World Markets Remain Focused on Euro Zone

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

U.S. stocks drifted in the positive territory after consumer confidence index increased and home price index showed an improvement in large cities. European markets closed weak after Greece struggled with the sale of bonds and Iceland debt rating was revised lower. Apple, Verizon gained.

[R]5:15 PM New York – U.S. stocks drifted in the positive territory after consumer confidence index increased and home price index showed an improvement in large cities. European markets closed weak after Greece struggled with the sale of bonds and Iceland debt rating was revised lower. Apple, Verizon gained and AT&T declined.[/R]

Metropolitan home prices in January edged up. Three popular indexes in New York traded higher after consumer confidence index increased to 52.5 in March from 46.4 in February.

Latest 7-year Greek notes declined on the worries that the nation will struggle with the budget deficit cuts. Greece sold bonds worth 390 million euros that mature in 2022 and yielded 5.9%, less than the upper limit of one billion euros.

Apple Inc advanced ahead of the release of iPad this weekend and Verizon Communications Inc advanced after the Wall Street Journal reported that the company is developing iPhone version for the wireless carrier.

BJ’s Wholesale Club increases shares repurchase authorization by $200 million. BioFuel Energy soared after it swung to net profit in the latest quarter. Retailers Home Depot and Lowes gained after the home price index data. MEMC Electronic Materials Inc surged nearly 6% on the talks of possible company sale.

European markets closed lower after the rating agency S&P lowered its rating on Iceland debt. Greek bonds declined on the first day of trading on the worries that the nation will struggle with deficit reduction.

Swiss Life net declined 20% in 2009. Vinci SA won the largest rail project connecting two cities in France. UBS surged after it confirmed first quarter fixed income revenues of $2.3 billion.

UK revised its estimate of the fourth quarter GDP growth to 0.4% from 0.3% and current account deficit declined sharply. Gartmore Group Ltd plunged 31% after it suspended a key fund manager. Kazakhmys Plc 2009 profit dropped 39% on lower metals price. Mouchel Group plc swung to a loss in first-half. Bloomsbury Publishing Plc 2009 profit declined.

Stocks in Mumbai traded lower after rallying for three days in a row. Rupee advanced to a nearly 2-year high with the steady flows of funds in the stock market. IL&FS Transportation surged 10% on the first day of its trading from its IPO.

North American Markets

Dow Jones Industrial Average increased 11.56 or 0.1% to close at 10,907.42, S&P 500 Index edged higher 0.05 to 1,173.27 and Nasdaq Composite Index added 6.33 or 0.3% to close at 2,410.69. Toronto TSX Composite Index increased 14.49 or 0.1% to 12,044.21.

Latin American Markets Indexes

Mexico Bolsa Index decreased 16.64 or 0.05% to 33,399.46 and Brazil Bovespa Stock Index increased 20.46 or 0.03% to 69,959.58.

Europe Markets Review

In London FTSE 100 Index closed lower 38.34 or 0.67% to 5,672.32, in Paris CAC 40 Index decreased 13.25 or 0.33% to close at 3,987.41, in Frankfurt DAX index lower 14.40 or 0.23% to close at 6,142.45. In Zurich trading SMI increased 20.84 or 0.30% to close at 6,871.42.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 110.67 or 1.01% to 11,097.14, and Hang Seng index in Hong Kong increased 137.36 or 0.65% to 21,374.79, and CSI 300 index in China higher 8.17 or 0.24% to 3,366.71. ASX 200 index in Australia increased 19.50 or 0.40% to 4,916.80. The FTSE Bursa KL Composite index in Malaysia was higher 0.14 or 0.01% to 1,319.35.

The Kospi Index in South Korea increased 8.20 or 0.48% to close at 1,700.19. SET index in Thailand closed higher 17.40 or 2.26% to 788.80. JSE Index in Indonesia increased 3.50 or 0.13% to 2,798.27. The Sensex index in India decreased 121.18 or 0.68% to 17,590.17.

Commodities, Metals, and Currencies

Crude oil increased $0.20 to $82.37 a barrel for a front month contract, natural gas edged up 6 cents to $3.97 per mBtu and gasoline increased 1.68 cents to 227.81 cents.

Soybean future closed up 6.50 cents to $9.74 a bushel. Wheat futures increased 7.25 cents in Chicago trading to $4.72 a bushel. Sugar closed up 0.37 cents at 17.88 cents per pound.

Gold decreased $7.30 in New York trading to close at $1,104.20 per ounce, silver closed down $0.08 to $17.31 per ounce and copper for the front month delivery increased 1.90 cent to $3.554 per pound.

Dollar edged higher against euro to $1.3416 and increased against the Japanese yen to 92.81.

Yield on 10-year U.S. bonds closed higher at 3.86% and with 30-year maturities decreased at 4.75%.