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Market Update : 
Global Plunge: US, UK, Brazil Down 3%
Author: 123jump.com Staff
123jump.com
Last Update: 5:40 PM EDT June 26 2008


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The popular indexes Dow, Nasdaq and S&P 500 dropped as investors worried that assset write downs at banks and financial brokers may increase sharply. Goldman Sachs estimated Citigroup to write down $9 billion this quarter and Sanford Bernstein projected a quarterly loss for Merrill Lynch. Stocks in consumer and financial sectors closed sharply lower. UK, Brazil, Spain, Holland, Sweden fell near 3% and all markets in South America and Europe closed lower on the weakness in New York.

 
Hypo Real Estate Holdings led the decliners in the DAX 30 index with a fall of 8.40% to 18.76 euros followed by losses in Deutsche Borse of 5.99% to 74.05 euros, in Infineon Technologies of 4.57% to 5.85 euros, in Continental AG of 4.52% to 63.78 euros and in Henkel KGaA of 4.49% to 25.71 euros.

South American Markets Indexes

Brazil led the decliners in the Latin American markets with a fall of 2.9% followed by decreases in Argentina of 0.93%, in Chile of 1.19%, in Colombia of 1.4%, in Peru of 1.1%, in Mexico of 1.2% and in Argentina of 0.9%.

Asian markets

In Tokyo Nikkei 225 Index closed lower 19.64 or 0.14% to 13,829.92, in Hong Kong Hang Seng index increased 179.14 or 0.80% closed to 22,635.16. In Australia ASX 200 index lower 52.20 or 0.99% to close 5,237.80. In Malaysia KL Composite index increased 8.83 or 0.74% closed to 1,209.11.

In South Korea Kospi Index increased 6.95 or 0.41% to close at 1,717.79, in Thailand SET index closed higher 14.67 or 1.92% to 778.42 and Indonesia JSE Index edged decreased 24.02 or 1.02% to 2,341.36. Sensex index in India increased 113.49 or 0.80% to 14,220.07.

Commodities, Metals, and Currencies

Crude oil increased $5.24 to close at $139.79 a barrel for a front month contract, natural gas increased 38 cents to $13.24 per mBtu, and gasoline futures increased 11.67 cents to close at 351.08 cents per gallon.

Gold increased $32.80 in New York trading to close at $915.10 per ounce, silver closed up 61.30 cents to $17.20 per ounce, and copper for front month delivery increased 5.20 cent to $3.82 per pound.

Wheat futures increased 22.50 cent in Chicago trading and closed at $9.420 per bushel. Sugar increased 30 cent to $12.95 per pound. Soybean future closed up 36.00 cents to $15.61 a bushel.

Dollar edged lower and traded near record low against euro to $1.5758 and fell against yen to 106.70.

Yields on U.S. bonds decreased to 4.04% with 10 years of maturities and decreased to 4.61% with 30-year of maturities.
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