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Market Update : 
New York Up, Europe Struggles, Asia Rebounds
Author: 123jump.com Staff
123jump.com
Last Update: 4:21 PM EDT July 30 2007

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Late afternoon rally in New York lifted broader averages at close. European markets closed mixed and China led the rebound in the region. Oil fell but gold and other metals edged up a fraction. Ingersoll-Rand agreed to sell its construction vehicle business to a Korean conglomerate for $4.9 billion. HSBC reported that its first half income jumped 24% on 23% rise in sales. Ruling party in Japan lost its majority in the upper house election.

 
The stock traded to a record level on the news with a gain of 10% to 1,265.

The worries related consumer spending in the U.S. hurt the export driven stock after a week of turmoil in the market. Canon closed 2.6% lower at 6,340 and Sony lost 1.1% to close at 6,350 yen. Seiko Epson plummeted 11% to 3,410 yen on broker downgrade.

The strength in the Japanese steel companies lifted other steel stocks in the region. Posco in Korea increased 2.2% and Baoshan Iron & Steel surged 7%.

Shipping companies staged another rebound on the expectations that the shipping rates will increase lifting the shares of Mitsui OSK by 4%.
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