Europe and Britain
European indexes ended the week on a hesitant note as U.S. stocks offered little leadership in quiet holiday trading. All rallied on the stronger-than-expected U.S. economic data released on Wednesday. But both the FTSE and DAX ended the week marginally lower while the CAC rose 0.6 percent. But at November's end, the three indexes were firmly higher than the third quarter close, having staunched at least some of the bleeding. (The graph below shows the position of each index at quarter's end and at the end of November in relation to the 2001 year-end close.) With only a month to go, it is likely that all three will lose ground for the third year in a row.

Asia
Tokyo's recent rally fell flat Friday on weaker-than-expected industrial output data and caution pending the government's announcement of a timetable for tackling loan problems in the banking sector. The Nikkei, which gained 3.4 percent on Thursday, lost steam after a report that Japanese industrial production dropped for the second month and the unemployment rate rose to a record high. The decline in manufacturing output deepened expectations that Japan's recent economic recovery may be petering out amid stubborn deflation. However, both the Nikkei and Topix had stellar gains on the week - up 5.1 percent and 3.9 percent, respectively.

Only the Nikkei and Topix continue downward at the end of November, albeit with occasional sparks of life such as Thursday's run-up. The South Korean Kospi has once again risen above its 2001 year-end level.

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