Stocks recover; euro rises

Author: 
Agencies
Publication Date: 
Thu, 2009-08-20 03:00

LONDON: World markets have recovered earlier losses as investors weigh the importance of a sharp drop in China’s main index, which some took as a sign that stocks are overpriced after this year’s powerful rally.

Britain’s FTSE 100 closed 0.1 percent higher at 4,689.67, while France’s CAC-40 fell 0.02 percent to 3,449.91. Germany’s DAX fell 0.4 percent to 5,231.98. In midday trading in New York, the Dow Jones industrials average shed 0.1 percent at 9,205.93 and the Standard & Poor’s 500 index slipped 0.1 percent to 988.44.

Meanwhile, the euro turned firmer against the dollar as nervousness over the economic outlook was eased by a supportive US energy report which suggested demand was better than expected.

In late London trade, the euro was at 1.4243 dollars, up from 1.4102 dollars earlier and from 1.4132 dollars in New York late on Tuesday.

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