Banks Lead European Markets Lower

123jump.com Staff
03 Mar, 2008
New York City

Fraport AG 2007 revenue rose 8.6% and net income fell 9% to 208 million euros on 2.5% increase in traffic. The airport operator released a dividend of 1.15 euro. Freenet AG, the German mobile telecom operator, reported 2007 sales decline of 9% and reported a loss of 50.6 million euros compared to profit of 181.3 million euros. Consumer prices in euro zone rose 3.2% in February according to EU statistics office.

[R]10:00PM Frankfurt, 4:00PM New York, 8:00AM Sydney – HSBC reported 21% rise in profit, lower than expected by analysts on higher loan loss reserves. Dollar traded at a record low, oil rebounded, and gold surged to a new three decade high. EADS surged 9% on the Air Force contract worth $35 billion for the next 10 years.[/R]

European Markets

In London FTSE 100 Index closed lower 65.70 or 1.12% to 5,818.60, in Paris CAC 40 Index decreased 48.00 or 1.00% to close at 4,742.66 and in Frankfurt DAX index lower 58.18 or 0.86% to close at 6,689.95. In Zurich trading SMI decreased 129.98 or 1.73% to close at 7,403.88.

North American Markets indexes

Dow Jones Industrial Average declined 7.49 or 0.06% to a close of 12,258.90, S&P 500 closed up 0.71 or 0.05% to 1,331.34, and Nasdaq Composite Index traded down 12.88 or 0.57% to a close of 2,258.60. In Toronto TSX Composite closed lower 38.31 or 0.28% to close at 13,544.38.

Of the 30 stocks in Dow Jones Industrial Average, 15 closed higher, 14 closed lower, and one was unchanged.

Citigroup led the decliners in the index with a loss of 2.6% followed by losses in Boeing of 2.6%, in JP Morgan Chase of 2.04%, and in McDonalds of 1.76%. Alcoa led the gainers in the index with a rise of 3.2% followed by increases in Home Depot of 2.03%, and in Caterpillar of 1.2%.

Of the stocks in S&P 500, 276 closed higher, 221 fell, and 3 were unchanged. Of the index stocks, 15 rose more than 3% and 28 stocks fell more than 3%.

Ambac Financial led the decliners in the index with a loss of 10.8% followed by losses in Lennar Corp of 10.1%, in KB Home of 7.8%, and in Washington Mutual of 7.8%. Supervalue led the gainers in the index with a rise of 7% followed by increases in Northrop Grumman of 5.1%, in Express Script of 4.8%, and in Noble Energy of 4.5%.


South American Markets Indexes

In Latin Markets Mexico led the gainers in the region with a rise of 2.10% followed by increases in Brazil of 1.59%, in Peru of 0.49%, and Venezuela of 0.32%. Colombia led the decliners in the region with a loss of 2.4% followed by losses in Chile of 1.6%, and in Argentina of 1.2%.

Asian Markets

In Tokyo Nikkei 225 Index closed lower 610.84 or 4.49% to 12,992.18, in Hong Kong Hang Seng index decreased 746.70 or 3.07% closed to 23,584.97. Australia ASX 200 index decreased 166.30 or 2.98% to close 5,405.80.

In South Korea Kospi Index decreased 39.89 or 2.33% to close at 1,671.73, in Thailand SET index closed lower 2.84 or 0.34% to 842.92 and Indonesia JSE Index edged decreased 69.63 or 2.56% to 2,652.31. Sensex index in India decreased 900.84 or 5.12% to 16,677.88.

Bond Yields increased on 10-year U.S. bonds to 3.55% and on 30-year bonds declined to 4.43%.

Commodities, Metals, and Currencies

Crude oil increased $0.67 to close at $102.51 per barrel for a front month contract, natural gas decreased 5 cents to $9.32 per mBtu, and gasoline futures increased 0.21 cents to close at 267.20 cents per gallon.

Gold increased $9.20 in New York trading to close at $984.20 per ounce, silver closed up 26 cents to $20.81 per ounce, and copper for front month delivery increased 7.35 cents to 392.85 per pound.

Wheat futures increased 60.90 cents in Chicago trading and closed at $11.46 per bushel. Sugar increased 40 cent to 15.02 cents per pound. Soybean future closed up 38.50 cents to $15.75 per bushel.

Dollar edged lower and traded at record lows against euro to $1.5206 and edged lower against yen to 103.41.