Market Updates
Dollar Declines; Stocks Await Rate Decision
123jump.com Staff
23 Jun, 2009
New York City
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The U.S. dollar declined as the U.S. bonds auction of $40 billion drew more interest than expected. The Fed is expected to leave rate unchanged at the end of the 2-day meeting tomorrow. Crude oil declined. Huntsman Corp agreed to $1.73 billion settlement with Credit Suisse and Deutsche Bank.
[R]4:00 PM New York, 9:00 PM London, 6:00 AM Sydney – The U.S. dollar declined as the U.S. bonds auction of $40 billion drew more interest than expected. The Fed is expected to leave rate unchanged at the end of the 2-day meeting tomorrow. Crude oil declined.[/R]
The U.S. dollar dropped against euro and Japanese yen after the U.S. Treasury raised $40 billion in a sale of 2-year short term notes. The yields on 10 and 30 years bonds declined after the auction drew more buyers than expected.
U.S. home prices in May dropped 17% from a year ago to 173,000 and that spurred existing home sales 2.4% from April to an annual rate of 4.77 million. Home prices declined 0.1% from April and sales declined 3.6% from a year ago.
Boeing led the decliners in the S&P 500 index after it delayed the launch of 787 Dreamliner. Metro PCS surged after it was selected to replace Tyco Electronics in the S&P 500 index. Rambus plunged on weaker revenue guidance. Steelcase surged after it reported better than expected earnings.
European benchmark indexes closed mixed. German economic growth rate was revised lower and jobless rate revised higher for 2010. French business and German consumer confidence are on the upswing. Credit Suisse and Deutsche Bank will pay a total of $1.73 billion in a settlement to Huntsman Corp.
UK mortgage approvals increased 7% in May to 31,162 loans. Drax Group raised £108.2 million through offering of 25.45 million shares at 425 pence each. Chemring Group increased 5% after it reported first half net income increase of 48%.
Tokyo investors took the latest World Bank forecast as an opportunity to sell stocks. Cautious investors are looking to take profits after the global stock market rally of three months. Toyota appointed new grand-son of its founder as new president and reorganized its management structure.
Stocks in Hong Kong declined but in Shanghai edged up. The global market weakness and lower commodities prices dragged stocks in Hong Kong lower. GCL-Poly Energy agreed to acquire solar components maker Jiangsu Zhongneng Polysilicon for $3.4 billion.
Stocks in Mumbai trading fell in the morning as Asian markets declined. In the late afternoon market indexes recovered to close nearly unchanged. Satyam Computer appointed new chief. The government reported fiscal deficit in April was 16.3% of the full-year estimate.
Australian stocks corrected as Asian markets fell on the dour outlook from the World Bank. Resource stocks plunged more than 5% on weak gold and crude oil prices. Australia estimated its exports to decline to A$160 billion in fiscal 2010 from A$196 billion in the year ending this month.
North American Markets
Dow Jones Industrial Average decreased 16.10 or 0.2% to a close of 8,322.91, S&P 500 Index increased 2.06 or 0.2% to 895.10, and Nasdaq Composite Index edged lower 1.27 or 0.07% to close at 1,764.92. Toronto TSX Composite Index closed up 62.54 or 0.6% to 9,896.72.
Of the stocks in S&P 500 index, 237 increased, 256 declined and 7 were unchanged.
The Boeing Company led the decliners in the S&P 500 index with a loss of 6.5% followed by losses in Coach Inc of 5.1%, in New York Times of 4.5%, in Macy’s Inc of 4.2% and in KeyCorp of 4.2%.
CB Richard Ellis Group, Inc led gainers in the S&P 500 index with a rise of 14.1% followed by gains in of Jabil Circuits 7.7%, in AK Steel of 7.2% and SLM Corp of 5.7%.
South American Markets Indexes
Mexico Bolsa Index increased 181.71 or 0.8% to 23,496.39. Brazil Bovespa Stock Index increased 318.78 or 0.6% to 49,813.58.
Argentina Merval Index increased 0.7%, Chile Stock Market Select index declined 1.1%, Peru Lima General Index added 1.5% and Colombia IGBC General Index decreased 0.3%.
Europe Markets Review
In London FTSE 100 Index closed lower 4.03 or 0.10% to 4,230.02, in Paris CAC 40 Index decreased 6.43 or 0.21% to close at 3,116.82 and in Frankfurt DAX index higher 13.75 or 0.29% to close at 4,707.15. In Zurich trading SMI increased 10.94 or 0.21% to close at 5,321.31.
Asian Markets Review
The Nikkei 225 Index in Tokyo closed lower 276.66 or 2.82% to 9,549.61, Hang Seng index in Hong Kong decreased 521.18 or 2.89% to 17,538.37, CSI 300 index in China higher 1.33 or 0.04% to 3,083.90. ASX 200 index in Australia decreased 121.30 or 3.10% to 3,796.90. The KL Composite index in Malaysia closed lower 1.49 or 0.14% to 1,044.48.
The Kospi Index in South Korea decreased 39.17 or 2.80% to close at 1,360.54.SET index in Thailand closed lower 12.44 or 2.14% to 569.85 and JSE Index in Indonesia decreased 60.64 or 3.07% to 1,914.38. The Sensex index in India decreased 2.21 or 0.02% to 14,324.01.
Commodities, Metals, and Currencies
Crude oil increased $1.36 to close at $68.86 a barrel for a front month contract, natural gas decreased 6 cents to $3.88 per mBtu and gasoline increased 0.68 cents to 185.65 cents.
Wheat futures closed down 0.75 cents in Chicago trading to $5.75 a bushel. Sugar increased 0.74 cent in trading at 16.98 cents a pound. Soybean future closed up 23 cents to $10.04 a bushel.
Gold increased $4.60 in New York trading to close at $925.60 per ounce, silver closed up $0.12 to $13.86 per ounce and copper for the front month delivery increased 6.10 cents to $2.205 per pound.
Dollar edged lower against euro to $1.4078 and closed down against the Japanese yen to 95.20.
Yields on 10-year U.S. bonds decreased to 3.62% and with 30-year maturities closed down at 4.36%.
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