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Market Update : 
Mortgage Worries Drag UK Lower
Author: 123jump.com Staff
123jump.com
Last Update: 4:02 PM EDT April 11 2008


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Stocks in London fell after General Electric in the U.S. reported its profit decline in five years. The news sent markets in New York and Europe lower. In addition, mortgage lender trade associations forecasted tougher outlook for mortgage lending and asked the Bank of England to add more liquidity to the system. UK lenders group forecasted that mortgage volume may fall as much as 50%. A private equity group said that it will withdraw its offer for Friends and Provident at the end of the month.

 
In South Korea Kospi Index increased 15.07 or 0.85% to close at 1,779.71, in Thailand SET index closed higher 6.12 or 0.75% to 827.10 and Indonesia JSE Index edged increased 68.00 or 3.04% to 2,303.93. Sensex index in India increased 112.54 or 0.72% to 15,807.64.

In London FTSE 100 Index closed lower 69.60 or 1.17% to 5,895.50, in Paris CAC 40 Index decreased 61.49 or 1.27% to close at 4,797.93 and in Frankfurt DAX index lower 100.75 or 1.50% to close at 6,603.57. In Zurich trading SMI decreased 53.69 or 0.73% to close at 7,258.96.
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