ASIA The Nikkei rose 2.38% to a two-week closing high on a softer yen and a sharp rally on Wall Street inspired by the chances of a US rate cut (RTRS) Oil prices rebounded by over $1 a barrel after an explosion and fire at an oil terminal in Minnesota shut down most of the main pipeline that delivers Canadian crude to US Midwest refineries (RTRS) At 0630 crude was trading $92.16 up 154c. US Despite weak data on business investment and home sales, equity markets surged on Wednesday as rate cut hopes were reignited by comments from a top Fed official, which seemed to suggest that there was nothing standing in the way of further policy easing if market conditions persisted. The rally was very broad-based, but banks and financials as well as mortgage lenders, homebuilders and the GSEs such as Freddie Mac saw some of the biggest gains. In the end, the DJI finished at 13,289, up 331 points. The S&P 500 closed up 41 points at 1469, and the Nasdaq 100 closed at 2095, up 61 points. The rally yesterday was the biggest overall one for stocks since November 2002. Shares in IBM lead gainers in the DJI. None of the 30 stocks within the index suffered any losses. The S&P was boosted by shares of General Electric, while shares in Devon Energy paced decliners. Apple lead gainers in the Nasdaq 100, while Marvel paced decliners after the company's quarterly results. Anadarko Petroleum - The company said it was increasing its 2007 FY production outlook from retained properties for the third time during the year. (RTRS) FTSE GlaxoSmithKline - An FDA panel has backed more warnings on the company's Asthma drugs. (DJ)** Alliance & Leicester - A&L said 2007 core-operating profit is expected to be lower than some analysts forecast as it posted a charge on credit-related securities, However, the groups asset quality remains strong. The lender said the treasury impairment loss for SIVs in the 10 months to 31st October was GBP 40mln, and they expect the total cost of the buy back in 2007 to be GBP 200mln. (RTRS)** Shares up 3.9% pre-market. Kingfisher - Q3 retail profit was GBP 171.7mln vs Exp. GBP 168.1mln. Group like-for-like sales rose 1.9% vs Exp. 2.4%. (RTRS)** DAX European Carmakers - VW's CEO said that Russia will become Europe's biggest car market in 2009. (RTRS) Siemens - The company said it is paring the size of its board and realigning its operations into three sectors. (S&P) Merck - The company's Cyanokit has been approved by the European Union. (S&P) CAC Credit Agricole - The bank does not expect the full extent of the subprime mortgage crisis to be clear before April, because large packages of risky loans issued in 2006 are expected to mature. (RTRS) Arcelor-Mittal - The company is to build a pipe mill in Nigeria. (S&P) EADS - Hawaiian Airlines said it would acquire 24 new long-range wide body jets at a value of c.USD 4.4bln. (S&P)* EUROSTOXX Enel - The company and EDF are close to agreeing a EUR 2bln deal that will see the Italian group take up to 3% of the French power market. (FT) SMI Julius Baer - The company is mulling an IPO or buy-out of its US asset management business. (S&P) BROKER UPGRADES/DOWNGRADES SAGE RAISED TO `HOLD' FROM `REDUCE' AT WESTLB WOLSELEY RAISED TO `NEUTRAL' VS `UNDERPERFORM' AT CRED. SUISSE LEHMAN 2008 EPS ESTIMATE CUT TO $7.95 VS $8.50 AT CIBC The above commentary was provided by Real-time Analysis & News (R.A.N) Ltd (known to traders as âRansquawkâ) operates from 0630GMT until 2200GMT to incorporate full coverage of the US bond and equity futures markets. Currently R.A.N covers Bond, STIR and Index futures in the US, UK and Eurozone as well as NYMEX crude and Gold. Furthermore, R.A.N has a stand alone Forex service (Ransquawk FX) which covers all the major currency pairs. Coverage is based around the economic calendar for that day but the product finds its value looking at flows, rumours and breaking news and delivers that information to the customer via an internet âsquawk-boxâ. For more information and a 1-week free trial please email us at info@ransquawk.com
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