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Mortgages

Mortgage services from the high street can offer limited choice if you have special circumstances. Owners of small businesses, especially relatively new ones, can have problems getting mortgages from the high street mortgage lenders. However, enterprising lenders have since learned to provide self employed mortgage products, such as self-certified mortgages.

Insurance

It's not just mortgage products, though - in the world of insurance there is also an increasing specialisation of products. For example, home insurance and contents insurance are still pretty staple insurance policies. However, more specialised insurance, such as for women drivers, students car insurance, or even over-50's car insurance are all now being offered. In addition, there are also specialist car insurance policies for motorbike insurance, van insurance, and young driver car insurance.

Loans

The lending industry has also applied a similar mentality to loans products. Although the standard loan products still apply - such as secured and unsecure loans, home loans, and so on, there are now far more loan products available for people with specialist credit needs - such as bad credit loans, and loans for consolidating other loans for credit repair purposes.

Business finance

Business finance has also seen a revitalisation of product areas. While business loans are still a major business financial product, there are also more specialist finance packages available for different business needs. More commonly lenders now offer packages such as Home Loans and Factoring financial products, along with a whole array of other specialist business services.

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The recent upsurge in the UK property market means that as much as 10% of the market is driven by property investors looking to purchase second homes as investment properties.

The result is a bouyant market when it comes to selling houses, as demand for property current outstrips demand.

The result is that there are now many companies looking to buy houses and complete a quick property sale, and there are plenty of cash buyers for homes on the property market.

Commonly, people are looking to buy a property and rent it to tenants. However, with a series of interest rate rises making it difficult for some home owners to keep up on their mortgage repayments, a number have decided to sell and rent back property in order to release cash value of their home to property investors, who then rent it back to the original owner.

In London equities markets on Tuesday, good news in the pharmaceuticals sector helped the FTSE 100 to gain 0.5 percent to 5,255.8. The FTSE 250 was up as well, by 0.3 percent to 7,722.4. Volume amounted to 2.2 billion shares traded.

AstraZeneca gained 2.1 percent to £25.31 on the news that a study out of the University of California at Los Angeles showed that treatment by a cholesterol-lowering statin in the first 24 hours after a heart attack lowers the risk of mortality by 4 percent.

AstraZeneca’s statin drug, Crestor, currently has a current 6 percent market share for statins in the US, and investors hoped that the study will help the company reach its target of gaining 20 percent of the market.

Also in the pharmaceuticals sector, GlaxoSmithKline gained 1.8 percent to £13.32 on reports that it may be one of the bidders for Boots’s Healthcare International.

Higher crude oil prices sent oil shares up, as BP gained 2 percent to 622p and BG Group was up 2.1 percent to 492p. Steel company Corus added 2.2 percent to 47¼p when Morgan Stanley raised the forecast for the company’s earnings per share this year by 8 percent to 9.6p.

Meanwhile, toy company Character Group gained 15 percent to 57½p on the news that its new Doctor Who toys, including a radio-controlled Dalek, will be in the shops this week.

In Europe on Tuesday, the FTSE Eurofirst 300 gained 0.13 percent higher to 1,218.06, its highest level at the close of a session since May of 2002.

The automobile manufacturing sector was up as analysts said the sector would grow by 22 percent in 2005, well ahead of its prediction at the beginning of the year that it would grow by 10 percent.

Porsche gained 2.3 percent to €685, Volkswagen was up 3.1 percent to €47.22, and BMW advanced by 2.5 percent to €37.89 after Goldman Sachs upgraded it on Monday from “in line” to “outperform”.

DaimlerChrysler gained 2 percent to €41.95 after it announced that it has averted a strike with Canadian workers by coming to agreement on a three-year deal on wages.

French insurer AGF gained 1.9 percent to €78.55 while it’s German parent company, Allianz, was up 0.8 percent to €106.19.

Meanwhile Danish company Moller Maersk, the largest container shipping company in the world, lost 3.1 percent to DKr65,400 on a ratings cut from “buy” to “reduce” from UBS. UBS also lowered the company’s target price from DKr70,000 to DKr60,000, warning that freight flows were slowing down even as capacity was rising.

Meanwhile in Germany, the Xetra Dax gained 0.8 percent on the day to 4,962.86 after sharp losses on Monday in the wake of the outcome of Sunday’s elections there.

In Europe on Monday, the FTSE Eurofirst 300 gained 0.21 percent to 1,216.44. In Germany, however, the outcome of elections there on Sunday sent the Xetra Dax down 1.2 percent to 4,926.13.

The business community was especially disappointed that the candidate and party they backed, Angela Merkel and the Christian Democratic Union party won only 3 more seats in parliament than did Gerhard Schroeder’s Social Democrats.

Two of the biggest losers were utilities Eon and RWE, which had stood to gain in the event of a big Christian Democratic win, as Ms. Merkel had promised to continue the use of nuclear power. Mr. Schroeder, on the other hand, plans to phase out the use of nuclear power over the next 20 years. RWE lost 3 percent to €55.22, while Eon fell by 2.3 percent to €77.74.

The semiconductor sector saw gains on the day. STMicroelectronics was up 0.8 percent to €14.27 as CSFB reiterated its rating of “outperform” and raised its stock target price from €15 to €16.50. Infineon had its rating upgraded to “outperform”, gained 0.6 percent to €7.98.

Deutsche Post lost 2.2 percent to €19.54 after it said it would purchase UK logistics company Exel for £3.7 billion (€5.47 billion) in a combination of shares and cash.

In European equities markets on Friday, the FTSE Eurofirst 300 ended the day and the week higher, gaining 0.6 percent on the day and the same amount on the week to close at 1,213.86.

However, with elections scheduled for Sunday in Germany, the Xetra Dax was down 0.4 percent for the week to 4,986.50 as uncertainty over the outcome remained a concern for many.

Takeover rumors provided most of the non-election interest during the week. Danone, the French food group, saw sharp gains in its shares Friday on the announcement that the French government would discontinue its efforts to protect the company from takeover attempts.

Earlier in the year when rumors that Pepsico would bid for Danone, the French president said that the government would protect the company, but the French industry minister has now said that the company must defend itself. While Danone lost 0.2 percent for the week, it gained 2.3 percent on Friday to €92.60 at the close.

In the defence sector, defence electronics group Thales and aerospace group EADS both benefited from rumors that EADS would bid for Thales. Thales gained 2.2 percent to €38.44, while EADS was up 0.4 percent to €28.30.

Meanwhile, in the telecommunications sector, Nokia added 3.2 percent to €13.49 after it adjusted its third-quarter sales and profit estimates upward.

In the London equities markets, both the FTSE 100 and the FTSE 250 finished both the day and the week on a positive note. The FTSE 100 gained 0.4 percent on the day and 0.9 percent on the week to 5,407.9 at the close of trade on Friday. The FTSE 250 was up 0.4 percent for the day and 0.6 percent for the week to 7,901.6.

Volume was a very high 4.1 billion shares traded, explained by a double witching hour in which both stock options and index futures on the main index expired.

Miners were up on the day as gold reached a 17-year high. BHP Billiton and Anglo Pacific each gained 3.2 percent, to 873½p and 129½p respectively. Rio Tinto was up 3.8 percent on the day and 10 percent on the week to £21.49, while Anglo American advanced by 5.1 percent to £15.54.

Mergers and acquisitions rumors in the aerospace and defence sectors benefited defence group BAE Systems and jet engine maker Rolls-Royce. Rolls-Royce gained 3.4 percent to 370¾p and BAE was up 1.5 percent to 338p.

Among declining stocks, Shire Pharmaceuticals lost 1.5 percent to 685p after a downgrade to “neutral” by UBS.

The New York equities markets moved little on Thursday on a mixed batch of economic news. The Dow Jones Industrial average was up a bit to 10,558.75, the Nasdaq composite fell 0.2 percent to 2,146.15, and the S&P 500 gained a fraction to end the session at 1,227.71.

One analyst said that the market’s unwillingness to move too much stemmed from uncertainty over what the Federal Reserve will do with interest rates when it meets on September 20.

Meanwhile, government figures showed that inflation was being kept in check, but reports from the New York and Philadelphia Federal Reserve Banks showed that manufacturing costs were higher and orders were down in the wake of Hurricane Katrina.

In addition, first time unemployment claims jumped by 71,000 last week, also largely due to Katrina.

Shares in internet search companies were mixed on the day. Google dropped 0.1 percent to $302.62 when it priced its $4 billion secondary share offering at $295 per share, while Chinese internet search company Baidu gained 0.8 percent to $82 after a 28 percent drop on Wednesday.

Time Warner, meanwhile, added 3.2 percent to $18.48 on newspaper rumors that it was in talks about selling a part of its stake in AOL to Microsoft. Shares in Microsoft was up 0.2 percent on the news.

In the fast food sector, McDonald’s led the Dow ahead of an analysts’ meeting, advancing by 3.4 percent to $33.45.

In Europe on Thursday Germany’s Xetra Dax index was down by 0.1 percent to 4,906.0, again affected by investors’ worries over the outcome of parliamentary elections to be held on Sunday.

However, the pan-European FTSE Eurofirst 300 did a bit better, gaining 0.1 percent to 1,206.45 although election nerves affected it as well.

In the oil sector, an upgrade by UBS still resulted in mixed results. Norsk Hydro and OMV both were upgraded from “neutral” to “buy”, and Norsk Hydro gained 1.4 percent to NKr726.

OMV, however, fell by 1.3 percent to €47.0. In the banking sector, ABM Amro offered €26.50 per share for the 29.5 percent of Banca Antonveneta presently owned by Banca Popolare Italiana.

If the deal goes through, ABM will become the first foreign bank to own a major Italian bank. On this development, ABM gained 1.4 percent to €19.84, Antonveneta fell by 0.9 percent to €26.19, and BPI lost 1.4 percent to €8.555.

In the telecommunications sector, TDC added 6.8 percent to DKr328.0 on rumors that two separate groups were ready to tender bids for the company. Elsewhere in the sector, Swisscom, which has also been mentioned as a possible bidder for TDC, was up 1.8 percent to SFr426.75, while Portugal Telecom gained 2.5 percent to €7.75 even though it reported that net profits in the first half were off from the same period last year.

The New York equities markets were down on the day Wednesday as new government data revealed slower than expected retail sales and weak industrial production numbers.

The Dow Jones Industrial Average fell 0.5 percent to 10,544.90, the Nasdaq composite was down 1 percent to 2,149.33, and the S&P 500 lost 0.3 percent to 1,227.16. In the airlines sector, amid more talk of imminent bankruptcies, Northwest Airlines added 19 percent but Delta Air Lines dropped another 9 percent.

Retailers were mostly down on the day. Hardware retailer Loew’s dropped 2.2 percent to $65.99, while Target was off by 2.7 percent to $52.75. Bedding retailer Linens ’n Things, however, saw a gain of 8.9 percent to $28.25 on reports that it has called in advisors and is thinking offering itself for sale.

Elsewhere, internet search engine Google was to begin selling $4.4 billion in new shares, with the goal of building a fund that might be used on new acquisitions, after the close of the trading day. In advance of the offering, Google’s shares dropped 2.8 percent to $303.00 on the day. Among gainers was investment bank Lehman Brothers, which added 1.3 percent to $113.75 after it announced that its quarterly profits were up by 74 percent.

The Tokyo equities markets saw declines on Wednesday as post-election elation gave way to profit taking and worries about the state of the US economy. The Nikkei 225 fell 0.5 percent to 12,834.25, while the Topix index dropped 0.3 percent to 1,212.35.

Some export-dependent stocks fell. Sony declined by 1.7 percent to ¥3,980. Toyota fell by 0.4 percent to ¥4,700 as the transport equipment sector as a whole was down by 0.3 percent.

Still, shares in domestic companies felt the brunt of the profit-taking on the day, with the insurance, securities, and banking sectors all down. Insurer Sompo Japan fell 4 percent to ¥1,372 as the insurance sector as a whole dropped 1.8 percent.

The securities sector was down 0.7 as securities house Nomura declined by 0.9 percent to ¥1,521. Japan’s biggest banking group, Mizuho, was down 0.5 percent to ¥637,000, while the sector as a whole lost 0.8 percent. Real estate group Fudosan was also down, losing 1.6 percent to ¥1,599. There were gains on the day, however.

Square Enix, the videogame maker was up 2 percent to ¥3,130 on an initial “outperform” rating from Credit Suisse First Boston. Additionally Yakult, a company that makes fermented lactic drinks as well as drugs and cosmetics, gained 4.9 percent to ¥2,580 on an upgraded rating from Mizuho Securities.

The Tokyo equities markets saw declines on Wednesday as post-election elation gave way to profit taking and worries about the state of the US economy. The Nikkei 225 fell 0.5 percent to 12,834.25, while the Topix index dropped 0.3 percent to 1,212.35.

Some export-dependent stocks fell. Sony declined by 1.7 percent to ¥3,980. Toyota fell by 0.4 percent to ¥4,700 as the transport equipment sector as a whole was down by 0.3 percent.

Still, shares in domestic companies felt the brunt of the profit-taking on the day, with the insurance, securities, and banking sectors all down. Insurer Sompo Japan fell 4 percent to ¥1,372 as the insurance sector as a whole dropped 1.8 percent.

The securities sector was down 0.7 as securities house Nomura declined by 0.9 percent to ¥1,521. Japan’s biggest banking group, Mizuho, was down 0.5 percent to ¥637,000, while the sector as a whole lost 0.8 percent. Real estate group Fudosan was also down, losing 1.6 percent to ¥1,599. There were gains on the day, however.

Square Enix, the videogame maker was up 2 percent to ¥3,130 on an initial “outperform” rating from Credit Suisse First Boston. Additionally Yakult, a company that makes fermented lactic drinks as well as drugs and cosmetics, gained 4.9 percent to ¥2,580 on an upgraded rating from Mizuho Securities.

In Europe on Tuesday, equities markets were down as concerns in several areas affected investors. The FTSE Eurofirst 300 dropped 0.7 percent to 1,201.33, while in Frankfurt the Xetra Dax fell by 1.7 percent to 4,903.15.

Among the worries leading to the declines were continuing high oil prices and the general state of the global economy. The biggest immediate worry, however, seemed to be the German parliamentary elections scheduled for Sunday.

The gap between the two leaders has been shown in polls to be narrowing, and investors are worried that the lack of a clear victory by one or the other will result in a coalition government that will not be willing or able to act on economic reform.

German carmakers seem especially hard-hit on the day. DaimlerChryslyer was down 2.7 percent to €40.80, Volkswagen fell 2.3 percent to €44.13, and BMW lost 2.2 percent to €36.46. In addition, tire-maker Continental fell by 2.7 percent to €65.84.

The energy sector also saw losses. Italian oil company Saipem fell 1.9 percent to €13.30 and Norwegian firm Statoil lost 1.6 percent to NKr158.50, while Neste Oil of Finland dropped 0.8 percent to €28.40.

The paper manufacturing sector, however, saw gains on the day even though analysts’ assessments for the sector were mixed. Stora Enso of Finland gained 2.1 percent to €11.41 and UPM-Kymmene added 1.9 percent to €16.50. Elsewhere in the sector, Norske Skogindustrier of Norway was up 1.7 percent to NKr104.50 and Holmen of Sweden gained 2.3 percent to SKr242.

The Tokyo equities markets were up substantially on the landslide election victory Sunday of Prime Minister Junichiro Kozumi’s Liberal Democratic party, as foreign investors seemed particularly enthusiastic in the post-election buying.

Upward revision of second-quarter gross domestic product figures also helped the markets to their gains. GDP growth was put at 0.8 percent in the second quarter, up from the original figures of 0.3 percent.

The Nikkei 225 was up 1.6 percent to 12,896.43, while the Topix index gained 1.3 percent to 1,309.80.

The LDP won 296 seats in the lower house of parliament, the first single-party majority there in 15 years. In addition the LDP’s coalition partner, the New Komeito party, won 31 seats, bringing administration-friendly seats to more than two-thirds of the lower house. Analysts say that this all but guarantees that the prime minister’s postal privatization bill will pass when it is reintroduced in the autumn.

Domestic sectors that figure to benefit the most from the recovery of the Japanese economy, which is expected to go forward after the election’s outcome, saw gains on the day.

Insurers gained the most on the day, with the sector rising by 3.9 percent. Other domestic sectors seeing advances included construction companies, which gained 1.8 percent; retailers, up 2 percent; real estate, which rose by 2.6 percent; and banking, which advanced by 2.8 percent. The biggest individual gainer came from the banking sector, when Mizuho gained 4.4 percent to ¥640,000.

Outside of the domestically-oriented sectors, the nation’s largest systems integrator, NTT Data, gained 8.4 percent to ¥424,000 on the expectation that it will experienced increased demand after post office privatization. Additionally, Yamada Denki, Japan’s largest discount electronics retailer, added 8.7 percent to ¥8,530.

In Europe on Monday, the pan-European FTSE Eurofirst 300 gained 0.2 percent to close at 1,209.81, a new 39-month closing high. In Germany, however, the Xetra Dax fell by 0.3 percent to 4,989.98.

A major factor in the Dax’s decline was the 3.3 percent fall of shares in Allianz after it announced major changes in its business structure, including its intention to buy out minority shareholders in its Italian subsidiary, RAS, for as much as €5.7 billion, and amounting to 44.6 percent of the Italian company. Shares in RAS gained 7.1 percent on the news, to €18.86.

The announcement also benefited French Allianz subsidiary AGF, which was up 1.8 percent to €72.20, on the possibility that Allianz might decide to buy out that company’s minority shareholders, as well.

Meanwhile, the automobile manufacturing sector was mostly up. The exception was BMW, which was down by 0.4 percent to €37.28 even though it said its volume growth for the year would be at the high end of its forecast.

Elsewhere in the sector, DaimlerChrysler gained 0.2 percent to €41.93, while Volkswagen gained 0.2 percent to €45.17 on the announcement that sales in the United States had gone up by 72 percent in the first ten days of September as drivers began to trade in SUVs in the face of rising gasoline prices. Fiat led the sector on the day with an advance of 2.8 percent to €7.765.

In the London equities markets on Monday, the FTSE 100 had gained 0.1 percent to 5,366.0 by mid-afternoon, while the FTSE 250 was up by 0.6 percent to 7,894.1.

Once again, speculation of mergers and acquisitions within the utilities sector took the spotlight. Scottish Power gained 2.5 percent to 569½p on a Sunday report that Scottish & Southern Energy could be poised to make a bid for it. S&SE lost 0.1 percent to £10.11 on the talk.

Centrica was up 1.1 percent to 262.85p despite issuing a profit warning on Friday and having Dresdner Kleinwort Wasserstein reiterate its “sell” rating for its shares as reports surfaced over the weekend that German company RWE might be considering bidding for the company.

Elsewhere, Rentokil Initial dropped 0.3 percent as investors consider the pursuit of the company by businessman Gerry Robinson.

Advertising agency WPP gained 1 percent to 579p as Morgan Stanley upgraded their shares from “equal-weight” to “overweight”.

Cruise ship company Carnival benefited from an assessment by Barrons that the sector might be undervalued due to the increasing popularity of cruises, gaining 2.1 percent to £28.90.

Results were mixed in the New York equities markets on Monday, but with not much movement in either direction by the end of the session. The Dow Jones Industrial Average was up a fraction to 10,682.94 and the Nasdaq composite gained 0.3 percent to 2,182.83, but the S&P 500 fell fractionally to 1,240.57.

The lackluster performance followed gains last week that came on optimism that the huge reconstruction job after Hurricane Katrina would benefit the economy.

Two airlines trying to avoid bankruptcy saw declines. Shares in Northwest Airlines dropped by 3.3 percent to $3.31 after discussions with striking mechanics broke down, and Delta Air Lines fell by 22.7 percent to 85 cents as rumors circulated that a bankruptcy filing could come at any time.

In the oil and gas sectors, retreats were also abundant. Oil refiner Sunoco dropped 4.5 percent to $76.09, while Exxon Mobil lost 1.1 percent to $62.52 as crude oil prices fell. Meanwhile, natural gas producer Dynergy lost 1.9 percent to $4.66 after it announced that two of its facilities were damaged by Katrina.

Elsewhere, eBay was up by 0.8 percent to $38.94 after it announced that it will purchase internet telephone group Skype for $2.6 billion. Contractor Halliburton dropped by 3.8 percent to $63.60.

Amid more talk from some but not analysts that Hurricane Katrina could be a stimulus to the economy and that it could result in at least a pause in the Federal Reserve’s interest rate hikes while the Gulf Coast rebuilds, the New York equities markets ended the day Friday and the week up. The Dow Jones Industrial Average gained 0.8 percent on the day to 10,678.56.

It was up 2.2 percent for the week and has gained 2.7 percent since August 26, the Friday before Katrina ravaged the US Gulf Coast. The Nasdaq composite was up 0.4 percent on Friday to 2,175.51, gaining 1.6 percent on the week and 2.6 percent since August 26.

The S&P 500 added 0.8 percent to 1,241.48 on Friday, was up 1.9 percent on the week, and has gained 3 percent since August 26.

The oil sector has seen big gains since Katrina hit. Valero Energy was up 3.1 percent to $114.97 on Friday; it has risen 28.2 percent since August 26 and is up 150 percent this year.

Sunoco gained 3.5 percent Friday to $79.65 and has added 25.6 percent since August 26. Meanwhile, homebuilders seemed to recover on Friday after declines earlier in the week.

Hovnanian gained 1.3 percent Friday to $58.21 but lost 2 percent on the week. Toll Brothers gained 1.7 percent to $48.08 Friday for a 1 percent gain during the week, while Pulte was up 4.3 percent to $45.71 on Friday and a 6.9 percent gain over the week.

Polls ahead of Sunday’s election in Japan showed that the current ruling coalition, let by the Liberal Democratic party, is likely to win an easy majority.

This set investors’ minds at ease and domestic stocks sowed significant gains on the day.

There had been worries that without an obvious majority, the equities markets could be hurt by lack of direction on economic policy. Overall, the Nikkei 225 was up 1.3 percent to 12, 692.04, while the Topix index gained 1.1 percent to 1,293.35.

The securities sector gained 0.8 percent after declines in the morning. The insurance sector was up 2.8 percent, while the real estate sector advanced by 2.4 percent.

In real estate, Mitsui Fudosan was up 3.7 percent to ¥1,544. In addition, Leopalace21, which builds and subleases apartments, added 7.2 percent to ¥2,310 on the news that Goldman Sachs had reiterated its “outperform” rating for the company.

In the oil sector, meanwhile, Inpex was up 3.6 percent to ¥844,000, Nippon Oil added 1.7 percent to ¥889, and AOC advanced by 5 percent to ¥2,115.

European equities markets were up on Friday, ending the week up as well. The FTSE Eurofirst 300 gained 0.3 percent on the day to 1,207.0, bringing its gains for the week to 1.9 percent. Meanwhile, German’s Xetra Dax index closed above 5,000 for the first time since May 2002.

Utilities were in the news during the week. Endsea was the recipient of an unsolicited takeover bid from Gas Natural, which it rebuffed, gaining 9.6 percent over the week in the process to close the week at €20.35. Gas Natural lost 3 percent to €23.80.

Meanwhile, Eon said it was thinking about bidding for Scottish Power, sending its shares up 0.6 percent to €79.31. Iberdrola, Spain’s second-biggest electricity company, was up 5.5 percent to €22.24 and the third-largest electricity supplier in Spain, Union Fenosa, gained 8.6 percent to €25.98.

There were takeover rumors in the banking sector as well, as there was talk that a group of Saudi investors was thinking about trying for German bank HVB group and that Allianz was considering selling its investment banking unit, Dresdner Kleinwort Wasserstein. HVB rose by 1.2 percent to €23.65, while Allianz gained 5.5 percent to €109.07.

The banking sector also saw gains elsewhere. Deutsche Bank was up 8.1 percent to €77.21, UBS gained 4.2 percent to SFr107.50, and Credit Agricole added 8.6 percent to €23.48.

On the London equities markets on Friday, the FTSE 100 gained 0.3 percent to 5,359.3 and the FTSE 250 was up 0.5 percent to 7,851.1. These results capped a week in which the FTSE 100 added 0.6 percent and the FTSE 250 advanced by 0.8 percent.

Most attention during the week had to do with mergers and acquisitions. Industrial gasses specialist BOC Group and rival Linde of Germany were said to be close to a merger deal, keeping BOC close to record high levels at £11.16.

Retailer Tesco lost 0.7 percent to 329¼p on rumors that it was interested in buying Albertson’s, second only to Wal-Mart in the US. Support services company Rentokil, being pursued by Sir Gerry Robinson, lost 0.2 percent to 163¼p.

Elsewhere, housebuilders were up. McCarthy & Stone, the UK’s biggest builder of retirement homes, gained 5.1 percent to 602p on the announcement that this year’s sales would not be down as much as it had earlier estimated. This news helped Westbury up by 2.6 percent to 450½p, while George Wimpey added 2.6 percent to 425¾p.

The New York Equities markets were down slightly on Thursday after big gains on Tuesday and more subdued gains on Wednesday, as the market seems to have been proceeding on the assumption that the economy will benefit from the aftermath of Hurricane Katrina rather than decline due to disruptions and dislocations.

Most analysts are betting that in the wake of the storm rebuilding will benefit the economy, interest rates will stop rising, and oil prices will go down. Others are not so sure that this will be the case.

The Dow Jones Industrial Average dropped 0.4 percent to close the day at 10,595.93, the Nasdaq composite lost 0.3 percent to 2,166.03, and the S&P 500 declined by 0.4 percent to 1,231.68.

Homebuilders were generally down on the day, with Hovnanian leading the decline after reporting earnings that fell below predictions. Hovnanian fell by 6.7 percent to $57.49. Elsewhere in the sector, KB Homes declined by 1.6 percent to $74.69, Lennar fell 2.4 percent to $60.95, and Toll Brothers lost 3.3 percent to $47.25.

Coca-Cola Enterprises dropped 9.6 percent on the news that it had reported less-than-positive earnings guidance. Discount retailer Sears Holdings fell by 5.2 percent to $127.81 on earnings that were below expectations. EBay lost 3.8 percent to $38.93, bringing its decline for the year to 34 percent and making it one of the S&P’s worst performers.

On the other hand, Apple gained 2.3 percent to $59.78 as it presented its new iPod for mobile phones.

Both the Nikkei and Topix indices were down in Tokyo on Thursday as investors expressed worry over uncertainty about the outcome of Sunday’s election by selling shares in companies that are domestically focused.

Although stocks are still up from their levels at the time elections were called, the past few days have seen declines as the election comes closer. According to analysts, the concerns revolve around the possibility that no party will gain a majority in the election, making it harder to agree on economic policy, which could be bad for equities. On the other hand, a clear victory for Prime Minister Junichiro Koizumi’s Liberal Democrats could spell an advantage for equities.

The Nikkei 225 fell 0.6 percent to 12,533.89 and the Topix index was down 0.5 percent to 1,278.90.

The banking sector managed to stay even on the day as data released by the Bank of Japan showed a rise in bank lending, the first such rise since records began seven years ago.

The real estate sector, however, fell 0.9 percent, while the securities sector also declined by 0.9 percent and wholesalers dropped 1 percent. The largest real estate company and the largest securities house in Japan each lost 1.1 percent on the day as real estate company Mitsui Fudostan ended the session at ¥1,489 and securities firm Nomura closed the day at ¥1,468.

Mayonnaise and salad dressing maker QP ended the day on a high note, gaining 3 percent to ¥992 after Daiwa Research Institute raised its rating from “3” to “2” and said the company would reach record high operating profits in the 2007-2008 fiscal year.

In Europe on Thursday, the FTSE Eurofirst 300 lost 0.15 percent to 1,203.25, backing off from 38-month highs reached on Wednesday.

Part of the loss came on the sudden end to a rally in the construction sector. Lafarge, the world’s biggest cement producer, announced that it was cutting back its forecasts for the full year and reported first half net profits that had fallen by 18 percent. It blamed tough competition and a drop in demand in Germany for the disappointing results. Lafarge lost 7.4 percent on the day to €72, a decline which erased nearly all its gains on the year.

Elsewhere in the sector things were a bit better, as Swiss company Holcim gained 0.2 percent to SFr82.95, while Spanish builder Sacyr Vallehermoso advanced 2.7 percent to €22.58 on the announcement that it wants to refinance around €1.3 billion in debt by the end of the year. Despite these gains, the construction sub-index fell by 1.4 percent on the day.

There were declines despite good earnings reports in other sectors. Brewer Inbev lost 2 percent to €31.40 in spite of a significant jump in first-half earnings when it warned that declining beer sales in western Europe could mean job cuts and brewery closures in that region.

Opthalmic lens manufacturer Essilor International had largely the same experience, losing 2.2 percent to €64.35 even though it saw a 19 percent rise in first-half net profits, better than expected, when it warned that higher operating costs would mean less profits in the second half of the year. And French retailer PPR lost 0.1 percent to close the session at €87.75 despite a first half performance by its luxury goods division that led to a better-than-expected first half performance.

Paying little attention to the Bank of England monetary policy committee’s decision to leave interest rates where they are, the London equities markets were down slightly on Thursday.

The FTSE 100 dropped 0.6 percent to 5,340.7, while the FTSE 250 fell by 0.6 percent as well, to 7,807.2. Volume stood at 2.7 billion shares traded.

Losers on the day included clothing retailer Next, which lost 1.5 percent to £14.62 on rumors that interim results to be announced next week will not be positive.

Meanwhile, reinsurer Benfield group dropped 0.6 percent to 295p, building supplies group Hanson fell 2.6 percent to 592½p, and MFI Furniture was down 4 percent to 114½p on the admission that core UK orders are down 15 percent from last year at the same time.

Gainers included engineering group FKI, which was up 6.6 percent to 113p after Credit Suisse First Boston said that it was recovering in earnings per share. Shipbuilder VT group gained 4.7 percent to 360p on the possibility of upcoming contracts, fund manager Amvescap advanced by 2.7 percent to 377½p on more rumors of a takeover.

Exel also gained on the day due to rumors of possible bids by Deutsche Post and UPS, adding 1.4 percent to £12.06, while Reuters was up 1.3 percent to 378¼p on the speculation that Google might be interested in buying it.

In London on Wednesday, the FTSE 100 was up by only 0.1 percent to 5,365.9, while the FTSE 250 gained 0.7 percent to close at 7,850.3. The FTSE 250s closing level was another all-time high.

There were gains a wide variety of sectors on the day. Property group Savills gained 16.3 percent to 849p. Taylor Woodrow was up 3.3 percent to 326¾p on speculation that it could gain contracts to rebuild houses in the area affected by Hurricane Katrina as well as on rumors that it could be a takeover target of housebuilder George Wimpey.

Chemical group BOC gained 1.3 percent to £11.24 on rumors that BASF might soon bid for it. GlaxoSmithKline was up 1 percent to £13.69 on the purchase of ID Biomedical of Canada for £800 million. Also in the pharmaceuticals/health care sector, Boots added 1.3 percent to 631p on speculation that it might sell International Healthcare to GlaxoSmithKline.

Accountancy software firm Sage was up 2.9 percent to 232¾p. Electrical retailer Dixons gained 0.8 percent to 115¼p. British Land advanced by 1.7 percent to 914p.

As investors and analysts seemed to be taking the tack that the recovery from Hurricane Katrina might actually help the economy out, despite an estimate from Treasury Secretary John Snow that the fallout from Katrina could cut half a percentage point off US economic growth for the year, New York equities markets were up again on Wednesday.

The Dow Jones Industrial Average gained 0.4 percent to 10,633.50, the Nasdaq composite index was up 0.2 percent to 2,172.03, and the S&P 500 advanced by 0.2 percent to 1,236.36.

Fast food and hotel and casino operators saw gains on the day. The hotel and casino sector fell last week, largely on hits to that industry in the hurricane zone, but is seeing a recovery this week. Starwood was up 2.3 percent to $59.80, Hilton Hotels gained 2.7 percent to $23.61, and Harrah’s Entertainment added 5.4 percent to $72.21. In the fast food sector, Yum Brands, the operator of KFC, Pizza Hut, and Taco Bell, was up 6.1 percent to $50.66 on comments that higher energy prices do not seem to be having much effect on sales. McDonald’s gained 3.2 percent to $33.70. Wendy’s advanced by 3.1 percent to $48.55.

The steel sector was also up, at least partly on expected demand in the wake of Katrina, as US Steel gained 2.2 percent to $44.71 and Nucor added 1.6 percent to $58.55. Losers on the day included semiconductor company Altera, which lost 7.8 percent to $20.11.

In Europe on Wednesday, the FTSE Eurofirst 300 gained 0.3 percent to 1,205.03, its highest close in over three years, helped along by strength in the financial sectors.

Credit Agricole, France’s largest retail bank, gained 6 percent to €23.74 when its report that net profits were up by 23 percent, much more than had been expected.

The news prompted several agencies, including Deutsche Bank, WestLB, and Dresdner Kleinwort Wasserstein, to upgrade the stock Deutsche Bank also upgraded and increased its target price for UBS and Credit Suisse and also increased Commerzbank’s price target.

Commerzbank gained 2.4 percent to €22.21, while Credit Suisse also was up 2.4 percent, to SFr57.60 and UBS added 1.7 percent to SFr106.90.

Among reinsurers, UBS and Credit Suisse First Boston both upgraded Swiss Re, sending its stock up 2.4 percent to SFr82.50. Gains were also seen in technology sector, with STMicroelectronics up by 4.7 percent to €13.94, while Infineon gained 1.7 percent to €7.85, and ASML advanced by 0.9 percent to €13.76. There were some losers on the day. Accor, the hotels group, lost 2.7 percent to *42.33.

IT services group Atos Origin was down 2.4 percent to €59.75 even though its first half profits were up by 11 percent as it did not increase its full-year prediction. Brewer Heineken fell 0.5 percent to €26.87.