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Market Update : 
Banks Fall, Oil Complex Rises
Author: 123jump.com Staff
123jump.com
Last Update: 4:26 PM EDT April 14 2008


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Wachovia Corp reported quarterly loss in the first quarter, wrote down its assets by $2 billion, cut its dividend by 41% and will raise $7 billion in fresh capital. The news sent market averages and banking sector stocks lower. In the commodities market, sugar, crude oil and gasoline increased, lifting stocks in the energy sector. Petrobras, in Brazil, surged on an oil field find. Berlusconi returned to govern Italy, for the third time.

 
In Tokyo Nikkei 225 Index closed lower 406.22 or 3.05% to 12,917.51, in Hong Kong Hang Seng index decreased 856.59 or 3.47% closed to 23,811.20. In Australia ASX 200 index lower 96.90 or 1.78% to close 5,342.40. In Malaysia KL Composite index decreased 13.36 or 1.07% closed to 1,233.43.

In South Korea Kospi Index decreased 33.00 or 1.85% to close at 1,746.71, Indonesia JSE Index edged decreased 31.45 or 1.37% to 2,272.48. Market of Thailand and India were closed today.

Commodities, Metals, and Currencies

Crude oil increased $1.66 to close at $111.80 a barrel for a front month contract, natural gas increased 17 cent to $10.07 per mBtu, and gasoline futures increased 1.42 cents to close at 282.15 cents per gallon.

Gold increased $1.70 in New York trading to close at $928.70 per ounce, silver closed up $0.10 cents to $17.69 per ounce, and copper for front month delivery decreased 4.80 cents to $3.89 per pound.

Wheat futures increased 1 cent in Chicago trading and closed at $9.105 per bushel. Sugar increased 17.00 cent to $13.11 per pound. Soybean future closed up 40 cents to $13.89 a bushel.

Dollar edged higher and traded near a record low against euro to $1.5804 and edged higher against yen to 101.08.

Yields on U.S. bonds increased to 3.50% on 10-year bonds and rose on 30-year bonds to 4.29%.
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