commodities Exchange watches as gold and oil prices fluctuate in the wake of the attacks on the US
Caution dominates as Japanese markets rally
After an early rollercoaster ride of sharp gains and losses in early trading, shares in Japan have settled down as the furore in other Asian markets also begins to calm.

The start of trading on the Tokyo stock market was again delayed for 30 minutes, and price limits were also halved for the second day in a row.

European markets: Wednesday close
London: FTSE 100, up 2.87%
Frankfurt: Dax, up 1.44%
Paris: Cac 40, up 1.34%
After a day of highly volatile trading, the main European stock markets had all closed higher on Wednesday.

In Japan, the opening saw the Nikkei 225 index rise 72 points in the first few minutes but quickly fell more than 100 points into negative territory.

But once the session was well under way, movements were muted in thiin trading.

"Today the markets seem to have regained their calm," said Japan's chief cabinet secretary, Yasuo Fukuda.

"I think it is early to say if that sort of state will continue. But fortunately, the Group of Seven countries are coordinating, as they have in the past. Protecting a free economy is important and the G7 will do this together."

Asia draws breath

At the close, Japan's Nikkei 225 index was up 2.99 points or 0.03% at 9,613.09.

By 0500 GMT Hong Kong's benchmark Hang Seng index was up 1.12% to 9,599.93, having leapt 2% immediately after it opened at 0200 GMT.

Malaysia's Composite Index slid on opening, having remained shut on Wednesday, but stabilised by the same time at 662.69, down 4%, after the initial knee-jerk sales.

Singapore, similarly, fell sharply on opening before rallying to losses of no more than 0.16% by lunchtime.

In Australia the benchmark S&P/ASX 200 index rallied 0.95%, although trading remained very thin.

And New Zealand's NZSE-40 index closed up 1.1% at 1,894.

US restart delayed

Hopes that trading on US stock markets would see a quick resumption on Thursday have not been released.

The chairman of the New York Stock Exchange (NYSE) Richard Grasso said he hoped trading would resume on Monday at the latest, and that it might begin again on Friday.

Trading in government bonds will begin again on Thursday, and officials at the Chicago Board of Trade and Chicago Mercantile Exchange where future and options are traded have also said they will resume trade on Thursday.

Some idea of the problems being faced by the NYSE came from the telephone company Verizon Communications.

The company said the attack on the World Trade Center damaged network facilities that serve the exchange.

"The extent of the work we have to do is just enormous," said Verizon's vice chairman Larry Babbio.

And he added it "could be a very long process" to restore a normal service.

Dollar steadies

On the currency markets the dollar showed signs of stabilising.

It recouped some of its losses it had made on Tuesday when it dropped sharply against the Swiss franc and Sterling, which were seen as safe-haven currencies.

At 0600 GMT the dollar stood at 90.61 cents to the euro, while one dollar bought 119.39 yen.

The loya jirga


Unfinished conflict

Rebuilding the country



View market data
Launch marketwatch
The Markets: 9:29 UK
FTSE 100 5760.40 -151.7
Dow Jones 11380.99 -119.7
Nasdaq 2243.78 -28.9
FTSE delayed by 15 mins, Dow and Nasdaq by 20 mins
See also:

12 Sep 01 | Business
Q&A: The global economic impact
12 Sep 01 | Business
Will US consumer confidence fade?
12 Sep 01 | Business
Action to contain market crisis
12 Sep 01 | Business
Attacks shake oil and gold prices
12 Sep 01 | Business
Sombre mood in the City
11 Sep 01 | Business
Market turmoil after US attacks
Internet links:

The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.

E-mail this story to a friend

Links to more Business stories