The national median existing-home prices for all housing types was $210,200 in November, down 3.3% from November 2006 when the median was $217,300, but there remains a downward drag on the national median as the mix of closed sales has shifted away from expensive markets.

Home builders stocks were mixed after the report. Beazer Homes rose 19 cents to $7.30, D R Horton fell 14 cents to $12.96, Toll Brothers fell 33 cents to $19.73, and Lennar fell 8 cents to $17.42.

Delta Petroleum Corp (DPTR: chart) soared $3.00 to $18.51 after the company received an investment from Tacinda Corporation. The private investment corporation controlled by billionaire Kirk Kerkorian will invest $684 million to acquire 36 million common stocks in the company at $19 per share at a 23% premium to the closing price on Dec 28 and a 26% premium to 30-day moving average of Delta stock price.

The company press released said the investment will permit Delta to accelerate its drilling activities in Piceance and Paradox Basins. Delta has significant drilling activities in the Gulf Coast and Rocky Mountain regions.

Baidu.com (BIDU: chart) fell $5.21 to $393.90 after the company said that its chief finance officer died in an accident during holiday period.

Semiconductor Industry Association reported that November sales increased 0.7% from October or 2.3% rise from a year ago to $22.5 billion.

Merrill Lynch sold insurance unit to Aegon for $1.25 billion. Sources in Abu Dhabi and Dubai told 123jump.com that Merrill Lynch and Citigroup are in advanced talks with various government controlled entities in Abu Dhabi and Qatar for another round of capital investment. The range of proposals includes investment between $2 billion and $4.3 billion.


6:00AM New York, 6:00PM Hong Kong - Hang Seng Index soars 39% in 2007./R]

Hong Kong stock averages rose driving the Hang Seng index to its best performance since 1999 on speculation the U.S. Federal Reserve will cut the key interest rate by a quarter percentage point to 4% on January 30. The index for the year surged 39%.

In Hong Kong trading Hang Seng index jumped 1.62% or 442.05 to 27,812.65, up 39% for the year, while the China Enterprises index of H shares rose 0.83% to 16,124.72.

Stock turnover reached HK$43.4billion in trading session.

Markets in Japan, China, South Korea, Philippines, Indonesia and Vietnam are closed today.

The State Council over the weekend that the new Income Tax Law and Implementation rules, through which domestic and foreign firms will be levied the same corporate tax rate at 25%, will take effect today. Online publication Standard reported the news.

Foreign-invested enterprises registered before March 16 will either receive a five-year grace period where there will be subject to a gradually increasing interest rate, or will be entitled to complete the period of tax exemption that they will be promised.

However high technology industries will be given preferential treatment if they are supported by the state and located in special economic zones or the Pudong district of Shanghai.

According to the State Council Website, companies owning intellectual property registered after January 1 will be exempted from any corporate tax for the first two years, while 12.5% will be levied in the third through the fifth year.

Governor of the People’s Bank of China, Zhou Xiaochuan said on the bank’s website in a New Year message that the central bank will maintain a tight monetary policy in 2008 using balanced monetary policy tools to manage the economy.

Property stocks in Hong Kong rose on increased speculation that the U.S. will cut its benchmark interest rate on January 30 after November sales of new homes plunged 9% to a 12-year low to an annual rate of 647,000.

Cheung Kong climbed 4.8% to HK$144.20, Sun Hung Kai Properties rose 4.15% and Hang Lung Properties edged up nearly 6%.