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Market Update : 
Financials Lift European Markets
Author: 123jump.com Staff
123jump.com
Last Update: 5:35 PM EDT April 18 2008


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European markets surged after a rally in the U.S. lifted financial stocks. Banks in Europe took advantage of recovering financial markets and offered bonds wirth 12 billion euro. The Spanish government passed fiscal stimulus package of 18 billion euros to bolster the falling economy on weak housing market. Every Spanish tax payers and pensioners will receive 400 euros this year and 8 billion euros are earmarked to distribute next year.

 
South American Markets Indexes

Colombia led gainers in the South American trading with a rise of 2.00% followed by increases in Argentina of 1.14%, in Brazil of 0.57%, and in Mexico of 0.03%. Venezuela fell 0.7% and Peru declined 0.40%.

Asian Markets

In Tokyo Nikkei 225 Index closed higher 78.15 or 0.58% to 13,476.45, in Hong Kong Hang Seng index decreased 61.18 or 0.25% closed to 24,197.78. In Australia ASX 200 index lower 89.30 or 1.62% to close 5,429.70. In Malaysia KL Composite index increased 11.11 or 0.88% closed to 1,267.65.

In South Korea Kospi Index increased 3.23 or 0.18% to close at 1,771.90, in Thailand SET index closed lower 0.03 or 0.00% to 845.40 and Indonesia JSE Index edged increased 7.49 or 0.32% to 2,349.27. Market of India was closed today.

Commodities, Metals, and Currencies

Crude oil increased $1.88 to close at $116.74 a barrel for a front month contract, natural gas increased 20 cent to $10.58 per mBtu, and gasoline futures increased 3.02 cents to close at 297.70 cents per gallon.

Gold decreased $27.70 in New York trading to close at $915.20 per ounce, silver closed down $0.48 cents to $17.82 per ounce, and copper for front month delivery decreased 2.20 cents to $3.8925 per pound.

Wheat futures increased 28.5 cents in Chicago trading and closed at $9.39 per bushel. Sugar decreased 1.00 cent to $13.29 per pound. Soybean future closed up 10.50 cents to $13.77 a bushel.

Dollar edged higher and traded at a record low against euro to $1.581 and edged lower against yen to 101.75.

Yields on U.S. bonds increased to 3.73% with 10 years of maturities and increased 4.51% with 30-year of maturities.
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