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Market Update : 
UBS Rallies, Miners Rise
Author: 123jump.com Staff
123jump.com
Last Update: 6:37 PM EDT April 04 2008


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European markets staged a tentative rebound on rising energy and metals prices. However, ongoing credit market problems persisted. Banks and financials were volatile and are likely to face more losses in the second quarter. UBS faced a critical shareholder and a former executive who plans to separate its investment banking from its wealth management unit. The move only reflects shareholders displeasure with the company performance.

 
In Latin Markets Venezuela led gainers in the region with a rise of 1.35% followed by increases in Peru of 1.17%, in Chile of 0.64%, and in Colombia of 0.61%. Brazil increased 0.46% but Argentina fell 0.03% and Mexico lost 0.46%.

Asian Markets

In Tokyo Nikkei 225 Index closed lower 96.68 or 0.72% to 13,.293.22. In Australia ASX 200 index higher 10.70 or 0.19% to close 5,619.60. In Malaysia KL Composite index decreased 3.60 or 0.29% closed to 1,221.98. Market of Hong Kong was closed today.

In South Korea Kospi Index increased 2.86 or 0.16% to close at 1,766.49, in Thailand SET index closed lower 1.88 or 0.23% to 824.80 and Indonesia JSE Index increased 39.11 or 1.75% to 2,277.08. Sensex index in India decreased 489.43 or 3.09% to 15,343.12.

Commodities, Metals, and Currencies

Crude oil increased $2.38 to close at $106.21 a barrel for a front month contract, natural gas decreased 11 cent to $9.31 per mBtu, and gasoline futures increased 3.31 cents to close at 275.74 cents per gallon.

Gold increased $3.60 in New York trading to close at $913.20 per ounce, silver closed up $0.27 cents to $17.78 per ounce, and copper for front month delivery increased 5.30 cents to 395.45 per pound.

Wheat futures increased 39.00 cents in Chicago trading and closed at $9.91 per bushel. Sugar decreased 24.00 cent to $11.57 per pound. Soybean future closed up 20.00 cents to $12.77 a bushel.

Dollar edged lower and traded near a record low against euro to $1.5735 and edged lower against yen to 101.51.

Bond Yields decreased for 10-year U.S. bonds and closed at 3.46% and on 30-year bonds decreased to close at 4.31%.
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