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Market Update : 
Novartis and Nestle in $39 B Deal
Author: 123jump.com Staff
123jump.com
Last Update: 5:28 PM EDT April 07 2008


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European stocks edged higerh after Novartis agreed to purchase a stake in eye care unit of Nestle, J C Flowers pursued Friends and Provident and French railroad company SNCF bid 1.1 billion euros for logistics company Geodis. The deal news lifted stocks across the region. Banks and mining stocks gained after analysts recommended UBS and Anglo American.

 
South American Markets Indexes

Venezuela led the gainers in South American trading with a gain of 1.7% followed by increases in Peru of 1.2%, in Colombia of 0.6%, in Mexico with 0.2%, and in Chile of 0.13%. Brazil led the decliners in the region with a loss of 0.6% followed by losses in Argentina of 0.34%.

Asian Markets

In Tokyo Nikkei 225 Index closed higher 157.01 or 1.18% to 13,450.23, in Hong Kong Hang Seng index increased 314.13 or 1.29% closed to 24,578.76. In Australia ASX 200 index higher 5.40 or 0.10% to close 5,625.00. In Malaysia KL Composite index decreased 0.91 or 0.07% closed to 1,221.07.

In South Korea Kospi Index increased 7.07 or 0.40% to close at 1,773.56 and Indonesia JSE Index edged increased 9.71 or 0.43% to 2,286.80. Sensex index in India increased 413.96 or 2.70% to 15,757.08. Market of Thailand was closed today.

Commodities, Metals, and Currencies

Crude oil increased $2.55 to close at $108.78 a barrel for a front month contract, natural gas increased 46 cent to $9.78 per mBtu, and gasoline futures increased 2.10 cents to close at 277.77 cents per gallon.

Gold increased $13.60 in New York trading to close at $926.80 per ounce, silver closed up $0.36 cents to $18.12 per ounce, and copper for front month delivery increased 2.50 cents to 397.95 per pound.

Wheat futures decreased 57.00 cents in Chicago trading and closed at $9.34 per bushel. Sugar increased 62.00 cent to $12.19 per pound. Soybean future closed down 22.00 cents to $12.55 a bushel.

Dollar edged higher and traded near a record low against euro to $1.5704 and edged higher against yen to 102.46.

Bond Yields increased for 10-year U.S. bonds and closed at 3.56% and on 30-year bonds increased to close at 4.37%.
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