Consumer Spending Declines

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

Consumer spending in the fourth quarter in the euro area fell 0.1% after rising 0.5% in the third quarter of 2007.Porsce SE reported first half earnings rose to 1.3 billion euros from 897 million euros from a year ago. Bayer fell after a U.S. eliminated patent protection on its birth control pill, Yasmin. TUI AG reported 2007 income increased 47% to 616 million euro on 7% rise in sales. Vallourec, tube maker, reported fourth quarter profit rise of 7% on 13% rise in sales.

[R]10:00PM Frankfurt, 4:00PM New York, 8:00AM Sydney – Consumer spending in the fourth quarter in the euro area fell 0.1% after rising 0.5% in the third quarter of 2007.[/R]


European Markets

In London FTSE 100 Index closed lower 50.90 or 0.87% to 5,767.70, in Paris CAC 40 Index decreased 66.75 or 1.41% to close at 4,675.91 and in Frankfurt DAX index lower 144.91 or 2.17% to close at 6,545.04. In Zurich trading SMI decreased 127.93 or 1.73% to close at 7,275.95.

North American Markets indexes

Dow Jones Industrial Average declined 45.10 or 0.37% to a close of 12,213.80, S&P 500 closed down 4.59 or 0.34% to 1,326.75, and Nasdaq Composite Index traded up 1.68 or 0.07% to a close of 2,260.28. In Toronto TSX Composite closed lower 70.35 or 0.52% to close at 13,474.03.

Of the 30 stocks in Dow Jones Industrial Average, 8 closed higher, 22 closed lower, and none was unchanged.

Citigroup led the decliners in the index with a fall of 4.2% followed by losses in Caterpillar of 2.1%, in AIG of 2%, in Disney of 2%, and in Verizon of 1.7%. Microsoft led the gainers in the index with a rise of 2.3% followed by increases in Hewlett Packard of 1.2% and in American Express of 0.74%.

Of the stocks in S&P 500, 219 closed higher, 276 fell, and 5 were unchanged. Of the index stocks, 15 rose more than 3% and 27 stocks fell more than 3%.

Novell led the decliners in the index with a loss of 9% followed by losses in E*Trade of 4%, in Titanium Metals of 6.4%, and in Monsanto of 5.6%. Ambac Financial led the gainers in the index with a rise of 9% followed by increases in Barr Pharmaceuticals of 8.4%, in Applied Materials of 8%, in Starwood Hotels of 6.8%, and in Amazon.com of 5.6%.

South American Markets Indexes

In Latin Markets Colombia led the decliners in the region with a fall of 4.55% followed by decreases in Peru of 3.36%, in Chile and Brazil of 1.44%, and in Argentina of 0.10%. Mexico lost 0.95% after a sharp selloff in energy and retail companies.

Asian Markets

In Tokyo Nikkei 225 Index closed higher 0.10 or 0.00% to 12,992.28, in Hong Kong Hang Seng index decreased 465.10 or 1.97% closed to 23,119.87. Australia ASX 200 index decreased 25.50 or 0.47% to close 5,380.30.

In South Korea Kospi Index increased 4.45 or 0.27% to close at 1,676.18, in Thailand SET index closed lower 11.51 or 1.37% to 831.41 and Indonesia JSE Index edged decreased 17.56 or 0.66% to 2,634.75. Sensex index in India decreased 337.99 or 2.03% to 16,339.89.


Bond Yields increased on 10-year U.S. bonds to 3.62% and on 30-year bonds declined to 4.52%.

Commodities, Metals, and Currencies

Crude oil decreased $2.51 to close at $99.94 per barrel for a front month contract, natural gas increased 1 cent to $9.36 per mBtu, and gasoline futures decreased 12.74 cents to close at 254.46 cents per gallon.

Gold decreased $17.90 in New York trading to close at $966.30 per ounce, silver closed down 34 cents to $19.84 per ounce, and copper for front month delivery decreased 10.70 cents to 382.15 per pound.

Wheat futures decreased 15.00 cents in Chicago trading and closed at $10.87 per bushel. Sugar decreased 82 cent to 14.20 cents per pound. Soybean future closed down 37.50 cents to $15.22 per bushel.

Dollar edged lower and traded near record lows against euro to $1.52101 and edged lower against yen to 103.40.