Confidence Lifts World Markets, Oil and Gold

123jump.com Staff
29 Mar, 2010
New York City

Resurging confidence lifted commodities linked world markets from Canada, Russia, Brazil, to UK and Peru gained. Crude oil, copper and gold advanced after Greece prepared to offer bonds and Dubai guaranteed Dubai World loans.

[R]5:15 PM New York – Resurging confidence lifted commodities linked world markets from Canada, Russia, Brazil, to UK and Peru gained. Crude oil, copper and gold advanced after Greece prepared to offer bonds and Dubai guaranteed Dubai World loans.[/R]

U.S. stocks traded higher after personal spending increased for the fifth month in a row. U.S. Treasury plans to sell its entire stake of 27% in Citigroup by the end of the year. AIG completes the sale of its PineBridge Investments for $500 million.

Southwestern Energy Company led gainers in the S&P 500 index. AIG completes the sale of PineBridge Investments for $500 million. Bell Microproducts agrees to be acquired by Avnet. CKX Inc confirms sale discussions. Ford reaches agreement to sell Volvo to China based Geely.

European markets closed lower and an index of business and consumer sentiment reached a 22-monthh high. Greece is preparing to launch 7-year bonds. Ruble declined after two terrorist attacks in Moscow. The Micex index surged 1.7% despite the attack on positive read on the global economy and a rise in energy and metal prices.

UK mortgage loans in February declined to a nine-month low dragging homebuilders lower in London trading. Rating agency Standard & Poor’s affirmed its top rating for UK debt with negative outlook. First televised debate of the election will see Chancellor of the Exchequer Alistair Darling face Conservative George Osborne.

Stocks in Japan declined after trading ex-dividend ahead of year end. Retail sales increased 4.2% in February, the steepest climb in a decade. Toyota domestic output more than doubles in February.

Stocks and the rupee in Mumbai trading edged higher on optimistic views on the economy. DQ Entertainment (I) Ltd, the animation and game developer surged 47.5% on the first day of trading in a heavily subscribed IPO. Gayatri Projects secures order of $120 million.

Reserve Bank of Australian Governor Glenn Stevens noted in an interview that interest rate should return to normal level and cautioned against those speculating in the housing market. Australia’s new homes sales fell 5.2% in February. Macarthur Coal maintains sales forecast.

North American Markets

Dow Jones Industrial Average increased 45.50 or 0.42% to close at 10,895.86, S&P 500 Index edged higher 6.63 or 0.57% to 1,173.22 and Nasdaq Composite Index added 9.23 or 0.4% to close at 2,404.36. Toronto TSX Composite Index increased 72.35 or 0.61% to 12,029.72.

Latin American Markets Indexes

Mexico Bolsa Index increased 268.29 or 0.81% to 33,416.10 and Brazil Bovespa Stock Index increased 1,256.46 or 1.8% to 69,939.12.

Europe Markets Review

In London FTSE 100 Index closed lower 12.15 or 0.21% to 5,690.87, in Paris CAC 40 Index decreased 6.10 or 0.15% to close at 3,982.83, in Frankfurt DAX index higher 15.57 or 0.25% to close at 6,135.62. In Zurich trading SMI decreased 8.69 or 0.13% to close at 6,830.26.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed lower 9.90 or 0.09% to 10,986.47, and Hang Seng index in Hong Kong increased 184.32 or 0.88% to 21,237.43, and CSI 300 index in China higher 83.54 or 2.55% to 3,358.54. ASX 200 index in Australia increased 0.40 or 0.01% to 4,897.30. The FTSE Bursa KL Composite index in Malaysia was higher 4.07 or 0.31% to 1,319.21.

The Kospi Index in South Korea decreased 5.73 or 0.34% to close at 1,691.99. SET index in Thailand closed lower 7.46 or 0.96% to 771.40. JSE Index in Indonesia decreased 18.31 or 0.65% to 2,794.77. The Sensex index in India increased 66.59 or 0.38% to 17,711.35.

Commodities, Metals, and Currencies

Crude oil increased $2.52 to $82.52 a barrel for a front month contract, natural gas edged down 4 cents to $3.89 per mBtu and gasoline increased 6.20 cents to 226.95 cents.

Soybean future closed up 15.50 cents to $9.67 a bushel. Wheat futures were unchanged in Chicago trading to $4.6475 a bushel. Sugar closed up 0.51 cents at 17.51 cents per pound.

Gold increased $6.00 in New York trading to close at $1,111.40 per ounce, silver closed up $0.52 to $17.42 per ounce and copper for the front month delivery increased 14.35 cent to $3.541 per pound.

Dollar edged lower against euro to $1.3481 and decreased against the Japanese yen to 92.46.

Yield on 10-year U.S. bonds closed higher at 3.86% and with 30-year maturities increased at 4.77%.