At 8:25 AM EDT:
S&P 500: -1.30; 1,403.50
NASDAQ 100: -3.25; 1,803.50
Dow: -13.00; 12,355.00
NIKKEI 225: -2.27%; 15,725.94 (-365.79)
HANG SENG: -1.19%; 18,954.63 (-228.08)
S&P/ASX 200: -1.80%; 5,322.40 (-97.30)
BSE SENSEX 30: +0.01%; 13,430.71 (+1.23)
FTSE 100: -0.17%; 6,181.70 (-10.30)
CAC 40: -0.22%; 5,427.73 (-11.98)
XETRA-DAX: +0.12%; 6,420.24 (+7.88)
Commodity Futures (Reuters/Jefferies CRB)
Oil: -0.59%; $58.62 (-$0.35)
Gold: +0.32%; $624.50 (+$2.00)
Natural Gas: -1.45%; $8.06 (-$0.12)
Silver: +1.02%; $12.93 (+$0.13)
Asian Headlines (via Bloomberg.com)
• Seven Raises $2.5 Billion for Media Takeovers Through Venture With KKR Australian billionaire Kerry Stokes will sell half of Seven Network Ltd.'s television and magazine assets to a new venture with Kohlberg Kravis Roberts & Co. to raise A$3.2 billion ($2.5 billion) for acquisitions. Shares in Seven rose the most in eight years.
• Zhou Says Pressure for Higher Interest Rates in China `Has Eased a Bit' China's central bank Governor Zhou Xiaochuan said pressure for higher interest rates ``has eased a bit'' amid signs investment and industrial production growth is slowing.
• Tata May Raise $8 Billion Offer for Corus to Top Rival Bid by Brazil's CSN Tata Steel Ltd. may raise its 4.3 billion pound ($8 billion) offer for Corus Group Plc. (NYSE:CGA), countering a rival bid by Brazil's Cia. Siderurgica Nacional SA to become the world's fifth-biggest steelmaker.
• Toyota Says Shareholder to Sell $2.5 Billion of Stock; Shares Decline Toyota Motor Corp. (NYSE:TM), the world's second-largest carmaker, said 296 billion yen ($2.5 billion) of its shares will be offered to investors at a 2.01 percent discount to today's price. Toyota stock fell.
• Japan Leads Asian Stocks to the Biggest Drop in 10 Weeks; Toyota Slides Asian stocks fell the most in 10 weeks, led by declines in Japan, on concern earnings and economic growth will miss analysts' estimates. Toyota Motor Corp. (TM) and Mitsubishi UFJ Financial Group Inc. (NYSE:MTU) fell.
European Headlines (via Bloomberg.com)
• Nasdaq Bids for Rest of LSE, Valuing U.K. Stock Exchange at $5.1 Billion Nasdaq Stock Market Inc. (NASDAQ:NDAQ) renewed its bid for London Stock Exchange Group Plc, sweetening an unsolicited offer that values Europe's biggest equity market at about 2.7 billion pounds ($5.1 billion).
• European Stocks Decline for a Second Day, Paced by BAM, BSkyB, ITV Shares European stocks fell for a second day on speculation a slowdown in economic and corporate profit growth will stymie a rally that sent indexes to near six-year highs.
• Lagardere to Buy Sportfive for $1.1 Billion to Enter Soccer Rights Market Lagardere SCA, France's largest publisher, agreed to buy Sportfive for 865 million euros ($1.1 billion) to enter the market for soccer and rugby broadcasting.
• Mergers Surpass 2000 High, Soar to Record $3.1 Trillion, as LBOs Triple Mergers and acquisitions worldwide rose to a record $3.1 trillion as leveraged buyouts almost tripled, surpassing the previous high set in 2000 during the peak of the dot-com boom.
• Norilsk Nickel Agrees to Buy OM Group's Nickel Subsidiary for $408 Million OAO GMK Norilsk Nickel (OTCPK:NILSY), the world's largest nickel producer, agreed to buy OM Group Inc.'s (NYSE:OMG) nickel unit for $408 million in cash, expanding output of the metal that has more than doubled in price this year.
U.S. Headlines (via Bloomberg.com)
• Freeport-McMoRan to Buy Phelps Dodge for $25.9 Billion in Cash and Stock Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) agreed to buy Phelps Dodge Corp. (PD) for $25.9 billion in cash and stock in the world's biggest mining takeover.
• Blackstone Buys Zell's Trust for $20 Billion in Record Real Estate Deal Blackstone Group LP, manager of the world's largest buyout fund, agreed to acquire billionaire Sam Zell's Equity Office Properties Trust [REIT] (EOP), owner of 580 office buildings, for about $20 billion in the biggest takeover of a real estate company.
• Bank of America Agrees to Acquire U.S. Trust From Schwab for $3.3 Billion Bank of America Corp. (NYSE:BAC) , the No. 2 U.S. bank, will buy U.S. Trust, the private-banking arm of Charles Schwab Corp. (NYSE:SCHW), for $3.3 billion in cash to lure wealthy clients from Citigroup Inc. (NYSE:C) and JPMorgan Chase & Co. (NYSE:JPM).
• Stock-Index Futures Fall; IBM, Intel Decline, Phelps Dodge Gains in Europe U.S. stock-index futures fell, following declines in Asian and European equity markets, on speculation economic and earnings growth will slow.