3:00PM New York, 9:00PM Frankfurt – European markets closed higher across the region.

European Markets closed higher across the region led by 1.2% rise in Switzerland and Germany followed by 1.1% rise in UK and France, and 1% rise in Spain, the Netherlands and Italy. Broker upgrades and earnings drove the indexes in the region higher.

SAP earnings rose 8% to 449 million euros on software sales license revenue of 715 million euros with a gain of 18%. SAP stock surged 6.1%. Pharmaceutical company Roche reported net income for the first half 4.92 billion Swiss francs. Roche jumped 3%. Roche chief executive Franz Humer will step down and assume the rose of chairman of the board at the UK based liquor and drinks company Diego.

Vodafone (VOD: chart) reported new subscriber addition in the second quarter ending in June of 9.1 million with a total of 232 million subscribers. The stock gained 0.8%.

Sandvik AB, Swedish maker of cutting tools, reported second quarter earnings surged 38% to 2.62 billion kronor.

Food and snack products companies traded higher amid merger and takeover news. Nestle reportedly held talks with Pepsi to merge two businesses but declined the opportunity. Wall Street Journal reported that the companies could not find enough synergies between businesses. Nestle jumped 2% on the news. Groupe Danone jumped 2.4% and Unilever jumped 2.4%.


1:00PM New York – Nasdaq earnings jump three fold. MF Global IPO declines on the first day in trading in New York.

Nasdaq Stock Market Inc reported second quarter profit of $$56.1 million from $16.6 million a year ago on rising trading volume, higher number of company listing, and lower trading fees. Earnings per share jumped to 39 cent from 13 cents a year earlier. Revenue in the quarter jumped 30% to $558.2 million on increasing market share in NYSE listed stocks. At mid-day the stock traded 3.5% higher after rising as high as 5%. The company revised its annual income forecast to $171 million and $181 million from the earlier projection between $165 million and $175 million. Nasdaq revised revenue projection between $775 million and $790 million.

Man Group Plc, UK based hedge and private fund management group, raised $2.92 billion for IPO of MF Global Brokerage. MF priced its 97.4 million shares at $30, lower than its expected price range between $36 and $39. The stock dipped as low as $27.13 before settling at $27.73 after 29.4 million shares changed hands at 12:52 pm. The second largest IPO this year in New York valued the company at $3.64 billion with 80% of its stake trading on the exchanges and 20% controlled by Man Group. The company reported at the end of the fiscal year ending in March 31, revenue of $5.7 billion and earnings of $188 million.


10:00AM London is higher Thursday afternoon with mining leading the rally.

The benchmark FTSE 100 Index increased 1.19%, to 6645 in early afternoon in London.

BHP Billiton Ltd. and Rio Tinto Group led shares of mining companies higher. BHP Billiton Ltd was 3.5% higher and Rio Tinto also advanced 3.5% as copper prices advanced for a second day in Shanghai on worries lower output from Chile, will further cut global supply as stockpiles decline.

Vodafone climbed 0.9%. The company announced it added 9.1 million subscribers in the three months through June, totaling 232 million subscribers.

Broker comments lifted few stocks. LogicaCMG gained 4.25 after UBS AG hiked its recommendation on the Anglo-Dutch computer-services provider to buy from neutral. Segro, the owner of five of the largest business parks in the U.K., climbed 2.3% as UBS also raised its recommendation on the shares to buy from neutral.

National Grid also benefited from broker comment as it advanced 1.5% after Dresdner Kleinwort hiked its recommendation on the owner of the U.K. natural-gas and electricity transmission networks to add from hold.

Colt Telecom Group, phone-service provider, surged 3% as it posted a second-quarter profit of 8.9 million euros, or $12.3 million, compared with a loss in the year-earlier period.

Dairy Crest Group, U.K. dairy producer, gained 4.1% as it said it had a strong performance in the first three months of the fiscal year, led by sales of products such as Cathedral City cheese and Utterly Butterly spread.

Drugmaker GlaxoSmithKline increased 1% as the company said advisers to the European Union recommended approval of a Glaxo’s vaccine that prevents cervical cancer.