4:00PM NY, 10:00 PM Frankfurt, 1:30AM Mumbai – Global Markets

Yields edged higher on 10-year U.S. bonds and closed at 5.15% and 30-year bond rose to close at 5.24%.

Crude oil advanced 40 cents to close at $71.81 per barrel, natural gas was closed down 14 cent to $6.61 per mBtu, and gasoline futures gained 1.99 cents to close at 228.43 cents per gallon.

Gold declined $4.80 to close at $650.60 per ounce, silver lost 10 cents to close at $12.58 per ounce, and copper futures gained $114 to close at $7,919 per metric ton.

In New York trading, S&P 500 closed up a fraction but Nasdaq gained 11.70 to close at 2,6556.65. Dow Jones lost 11.46 to 13,565. The tech stocks traded firmly higher led by advances in Cisco, Research in Motion, Apple, Oracle, and Google. Expectations for second quarter earnings have lifted positive sentiments for tech stocks. Bond yields rose after weekly job data showed that more people gained work than expected. Marriott International and Starwood Hotels & Resorts jumped 7% on takeover speculation. Oil recovered to close higher after weekly inventory data showed increase in supplies.

Latin Markets closed mixed on the worries that rate hikes in Europe and rising yields in New York will lower fund flows. Brazil led the region with a gain of 0.4% followed 0.07% loss in Mexico, 0.23% decline in Argentina, and 1% decrease in Chile. Copper prices in world markets gained on miners strike in Mexico and possible walkout in Peru and Chile next week. Copper prices have gained 6% in the last ten trading days. Chilean Index fell 1.4% before revering at the close, but fell the most in a month. The Ipsa index has gained nearly 30% for the year.

In Sao Paulo trading, iBovespa gained 235.87 or 0.4% to close at 55,932.34. rising energy and metal prices lifted by 1% stocks of Petrobras and CVRD. Banks closed lower. Banco Bradesco and Itau dropped a fraction. Utilities Copel and Cemig gained more than 1.5%. An agreement between the union and management with seniority based pay hike will avoid five-day strike at Petrobras. Brasil Telecom gained 2.5% on the news that pension funds and Citigroup division have teamed to bid for the telecom company. Sadia gained on a UBS recommendation.

In Mexico City trading, IPC index lost 64.78 or 0.2% to 32,136.85. Rising yields in emerging markets left investors nervous. Pemex reported two natural gas pipeline explosions in the state of Guanajato damaging gasoline pipelines in the neighborhood and requiring an evacuation of 4,100 people. Telmex jumped 3% and American Movil gained 2% in the session. Homex jumped 1.6% after declining for a week. Wal-Mart de Mexico fell 1.1%, first decline in seven days.

Asian Markets closed higher for the fifth day in a row, leading several markets to record close. Shanghai bucked the trend and fell 5.3%.

Hong Kong, South Korea, Indonesia, and Philippines closed at record level. Taiwan reached a new 10-year record and India closed near record level. Philippines led the region with a rise of 1.9% followed by 1.1% gain in Indonesia, and 0.9% rise in Australia and Taiwan. Shanghai fell 5.5% on the worries that $40 billion of IPOs in the coming months will drain liquidity from the market.

In Shanghai trading, CSI 300 Index fell 5.5% to 3,537.44 on the worries related to IPO volume in the second half. Several banks and energy companies trading in Hong Kong have announced plans to raise $20 billion on mainland in the last month and nearly $40 billion is expected to be raised in the second half of this year. Aluminum Company of China, Chalco fell daily limit of 10%, China Petroleum also known as Sinopec fell 7%, and Baoshan Iron & Steel dropped 6%. The CSI Index is trading at 40 times previous earnings.

In Mumbai trading, Sensex Index closed 0.1% lower to 14,861.69. Banks and autos rallied but cement and realty stocks sold-off. DLF, largest-ever IPO in India raised $2.2 billion. The stocks priced at 525 rupees closed up 8.5% to 572 rupees. Other properties stocks sold off, investors allocated funds to the largest realty company. Cement stocks declined after rallying for two days. Tata Motors and TVS Motors gained despite falling June sales. ICICI Bank gained 1.8% on the news that the company will be able to sell 24% in its financial services subsidiary. Toyota Motors plans to increase its production capacity ten fold by the year 2015 in India to 600,000 units.

In Tokyo trading, Nikkei 225 Index gained 52.76 or 0.3% to 18,221 after climbing as high as 0.7%. The weak yen helped exporters for the fifth trading session in a row. One dollar fetched 122.70 yen lifting Sony 2.4%, Komatsu 1.6%, and Honda Motor 0.7%. In the second quarter yen has lost nearly 5% against dollar, pound, and euro. Ratings revision lifted Toho Co, film studio, by 7% and Seven & I, largest retailer, 2.6%. After the close the company reported sales gain of 9.4% and profit of 1.2%. Shopping centers operator, Aeon Mall gained 2.5% on first quarter profit rise of 6.7%.

European Markets closed lower as rate hike worries gripped traders. Bank of England raised 25 basis points to 5.75% and European Central Bank left the rates unchanged at 4% but indicated that rates may increase in the future. A decline if 1.1% in Germany led the region followed by 0.8% loss in Switzerland and Italy, 0.6% decrease in France, UK and Spain.

1:00PM NY, 5:00 PM Frankfurt European markets lost ground amid weakness in utility and telecom sectors.

European stock markets finished in the red on Thursday, pressured by rate concerns and weakness in the shares of utilities and phone companies. Among regional benchmarks, the German DAX slipped 1.1% at 7,987.13, the French CAC-40 lost 0.6% at 6,059.53, and the U.K.'s FTSE 100 declined 0.6% at 6,635.20.

The Bank of England raised its key rate by a quarter of a percentage point, to 5.75%, in line with expectations. European Central Bank left rates unchanged, but its president gave clues that the bank may raise rates later this year. Rate-sensitive insurance and financial-services companies led decliners, along with telecoms.

In Frankfurt insurance giant Allianz fell 1.8%, while Dutch property firm Rodamco Europe dropped 2.4%. E.ON AG, the world's largest utility by sales dropped 2.4%, followed by Spanish Iberdrola, down 2.3%.

In Paris supermarket group Carrefour rose 2.8% on Merril Lynch’s upgrade. Meanwhile, shares of Schneider Electric declined 2.3% after J.P. Morgan downgraded its stock, citing a new model that cuts earnings-per-share estimates for the electricity control maker. Among other movers, French automaker Renault dropped 2.4%, as company’s sales in the first six months of 2007 slipped 3.8%. Shares of Airbus parent European Aeronautic Defence & Space Co edged 0.2% higher.

In London mobile-phone giant Vodafone fell 2.4% amid press reports that it isn't in line to supply the iPhone in Europe. BT Group Plc, the U.K.'s largest phone company, dropped 2.4%. Royal Dutch Shell Plc and BP Plc dropped as crude oil declined. Oil giant Shell fell 1%, followed by BP which lost 0.9%. On the side of the gainers, miner BHP Billiton Ltd gained 1.7% and Xstrata, copper producer, added 2%. Among brokers, British banking giant Lloyds TSB added 1.2% after Citigroup Inc. raised its recommendation for the stock