10:00PM Frankfurt, 4:00PM New York, 8:00AM Sydney – Market averages traded in a tight range. American Express surged while Microsoft fell.

Global Markets Update

U.S. tech stocks fell after a cautious outlook from Microsoft. Microsoft earnings declined 11% to $4.39 billion on nearly flat revenue of $14.45 billion. Weak guidance for the current quarter dragged the stock lower 6%. However, American Express surged 4% after it reported 11% decline in revenue and earnings. Baidu.com revenue soars 108% from a year ago.

Stocks in India closed higher on earnings and despite rising inflation. Bharti Airtel gained 9% to 920.10 rupees and led gainers in the Sensex index. The company reported 39.3% rise in net profit to 1,792.30 crore rupees on 41.8% increase net revenues to 7,446.82 crore rupees in the fourth quarter. Ideal Cellular rose 4.7% to 107.80 rupees. The company posted 44.6% rise in net profit to 278.20 crore rupees on 50.7% increase in net sales to 1,972.40 crore rupees in the fourth quarter.

Stocks in Hong Kong edged lower today but surged 5.5% for the week. In Shanghai trading stocks rose 0.8% and for the week soared 16%. The reduction in stamp duty on trading in China lifted stocks for the second day in a row. Citic Securities, Haitong Securities and China Vanke led gainers in the CSI 300 index. Air China gained 4% after it reported 147% rise in earnings. Yunnan Copper full year profit declined 47% in 2007. Bao Steel is looking to raise $8.5 in international offering.

Nomura Holdings reported first quarter loss of 154 billion yen compared to a profit of 33 billion yen from a year ago. The largest brokerage firm in Japan set aside $1.5 billion to cover bond insurance losses. Nomura fell 12% and dragged Daiwa Securities 9% as well. Quarterly trading revenue declined 80%. For the year 2007 Nomura reported a loss of 68 billion yen compared to a gain of 176 billion yen in 2006.


European Markets indexes

In London FTSE 100 Index closed higher 40.70 or 0.67% to 6,091.40, in Paris CAC 40 Index increased 48.66 or 0.99% to close at 4,978.21 and in Frankfurt DAX index higher 75.26 or 1.10% to close at 6,896.58. In Zurich trading SMI increased 48.96 or 0.66% to close at 7,509.48.

North American Markets indexes

Dow Jones Industrial Average added 42.91 or 0.33% to a close of 12,891.86, S&P 500 closed up 9.02 or 0.65% to 1,397.84, and Nasdaq Composite Index decreased 5.99 or 0.25% to close at 2,422.93. In Toronto TSX Composite closed up 137.54 or 0.98% to 14,103.87.

Of the 30 stocks in Dow Jones Industrial Average, 18 closed higher, 12 closed lower, and none was unchanged.

Microsoft led decliners in the Dow Jones index with a loss of 6.2% followed by losses in General Motors of 3.3%, in Hewlett Packard of 1.86%, and in 3M of 1.66%.

American Express led gainers in the Dow Jones index with a rise of 5.7% followed by gains in Citigroup of 3.3%, in Home Depot of 2.97%, in Alcoa of 2.5%, and n Boeing of 2.22%.

Of the stocks in S&P 500 index, 354 stocks increased, 144 declined, and 2 were unchanged. Of the stocks in the index, 11 stocks fell more than 3% and 65 gained more than 3%.

Ford Motor led decliners in the S&P 500 index with a loss of 11% followed by losses in First Horizon of 7.9%, in MEMC Electric Materials of 6.4%, in Microsoft of 6.2%, in Fidelity National of 5.33%, in Genworth Financial of 5%.


Tenet Healthcare led gainers in the S&P 500 index with a rise of 13.4% followed by increases in Fannie Mae of 10.4%, in Perkin Elmer of 9.8%, in Eastman chemical of 7.7%, and in Freddie Mac of 7.4%.

South American Markets Indexes