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Market Update : 
Steel Stocks Rise Ahead of Earnings
Author: 123jump.com Staff
123jump.com
Last Update: 5:14 PM EDT May 12 2008


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European markets edged higher on the strength in energy and steel stocks. ArcelorMittal and ThyssenKrupp led the rise in market averages in Germany and in France ahead of earnings this week. Societe Generale fell after HSBC took a charge of $3.2 billion to cover losses in the U.S. mortgage loans.

 
In Thailand SET index closed lower 4.49 or 0.53% to 842.22 and Indonesia JSE Index edged increased 2.98 or 0.13% to 2,378.00. Sensex index in India increased 123.90 or 0.74% to 16,860.90. Market of South Korea was closed today.

Commodities, Metals, and Currencies

Crude oil decreased $1.28 to close at $124.68 a barrel for a front month contract, natural gas decreased 22 cents to $11.31 per mBtu, and gasoline futures decreased 4.19 cents to close at 315.93 cents per gallon.

Gold decreased $0.90 in New York trading to close at $884.90 per ounce, silver closed up 32 cents to $17.23 per ounce, and copper for front month delivery increased 3.30 cents to $3.75 per pound.

Wheat futures increased 1 cent in Chicago trading and closed at $8.05 per bushel. Sugar increased 1 cent to $11.62 per pound. Soybean future closed down 15.50 cents to $13.42 a bushel.

Dollar edged lower and traded near record low against euro to $1.5531 and edged higher against yen to 103.90.

Yields on U.S. bonds increased to 3.79% with 10 years of maturities and increased to 4.53% with 30-year of maturities.
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