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Market Update Analysis: 
Deutsche Bank, Michelin Declines; BP Shell Rise
Author: 123jump.com Staff
123jump.com
Last Update: 5:55 PM EDT April 29 2008


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European markets fell after a drop in commodities prices. BP and Royal Dutch Shell edged higher after they reported better than expected earnings. Deutsche Bank reported its first quarterly loss of 131 million after it wrote down loan values of 2.7 billion euros. Tire maker Michelin fell 9% after it reported first quarter sales decline of 2.6% and cut its full year earnings forecast. Eurotunnel will issue rights offering to raise 915 million euros and buy back convertible debt.

 
Of the stocks in S&P 500 index, 238 stocks increased, 260 declined, and 2 were unchanged. Of the stocks in the index, 48 stocks fell more than 3% and 29 gained more than 3%.

Merck led decliners in the S&P 500 index followed by declines in Monsanto of 9%, in Deer & Company of 6%, in Titanium Metals of 6%, in Total System Services of 5.9% and Freddie Mac and Fannie Mae of 5.8%. Office Depot led gainers in the index with a rise of 8.7% followed by increases in Watson Pharmaceuticals of 6.8%, in Safeway of 5.8%, in Motorola of 5.7%, in SuperValu of 5.46%, and in Ambac Financial of 5.3%.


South American Markets Indexes

Brazil led decliners in the South American trading with a fall of 2.82% followed by decreases in Argentina of 1.92%, in Chile of 1.28%, and in Mexico of 1.15%. Venezuela fell 0.9%.

Peru added 0.52% and Colombia increased 0.47%.

Asian Markets

In Hong Kong Hang Seng index increased 247.86 or 0.97% closed to 25,914.15. In Australia ASX 200 index higher 4.20 or 0.07% to close 5,606.90. In Malaysia KL Composite index decreased 11.66 or 0.90% closed to 1,283.65. There was holiday in Japan.

In South Korea Kospi Index decreased 11.66 or 0.64% to close at 1,811.51, in Thailand SET index closed lower 2.79 or 0.33% to 833.63 and Indonesia JSE Index edged increased 49.22 or 2.18% to 2,303.53. Sensex index in India increased 362.50 or 2.13% to 17,378.46.

Commodities, Metals, and Currencies

Crude oil decreased $3.42 to close at $115.33 a barrel for a front month contract, natural gas decreased 53 cent to $10.80 per mBtu, and gasoline futures decreased 9.37 cents to close at 293.70 cents per gallon.

Gold decreased $18.70 in New York trading to close at $876.80 per ounce, silver closed down $0.48 cents to $16.64 per ounce, and copper for front month delivery decreased 4.80 cents to $3.88 per pound.

Wheat futures decreased 32.50 cents in Chicago trading and closed at $8.08 per bushel. Sugar decreased 19 cent to $11.87 per pound. Soybean future closed down 4.00 cents to $12.93 a bushel.

Dollar edged lower but traded near record low against euro to $1.5567 and edged higher against yen to 104.01.

Yields on U.S. bonds decreased to 3.80% with 10 years of maturities and decreased 4.53% with 30-year of maturities.
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