Foreign Markets
European markets rose following Wall Street’s gains despite news about the health of the British economy. The Office for National Statistics reported that GDP contracted 1.9% in the 1st quarter from the previous three-month period. That was far more than the 1.6 % decline posted in the fourth quarter of 2008 and above analysts’ expectations for a more modest 1.4 % drop. Britain’s FTSE 100 was up 1.1 % to 4,063.18, Germany’s DAX climbed 1.1 % to 4,585.80, and France’s CAC 40 grew 1 % to 3,039.08.
Asian markets traded lower as Japan’s Nikkei 225 stock average lost 139.02 points, or 1.6 %, to 8,707.99, and Hong Kong’s Hang Seng added 44.39 points, or 0.3 %, to 15,258.85. South Korea’s Kospi was off 1.1 % at 1,354.10 as officials reiterated their expectations for a full year economic contraction; the country is Asia’s 4th largest economy.
