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Market Update : 
U.S. Stocks Declined, Chinese Stock Speculation
Author: 123jump.com Staff
123jump.com
Last Update: 4:28 PM EDT May 10 2007


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U.S. trade deficit widened in March by 10.4%, wider than the forecast. The Labor Department said April import prices climbed 1.3% amid rising energy and food prices after a 1.5% increase in March. April retail sales were reported by Wal-Mart, Federated and several other apparel stores. Chinese individual investors speculation has driven local market indexes to record level. Brazil debt receives an upgrade. Bank of England hike rates to 5.5% and ECB keep rates at 3.75%

 
Commodities

Crude oil was little changed on concern that supplies will be further disrupted in Nigeria. Crude oil for June delivery slipped to $61.45 a barrel in after-hours trading on the New York Mercantile Exchange. Brent crude oil for June settlement gained 42 cents, or 0.6%, to $65.62 a barrel in electronic trading on the ICE Futures exchange.

Gold and silver were virtually unchanged as the reopening of Newmont Mining Corp. Yanacocha gold mine in Peru reduced concern over supply. Gold for immediate delivery fell $1.10, or 0.2%, to $679.45 an ounce and silver for immediate delivery declined as much as 2 cents, or 0.2%, to $13.34 an ounce.

Currencies

The euro advanced slightly against the U.S. dollar on Thursday ahead of a meeting by the European Central Bank that is expected to see interest rates left unchanged at 3.75%. The euro bought $1.3541 in morning European trading, compared with the $1.3529 it bought in New York late Wednesday. The British pound slipped to $1.9904 from $1.9941 and traded at $1.9962 during Thursday session. The dollar rose to 120.27 Japanese yen from 120.02 yen the night before.
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