At 7:50 AM EDT:
S&P 500: +2.00; 1,385.20
NASDAQ: +2.25; 1,739.00
Dow: +10.00; 12,132.00
NIKKEI 225: +0.29%; 16,399.39 (+47.54)
HANG SENG: +0.15%; 18,324.35 (+26.80)
S&P/ASX 200: -0.28%; 5,384.40 (-15.00)
BSE SENSEX 30: -0.48%; 12,961.90 (-62.36)
FTSE 100: +0.17%; 6,137.10 (+10.30)
CAC 40: -0.04%; 5,360.10 (-2.13)
XETRA-DAX: +0.30%; 6,277.09 (+18.90)
Commodity Futures (Reuters/Jefferies CRB)
Oil: -0.69%; $57.96 (-$0.40)
Gold: -0.41%; $604.90 (-$2.50)
Natural Gas: -3.79%; $7.14 (-$0.28)
Silver: -0.65%; $12.170 (-$0.08)
Asian Headlines (via Bloomberg.com)
India's Central Bank Raises Lending Rate to Stifle Loan Growth, Inflation India's central bank raised its overnight lending rate for a fourth time this year, seeking to curb record consumer borrowing and restrain inflation in the world's second-fastest growing major economy.
Toshiba Forecasts Highest Profit in 16 Years on Chips, Medical Equipment Toshiba Corp. (OTCPK:TOSBF), Japan's largest chipmaker, forecast its highest annual profit in 16 years, led by demand for semiconductors and medical equipment and asset sales including a wafer-making unit.
Cnooc's Third-Quarter Sales Advance 25 Percent After Price of Oil Climbs Cnooc Ltd. (NYSE:CEO), China's biggest offshore oil and gas producer, said third-quarter sales climbed 25 percent after oil prices rose and production expanded.
Asian Stocks Decline, Led by PetroChina, as Oil Drops; LG.Philips Advances Asian stocks fell after oil posted its biggest drop in more than a year. BHP Billiton (NYSE:BHP), PetroChina Co. (NYSE:PTR) and Inpex Holdings Inc. led declines.
Japan Household Spending Falls the Most in Five Years, Wage Growth Stalls Japan's household spending fell the most in almost five years and wage growth stalled in September, undermining the Bank of Japan's case for raising the lowest interest rates among major economies this year.
European Headlines (via Bloomberg.com)
UBS Net Drops 21 Percent as Lower Trading Hurts Profit at Investment Bank UBS AG (NYSE:UBS), Europe's biggest bank by assets, reported a 21 percent decline in third-quarter profit, dragged lower by a drop in trading revenue at its securities unit. The stock fell the most in four years.
Sanofi Net Drops 12 Percent on Health-Spending Cuts, Generic Competition Sanofi-Aventis SA (NYSE:SNY), France's biggest drugmaker, reported a 12 percent drop in third-quarter profit after a generic version of the blood-thinner Plavix snatched revenue and health-spending cuts eroded sales in its home market.
European Stocks Gain, Led by DaimlerChrysler, TeliaSonera; UBS Shares Drop European stocks rose, snapping a three-day slide, after TeliaSonera AB, the biggest Nordic phone company, reported a gain in earnings and insurer Friends Provident Plc said sales climbed.
TeliaSonera, KPN Earnings Increase on Growth in Mobile-Phone Units Abroad TeliaSonera AB, the biggest Nordic phone company, and Royal KPN NV (KPN), the largest Dutch phone company, reported higher third-quarter earnings on increased subscribers at mobile units outside their home markets.
European Confidence in Economy Rises to Five-Year High, Inflation Eases Europeans' confidence in the economy rose to a five-year high in October and inflation slowed as declining oil prices increased the spending power of consumers and companies.
U.S. Headlines (via Bloomberg.com)
Procter & Gamble Net Income Climbs 33 Percent on Sales of Gillette Razors Procter & Gamble Co. (NYSE:PG), the largest U.S. consumer-products maker, said first-quarter profit rose 33 percent as last year's acquisition of razor company Gillette buoyed sales. The company raised its earnings forecast.
Morgan Stanley May Make Second Hedge-Fund Purchase in Two Days, People Say Morgan Stanley (NYSE:MS) may make its second investment in a hedge-fund company in as many days, buying FrontPoint Partners LLC for about $400 million, said two people with knowledge of the plan.
Kodak Posts Eighth Straight Loss on Costs to Eliminate Jobs, Shut Plants Eastman Kodak Co. (EK), the world's largest photography company, posted its eighth straight quarterly loss on costs to eliminate jobs and shut factories and lowered its 2006 revenue forecast.
CB Richard Ellis Agrees to Acquire Trammell Crow for $1.8 Billion in Cash CB Richard Ellis Group Inc. (NYSE:CBG), the world's largest commercial real estate broker, agreed to buy Trammell Crow Co. (NYSE:TCC) for $1.8 billion in cash to more than double its property management business.
Qwest Reports $194 Million Profit on Gains in High-Speed Internet Clients Qwest Communications International Inc. (NYSE:Q), the fifth-largest U.S. telephone company, posted third- quarter profit of $194 million as it signed up high-speed Internet subscribers.