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Market Update Analysis: 
SocGen, Agricole and Fortis Earnings Fall
Author: 123jump.com Staff
123jump.com
Last Update: 5:51 PM EDT May 13 2008


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European stocks closed higher after the release of earnings from banks Fortis and Societe Generale. SocGen fell after it reported another write down of assets related to credit markets of 1.45 billion euros and 23% decline in earnings. Fortis reported a a decline in earnings of 30% to 808 million euros and reported a mark down of 4.9 billion euros. Credit Agricole earnings falls more than 50% to 892 million euros.

 
Mexico led the gainers in the Latin American markets with a rise of 0.82% followed by increases in Peru of 0.65% and in Colombia of 0.32%. Venezuela led the decliners in the index with a loss of 1.6% followed by losses in Chile of 0.34% and in Argentina of 0.9%. Brazil added 0.12%.

Asian Markets

In Tokyo Nikkei 225 Index closed higher 210.37 or 1.53% to 13,953.73, in Hong Kong Hang Seng index increased 489.60 or 1.95% closed to 25,552.77. In Australia ASX 200 index lower 15.80 or 0.27% to close 5,812.70. In Malaysia KL Composite index decreased 6.55 or 0.51% closed to 1,286.54.

In South Korea Kospi Index increased 19.10 or 1.05% to close at 1,842.80, in Thailand SET index closed lower 2.94 or 0.35% to 839.28 and Indonesia JSE Index edged increased 40.90 or 1.72% to 2,418.90. Sensex index in India decreased 108.04 or 0.64% to 16,752.86.

Commodities, Metals, and Currencies

Crude oil increased $1.64 to close at $125.87 a barrel for a front month contract, natural gas increased 11 cents to $11.41 per mBtu, and gasoline futures increased 3.68 cents to close at 320.10 cents per gallon.

Gold decreased $15.30 in New York trading to close at $869.60 per ounce, silver closed down 39 cents to $16.83 per ounce, and copper for front month delivery decreased 1.80 cents to $3.73 per pound.

Wheat futures decreased 9.75 cent in Chicago trading and closed at $7.95 per bushel. Sugar decreased 49 cent to $11.16 per pound. Soybean future closed up 11.70 cents to $13.79 a bushel.

Dollar edged higher and traded near record low against euro to $1.5476 and edged higher against yen to 104.77.

Yields on U.S. bonds increased to 3.90% with 10 years of maturities and increased to 4.62% with 30-year of maturities.
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