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Market Update Analysis: 
European Markets Up, Milan Weak
Author: 123jump.com Staff
123jump.com
Last Update: 4:53 PM EDT May 19 2008


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European markets edged higher on the rise in commodities and energy prices. The steady rise in the commodities for the thrird week in a row lifted stocks in the sector. Steel companies edged higher as Nippon Steel in Japan is expected to pass on 25% steel price hikes to Toyota and Mitsubishi Heavy. The Bank of France lowered its second quarter economic growth target to 0.3%, half the rate in the first quarter. Milan market index falls 2.1% after the dividend payout.

 
South American Markets Indexes

Argentina led the gainers in the Latin American markets with a rise of 2.60% followed by increases in Mexico of 0.9%, in Chile of 0.7% and in Brazil of 0.50%. Colombia lost 0.01% and Venezuela declined 0.45%.

Asian markets

In Tokyo Nikkei 225 Index closed higher 50.13 or 0.35% to 14,269.61, in Hong Kong Hang Seng index increased 123.37 or 0.48% closed to 25,742.23. In Australia ASX 200 index higher 18.40 or 0.31% to close 5,949.40. Market of Malaysia was closed today.

In South Korea Kospi Index decreased 3.51 or 0.19% to close at 1,885.37. Indonesia JSE Index edged increased 25.42 or 1.71% to 2,510.96. Market of Thailand and India were closed today.

Commodities, Metals, and Currencies

Crude oil increased $0.96 to close at $127.25 a barrel for a front month contract, natural gas decreased 16 cents to $10.93 per mBtu, and gasoline futures increased 1.45 cents to close at 323.80 cents per gallon.

Gold increased $5.90 in New York trading to close at $905.80 per ounce, silver closed up 7 cents to $17.03 per ounce, and copper for front month delivery decreased 5.1 cents to $3.77 per pound.

Wheat futures increased 15.50 cent in Chicago trading and closed at $7.91 per bushel. Sugar decreased 38 cent to $10.75 per pound. Soybean future closed down 45.00 cents to $13.33 a bushel.

Dollar edged higher and traded near record low against euro to $1.5508 and edged higher against yen to 104.195.

Yields on U.S. bonds decreased to 3.81% with 10 years of maturities and decreased to 4.56% with 30-year of maturities.
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