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World stock markets steady following terror attacks; impact ‘limited’

TORONTO – North American markets rose Monday morning, following on a mixed day for European and Asian shares amid worries about the possible economic effects of the attacks in Paris last week.

In Toronto, the S&P/TSX composite index gained 23.23 points to reach 13,098.65, helped by strength in the gold and health care sectors. In New York, the Dow Jones industrial average was down 13.37 points at 17,231.87, while the broader S&P 500 index gained 0.21 of a point at 2,023.25.

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Shares were holding up better than many expected in the wake of the terrorist attacks that killed and wounded hundreds in France’s capital.

In Europe, Germany’s DAX edged up 0.4 per cent, while France’s CAC-40 was little changed. Britain’s FTSE 100 rose 0.5 per cent. In Asia, Japan’s Nikkei 225 fell nearly 1 per cent, while Australia’s S&P/ASX 200 lost nearly 1 per cent. Hong Kong’s Hang Seng fell 1.7 per cent.

“Immediate market reaction to the Paris outrages has been limited in European markets,” Howard Archer, chief European and UK economist at IHS Global Insight, said, suggesting the impact of the Paris attacks would be of a similar magnitude to terror attacks on London and in Madrid a decade ago.

“Experience from the London subway and bus bombings in 2005 as well as the Madrid train bombings in 2004 suggest that the economic impact should be limited and temporary,” Archer said.

On the commodity markets, the December gold contract gained US$4.30 at US$1,085.20, while the December crude oil contract slipped 15 cents to US$40.59.

The Canadian dollar was down 0.16 of a cent to 74.93 cents U.S.

—; With files from The Associated Press, Global News

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