General Markets Review

Published / Last Updated on 08/02/2002

UK markets were overshadowed by the US run of losses, leading to 3 straight days of losses for the FTSE 100 and 4 for the TechMARK.  Thursday and Friday saw the FTSE 100 pull back some of the losses.  This only happened on Friday for the TechMARK. Interest rates were left alone at 4% by the Bank of England.

European markets were also dogged by US markets but it seemed to be not as bad as the UK.  Blue chip indices managed gains in the last two days of the week, pushed up by a run on telecommunications and insurance company stocks and the fact that interest rates were left alone by the European Central Bank. 

A terrible five days run of losses for both the Dow Jones Industrial and Nasdaq was halted on Friday and again gains were seen.  Accounting practices of companies was again called into question by investors, wondering about the actual standard of earnings news.

Far Eastern markets did not follow the UK and Europe as closely this week, especially with regards to the US markets.  The Nikkei in Tokyo hit an 18 year low point due to bank bad debts and scepticism over economic reform.  However, with the G7 meeting pending, bank stocks were flavour of the day and some of the losses were pulled back by the end of the week.

Other markets were generally mixed with highs and lows seen throughout the week.  The Weighted Index in Taiwan closed on Thursday 7th February for holidays and will reopen on the 18th.

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