Market Updates
Dexia, Hype Real Estate Drop 8%
123jump.com Staff
26 Jun, 2008
New York City
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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.
Annual Returns
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Earnings
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