8 July 2005, 10:39   Stocks surrendered earlier gains

Stocks surrendered earlier gains and Japanese government bond (JGB) prices jumped following the mid-afternoon release of surprisingly weak machinery orders data for May. At 2.36 pm, the Nikkei 225 Stock Average was virtually flat at 11,589.72, down less than a point from yesterday's close. It had been up 44 points or 0.4 pct at 11,634.04 just ahead of the 2.00 pm release of the machinery orders data for May. The 10-year government bond was yielding 1.205 pct, down from 1.230 pct late yesterday. Bond yields move inversely to prices. The yen, however, was little changed. It was trading at 112.35 to the dollar, compared to 112.29 just ahead of the data. It was trading at 134.04 to the euro, compared to 134.01 ahead of the report.

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