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Market Update Analysis: 
Freenet,Debitel Merge; EU Growth Lowered
Author: 123jump.com Staff
123jump.com
Last Update: 6:55 PM EDT April 28 2008


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Germany reported lower inflation in April but estimates of economic growth in the 15-countries that use euro was revised lower to 1.7% from 1.8% and 1.5% in 2009. In merger news, Freenet, mobile telecom operator agreed to purchase Debitel AG in Germany for 1.6 billion euros from a private equity group Permira. Metals, banks and energy stocks gained in the region.

 
General Motors led gainers in the Dow Jones index with a rise of 2.6% followed by gains in Verizon Communications of 2.46%, in Merck of 1.77% and in Caterpillar of 0.95%.

Microsoft led decliners in the Dow Jones with a loss of 2.8% followed by losses in DuPont of 1.4%, in IBM of 1.13%, in AIG of 1.03%, and in Pfizer of 0.98%.

Of the stocks in S&P 500 index, 241 stocks increased, 251 declined, and 8 were unchanged. Of the stocks in the index, 11 stocks fell more than 3% and 65 gained more than 3%.

RadioShack led decliners in the S&P 500 index with a loss of 14% followed by losses in Goodyear of 6%, in Loews of 5.3%, and in Broadcom Corporation of 4.3%.

Wrigley led gainers in the index with a rise of 23% followed by gainers in the S&P 500 index of Ford Motor of 9.5%, in Sysco of 8.5%, in Tenet Healthcare of 8.2%, and in Ambac Financial of 7.77%.

South American Markets Indexes

Brazil led gainers in the South American trading with a rise of 0.75% followed by increases in Colombia of 0.56% and in Argentina of 0.42%. Mexico led decliners in the region with a loss of 1.24% followed by declines in Chile of 0.43%, in Venezuela of 0.64% and in Peru of 0.37%.

Asian Markets

In Tokyo Nikkei 225 Index closed higher 30.90 or 0.22% to 13,894.37, in Hong Kong Hang Seng index increased 149.51 or 0.59% closed to 25,666.29. In Australia ASX 200 index higher 15.40 or 0.28% to close 5,602.70. In Malaysia KL Composite index increased 7.23 or 0.56% closed to 1,295.31.

In South Korea Kospi Index decreased 1.51 or 0.08% to close at 1,823.17, in Thailand SET index closed higher 4.23 or 0.51% to 836.42 and Indonesia JSE Index edged increased 13.73 or 0.61% to 2,254.31. Sensex index in India decreased 110.02 or 0.64% to 17,015.96.

Commodities, Metals, and Currencies

Crude oil increased $0.33 to close at $118.85 a barrel for a front month contract, natural gas increased 13 cent to $11.23 per mBtu, and gasoline futures increased 3.19 cents to close at 305.05 cents per gallon.

Gold increased $5.80 in New York trading to close at $895.50 per ounce, silver closed up $0.19 cents to $16.78 per ounce, and copper for front month delivery decreased 2.55 cents to $3.87 per pound.

Wheat futures decreased 8.50 cents in Chicago trading and closed at $8.15 per bushel. Sugar decreased 4 cent to $12.25 per pound. Soybean future closed down 24.00 cents to $13.37 a bushel.

Dollar edged lower and traded near record low against euro to $1.656 and edged higher against yen to 104.14.

Yields on U.S. bonds decreased to 3.50% with 10 years of maturities and decreased 4.38% with 30-year of maturities.
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