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Market Update : 
Global Markets Fall on Rising Crude, Inflation
Author: 123jump.com Staff
123jump.com
Last Update: 4:58 PM EDT May 20 2008


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Stocks in the U.S., Europe and Asia fell on inflation worries and rising crude oil prices. April wholesale inflation rise sparked fears of inflation in the U.S. and dragged the stocks lower. Home Depot, Saks, Target, Autozone fell on earnings. European markets declined as crude oil hovered near $130 a barrel, a new record. UK dropped nearly 3% on the worries that housing market fall may bring more losses to mortgage lenders and banks.

 
Asian markets

In Tokyo Nikkei 225 Index closed lower 109.52 or 0.77% to 14,160.09, in Hong Kong Hang Seng index decreased 572.77 or 2.23% closed to 25,169.46. In Australia ASX 200 index lower 41.30 or 0.69% to close 5,908.10. In Malaysia KL Composite index decreased 13.24 or 1.02% closed to 1,287.43.

In South Korea Kospi Index decreased 12.22 or 0.65% to close at 1,873.15, in Thailand SET index closed higher 3.49 or 0.40% to 873.82. Sensex index in India decreased 204.76 or 1.17% to 17,230.18. Market of Indonesia was closed today.

Commodities, Metals, and Currencies

Crude oil increased $2.02 to close at $129.07 a barrel for a front month contract, natural gas increased 40 cents to $11.36 per mBtu, and gasoline futures increased 5.84 cents to close at 329.50 cents per gallon.

Gold increased $5.90 in New York trading to close at $905.80 per ounce, silver closed up 70 cents to $17.72 per ounce, and copper for front month delivery increased 3 cents to $3.776 per pound.

Wheat futures decreased 7.00 cent in Chicago trading and closed at $7.84 per bushel. Sugar decreased 17 cent to $10.69 per pound. Soybean future closed down 1.50 cents to $13.31 a bushel.

Dollar edged lower and traded near record low against euro to $1.5661 and fell against yen to 103.58.

Yields on U.S. bonds decreased to 3.77% with 10 years of maturities and decreased to 4.53% with 30-year of maturities.
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