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.

Profit-taking hit both export-dependent and domestically oriented stocks in Tokyo on Tuesday to send the Nikkei 225 down by 0.3 percent to 12,599.43 even though it passed 12,700 for the first time in four years at one point during the day.

The Topix index was also down on the day, by 0.3 percent to 1,286.29.

The iron and steel sector was down 1.2 percent at the end of the day despite having hit an eight-year high at one point on the day.

The real estate sector dropped by 0.8 percent. Pre-election nerves took much of the blame for the retreats.

The election is slated to take place on Sunday, and investors seem to be afraid that the result will produce no majority and a resulting lack of direction on policy matters.

Profit-taking even hit some stocks that should have benefited from strong economic news. Fast Retailing lost 1.4 percent to ¥8,490 even though it announced on Monday that it would spend ¥400 billion for mergers and acquisitions with the goal of increasing its sales target, a plan endorsed by Merrill Lynch on Tuesday.

In the steel sector, Nippon Steel lost 0.6 percent to ¥342, while JFE fell 1.5 percent to ¥3,270. There were some advances on the day. In the construction sector, general contractor Taisei gained 2 percent to ¥418.

Additionally, Nippon Telegraph & Telephone added 1.4 percent to ¥490,000 on the news that it had spent over ¥500 billion buying back shares from the government, sending the government’s share of the company down to 33.7 percent and ending the company’s privatization drive.

In Tokyo on Thursday, the Nikkei 225 closed at its highest level in four years as the Japanese economy seemed to be on track in its recovery and as oil prices seemed at least not to be rising as quickly as they had been earlier. The Nikkei was up 0.8 percent to 12,506.97, while the Topix index gained 0.9 percent to 1,277.33.

The real estate sector made the biggest gains on the day, rising 2.1 percent as a whole on the strength of data that showed the biggest year-on-year jump in housing starts in seven years. Mitsui Fudosan, the largest developer in Japan, gained 1.8 percent to ¥1,446.

The iron and steel sector also did well on the day, rising 1.7 percent for the day. Nippon Steel added 1.9 percent to close at ¥328. Several stocks gained specifically due to anticipation that they would do more business as reconstruction from the damage caused by Hurricane Katrina in the United States gets underway.

Earth-moving equipment maker Komatsu was up 3.4 percent to ¥1,267, while Hitachi Construction Machinery gained 4.8 percent to ¥1,776. In addition, Tokyu construction added 7 percent to ¥200 on the news that the FTSE would list its shares on the FTSE All World Index.

The Tokyo equities markets did better on Tuesday as they gained back the ground that they lost on Monday. The Nikkei 225 gained 1.2 percent to 12,453.14 and the Topix index was up by 1.2 percent as well, to 1,273.60.

The iron and steel sector did well, gaining 3.9 percent, while the shipping sector gained 1.5 percent. Nippon Steel gained 5.2 percent to ¥321, while JFE added 4.6 percent to ¥3,200. Shipper Nippon Yusen was up 1.5 percent to ¥696.

The transport equipment sector as a whole gained 1.3 percent, and Toyota, one of Japan’s biggest exporters and the second largest automobile manufacturer in the world, was up by 2.2 percent to ¥4,550.

In the pharmaceuticals sector, Eisai was up 1.2 percent to ¥4,160 after an announcement on Monday that it was ready to take its experimental drug aimed at treating sepsis to the next level of testing.

The financial sector also did well. Banking group Mizuho gained 4 percent to ¥619,000, while securities house Nomura added 2.2 percent to ¥1,521.

On the losing side, supermarket chain Eco lost 5.7 percent to ¥1,084 when it said it would probably take losses in the first half of the 2005-2006 fiscal year due to low sales, which it blamed on heavy competition.

The Tokyo equities markets were up on Friday, but investors seemed to be waiting for more evidence that the economy is recovering before making too much of a commitment.

They also looked to be concerned about the continuing trend up in crude oil prices and indications that the September 11 elections might result in no clear majority.

Thursday figures were released that showed export volumes are lower than last year, and on Friday there was news that Japan is still in the midst of mild deflation.

The Nikkei 225 was up 0.3 percent to 12,439.48, while the Topix index gained 0.35 percent to 1,272.46.

Losers on the day included Fast Retailing, which lost 9.1 percent to ¥8,180 on its first day of trade on the Nikkei index, but the decline was small in comparison to its gains after it was announced that it would be added to the Nikkei.

Also down on the day was Sumitomo Realty Development, which fell 0.4 percent to ¥1,388 as the real estate sector as a whole declined by 0.6 percent.

The iron and steel sector was up, however, by 1.1 percent, as Nippon Steel gained 1 percent to ¥310 on higher demand.

Ferro-alloy maker Nippon Denko gained 9.05 percent to ¥446 on a tripling of its first-half net profit due to higher prices on its products.

In London equities markets on Thursday, the indexes were lower as crude oil prices rose once again.

The FTSE 200 dropped 0.4 percent to 5,255.7 and the FTSE 250 was down by 0.3 percent to 7,679.1 on a volume of 2.5 billion shares traded. Shares in companies that rely heavily on oil products were down.

British Airways fell 1.8 percent to 279 ½ p, while cruise operator Carnival lost 1 percent to £29.40.

Lloyds TSB traded nearly 70 million shares and was up by 4 percent at one point on the day as rumors floated that US bank Wells Fargo would acquire Lloyds, although Wells Fargo has not shown any inclination to acquire European banks. Lloyds ended the day up by 0.9 percent to 458¼p.

Also in the banking sector, the Royal Bank of Scotland lost 1.4 percent to £16.21 after ABN Amro repeated its rating of “reduce” on the bank.

In the leisure sector, Hilton declined by 2.3 percent to 298½p on the news that its Ladbrokes betting shops had sustained a recent series of bad results. In addition, Hilton reported that its hotels have seen falling demand, largely as a result of the July terrorist bombings in London. Still, the company’s interim profits were up.

Steelmaker Corus Group lost 1 percent to 44¼p despite higher interim profits, as it warned that third-quarter profits would be impacted by higher costs for raw materials and lower prices on its products.

The Tokyo equities exchanges were down Wednesday morning amid profit-taking after earlier gains.

The Nikkei 225 fell 0.24 percent to 12,441.31, while the Topix index lost 0.35 percent to 1,267.59.

The steel sector as a whole lost 0.9 percent, and Nippon Steel lost 1.3 percent to ¥310.

Other sectors that saw losses included the insurance sector, down by 1.5 percent, the securities sector, which lost 1.2 percent, and the real estate sector, which declined by 1.1 percent.

The banking sector, which was a victim of profit taking before the other sectors, only fell by 0.3 percent.

There were sectors that saw gains, including retailers, which gained 0.1 percent, and the sea transport sector, which was up by 0.7 percent.

In the shipping sector, Mitsui OSK Lines gained 1 percent to ¥822 on a positive share outlook from UBS.

Camera maker Nikon lost 2.1 percent to ¥1,340 when Merrill Lynch lowered its rating from “buy” to “neutral”, saying that the company has neared its share price target and it cannot see any reason to raise that target.

Meanwhile, discount chain retailer Aoyama Trading gained 0.2 percent to ¥2,940 on the Osaka equities exchange.

Morning trading on the Tokyo equities markets sent stocks higher, so that by midday, the Nikkei 225 had risen by 0.9 percent to 12,569.99, while the Topix index had gained 0.8 percent to 1,280.36.

The gains were seen in many sectors. Advertiser Dentsu, Japan’s biggest, added 3.2 percent to ¥288,000 even thought it announced an 11 percent decline in its quarterly operating profit on Monday.

The steel sector was also up. Tokyo Steel Manufacturing gained 2.6 percent to ¥1,676 as it announced price increases for September, while Nippon Steel was up 1.3 percent to ¥318.

Video game maker Square Enix added 3.5 percent to ¥3,100 on the announcement that it would bid for game machine manufacturer Taito. Taito’s shares were up by 12.4 percent to ¥181,000 on the news.

In other sectors, camera and copier maker Canon was up 1.4 percent to ¥5,650, securities firm Nomura gained 2.2 percent to ¥1,539, and supermarket chain Ito-Yokado added 4.5 percent to ¥4,150.

The banking sector, however, saw losses as Mizuho declined by 0.2 percent to ¥594,000.

In Tokyo on Friday, equities markets were down on profit taking even while they remained close to four-year highs and with no real evidence that they had been affected much by global economic worries. The Nikkei 225 lost 0.1 percent on the day to 12,291.73 and the Topix index was down by 0.2 percent to 1,250.50.

The automobile manufacturing sector fell by 0.3 percent as a whole, with Toyota down 0.7 percent to ¥4,360.

The steel sector, up most of the week on strong worldwide demand, was down by 0.9 percent. Nippon Steel lost 1.3 percent to ¥305.

Retailers were down as well, by 0.6 percent as supermarket chain Ito-Yokado lost 1.3 percent, to ¥3,930.

Machinery sectors were down, as well, with the precision machinery sector down by 1.4 percent and the general machinery sector falling even father, by 0.6 percent.

There were gainers on the day, as two vehicle-related companies anticipated technological advances. Mitsubishi Motors gained 3.5 percent to ¥147 on reports that it will launch its first electric vehicles in 2008 rather than in 2010 even though the company denied those stories.

Fuji Heavy Industries, which makes Subaru automobiles, announced that it would debut a vehicle using a lithium battery in the 2007-2008 model year. The announcement sent shares in the company up 3.7 percent to ¥500.

In Japan on Tuesday both the Nikkei and Topix indices reached 4-year closing highs as optimism about economic recovery continues. Even a damaging earthquake in the northern part of Honshu did not cause much disruption. The Nikkei 225 was up 0.5 percent to 12,315.67, while the Topix index gained 0.3 percent to 1,252.12.

Companies that deal with commodities were down on profit-taking after gains in the prices of oil and copper. Nippon Oil was down 0.7 percent to ¥878, while Nippon Mining, which has interest in both copper mining and oil, fell by 1.6 percent to ¥728.

Banking was also down. Japan’s largest banking group, Mizuho, closed down 1.4 percent at ¥543,000.

The steel sector was up, with Nippon Steel gaining 1.3 percent to ¥305 and Tokyo Steel Manufacturing added 1.5 percent to ¥1,498. Gains in the steel sector had to do with the announcement on Monday that Nippon Steel is planning on buying new equipment to deal with higher demand.

Aerial photography survey company Pasco was up 13 percent to ¥305 after Tuesday’s earthquake and the announcement that Pasco will launch a computer-based map service in September.

Robot-maker Fanuc gained 4.6 percent to ¥8,220 after securities firm CLSA said that the company benefited from higher robot orders from North America in the first half of the year.

In Tokyo on Monday, the Topix index had its highest close since July 2001 as it gained 0.3 percent to 1,248.77. Meanwhile, the Nikkei 225 lost 0.1 percent on the day to a closing level of 12,256.55.

Still, the Nikkei was not far from the four-year high it reached last week. Commodity producers were up due to higher market prices and strong demand.

Nippon Steel was up after it said it would spend money on new equipment made necessary by growing demand, gaining 2.7 percent to ¥301. Tokyo Steel Manufacturing was also up, by 1 percent to ¥1,476. Rising copper prices led to gains by companies with interests in copper.

Mitsubishi Materials, for example, gained 3.1 percent to ¥329. Oil prices, up to record highs at the end of last week, helped the oil sector to gains. AOC holdings was up 1.2 percent to ¥2,020. Nippon Mining, with interests in both oil and copper, also saw a gain, adding 2.5 percent to ¥740.

The banking and securities sector continued to do well on new optimizing about growth in the Japanese economy. Brokerage firm Nomura was up 0.7 percent to ¥1,486.

Automobile manufacturers, however, were down on the day after Friday’s news of dips in US consumer sentiment. Honda lost 2.1 percent to ¥5,640 and Toyota declined by 1.1 percent to ¥4,330.

The Japanese equities markets were up on Wednesday on heavy foreign buying as the Asian nation’s political turmoil began to ease.

The Nikkei 225 gained 1.7 percent to 12,098.08, its highest close since April 2004, while the Topix index closed 1.8 percent higher at 1,227,85, its highest close in four years.

Foreign buyers seemed to be accepting analysts’ opinions that Japan’s political troubles will not have any significant negative impact on the economy and could in fact be a positive factor in long-term economic growth.

There was also good news on several fronts. Machinery orders were strong, corporate goods price data pointed to an end of deflation, and the Cabinet Office monthly report contained a more positive assessment of the economy.

Foreign investors were especially interested in the machinery, steel, and textile sectors. Nippon Steel gained 1.4 percent to ¥292, and textile manufacturer Unitika was up 1.3 percent to ¥531. Quarterly reports also led to increases in share values. Mitsubishi Materials was up 6 percent on the day to ¥316 on the strength of its quarterly profits, which were reported on Monday.

Japan’s second biggest property developer, Mitsubishi Estate, gained 3.5 percent to ¥1,304 on a positive quarterly report. In the chemicals sector, Showa Denko gained 6 percent to ¥299 on a tripling of profits in the first half.

Retailers were up on the day as well, on reports that the political situation could delay implementation of a hike in the consumption tax. Department store chain Mitsukoshi added 2.7 percent to ¥531.

In Tokyo on Thursday, the Nikkei 225 was up 0.20 percent to 11,858.31, while the Topix index gained 0.23 percent to 1,201.72.

The steel and metals sectors were up for the second day in a row on the expectation of rising exports to China after the termini’s revaluation. Aichi Steel gained 3.4 percent to ¥640, Nakayama Steel Works was up 3.4 percent as well, to ¥515, and Kobe Steel advanced by 0.9 percent to ¥225, as the sector sub index gained 0.3 percent.

The nonferrous metals sub index was up even more, by 0.4 percent, helped by Sumitomo Electric’s gain of 4.6 percent to ¥1,241 after it reported an 81.5 percent jump in quarterly profits, to ¥13.5 billion.

The banking sector was helped by a comment from the governor of the Bank of Japan, who said on Wednesday that Japan’s economy could rise out of deflation within the next six months.

Also helping the sector was data showing an 0.1 percent month-on-month rise in retails sales in June. Mizuho Financial Group gained 2.4 percent to ¥505,000, MTFG was up 1.2 percent to ¥936,000, and Sumitomo Mitsui Financial Group advanced by 1.9 percent to ¥734,000.

Canon and Seiko both reported quarterly earnings that did not rise to expectations, sending their shares down on the day. Canon lost 4.7 percent to ¥5,660, while Seiko was down 5.3 percent to ¥3,320. Sony and Hitachi also reported quarterly losses.

In Tokyo on Monday, the Nikkei 225 was up 0.6 percent to 11,762.65 and the Topix gained 0.3 percent to 1,190.27 on the strength of sectors that stand to gain by the revaluation of the Chinese renminbi.

Nippon Steel gained 0.7 percent to ¥277, while JFE Holdings, was up 0.5 percent to ¥2,915, taking the iron and steel sector as a whole up by 0.8 percent.

The textile sector, which could receive a competitive advantage from the revaluation, gained 0.6 percent as a whole as Japan’s largest general textile manufacturer, Unitika, was up 1.4 percent to ¥148.

Meanwhile, Matsui Securities lost 3.8 percent to ¥1,054 after announcing on Friday that its quarterly profits were down by 15 percent.

Takeda Pharmaceutical, on the other hand, gained 1.1 percent to ¥5,600 on the news that the US has approved the sale there of Takeda’s prescription sleeping pill Rozerem.

In the oil sector, AOC Holdings gained 6 percent to ¥1,697 at least partly on a report that it’s oil producing unit will begin pumping crude oil at two locations in Egypt in the second half of 2007.

Nippon Oil, however, lost 0.1 percent to ¥741. Nippon is Japan’s biggest oil distributor.

In the eurozone on Tuesday, the FTSE Eurofirst 300 gained 0.5 percent to close at 1,165.92.

French food group Danone was up 10.2 percent to €87.60 after hitting an all-time high of €90.55 earlier in the day.

Danone is expected to announce a first-half gain of about 6 percent in like-for-like sales, but the thing that drove its gains were rumors that PepsiCo is getting ready to mount a takeover bid for the company.

On the coattails of these rumors Dutch food company Numico gained 3.5 percent to €34.25 on rumors that if PepsiCo does buy the French company, Numico might acquire Danone’s baby food division.

In the steel sector, high prices sent shares higher, with Arcelor up 3.8 percent to €17.29, ThyssenKrupp 1.6 percent higher at €14.88, and Corus Group gained 3 percent to €0.68.

In the meantime, Greece did better than the rest of Europe as the Athens General index finished the day up 2.5 percent at 3,252.13, a 50-month high. The index has risen 4.3 percent in the first two days of the week.

In Europe on Thursday, the Eurofirst 300 reached yet another 3-year high at the close, led by the technology, steel, and automobile sectors.

The pan-European index closed 0.51 percent higher at 1.165.43, having reached 1,170.34 earlier in the day.

Meanwhile in France, the CAC-40, open despite the Bastille Day holiday reached a 38-month closing high, finishing the day up 0.63 percent at 4,370.88.

Steelmakers, which suffered from a series of downgrades on Tuesday, recovered on Thursday as the sector hoped that the worst was over.

Arcelor gained 2.4 percent to €16.86, and ThyssenKrupp advanced 2.8 percent to €14.71.

Technology stocks gained on better-than-expected quarterly earnings reports from American companies AMD and Apple Computer.

Infineon was up 3.6 percent to €8.39, Phillips Electronics gained 1.4 percent to €22.68, and ASML advanced 1.7 percent to €14.24.

STMicroelectronics was up 2.9 percent to €14.80, also benefiting from rumors of joint venture talks with South Korea’s Hynix Semiconductor.

In the auto sector, Daimler Chrysler gained 1.7 percent to €34.64, while Renault was up 2 percent to €75.55.

The Tokyo equities markets gained ground on Wednesday despite declines in the steel sector. Technology was up slightly and automobile manufacturers benefited from the hard times of steel producers.

In the technology sector, Sony gained 0.5 percent to ¥3,890 and Advantest advanced 0.4 percent to ¥8,210.

The steel sector’s problems stemmed from earnings forecasts that had to be revised down and from price cuts.

JFE Holdings lost 0.4 percent to ¥2,720, while Tokyo Steel Manufacturing lost 0.5 percent to ¥1,420 on the announcement earlier in the week of price cuts.

Meanwhile Nippon Steel, the world’s second-biggest steel maker, fell 1.5 percent to ¥258 on an earnings forecast that was revised downward.

But the steel sector’s misfortunes were good news for auto makers as Nissan gained 1.2 percent to ¥1,105 while Toyota was up 1 percent to ¥3,950.