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Market Update Analysis: 
EU Trade Surplus, German Prices Up
Author: 123jump.com Staff
123jump.com
Last Update: 4:47 PM EDT June 10 2008


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European stocks edged lower and rising crude oil prices and a rise in wholesale price index in Germany. Price of goods at wholesale level surged 8.1% in May a record gain since February 1982. EU 27 nations registered a trade surplus with US of 80 billion euros in goods and service surplus increased to 11 billion euros. The dollar rose against euro as the prospect of interest rate hike and currency market intervention intensified.

 
ThyssenKrupp led the afternoon decliners in the DAX 30 index with a fall of 3.39% to 41.95 euros followed by losses in Infineon Technologies of 1.69% to 5.80 euros, in Deutsche Post AG of 1.55% to 19 euros, in Continental of 1.52% to 67.46 euros and in Henkel KGaA of 1.48% to 29.29 euros.

Precious metals decline

Precious metals fell in London with gold losing $9 to $884.50 an ounce followed by losses in Silver of 19 cents to $17.46 an ounce, in platinum of $38 to $2,015 an ounce and palladium dropped $4 to 423.50 an ounce.

World markets review

In Tokyo Nikkei 225 Index closed lower 160.21 or 1.13% to 14,021.17, in Hong Kong Hang Seng index decreased 1,026.66 or 4.21% closed to 23,375.52. In Australia ASX 200 index lower 154.60 or 2.76% to close 5,437.50. In Malaysia KL Composite index decreased 0.02 or 0.00% closed to 1,230.96.

In South Korea Kospi Index decreased 34.58 or 1.91% to close at 1,774.38, in Thailand SET index closed lower 13.64 or 1.69% to 791.94 and Indonesia JSE Index edged decreased 36.26 or 1.50% to 2,373.82. Sensex index in India decreased 176.85 or 1.17% to 14,889.25.
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