A roundup of trading on major world markets:
NEW YORK – Wall Street stocks were mixed as differences emerged between European officials struggling to craft a debt-crisis deal ahead of this week’s summit.
The Dow Jones industrial average was up 11.84 points, or 0.1 per cent, at 12,161.97 in afternoon trade.
The Standard & Poor’s 500 index had fallen 2.65 points to 1,255.82. The Nasdaq composite index was down 11.13 points, or 0.42 per cent, at 2,638.43.
Traders hope European leaders will agree by Friday to link their budgets more closely. France and Germany have called on them to renegotiate Europe’s founding treaties and allow a central European authority to enforce greater fiscal discipline.
Hopes for a deal dimmed when a German official said the governments appear unlikely to reach a deal this week. The official said it could take until Christmas.
LONDON – European stocks and the euro slid as pessimism set in that the EU summit would not deliver a significant breakthrough on the eurozone debt crisis.
An early advance in European equities was halted by downbeat comments from German officials who poured cold water on hopes for a deal at a make-or-break two-day summit beginning on Thursday.
London’s FTSE-100 index of top companies ended the day down 0.39 per cent to close at 5,546.91 points, while in Paris the CAC-40 dipped 0.11 per cent to 3,175.98 points and Frankfurt’s DAX 30 dropped 0.57 per cent to 5,994.73 points.
Milan shed 1.24 per cent and Madrid 0.79 per cent.
The euro, which had earlier gained against the dollar, slid to $US1.3391 from $US1.3397 late in New York on Tuesday.
US Treasury Secretary Timothy Geithner said he was confident that Europe would find a way out of its debt crisis, a solution to which is important for the US and the world.
HONG KONG – Markets rose in Asia on hopes that a meeting of European leaders will finally lead to a plan that will bring an end to the crippling eurozone debt crisis.
Adding to the sense of optimism were reports that the leaders are looking at bolstering the region’s firewall by running two huge rescue funds to protect weak economies.
Tokyo closed 1.71 per cent, or 147.01 points, stronger at 8,722.17 and Seoul climbed 0.87 per cent, or 16.6 points, to 1,919.42.
Hong Kong gained 1.58 per cent, or 298.35 points, to close at 19,240.58.
Shanghai was 0.29 per cent, or 6.82 points, higher at 2,332.73.
WELLINGTON – New Zealand shares fell, with trading volumes again dominated by Telecom and network company Chorus following their split.
Rakon fell to a record low and Contact Energy led decliners.
The NZX 50 Index fell 8.44 points, or 0.3 per cent, to 3,283.04.
Within the index, 20 stocks fell, 20 rose and 10 were unchanged.
Turnover was $NZ90.6 million ($A69.48 million).
