1:00PM NY, 5:00 PM Frankfurt European markets closed higher, led by gains in hotel companies.

European stock markets closed higher for a second straight session. Regional markets traded in light volume, as Wall Street was closed for a public holiday. The U.K.'s FTSE 100 rose 0.5%, France's CAC 40 gained 0.5%, while Germany's DAX added 0.3 %.

Hotel companies led advancers, boosted by takeover activity. Hilton Hotels Corp. agreed to be acquired by Blackstone Group LP for $20 billion. Following the news, InterContinental Hotels Group Plc, the owner of the Holiday Inn chain, gained 4.7%, French hotels operator Accor SA rose 7.8%, and NH Hoteles shares moved up 3.1% in Spain.

Telecoms stocks were also in the spotlight, as Credit Suisse upgraded the European telecommunications sector to overweight from market weight amid forecasts for mobile growth. Deutsche Telekom AG climbed 1% on the news. Among individual companies, the U.K. carrier British Airways advanced 1.6% and Dutch supermarket group Ahold added 1.3% after it was upgraded to overweight from neutral by J.P. Morgan.


12:00AM Hilton Hotels agreed to be bought by Blackstone for $20 B.

Hilton Hotels Corp. announced an agreement to be bought by Blackstone Group in a deal worth $20 billion. Including the assumption of debt, the transaction totals $26 billion.

The second biggest U.S. hotel chain decided to go private after more than 60 years as a public company. The acquisition is a record for the hotel industry. Blackstone joins Apollo Management LP and Texas Pacific Group in targeting hotel companies for their cash flow and real estate.

Blackstone will pay $47.50 for each share, a 32% premium over its closing price Tuesday. Barron Hilton, the son of founder Conrad Hilton and co-chairman of the Beverly Hills, will receive $990 million for his 20.8 million shares.

Hilton''s German-listed shares 37% in Frankfurt today. The company''s U.S. stock gained 6.4% in composite trading on the NYSE before the announcement yesterday.


11:0AM New York, 10:00PM Shanghai – Asian markets closed at record level for the second day in a row.

Asian Markets closed at record level for the second day in a row. Indonesia, India, and South Korea reached new record, Thailand advanced to a 10-year high and Taiwan to 7-year high for the second day in a row. Philippines declined from its record close yesterday. South Korea led the region with a gain of 1.82% followed by a rise of 1.4% in Thailand, 0.8% gain in Taiwan, 0.5% in India and 0.3% in Hong Kong and Indonesia. China led the decliners in the region with a loss of 2.1% followed by 0.5% decline in Philippines, 0.4% decrease in Singapore.

In Shanghai trading, CSI Index fell 2.1% on the worries that moderate tightening from the central bank may slow growth and several large IPO listings will reduce liquidity in the market. Banks led the index lower. China Citic bank dropped 2.4%, Bank of China fell 1.6%, and ICBC fell 1.2%. Privately controlled banks Shanghai Pudong Bank fell 4.5% and China Minsheng dropped 2.9%.

In Hong Kong trading, Hang Seng rose 0.3% on rising banks and property stocks. While banks in Shanghai trading fell, in Hong Kong they advanced. China Construction Bank gained 2.6%, ICBC edged 0.7%, and Bank of China increased 0.3%. Chinese Estates Holdings soared 19% on company statement that talks with buyers may or may not yield company sale.

In Seoul trading, KOSPI index advanced 1.8% to a record close on strength in financials, industrials and shipbuilders. Kookmin Bank gained 1.9% and Woori Finance jumped 2.6%. Earnigs expectations for the second quarter and recent surge in ship orders lifted Samsung Heavy industries by 7% and Hyundai Heavy by 5.5%. Samsung Electronics jumped 1.2% on the successful launch of iPhone from Apple. Samsung chips costs 30% of Apple iPhone component cost.

In Mumbai trading, Sensex 30 increased 0.5% on a rally in cement stocks and strong interests in IPOs. ACC, largest cement maker gained 7%, led other cement companies on price hikes. Vishal Retail IPO jumped 180% on heavy volume and Indiabull Real Estate completed its $400 million GDR offering. Banks and software exporters fell.

In Tokyo trading, the Nikkei 225 edged 0.1% higher to 18,169, a fifth rise in a row. Real estate, banks, and retail stocks were in demand. Strength in New York trading helped exporters. Sony gained 1.9% and Canon rose 0.3%. Imperial Hotel jumped 10% on a news report from Nikkei News that American hedge fund Cerberus may sell 40% stake in the hotel. Fast Retailing fell 4.3% on the same-store sales decline of 1.3% and customer traffic loss of 3.3% in June. ABC-Mart surged 7% on earnings revision for the first half by 6.4%. Recent nuclear reactor orders to Toshiba lifted several nuclear industry stocks. Organo Corp jumped 5.5% and Kimura Chemical Plants increased 4.7%.


6:00PM Mumbai – 7:30AM New York – Cement stocks lead Sensex to record close for the third day in a row. Vishal IPO soars 180% and Indiabull Real Estate prices GDR at $10.32.

Sensex 30 Index in Mumbai trading increased 73.73 or 0.5% to close at 14,880.24, third record in a row.