European Markets Struggle on Weak Earnings

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Market Update Analysis:

Author: 123jump.com Staff
123jump.com
Last Update: 5:06 PM EST February 28 2008

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European markets fell between 1.5% and 2% after U.S. economy grew at 0.6% in the fourth quarter. The sharp decline in growth prompted worries that European economies may lose its gowth momentum. Euro rose to a record high agaist dollar, third record in a row and oil closed at near record high. Gold, silver, and copper rose. Rhodia tumbled 20% after it reported lower than revised earnings. Bayer fell as well. InBev surged 9% on fourth quarter profit of 900 million euros.

Wheat futures fell 8.50 cents in Chicago trading and closed at $11.65 per bushel. Sugar increased 3 cents to 14.66 cents per pound. Soybean future closed up 3.725 cents to $15.125 per bushel.

Dollar edged lower and traded at new record lows against euro to $1.525 and edged higher against yen to 105.34.

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