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Market Update : 
Banks, Insurers Decline; Escada Down 10%
Author: 123jump.com Staff
123jump.com
Last Update: 4:38 PM EDT April 09 2008

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European bank closed lower after worries on credit market dragged the sector and broader markets lower. German regulators ordered Weserbank, local bank to close on worsening financials. Escada dropped 10% after private equity group declined to invest in the retailer. Nordex, wind turbine maker, jumped 4% on fourfould rise in earnings. Media reports in France suggest that Sacyr agreed to sell its 33% stake in Eiffage for 1.96 billion euros.

 
CIT Group led the decliners in the S&P 500 index with a fall of 8.5% followed by losses in MBIA of 8.4%, in Lennar of 6.8%, in Tesoro of 6.65%, in Ambac Financial of 6.3%, and in Humana of 6%.

SanDisk led the gainers in the S&P 500 index with a rise of 5.95% followed by increases in Boeing of 4.1%, in Broadcom of 3.7%, in Precision Castparts 3.6%, and in Advanced Micro Devices of 3.2%.

South American Markets Indexes

Brazil led the decliners in South American trading with a loss of 1.74% followed by decreases in Mexico of 1.05%, in Argentina of 0.93%, and in Chile of 0.60%. Venezuela jumped 0.94% followed by increase of 0.6% in Colombia.

Asian Markets

In Tokyo Nikkei 225 Index closed lower 199.80 or 1.49% to 13,250.43, in Hong Kong Hang Seng index decreased 267.07 or 1.09% closed to 24,311.69. In Australia ASX 200 index lower 53.50 or 0.95% to close 5,571.50. In Malaysia KL Composite index increased 4.64 or 0.38% closed to 1,225.71.

In South Korea Kospi Index decreased 18.85 or 1.06% to close at 1,754.71, in Thailand SET index closed higher 2.05 or 0.25% to 826.85 and Indonesia JSE Index edged decreased 37.03 or 1.62% to 2,249.77. Sensex index in India decreased 169.46 or 1.08% to 15,587.62.

Commodities, Metals, and Currencies

Crude oil increased $2.23 to close at $110.73 a barrel for a front month contract, natural gas increased 38 cent to $10.07 per mBtu, and gasoline futures increased 2.26 cents to close at 277.30 cents per gallon.

Gold increased $19.50 in New York trading to close at $937.50 per ounce, silver closed up $0.49 cents to $18.20 per ounce, and copper for front month delivery increased 11.00 cents to $4.00 per pound.

Wheat futures decreased 1.00 cents in Chicago trading and closed at $9.46 per bushel. Sugar increased 55.00 cent to $12.98 per pound. Soybean future closed down 61.50 cents to $13.13 a bushel.

Dollar edged lower and traded near a record low against euro to $1.5826 and edged higher against yen to 101.69.

Yields on U.S. bonds declined to 3.46% on 10-year bonds and fell on 30-year bonds to 4.31%.
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