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Market Update : 
Second Day Rally in Financials
Author: 123jump.com Staff
123jump.com
Last Update: 5:22 PM EDT April 02 2008


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European financial stocks rallied for the second day on the hopes that the regional banks are strong to withstand the ongoing credit market crisis in the U.s. Banks, insurance and brokers rallied. WestLB, third largest state controlled bank in Germany reported 2.1 billion assset write down in subprime loan portfolio. French caterer Sodex first half revenue rose 4% and earnings. AirFrance KLM and Alitalia broke off talks after they failed to agree on union proposal.

 
In Latin Markets Venezuela led gainers in the region with a surge of 6.61% followed by increases in Argentina of 1.54%, in Peru of 1.27%, and in Brazil of 0.94%. Mexico fell 1% and Chile lost 0.7%.

Asian Markets

In Tokyo Nikkei 225 Index closed higher 532.94 or 4.21% to 13,189.36, in Hong Kong Hang Seng index increased 734.97 or 3.18% closed to 23,872.43. In Australia ASX 200 index higher 141.70 or 2.64% to close 5,502.90. In Malaysia KL Composite index decreased 10.76 or 0.86% closed to 1,239.65.

In South Korea Kospi Index increased 39.94 or 2.35% to close at 1,742.19, in Thailand SET index closed higher 2.35 or 0.29% to 825.71 and Indonesia JSE Index edged decreased 51.06 or 2.13% to 2,342.19. Sensex index in India increased 123.78 or 0.79% to 15,750.40.

Commodities, Metals, and Currencies

Crude oil increased $3.87 to close at $104.85 a barrel for a front month contract, natural gas increased 11 cent to $9.83 per mBtu, and gasoline futures increased 13.23 cents to close at 277.15 cents per gallon.

Gold increased $12.40 in New York trading to close at $900.20 per ounce, silver closed up $0.29 cents to $17.18 per ounce, and copper for front month delivery increased 7.15 cents to 387.75 per pound.

Wheat futures increased 41.50 cents in Chicago trading and closed at $9.36 per bushel. Sugar increased 34.00 cent to 11.86 cents per pound. Soybean future closed down 32.00 cents to $12.43 a bushel.

Dollar edged higher and traded near a record low against euro at $1.5676 and edged higher against yen to 102.36.

Bond Yields increased for 10-year U.S. bonds and closed at 3.57% and on 30-year bonds increased to close at 4.38%.
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