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*S&P 500 1392.57 -25.69 -1.81 Nymex crude for June $123.53 +$1.69 10 year U.S. treasury 3.85 percent * Wednesday's close STOCKS: Wall Street tumbled Wednesday as the price of a barrel of oil soared to a record near $124 and touched off concerns that the stock market's recent gains might have been premature as consumers grapple with rising energy and food costs. While stocks pulled back, the day was not without good news. The U.S. Labor Department said labour costs rose at an annual rate of 2.2 percent during the first quarter. BONDS: Bond prices rose as investors pulled more money out of stocks and placed it in the safer confines of the Treasury market. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.85 percent from 3.92 percent late Tuesday. FOREX: The British pound fell to $1.9527 from $1.9531 late Wednesday afternoon. The 15-nation euro slid to $1.5344 from the $1.5401 it traded at late Wednesday afternoon. The dollar fell against the Japanese yen, trading at 104.80 yen late Wednesday night in New York compared with 105.26 yen late Wednesday afternoon. The U.S. currency traded at 1.0578 Swiss francs, higher than the 1.0550 Swiss francs it bought late Wednesday afternoon. OIL: Light (LIGT3.SA - news) , sweet crude rose $1.69 to settle at $123.53 a barrel on the New York Mercantile Exchange, but traded just pennies away from $124 during Wall Street trading. METALS: Gold and silver prices sank Wednesday after the dollar rebounded against the euro, diminishing the appeal of precious metals as inflation hedges. Gold for June delivery fell $6.50 to settle at $871.20 an ounce on the New York Mercantile Exchange, after earlier dropping as low as $864.40. July silver lost 16.5 cents to settle at $16.695 an ounce on the Nymex. Other precious metals also traded lower.
EVENTS: Initial weekly jobless claims (1230 GMT) March wholesale trade (1400 GMT) American International Group Inc. Q1 results. LPS forecast $0.61 versus EPS $1.68 (after market closes) Barr Pharmaceuticals Inc (NYSE: BRL - news) . Q1 results. EPS forecast $0.78 versus $0.73 (before market opens) Celgene Corp (NASDAQ: CELG - news) . Q1 results. EPS forecast $0.34 versus $0.20 (1600 GMT) Dynegy Inc (NYSE: DYN - news) . Q1 results. EPS forecast $0.05 versus $0.03 (before market opens) Edison International Q1 results. EPS forecast $0.92 versus $0.90 (1600 GMT) El Paso Corp (NYSE: EP - news) . Q1 results. EPS forecast $0.30 versus $0.18 (before market opens) King Pharmaceuticals Inc. Q1 results. EPS forecast $0.35 versus $0.48 (before market opens) Nvidia Corp. Q1 results. EPS forecast $0.38 versus $0.28 (1600 GMT) Pepco Holdings Inc. Q1 results. EPS forecast $0.35 versus $0.27 (after market closes) Progress Energy Inc (NYSE: PGN - news) . Q1 results. EPS forecast $0.63 versus $0.61 (before market opens) Public Storage Inc. Q1 results. EPS forecast $1.24 versus $1.05 (1600 GMT) Verisign Inc. Q1 results. EPS forecast $0.20 versus $0.21 (after market closes) ASIA SUMMARY: Stock mostly lower; oil tests new highs Index Change Percent change Nikkei 225 (news) 13,976.39 -126.09 -0.89 (0419 GMT) S&P/ASX 200 5704.10 +35.70 +0.63 (0419 GMT) Straits Times (news) 3,165.69 -63.26 -1.96 (0350 GMT) Hang Seng (news) 25410.43 -199.78 -0.78 (0420 GMT) Seoul Composite 1,843.20 -10.81 -0.58 (0412 GMT) BSE Sensex 17,212.61 -126.70 -0.73 (0425 GMT) usd-yen 104.80 +0.18 +0.17 (0030 GMT) 10-year JGBs 1.665 percent -- -- (Intra (Milan: PIN.MI - news) -day) Brent North Sea $122.56 +0.24 +0.20 (Intra-day) crude for June STOCKS: Asian stocks were mostly lower Thursday, tracking losses on Wall Street overnight after oil prices climbed to a fresh record above $123 a barrel, fuelling fears about inflation. BONDS: Japanese government bonds were mixed, after investors looked for safety due to worries about record-breaking oil prices, while also exercising caution ahead of a 10-year bonds auction. FOREX: The U.S. dollar was trading slightly firmer against major currencies on Thursday, adding to overnight gains on growing view that the Federal Reserve may be nearing the end of its rate-cutting cycle. Hawkish comments from Kansas City Federal Reserve President Thomas Hoenig and a larger-than-expected rise in U.S. productivity last quarter helped boost the dollar against most major currencies. OIL: World (WRGR.TA - news) oil prices struck a fresh intra-day record of $123.87 a barrel in Asian hours on Thursday despite a bigger-than-expected rise in U.S. energy stocks. The record reached by New York's main oil futures contract, light sweet crude for June delivery, just slightly exceeded the old intra-day high of $123.80 reached on Wednesday at the New York Mercantile Exchange. METALS: Gold prices dipped Wednesday, as the stronger dollar reduced the precious metal's appeal as an alternative investment, and as oil prices eased. Other precious metals also eased. Copper too, dipped in London trade Wednesday after the U.S. dollar's firmer tone pressured prices that were already stalling on easing supply fears. Most other base metals also edged lower. EVENTS: Japanese 10-year government bonds auction (results) Japan weekly capital inflows Toyota Motor FY results Bridgestone Q1 results Australia April labour force data Ashok Leyland FY results EUROPE SUMMARY: Shares close firmer, oil up Index Change Percent change *FTSE 6261.00 +45.80 +0.74 *DAX (Xetra: news) 7076.25 +59.15 +0.84 *CAC 5075.31 +34.39 +0.68 pound-dollar 1.9526 -0.0216 euro-dollar 1.5387 -0.0155 Brent crude(June) $120.59 +28 cents *Wednesday's close
STOCKS: UK blue chips closed firmer but off highs as Wall Street made weak progress after disappointing U.S. pending home sales data, while pub operators were a positive feature in London as the sector rallied after recent falls. Europe's leading exchanges closed in positive territory as technology stocks made headway and after a largely positive set of earnings releases on this side of the Atlantic offset losses on the Dow. FOREX: The dollar remained near a one-month high against the euro and scaled a two-month peak against the pound even as U.S. housing data continued to disappoint. The pound, meanwhile, has continued this week's sharp drop as economic data has repeatedly disappointed expectations, thereby resurrecting the chances of a Bank of England rate cut on Thursday. BONDS: European government bonds remained under pressure in a light trade, with Tuesday's pickup in stock markets continuing to weigh, overshadowing any positive impact coming from soft data. OIL: Oil prices fell from near record levels after U.S. energy stocks rose above expectations last week, briefly placing a brake on a recent rally that took oil to a record $122.73 Tuesday. In London, Brent crude for June delivery was up 28 cents at $120.59, having yesterday touched an all-time record of $120.99. METALS: Gold prices dipped Wednesday, as the stronger dollar reduced the precious metal's appeal as an alternative investment, and as oil prices eased from the record highs they hit Tuesday. At 1450 GMT, spot gold was trading at $867.43 per ounce. Elsewhere, platinum slipped to $1,946 an ounce against $1,955, while palladium was trading at $416 against $428. Copper dipped in London trade Wednesday after the U.S. dollar's firmer tone pressured prices that were already stalling on easing supply fears. EVENTS: UNITED KINGDOM NIESR UK monthly GDP estimate BoE interest rate decision Diageo Q3 trading statement Inmarsat Q1 results Lonmin H1 results. EBIT forecast $392 million versus $229 million; revenue $910 million versus $631 million Mapeley Q1 results Royal & Sun Alliance trading statement Sage H1 results. Pretax profit before amortisation forecast 129 million pounds versus 121.8 million; revenue 617 million pounds versus 574.7 million Unilever Q1 results. Pretax profit forecast 1.27 billion euros versus 1.35 billion Lloyds TSB Group AGM Next trading statement Old Mutual AGM/trading statement Provident Financial AGM/trading statement Robert Walters AGM Roc Oil AGM Trinity Mirror AGM Close Brothers trading statement International Power (IPWG.PK - news) trading statement Renishaw (LSE: RSW.L - news) trading statement Signet Q1 sales easyJet April traffic figures AUSTRIA Vienna Insurance Group Q1 results Raiffeisen International Q1 results. Net profit forecast 262 million euros versus 192.60 million BENELUX InBev Q1 results. Conference call Van Lanschot AGM Unilever Q1 results Wereldhave Q1 results CNP Q1 results FRANCE Public holiday; markets open GERMANY March industrial output Commerzbank (Xetra: 803200 - news) press conference with management board member Beumer on climate protection for mid-sized enterprises Adidas AGM BMW AGM Deutsche Telekom Q1 results. Adjusted net profit forecast 642 million euros versus 459 million Fresenius Medical Care AGM Fraport Q1 results GEA Q1 results HeidelbergCement Q1 results Hochtief AGM Hugo Boss AGM Deutsche Postbank Q1 results. Analysts call. AGM. Pretax profit forecast 140 million euros, down 37 percent; net profit after minorities 98 million, down 32 percent ProSiebenSat.1 Q1 results Wacker Chemie AGM Munich Re Q1 results. Operating profit forecast 1.198 billion euros, down 9 percent; net profit 801 million euros, down 16 percent Handelszeitung Reinsurance Summit in Zurich; Munich Re CEO Bomhard, Allianz board member Booth to speak IVG Q1 results GREECE Coca-Cola HBC SA Q1 results. Net profit forecast 28.8 million euro to 31.1 million versus 25.4 million Mytilineos AGM ITALY April commercial vehicle deliveries UniCredit Q1 results. Conference call. AGM. Net profit forecast 0.969 billion to 1.170 billion euros versus pro forma 2.056 billion Pirelli RE Q1 results Unipol Q1 results Generali Q1 results. Net profit forecast 770 million to 819 million euros versus 715 million; operating profit 1.300 billion to 1.471 billion euros versus 1.381 billion Cementir Q1 results Tiscali (TIS.MDD - news) presents TV service PORTUGAL EDP Q1 results Portugal Telecom Q1 results. Net profit forecast 115 million euros to 153 million versus 177 million
SCANDINAVIA Sweden Riksbank monetary policy speech by Svante Oberg Sweden March industrial orders Sweden March industrial output Denmark March industrial production, orders Pohjola Bank Q1 results Finnair April passenger load factor SAS April passenger traffic data Holmen Q1 results Boliden Q1 results TGS-Nopec Q1 results Fiskars Q1 results Nokia AGM Revus Energy Q1 results Norske Skog Q1 results. Pretax loss forecast 926 million crowns versus loss 135 million; sales 6.519 billion crowns versus 6.726 billion Petroleum Geo-Services Q1 results. EBITDA forecast $231 million versus $185 million; sales $435 million versus $352 million. TGS-Nopec Q1 results. Pretax profit forecast $57 million versus $51 million; sales $126 million versus $95 million. Vestas Wind Systems Q1 results. Pretax profit forecast 57 million euros versus 24 million GN Store Nord Q1 results Aker Q1 results
SPAIN Economy Minister Pedro Solbes speaks before Congress Sogecable EGM Telecinco Q1 results. Conference call. Net profit forecast 75.0 million to 78.5 million euros versus 86.0 million Cintra Q1 results. Conference call. Net loss forecast 21.80 million euros versus loss 27.6 million; revenue 229.0 million to 248 million euros versus 227.3 million Sol Melia Q1 results. Net profit forecast 16.1 million to 19.5 million euros versus 20.3 million; revenue 305.1 million to 302.8 million versus 289.8 million
SWITZERLAND Swiss KOF economic barometer Petroplus Q1 ABB AGM, Zurich EASTERN EUROPE Outgoing Russian President Vladimir Putin to take up duties as prime minister Hungary March Preliminary industrial production data Netia news conference PTC news conference Egis (Frankfurt: 891133 - news) press conference on Q2 results Magyar Telekom Q1 results. Net profit forecast 20.3 billion forint, up 27 percent; sales 163.2 billion forint, up 1 percent Egis Q1 results Bank Zachodni WBK, a unit of Allied Irish Bank, Q1 results PKO BP Q1 results. Net profit forecast 923 million zlotys versus 673 million Bank Handlowy, Citigroup (NYSE: C - news) 's polish unit, Q1 results Bank Pekao, a unit of UniCredit (Milan: UCG.MI - news) , Q1 results Bank BPH Q1 results Polkomtel news conference on Q1 results Polimex Mostostal Q1 results. News conference Czech market closed for public holiday EUROPEAN UNION/EURO ZONE ECB governing council meeting in Athens; rate announcement, news conference
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