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Market Update : 
Swiss Re, UBS Lead Stocks Lower
Author: 123jump.com Staff
123jump.com
Last Update: 5:12 PM EDT May 06 2008


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Stocks in Europe closed lower after UBS reported a loss of 11.5 billion francs and Swiss Re missed its target. UBS also decided to elimiate 5,500 positions and raise caiptal to bolster its weak tier-1 capital ratio. NYSE Euronext earnings rose sharply on higher derivative revenues. Adidas first quarter earnings rose after the purchase of rival Reebok.

 
Colombia led gainers in the Latin American markets with a rise of 1.17% followed by increases in Argentina of 1.02% and in Mexico of 0.85%. Chile declined 0.8% and Brazil fell 0.01%.

Asian Markets

In Hong Kong Hang Seng index increased 78.18 or 0.30% closed to 26,262.13. In Australia ASX 200 index lower 28.90 or 0.50% to close 5,701.40. In Malaysia KL Composite index increased 1.48 or 0.12% closed to 1,276.09. Market of Tokyo was closed today.

In South Korea Kospi Index increased 10.79 or 0.58% to close at 1,859.06, in Thailand SET index closed higher 2.68 or 0.32% to 845.83 and Indonesia JSE Index edged decreased 16.16 or 0.68% to 2,371.83. Sensex index in India decreased 117.89 or 0.67% to 17,373.01.

Commodities, Metals, and Currencies

Crude oil increased $1.89 to close at $121.86 a barrel for a front month contract, natural gas decreased 6 cents to $11.12 per mBtu, and gasoline futures increased 4.98 cents to close at 310.27 cents per gallon.

Gold increased $3.60 in New York trading to close at $877.70 per ounce, silver closed up 3 cents to $16.86 per ounce, and copper for front month delivery decreased 6.90 cents to $3.8785 per pound.

Wheat futures increased 12.50 cents in Chicago trading and closed at $8.18 per bushel. Sugar increased 34 cent to $11.82 per pound. Soybean future closed down 9.00 cents to $12.77 a bushel.

Dollar edged lower and traded near record low against euro to $1.5524 and edged lower against yen to 104.71.

Yields on U.S. bonds increased to 3.89% with 10 years of maturities and increased 4.64% with 30-year of maturities.
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