Germany's DAX was up 8 points to the 4072 level as oil prices declined a bit and Germany commercial vehicle sales rose 7% in October. There were 21 DAX stocks that were up and nine were down on a turnover of 36,023,000 shares. Yields on 10-year Bunds were down to 3.89% from 3.90% on Friday. The euro was off bit at $1.2936 as a German trade group voiced concern about the high level of single currency. DaimlerChrysler was higher after Goldman Sachs raised its rating on the company to "outperform" from "inline". Bechtle was higher after raising its full year profits forecast. Freenet was higher after the company increased its 2004 pretax profit forecast after third-quarter net income more than doubled.
In France, the CAC 40 was off one point to the 3780 level. 23 CAC stocks were down and 16 were up on turnover of 35,607,000 shares. Yields of 10-year bonds were flat at 3.95%. Ciments Francais was lower after Dexia Securities analysts downgraded stock to "underperform" from "outperform". STMicroelectronics were higher after J.P. Morgan raised its rating on stock to "overweight" from "neutral."
Asian markets were mostly lower on Monday as exporters across the region took a beating on the weakening US$. Japan's Nikkei average dropped 77.94 pints, or 0.7%, to close at 10983.83, with exporters bearing the brunt of selling. Sony Corp fell 1.05% while Toyota Motor shed 1.69%. Banking names also fell on gloomy outlook about the domestic economy, with Mizuho Financial down 1.4% while UFJ Holdings dropped 0.7%.
In Hong Kong, the Hang Seng Index almost flat as investors remained cautious amid strong oil prices and a weakening U.S. dollar. The benchmark gained 66.54 points, or 0.49%, to close at 13,561.49.
Canada's benchmark TSX/S&P losed 43.01 points, or 0.48%, to close at 8,825.73.