9:40AM New York – U.S. stocks opened higher on better than expected earnings from Wal-Mart.

U.S. stocks trade higher at the opening. At the opening Dow Jones Industrial Average increased 80 to 13,071, Nasdaq added 32 to 2,616, and S&P 500 edged higher 12 to 1,452.

Wal-Mart jumped $2.60 to $45.95 after it reported its earnings. Earnings at the third quarter increased to $2.86 billion compared to $2.65 billion or earnings per share increased to 70 cents compared to 63 cents per share year ago. Revenue in the quarter increased 8.9% to $91.95 billion. Wal-Mart predicted fourth quarter earnings from continuing operations between 99 cents and $1.03 per share and fiscal 2008 earnings from continuing operations between $3.13 and $3.17 a share revised from earlier projection of between $3.05 and $3.15 a share.

European markets fell on weak oil and metal prices. Telecom stocks led the gainers in the region on earnings form Vodafone.

Norway, for the second day, led the decliners in the region, at mid-day trading, with a loss of 1.3% followed by losses in Germany and the Netherlands of 0.5%, in Spain and France of 0.2%, and in U.K. of 0.05%. Switzerland added 0.3% followed by increases in Italy of 0.07%.

Vodafone reported earnings for the six months ending on Sept 30 at 3.29 million pounds or 6.19 pounds per share compared to a loss of 5.11 billion on the charges of 8.1 billion pounds related to its Italian and German operations. Revenue in the first half increased 9% to 17 billion pounds from 15.59 billion pounds a year ago on the rising revenues at the recent acquisitions in Turkey and India.

Vodafone jumped 3.5% in London trading.

Asian markets tracked local news. India led the advancers in the region with a rise of 1.6% followed by increases in Australia of 0.7%, in Taiwan of 0.65%, in Hong Kong and in Korea of 0.5%.

Singapore led the decliners with a fall of 1% followed by losses in Indonesia of 0.7%, in Japan, Thailand, and in Philippines of 0.5%.

Third quarter economic growth in Japan was recorded at 0.6% on strong exports growth and rising consumer spending. In a near unanimous decision the Bank of Japan left the rate unchanged at 0.5%. Isuzu Motor dropped 6% on 16% decline in earnings.

6:00AM New York, 7:00PM Tokyo - Tokyo stocks declined for the eighth session in a row. Rising consumer spending lifted third quarter GDP.

In Tokyo trading Nikkei 225 slumped 0.46% to 70.46 to 15,126.63, while the broad Topix Index shed 1.67 to 1,454.73.

In the first section of the Tokyo Stock Exchange 9.9 billion shares worth 1.2 trillion yen were traded compared to 260 million shares valued at 5.0 billion yen traded in the second section.

Of the Nikkei 225 stocks 84 gained, 134 declined and 7 were unchanged. Casio Computer Company led gainers, rising 13.86% after brokerage Merrill Lynch raised the rating on the stock to “buy” from “neutral”. Mitsubishi UFJ Nicos on Aiful return to profitability.

Japan’s Cabinet Office released its preliminary third quarter GDP estimates that real GDP soared by 0.6% from the previous year to an annualized 2.6% in the three months to September. GDP for the second quarter was revised to 1.6% compared to the preliminary figure of 1.2%. Net exports contributed 0.2% and local demand increased 0.4% from 0% and –4% registered in the first and second quarter respectively.

According to the statistics, private demand rose 0.3% from 0.2% in the April to June period, while the consumption of households also rose to 0.3% from 0.2%. Private residential investment tumbled 7.8% from a 4.1% decline in the second quarter. However, private non-residential investment rose 1.7% from a fall of 2.1% in the previous quarter.

Changes in private inventory contributed 0.1% from a 0.1% slump to GDP recorded in the second quarter. The Cabinet Office also noted that government consumption leapt 0.3% in the quarter under review, while public investment plunged 2.6%, extending a 2.7% drop in the previous quarter.

Exports rose 2.9% from 0.9% in the three months to April and imports similarly climbed 0.5% from 0.8%. The GDP deflator, which is a measure of prices, declined 0.3% and the domestic demand deflator and private consumption deflator fell 0.2% and 0.5 % in that order.

The Bank of Japan today kept its key interest rate on hold at 0.5% by an 8-1 vote after a two-day monetary policy. Again, Atsushi Mizuno was the only dissenter.

Of the Nikkei 225 index shares, Casio Computer Company paced gainers, with a rise of 13.86%, followed by increases in Mitsubishi UFJ Nicos of 12.44%, in Clarion Company Limited 7.93%, in Toto Limited of 7.93% and IHI Corp of 4.44%.