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Market Update

UK Retail Sales, Home Prices Fall; Slower Economic Growth

Arthi Gupta
12 Oct, 2010
New York City

The UK indexes slid after retail sales growth slackened and home prices fell in September. The UK economy slowed in the third quarter but annual inflation remained at 3.1% in September and trade deficit narrowed in August.

German WPI Rises; French Current Account Deficit Widens

Arthi Gupta
12 Oct, 2010
New York City

The European indexes gained after German inflation and WPI rose in September. French current account deficit widened in August and Holland recorded trade surplus of

U.S. Stocks Decline; Pfizer Acquires King Pharma for $3.6 Billion

Darlington Musarurwa
12 Oct, 2010
New York City

U.S. stocks traded lower ahead of the minutes of FOMC meeting. Pfizer agreed to buy King Pharma for $3.6 billion. Chevron sold 23.44% Colonial Pipeline stake to the private equity group KKR. Dollar Tree agreed to buy Canada based Dollar Giant Store for more than $50 million.

Slower Growth in Industrial Output in India Drags Sensex Down

Chandrasekhar Atreya
12 Oct, 2010
New York City

Stocks in Mumbai fell after the industrial output increased sharply lower. Rupee closed lower. Industrial production index increased 5.6% in August and in the first five months the index was up 10.6% compared to a year ago. Coal India is expected to raise as much as $35 billion.

Shanghai Stocks in Five-month Rally

Chandrasekhar Atreya
12 Oct, 2010
New York City

Stocks in Shanghai continued their rally to reach a five-month high aided by commodity stocks. Banks closed lower after China temporarily increases the reserve ratio of some large banks to curb liquidity. China Vanke sales nine-month sales soared more than 50%.

Nikkei Drops 2.1%, Yen Surges

Chandrasekhar Atreya
12 Oct, 2010
New York City

The yen resumed its ascent and closed at 15-year high against the dollar and record high against the euro. The benchmark index Nikkei dropped 2.1%. Household sentiment drops in September. Japan is likely to surpass China and as the largest holder of U.S. Treasuries. The two nations hold $1.66 trillion of U.S. debt.

Sell-off Grips Sydney Stocks; Business Confidence Declines

Chandrasekhar Atreya
12 Oct, 2010
New York City

Australian shares closed lower in a broad sell-off after business confidence fell in September even though business conditions index rose. Karoon Gas proposes to list its South American asset in a public offering in Brazil. Conquest Mining is looking to raise as much as $100 million.

World Markets Volatile, Record in Gold, Silver and Copper

Devan Biswas
11 Oct, 2010
New York City

U.S. stocks turned volatile in the final hour. Gold closed at a record high and the yields on U.S. Treasuries hovered near recent low. The U.S. dollar traded mostly lower against major currencies. Copper closed at a 2-year high, silver at 30-year high and gold closed at a new record.

Gymboree, Chesapeake, LDK Solar and Warner Chilcott Rise

Bikram Pandey
11 Oct, 2010
New York City

Gymboree surged after the company agreed to go private. Warned Chilcott soared more than 7% after the company received regulatory approval for its drug to treat osteoporosis. LDK Solar surged more than 10% after it lifted revenues outlook.

UK Indexes, Pound Rise; KNOC Inches Closer to Acquire Dana

Arthi Gupta
11 Oct, 2010
New York City

The UK indexes and the pound gained after the world leaders meeting failed to settle the rising tensions in the currency markets. Irish manufacturing output declined in August. KNOC received acceptances of 89% Dana Petroleum shares. Weir Group confirmed completion of BDK acquisition.

French Industry Growth Stagnates; Statoil, Talisman JV of $1.3 B

Arthi Gupta
11 Oct, 2010
New York City

The European indexes rose on expectations that the U.S. Fed will increase asset purchases. French industry growth remained flat in August and Italian industrial production surged. Talisman and Statoil announced joint venture worth $1.3 billion in Eagle Ford Shale property.

U.S. Stocks Rise; China Defends US, Europe Pressure

Arthi Gupta
11 Oct, 2010
New York City

U.S. stocks traded higher amidst hopes of fresh monetary easing from the U.S. Federal Reserve. Chesapeake agreed to sell stake in Eagle Ford project to CNOOC for $1.08 billion. Pension fund controlled by Ontario, Canada contemplates rival bid for Potash. Cognizant inked deal with 3M.

India Stocks, Rupee Rise; Power Sector Attract Investments

Chandrasekhar Atreya
11 Oct, 2010
New York City

Stocks in Mumbai traded and the rupee closed lower after world leaders failed to build a consensus around the dollar. Rupee and other currencies advanced against the dollar. Engineering exports rise 16% in August on demand mainly from the U.S.

Shanghai and Hong Kong Stocks Surge; CNOOC Deals

Chandrasekhar Atreya
11 Oct, 2010
New York City

Stocks in Shanghai rallied the most in four months led by resource and energy stocks. CNOOC agrees to buy 2.6 million tons of natural gas from a French company and a large stake in shale gas assets in the U.S. controlled by Chesapeake.

Nikkei Drops 1%; Yen Advances

Chandrasekhar Atreya
11 Oct, 2010
New York City

Stocks in Japan fell after global financial leaders failed to resolve exchange rate spat. China releases the detained employee of Japanese company. Government controlled pension fund plans to expand investment in emerging markets.