Market Updates

Dexia, Hype Real Estate Drop 8%

123jump.com Staff
26 Jun, 2008
New York City

    European stocks fell sharply on rising expectations of inflation, higher estimates of losses at banks and continued decline in the U.S. markets. Indexes in Germany and France dropped nearly 2% as the U.S. indexes lost more than 3%. Hypo Real Estate and Dexia led the decliners in DAX 30 and CAC 40 indexes respectively with a loss of 8.4%. Gold surged on weak dollar.

[R]2:00PM New York, 8:00PM Frankfurt – European stocks fall on speculation of interest rate hikes, weakening economic fundamentals and credit worries.[/R]

Europe market update

European stocks dragged lower in today’s trade, the key indices in Germany and France closed lower.

The CAC 40 retreated 1.81% to 4,454.33. In Germany the DAX 30-index fell 123.92 points or 1.87% to 6,493.86. Shares in Switzerland fell as the Swiss Market index dropped 113.70 points or 1.61% to 6,967.67. In London trading FTSE 100 fell 2.61% or 147.9 at 5,518.20.

German Import prices rise 7.9%

The Federal Statistical Office of Germany has reported that, in May 2008, the index of import prices increased by 7.9% from the corresponding month of the preceding year. This was the highest year-on-year rate of price increase since November 2000 when prices increaesd 10.6%. In April and in March 2008 the annual rates of increases were 5.7%, each.

The index of import prices, excluding crude oil and mineral oil products, was 2.0% above the level of May 2007.

Euro Tax ratio at 39.9% of 2006’s GDP

The weighted tax-to-GDP ratio, meaning the total amount of taxes and social security contributions, in the EU27 increased to 39.9% in 2006 from 39.3% in 2005.

The EU27 tax ratio is nevertheless lower than in 1996 when it was 40.3% and the peak of 41.0% in 1999. The decline that began in 1999 in most member states stopped in 2005. In 2006, the overall tax ratio in the euro area EA15 was 40.5%, up from 39.8% in 2005. Since 1996, taxes in the euro area have followed a similar trend to the EU27 but at a higher level.

Industrial Orders Index Up 2.5%

The European Statistical Office reported that the euro area of 15 nations’ index of industrial new orders index rose 2.5% in April from March after falling 1.2%. In the EU27 new orders grew by 3.6% in April 2008 after declining by 1.0% in March. Excluding ships, railway & aerospace equipment industrial new orders increased by 2.2% in the euro area and by 1.6% in the wider region of 27 nations.

Gainers and losers

Arcelormittal led the gainers in the CAC 40 index stocks with a rise of 1.13% to 64.47 euros followed by gains in Total of 0.32% to 52.48 euros, in Sanofi- Aventis of 0.21% to 42.83 euros, in Vallourec of 0.15% to 208.30 euros and in Pernod Ricard of 0.15% to 65.72 euros.

Dexia led the decliners in the CAC 40 index with a loss of 8.35% to 10.76 euros followed by losses in Carrrefour of 7.82% to 38.30 euros, in Michelin of 6.33% to 44.96 euros, in PPR of 5.28% to 72.25 euros and in Renault of 5.08% to 53.25 euros.

Among the DAX 30 index shares, ThyssenKrupp led the two gainers with a rise of 0.53% to 40.08 euros followed by Fresenius Medical Care which climbed 0.06% to 35.26 euros.

Hypo Real Estate Holdings led the decliners in the DAX 30 index with a fall of 8.40% to 18.76 euros followed by losses in Deutsche Borse of 5.99% to 74.05 euros, in Infineon Technologies of 4.57% to 5.85 euros, in Continental AG of 4.52% to 63.78 euros and in Henkel KGaA of 4.49% to 25.71 euros.

Precious Metals

At 4:00 PM, in London, gold gained $26.50 to $909.50 an ounce. Silver advanced 49 cents to $16.88 an ounce, platinum climbed $46 to $2,068 an ounce, palladium gained $2 to $465 an ounce and copper futures gained $6.50 to $383.80 an ounce.

Asian Markets Review

In Tokyo Nikkei 225 Index closed lower 7.60 or 0.05% to 13,822.32, in Hong Kong Hang Seng index decreased 179.49 or 0.79% closed to 22,455.67. In Australia ASX 200 index higher 69.20 or 1.32% to close 5,307.00. In Malaysia KL Composite index decreased 5.22 or 0.43% closed to 1,203.89.

In South Korea Kospi Index decreased 0.13 or 0.01% to close at 1,717.66, in Thailand SET index closed lower 4.03 or 0.52% to 774.39 and Indonesia JSE Index edged increased 9.53 or 0.41% to 2,350.89. Sensex index in India increased 201.75 or 1.42% to 14,421.82.

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