Asia Pacific share markets fell on 12-Dec-08, following weakness in US markets on 11-Dec-08, caused by doubts over a rescue package for US car makers. North Asia was worst affected. The Hong Kong Hang Seng fell 1076.69 points (-6.9%) to 14537.21, the Tokyo Nikkei decreased 484.68 points (-5.87%) to 8,235.87, while the Australian ASX200 fell 87.6 points (-2.43%) to 3510.4 on 12-Dec-08.
European stock markets were down on the day, despite the European Union's announcement of a EUR200 billion economic stimulus anti-recession plan. London's FTSE lost 108.34 points (-2.47%) closing at 4280.35. In Paris the CAC 40 fell 92.53 (-2.80%) to 3213.6, while the Frankfurt DAX 30 lost 103.83 (-2.18%), closing at 4663.37.
US markets. Then, after most of the other markets were closed, US shares gained a little traction, due to speculation the US government will boost spending on technology. The Dow Jones Industrial Average rose 64.59 points (+0.8%), to 8,629.68, the Nasdaq climbed 17.27 (+1.46%) to 1200.74, while the Standard & Poor's 500 index rose 2.9 points (+0.69%) to 425.22.
As the prospect of China Eastern and Shanghai Airlines' merger improved, major mainland airport stocks slipped in the expectation that airline rationalisation might spell lower growth for them.
And for Ferrovial, the CAA's indication that each of the main London airports may need to operate independently was not the news the Spanish company was hoping to hear. It may now have to divest not only Gatwick, but also Stansted.
Airports of Thailand stocks meanwhile gained from a respite from civil strife and on the hope that a new, more stable, government might be established. Copenhagen too may see some upside, as carriers like Norwegian expand to fill the gaps left recently by the demise of Sterling and the contraction of SAS.
Selected airports daily share price movements (% change): 12-Dec-08
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