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US, European stocks fall

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A roundup of trading on major world markets:

NEW YORK – US stock markets tumbled on Friday as new doubts surfaced over Greece’s debt deal that just two days earlier seemed likely to go ahead.

Ending its worst week more than a month, the Dow Jones Industrial Average closed down 89.23 points (0.69 per cent) at 12,801.23.

The broad-based S&P 500 fell 9.31 (0.69 per cent) to 1,342.64, while the Nasdaq Composite dropped 23.35 (0.80 per cent) to 2,903.88.

LONDON – European stock markets have closed lower and the euro has dropped against the dollar in reaction to violent protests in Athens that rocked Greece’s divided government after the eurozone held up a debt bailout.

London’s benchmark FTSE 100 index fell 0.73 per cent to 5,852.39 points, Frankfurt’s DAX 30 slid 1.41 per cent to 6,692.96 points and in Paris the CAC 40 lost 1.51 per cent to 3,373.14 points.

Elsewhere in Europe, Milan fell 1.76 per cent, Madrid 1.18 per cent and Lisbon 0.84 per cent.

The European single currency dropped to $1.3190 from $1.3286 in New York late on Thursday but was little changed at 77.59 yen from 77.68 yen.

HONG KONG – Asian markets are down as traders grow nervous over Greece’s chances of avoiding a default.

Tokyo ended 0.61 per cent, or 55.07 points, off at 8,947.17 on Friday and Seoul finished 1.04 per cent lower, or 20.91 points, at 1,993.71.

In the afternoon Hong Kong shed 1.08 per cent, or 226.15 points, to 20,783.86 while Shanghai ended up 0.10 per cent, or 2.39 points, at 2,351.98. Sydney closed down 0.88 per cent, or 37.6 points, at 4,245.3.

WELLINGTON – New Zealand shares rose as Fletcher Building climbed to a four-month high on speculation its earnings will recover from their current slump as the rebuild of Christchurch drives construction activity.

The NZX 50 Index rose 21.39 points, or 0.6 per cent, to 3348.13. Within the index, 27 stocks rose, 14 fell and nine were unchanged. Turnover was $123 million, the third session in a row that turnover has been the highest this year.

Fletcher, the biggest company on the bourse and the construction company with the government mandate to oversee the rebuilding of Christchurch, rose 2.3 per cent to $NZ6.73.