At 8:20 AM EDT:
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Commodity Futures (Reuters/Jefferies CRB)
Oil: +0.19%; $58.39 (+$0.11)
Gold: -0.99%; $619.10 (-$6.20)
Natural Gas: +0.48%; $8.02 (+$0.04)
Silver: -1.20%; $12.735 (-$0.155)
Asian Headlines (via Bloomberg.com)
• Citigroup to Clinch $3 Billion Deal for China's Guangdong Bank, People Say Citigroup Inc. (C), the biggest U.S. financial-services company, plans to sign an agreement tomorrow to take control of China's Guangdong Development Bank for about $3 billion, two people with knowledge of the decision said.
• Hong Kong's Hang Seng Tops 19,000, Led by China Mobile; BHP, JR East Drop Hong Kong's Hang Seng Index closed above 19,000 for the first time and China's benchmark jumped the most in Asia after the nation's industrial production rose less than expected, easing concern the government will restrict lending to cool the economy.
• China's Industrial Production Grows at Slower Pace; Exports May Be Weaker China's industrial output rose at the slowest pace in almost two years in October, indicating that a government clampdown on investment is succeeding and an export boom may be losing steam.
• Zijin Mining May Make a Bid For the Fourth-Largest Copper Deposit in Peru Zijin Mining Group Co., which runs China's largest gold mine, may bid for Peru's fourth- largest copper deposit to diversify and bolster reserves amid soaring demand for metals.
• Toshiba Raises $849 Million in Bond Sale to Fund Purchase of Westinghouse Toshiba Corp. (OTCPK:TOSBF) raised 100 billion yen ($849 million) from its first bond sale in four and a half years to help fund the purchase of Westinghouse Electric Co.
European Headlines (via Bloomberg.com)
• Bank of England Says Inflation May Slow Toward 2 Percent in Middle of 2007 The Bank of England said inflation will slow to its 2 percent target by the middle of 2007, about six months sooner than previously estimated, reducing speculation about interest-rate increases next year.
• Deutsche Boerse Abandons Attempt to Buy Euronext, Clearing Way for NYSE Deutsche Boerse AG abandoned its offer to buy rival Euronext NV, clearing the way for NYSE Group Inc. (NYX) to acquire the Paris-based exchange and create the first transatlantic stock market.
• European Stocks Advance on Interest-Rate Comment; Vodafone, Infineon Gain European stocks advanced, resuming a two-week rally, after a Federal Reserve official signaled the U.S. central bank will keep interest rates unchanged in the world's largest economy.
• U.K. Unemployment Increases to Highest Level Since 2001; Wage Growth Slows U.K. unemployment rose in October to the highest level in almost five years, restraining wages and cooling inflation pressures in Europe's second-biggest economy.
• Car Sales Rise in Europe for First Month Since May; Toyota, Fiat Lead Gain Toyota Motor Corp. (TM), Fiat SpA (FIA) and PSA Peugeot Citroen (OTCPK:PEUGY) last month led the first gain in European car sales since May as they offered discounts to customers and attracted buyers to models released over the past year.
U.S. Headlines (via Bloomberg.com)
• US Airways Offers to Buy Delta Air Lines for $8 Billion in Cash and Shares US Airways Group Inc. (LCC) made an unsolicited takeover offer for bankrupt Delta Air Lines Inc. (DALRQ) in a transaction valued at $8 billion in stock and cash that would create the world's largest airline.
• Tyco Profit Climbs 38 Percent on Sales of Medical Devices, Safety Products Tyco International Ltd. (TYCO), the conglomerate that's splitting into security, health-care and electronics companies, said fourth-quarter profit rose 38 percent on higher sales of electrical connectors and safety products.
• Texas Pacific Drops Out of Bidding for Clear Channel, People Familiar Say Texas Pacific Group unexpectedly withdrew from one of the two groups vying to buy radio broadcaster Clear Channel Communications Inc. (CCU) in an auction that may fetch about $18 billion, two people briefed on the firm's decision said.
• Time Warner's Parsons Resists Pressure to Sell AOL, `Believes' in Business Time Warner Inc. (TWX) Chief Executive Officer Richard Parsons defended his decision to keep AOL and said the Internet unit could be worth as much as $26 billion in the next few years.
• Bush Will Seek Accords on Free Trade, Security at APEC Summit in Vietnam President George W. Bush travels to Asia this week to jump-start global trade talks, lay the groundwork for resumed negotiations on North Korea's nuclear program -- and demonstrate his relevance as a shaper of foreign policy after the Democratic conquest of Congress.