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Market Update : 
Asia Falls Dragged by IT Stocks
Author: Ivaylo Dagnev
123jump.com
Last Update: 8:49 AM EDT July 16 2007


(Continued)

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Asian stocks finished mostly lower Monday with Hong Kong dropping from a record high and Australian market declining weighed down by mining firms BHP Billiton and Rio Tinto. Japanese markets were closed for a national holiday. In South Korea, the index dipped as banking stocks were hit by the slump in the U.S. mortgage market. Worries of another policy tightening weighed on stocks in China.

 
Gold traded in London at $667.25 per troy ounce, up from $665.30 late Friday.

Brent crude oil traded above $78 a barrel in London for the first time since Aug. 9 as field maintenance limited North Sea supplies.

Crude oil in New York for August delivery gained 51 cents, or 0.7%, to $74.44 a barrel in after-hours electronic trading on the New York Mercantile Exchange.

5:30AM Gold dips, copper advances, oil finishes higher, corn ends higher.

August gold lost $1 to end at $667.30 an ounce on the Nymex, while September silver dipped 7 cents to $13.11 an ounce.

Copper advanced nearly 1% on the LME and added 1.2 cents to finish at $3.593 a pound on the New York Mercantile Exchange.

Nymex crude oil, which has ended 10 straight trading sessions above $70 a barrel, gained $1.43 to close at $73.93 a barrel after briefly hitting $74.

Hopes for continuing builds in gasoline inventories weighed pressure futures down 4.15 cents to end at $2.2248 a gallon.

In Chicago, agriculture futures oscillated throughout the day. December corn gained 3.25 cents to $3.685 a bushel, while November soybeans advanced 7.25 cents a bushel to $9.4875.

Wheat futures closed down 0.75 cent to $6.2075.
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