4:00PM New York, 10:00PM Frankfurt, 2:30AM Mumbai – GLOBAL MARKETS

Yield rose on 10-year U.S. bond closed at 4.865% and 30-year bond closed at 5.007%.

Crude oil futures rose $1.03 per barrel to close at $65.21, natural gas price 6.6 cents to close at $7.615 per mBTU and gasoline price rose 4.46 cents to close at 240.15 per gallon.

Gold rose $2 to close at $655.30 per ounce, silver gained 8 cents to close at $13 and copper fell $201 to close at $7,044 per metric ton.

Asian Markets in the overnight trading, closed lower reflecting a lower closing in New York. Japan and Singapore lost more than 1%, however, India closed up 0.85%. Hong Kong stocks fell 1.4% and led the region with a loss. Volatile Shanghai B-Share Index surged 8% and Shenzen B-share Index gained 1.7%. Wholesale inflation in India was reported above the target. Toyota Motor Corp fell 1.5% and BHP Billiton dropped 1.1%. DLF in India finalized its IPO price band between Rs 500 and 550, expected to raise record $2.5 billion.

European Markets closed slightly lower at the end of the week ahead of Monday holiday. Norway led the decliners in the region with a loss of 1% followed by 0.7% decline in Belgium and 0.3% in Spain. Germany led the gainers in the region with a gain of 0.54% followed by a rise of 0.2% in Switzerland, Italy and France. U.K. reported first quarter economic growth at 2.9%, higher than expected.

Latin American Markets closed higher across the region except markets in Argentina. Brazil led the region with a gain of 1.62% followed by 1.43% advance in Mexico and 0.8% rise in Chile. Brazil currency real gained 0.7% against dollar to 1.9555 on third rating agency likely to revise its rating on the country’s debt. Venezuela pans to shut down the oldest TV network this weekend Coca Cola Femsa said the Mexican Competition Commission has blocked its offer to purchase local juice maker. Cleveland-
Cliff, American iron ore miner, rose on the speculation that Brazilian mining company C. Valle de Rio Doce (RIO: chart) is likely to make an offer.


2:30PM New York – U.S. Market Movers

Coca Cola (KO: chart) rose nearly 1.3% on the news that the company has agreed to purchase bottle water Glaceau for $4.1 billion in cash. Coca Cola hopes to advance its position in fast growing bottled water market which is currently led by Pepsi with 45% market share. The company stock has languished in the last five years in a trading range between $36 and $55. In the year 2006 the stock had gained 17%.

Archstone Smith (ASN: chart) rose 6% and lifted other apartment REIT stocks with it. An analyst at UBS suggested in a research note that the company may be a takeover target for its high rise apartment units and low debt. Equity Office (EQR: chart) and AvalonBay (AVB: chart) rose more than 2%.

Freeport-McMoran Copper & Gold (FCX: chart) rose 2.7% on higher copper and gold prices. Several analysts have downgraded the stock in the belief that the precious metals and copper prices are more likely to fail in the coming months. Gold and silver advanced today in the hope that Middle East and India will continue to buy more gold as per capita income rises in the region.

General Motors (GM: chart) traded actively but rose only few pennies on the news that the union at Delphi and the company has reached an accord to settle labor pact involving pay and health and other benefits. Separately the company has raised its bond offerings to $1.3 billion from $1.2 billion. The convertible debt will carry conversion of 0.68 share for $25 principle.

Orbcomm (ORBC: chart), satellite based data communication company rose 18% on no news. The company has been in talks with various wireless carriers to offer combined satellite and terrestrial messaging and communication.

Nasdaq (NDAQ: chart) and NYSE Euronext (NYX: chart) were in focus today. Nasdaq fell 3% on the agreement to buy Nordic stock exchange operator OMX. The company has agreed to pay 208.1 Swedish Kronor per share. NYSE Euronext opened higher 1% on the news and an analyst upgrade but failed to keep the advance in the last hour of trading.

Cleveland-Cliffs Inc (CLF: chart) rose 6.75% on takeover rumors. The iron ore miner has been a subject of takeover talks for a while and stock has jumped 56% year to date so far. The options for the stock have seen heavy activity in the last three months.

Nordson Coroporation (NDSN: chart), maker of adhesives and coatings rose 12% on the earnings news. The second quarter earnings fell to 61 cents fro 64 cents a year ago on the revenue rise of 6% to $241 million.

China Finance Online (JRJC: chart), online financial information provider fell 9% on no news. The company is expected to report its quarterly result on May 30th.

Echelon Corporation (ELON: chart) traded 9% higher. The network infrastructure company jumped ahead of its presentation to analysts and investors at a conference on May 30th.