Metals Lift Europe and S. American Markets

123jump.com Staff
18 Feb, 2008
New York City

A sharp rally in metals lifted markets in Brazil, Peru, and Argentina. CVRD won 65% rise in iron ore prices after a negotiation with four largest Japanese steel compaines. Iron prices have increased more than 100% in the last three years before the current hike, effective on April 1. Qatar sovereign fund is ready to increase its stake in credit Suisse, and is willing to invest upto $15 billion. European banks closed higher on the news and on the expectations of better earnings from Barclays.

[R]10:00PM Frankfurt, 4:00PM New York, 8:00AM Sydney – A rally in commodities and metals lifted European and South American markets. Qatar’s decision to a stake in Credit Suisse in lifted Swiss index and banking stocks across the region.[/R]

European Markets

In London FTSE 100 Index closed higher 159.00 or 2.75% to 5,946.60, in Paris CAC 40 Index increased 90.01 or 1.89% to close at 4,861.80 and in Frankfurt DAX index higher 135.12 or 1.98% to close at 6,967.55. In Zurich trading SMI increased 133.71 or 1.82% to close at 7,486.71.

North American Markets indexes

Financial markets were closed in the United States of America and Canada.

South American Markets Indexes

In Latin Markets Brazil led the gainers in the region with a rise of 2.50% followed by increases in Colombia of 1.72%, in Mexico of 1.49%, in Chile of 1.3%, and in Argentina of 1.05%. Peru increased 0.5% and Venezuela declined 0.7%.

Asian Markets

In Tokyo Nikkei 225 Index closed higher 12.84 or 0.09% to 13,635.40, in Hong Kong Hang Seng index decreased 389.18 or 1.61% closed to 23,759.25. Australia ASX 200 index decreased 48.20 or 0.86% to close 5,558.40.

In South Korea Kospi Index increased 1.47 or 0.09% to close at 1,696.24, in Thailand SET index closed lower 1.66 or 0.20% to 824.99 and Indonesia JSE Index edged decreased 3.49 or 0.13% to 2,684.70. Sensex index in India decreased 67.20 or 0.37% to 18,048.05.

U.S. bonds markets were closed for trading but on Friday, Bond Yields decreased on 10-year U.S. bonds to 3.77% and on 30-year bonds fell to 4.58%.

[R]Commodities, Metals, and Currencies[/R]

Crude oil added $0.39 to close at $95.89 per barrel for a front month contract, natural gas increased 17 cents to $8.83 per mBtu, and gasoline futures increased 3.05 cents to close at 252.43 cents per gallon.

Gold increased $3.00 in New York trading to close at $909.00 per ounce, silver closed up 2 cents to $17.14 per ounce, and copper for front month delivery increased 8.10 cents to 362.00 per pound and in London copper futures increased $51.00 to $7,751.00.


Agriculture commodities markets were closed for trading today. On Friday, Wheat futures rose 1.00 cents in Chicago trading and closed at $10.42 per bushel. Sugar increased 0.16 cents to 13.79 cents per pound. Soybean future closed up 5.75 cents to $13.91 per bushel.

Dollar edged lower but traded near record lows against euro to $1.4654 and edged higher against yen to 108.15.