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Market Update Analysis: 
ECB Adds Liquidity, Stocks Rise
Author: 123jump.com Staff
123jump.com
Last Update: 7:57 PM EDT March 18 2008


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European markets surged higher ahead of the U.S. rate decision and after the release of earnings from Goldman Sachs and Lehman Brothers. Goldman and Lehman reported lower earnings but beat the expectations. UBS sliced pay of its chairman Marcel Ospel by 94% in 2007 to SFr2.6 million from 2006.

 
Asian Markets

In Tokyo Nikkei 225 Index closed higher 176.65 or 1.50% to 11,964.16, in Hong Kong Hang Seng index increased 300.00 or 1.42% closed to 21,384.61. Australia ASX 200 index increased 0.90 or 0.02% to close 5,086.10. In Malaysia KL Composite index increased 2.49 or 0.21% closed to 1,180.02.

In South Korea Kospi Index increased 14.31 or 0.91% to close at 1,588.75, in Thailand SET index closed higher 5.58 or 0.69% to 806.74 and Indonesia JSE Index edged increased 27.47 or 1.19% to 2,339.80. Sensex index in India increased 23.97 or 0.16% to 14,833.46.

Bond Yields for 10-year U.S. bonds closed at 3.50% and on 30-year bonds at 4.375%.

Commodities, Metals, and Currencies

Crude oil decreased $0.62 to close at $108.80 a barrel for a front month contract, natural gas increased 3 cent to $9.44 per mBtu, and gasoline futures decreased 2.00 cents to close at 264.00 cents per gallon.

Gold decreased $21.00 in New York trading to close at $983.30 a ounce, silver closed down 10.5 cents to $19.85 per ounce, and copper for front month delivery decreased 2.05 cents to 372.60 per pound.

Wheat futures increased 32.50 cents in Chicago trading and closed at $11.64 per bushel. Sugar decreased 19.00 cent to 12.28 cents per pound. Soybean future closed up 4 cents to $13.07 a bushel.

Dollar edged lower and traded near a record low against euro to $1.5648 and edged higher against yen to 100.24.
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