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Market Update : 
Stocks Decline on Confidence, Home Prices
Author: 123jump.com Staff
123jump.com
Last Update: 5:06 PM EDT April 29 2008


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U.S. stocks fell ahead of rate decision, a decline in consumer confidence and falling home prices. Home prices in February fell 12.7% after falling 10.7% in January. Consumer confidence in April fell on rising commodities and food prices and falling home values. On the earnings front MasterCard surged 13% and Visa increased 7% after they reported surge in earnings. Countrywide Financial reported first quarter loss but loan origination and deposit base rose. Brazil stocks fell 2.8%.

 
Brazil led decliners in the South American trading with a fall of 2.82% followed by decreases in Argentina of 1.92%, in Chile of 1.28%, and in Mexico of 1.15%. Venezuela fell 0.9%.

Peru added 0.52% and Colombia increased 0.47%.

Asian Markets

In Hong Kong Hang Seng index increased 247.86 or 0.97% closed to 25,914.15. In Australia ASX 200 index higher 4.20 or 0.07% to close 5,606.90. In Malaysia KL Composite index decreased 11.66 or 0.90% closed to 1,283.65. There was holiday in Japan.

In South Korea Kospi Index decreased 11.66 or 0.64% to close at 1,811.51, in Thailand SET index closed lower 2.79 or 0.33% to 833.63 and Indonesia JSE Index edged increased 49.22 or 2.18% to 2,303.53. Sensex index in India increased 362.50 or 2.13% to 17,378.46.

Commodities, Metals, and Currencies

Crude oil decreased $3.42 to close at $115.33 a barrel for a front month contract, natural gas decreased 53 cent to $10.80 per mBtu, and gasoline futures decreased 9.37 cents to close at 293.70 cents per gallon.

Gold decreased $18.70 in New York trading to close at $876.80 per ounce, silver closed down $0.48 cents to $16.64 per ounce, and copper for front month delivery decreased 4.80 cents to $3.88 per pound.

Wheat futures decreased 32.50 cents in Chicago trading and closed at $8.08 per bushel. Sugar decreased 19 cent to $11.87 per pound. Soybean future closed down 4.00 cents to $12.93 a bushel.

Dollar edged lower but traded near record low against euro to $1.5567 and edged higher against yen to 104.01.

Yields on U.S. bonds decreased to 3.80% with 10 years of maturities and decreased 4.53% with 30-year of maturities.
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