A roundup of trading on major world markets:
NEW YORK – US stocks closed lower in light trading on Friday, ending the worst week for the Dow Jones industrial average since late September.
Major indexes wavered throughout the short trading session on Friday. Worries about Europe’s debt crisis flared up after Italy had to pay 7.8 per cent to borrow for two years at a debt auction. It’s another sign that investors are increasingly hesitant to lend to European countries.
The Dow fell 26 points, or 0.2 per cent, to close at 11,232. The average dropped 4.8 per cent for the week.
The S&P 500 fell 3 points, or 0.3 per cent, to 1159. The Nasdaq dropped 19, or 0.8 per cent, to 2442.
Four stocks fell for every three that rose on the New York Stock Exchange. Trading volume was 1.6 billion, less than half the daily average.
LONDON – European stocks came off early lows to finish higher, snapping a losing streak driven by mounting concerns that the bloc’s political leaders cannot produce a solution to the eurozone debt crisis.
In London, the FTSE-100 index of top companies closed up 0.72 per cent at 5164.65 points. In Paris, the CAC-40 rose 1.23 per cent to 2856.97 points and in Frankfurt the DAX 30 put on 1.19 per cent to 5492.87 points, all after substantial early losses.
The Milan stock market plunged 1.91 per cent after Italy paid record rates to raise 10 billion euros ($A13.79 billion), but even it turned round to close up 0.12 per cent.
The rate on bonds due in six months soared to 6.504 per cent and the two-year rate hit 7.814 per cent, levels considered dangerously high for the long term given Italy’s massive 1.9 trillion euros ($A2.62 trillion) public debt mountain.
The European single currency at one stage plunged to $US1.3212, its lowest point since October 4, on the Italian lead but later stood at $US1.3249, still down from $US1.3347 in New York late on Thursday.
Markets remained nervous at the end of a week that saw investors shun a bond sale in Germany, the eurozone’s paymaster and strongest economy, stoking fears the whole euro project is unravelling.
HONG KONG – Asian markets mostly fell as a meeting between the eurozone’s three biggest economies highlighted their differences on finding a solution to the region’s debt crisis.
Tokyo was flat, edging down 5.17 points to end at 8,160.01, while Sydney shed 1.48 percent, or 59.90 points, to end at 3,984.3 and Seoul closed 1.04 percent, or 18.66 points, lower at 1,776.40.
Hong Kong slipped 1.37 percent, or 245.62 points, to 17,689.48 and Shanghai closed 0.72 percent, or 17.33 points, lower at 2,380.22.
The euro was also at 102.62 yen, compared with 102.87 yen in London late Thursday, while the dollar edged up to 77.41 yen from 77.11.
In Tokyo Olympus, which saw three-quarters of its stock price disappear amid an accounting scandal, soared 18 percent Friday on hopes for a change of management as ousted CEO Michael Woodford addresses the board.
Investors are also buying into the camera maker on confidence it will report its earnings by a December deadline and avoid being delisted.
Singapore fell 1.24 percent, or 33.22 points, to 2,643.93.
WELLINGTON – Wellington closed 0.89 percent, or 28.82 points, lower at 3,212.27.
