[R]9:55AM New York – U.S. stocks edge lower after the release of personal spending data, weak earnings from Dell and a rise in oil prices.[/R]

U.S. stocks fell in the morning after weaker than expected data on personal consumption and expenditure. Crude oil gained as tropical storm brewed in the Gulf of Mexico. A decline in earnings from Dell suggested a slower spending in the U.S. and earl signs of similar trends in Europe and Asia.

Consumer spending in July rose 0.2% after rising at 0.6% in June according to the latest data from the Commerce Department. Personal income dropped 0.7% after rising 0.1% in June and 1.8% in May.

Personal Consumption Expenditure increased 0.2% in the month after it gained 0.6% in June and the index jumped 4.5% from a year ago in July, the sharpest rise in the last 17 years. Real disposable personal income decreased 1.7% in July, compared with a decrease of 2.6% in June. Real PCE decreased 0.4%, compared with a decrease of 0.1%.

Crude oil prices rose more than $2 or 1.8% to $117.71 after Tropical Storm Gustav headed in the direction of oil installations in the Gulf of Mexico. UAL Corp (UAUA: chart) dropped 28 cents to $10.75, AMR Corp (AMR: chart) declined 40 cents to $9.60 and Federal Express (FDX: chart) edged 60 cents lower to $83.29.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 304.62 or 2.39% to 13,072.87, Hang Seng index in Hong Kong increased 289.60 or 1.38% closed to 21,261.89.ASX 200 index in Australia increased 69.10 or 1.36% to close 5,135.60. The KL Composite index in Malaysia increased 30.40 or 2.81% closed to 1,100.50.

The Kospi Index in South Korea increased 0.09 or 0.01% to close at 1,474.24, SET index in Thailand closed higher 1.61 or 0.24% to 684.44 and JSE Index in Indonesia increased 21.10 or 0.98% to 2,165.94. The Sensex index in India increased 516.19 or 3.67% closed to 14,564.53.

Europe Markets Review

In London FTSE 100 Index traded higher 73.10 or 1.32% to 5,601.20, in Paris CAC 40 Index increased 88.41 or 2.02% to 4,461.49 and in Frankfurt DAX index traded higher 99.51 or 1.57% to 6,420.54. In Zurich trading SMI increased 103.76 or 1.46% to 7,190.40.

Earnings Review

Dell Inc, computer maker said second quarter sales rose 11% to $16.4 billion from $14.7 billion a year ago. Net income in the quarter fell 17% to $616 million or 31 cents per diluted share compared to net income of $746 million or 33 cents per share, a year ago.

Dell Inc (DELL: chart) in the last one year traded as high as $30.77 in October 2007 and as low as $18.13 in April 2008. Based on the yesterday’s closing price the company has a market cap of $50.95 billion.

China Telecom Corporation Limited a provider of wire line telecommunications services in Shanghai municipality reported first half sales rose 1.5% to 89.4 billion yuan. Net income declined 4% to 11.6 billion yuan or $1.7 billion or 0.14 per share from 12 billion yuan or 0.15 per share for the same a year-ago.

China Telecom Corporation Limited (CHA: chart) in the last one year traded as high as $98.66 in October 2007 and as low as $48.42 in August 2008. Based on the today’s closing price the company has a market cap of $41.44 billion.

Bradford & Bingley plc, the biggest lender to U.K. landlords said first-half net loss in the quarter was £17.2 million or 2.8 pence per diluted share compared to net income of £129 million or 20.4 pence per share, a year earlier.

Bradford & Bingley plc (BB: chart) in the last one year traded as high as £51.75 in September 2007 and as low as £49.00 in July 2008. Based on the yesterday’s closing price the company has a market cap of £722.67 million.

Regus Group plc, the world''s largest provider of serviced offices based in the UK said first-half revenues jumped 23% to £508 million from £411.5 million a year earlier. Net income in the quarter rose 39% to £54 million or 5.6 pence per diluted share compared to net income of £44.5 million or 4.5 pence per share, a year earlier.

Regus Group plc (RGU: chart) in the last one year traded as high as £137.00 in September 2007 and as low as £61.75 in August 2008. Based on the yesterday’s closing price the company has a market cap of £728.58 million.

Tata Steel Limited, the world’s sixth largest steel maker based in India said first quarter sales rose 28.37% to 435.08 billion rupees from 311.62 billion rupees a year ago. Net profit in the quarter increased 38.46% to 39.15 billion rupees compared to net profit of 24.09 billion rupees, a year ago.