[R]4:30PM NY, 10:15PM Frankfurt, 1:45AM Mumbai – Global Markets Update.[/R]

U.S. bonds yields rose and 10-year bond closed at 4.648% and 30-year bond closed at 4.821%.

Oil in New York trading fell 63 cents to close at $63.66 per barrel, natural gas gained 1 cents to close at $7.73 MBtu and gasoline fell 1.21 cents to close at 223.26 cents per gallon.

Gold declined $2.20 per troy ounce to close at $675.10 and silver price fell 3 cents to close at $13.33 per ounce. Copper gained $242 per metric ton to close at $8,048.

Asian markets closed higher led by rise of 1.7% in Singapore, 1.4% in Australia, 0.9% in Thailand, and 0.7% in Japan and Singapore. Auto companies led the rise in Japan with Mazda up 3.6% but Toyota and Nissan declined. In Hong Kong HSBC rose on the news report that Dubai based investment group has bought a substantial stake in the company. BHP Billiton gained 2% on the record price in copper trading and firm oil prices. China, India and Malaysia were closed. Singapore property stocks led the market gain.

European Markets closed higher with Belgium, U.K. and Norway closing above 1%. Germany rose 0.6% and France advanced 0.5% and other markets in the region gained a fraction. Mining and media stocks led the rise in the U.K. averages. Other media companies rose in the region on the bid by News Corp for Dow Jones. BSkyB gained 5% on revenue rise of 9% and earnings fall of 6%. Wolter Kluwer gained 3%. Allianz profit advanced nearly 100% to 3.2 billion euros and laundry detergent maker Henkel gained 3.5% on net income growth of 14% and revenue rise of 6%.

Latin American Markets advanced across the region led by a gain of 1.1% in Brazil, 0.9% in Mexico, 0.3% in Chile and 0.11% in Argentina. Oil and mining stocks led the rise in Brazil but telecom and steel companies declined. Brazilian currency Real gained on strong flows of funds and widening trade surplus to $4.2 billion in April from revised $3.6 billion in March. Economists are predicting surplus for the year between $45 billion and $47 billion. French largest retailer Casino Guichard has agreed to partner with Chile based Cecosud SA to launce a chain of hardware stores in Colombia. Striking mining workers in Peru resumed talked with labor minister to seek better working conditions and wages for subcontract workers.

[R]2:30PM NY – U.S. Market Movers.[/R]

U.S. market averages maintained their upward momentum on earnings, factor orders report and deal news.

Yum! Brands Inc (YUM: chart) reported first quarter earnings of 70 cents vs. 59 cents a year ago on revenue rise of 4%. The company reported revenue of $1.94 billion in the quarter and earnings of $194 million compared to revenue of $1.82 billion and earnings of $170 million a year ago. Total number of stores across the system rose 2% to 32,558. The company revised the earnings guidance to $3.23 per share from $3.21 and expressed that the operating profit growth in the U.S. division is going to be below the long term growth rate.

The company generates approximately 49% of its sales from its international operations and revenues in China increased by 24%. Sales in the U.S. based stores owned by company fell by 12% and at franchise owned locations rose by 1%.

CB Richard Ellis Group (CBG: chart) reported first quarter earnings of $12 million or $65 million excluding one time items vs. $36.9 million a year ago on revenue increase of 62% to $1.2 billion. The company reported earnings per share of 5 cents vs. 16 cents a year ago. Adjusting for accounting the earnings per share were 27 cents beating the analyst’s expectations of 15 cents.

In January 2007, the Company sold Trammell Crow Company’s approximately 19% ownership interest in Savills, plc, a real estate provider in the United Kingdom. This sale resulted in a non-cash, pre-tax loss of $34.9 million in the first quarter of 2007, which was largely driven by stock price depreciation at the date of sale as compared to December 31, 2006 when the investment was marked to market. The pre-tax proceeds from this sale, net of selling expenses, of approximately $311.0 million has been used to reduce net indebtedness.

The real estate advisory services and brokerage company generated $225 million in revenue in Europe, Middle East and Africa, $94 million in Asia and global investment management services revenue increased 181.6% to $85.6 million. The company guided that the annual earnings per share will be in the upper end of the previously issued forecast between $1.85 and $1.92.


[R]1:00AM NY, 5:00 PM Frankfurt European stocks closed higher, led by media stocks.[/R]

European stock markets closed higher on Wednesday, boosted by strength among media stocks. Shares in satellite broadcaster British Sky Broadcasting rose more than 5% after the company''s key performance indicators in Q3 exceeded market expectations. Dutch publisher Wolters Kluwer gained 2.8%, while Pearson closed down 3.4% in London. Mining stocks also contributed to the upward trend, with shares in Lonmin surged 7.7% after it posted a 63% increase in first-half pretax profit.

In earnings news, Henkel rose 2.7% after it said Q1 profit rose 14%. Shares of German tire maker Continental rose 3% after it reported 22%increase in Q1 profit. Shares of Danish pharmaceutical producer Novo Nordisk rose 7.6% after it reported Q1 profit increase of 41%. The U.K. FTSE 100 climbed 1% to 6,484.50, the German DAX Xetra 30 rose 0.6% to 7,455.93 and the French CAC-40 gained 0.5% to 5,990.13.


[R]11:30AM U.S. stock averages traded higher, driven by strong factory orders.[/R]
The three major stock averages rallied on Wednesday, driven by strength in the deal sector amid deal speculation, Q1 financial results released by Time Warner, and stronger-than-expected factory data.