China to Invest $3 B in Blackstone

Market Update Analysis:

Author: Elena Todorova
123jump.com
Last Update: 12:05 PM EDT May 21 2007

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U.S. stocks traded in a tight range on merger Monday, reflecting profit-taking. Tech stocks were some of the most notable gainers amid merger speculation in internet shares. Sirius Satellite rose 3%. In other corporate news, Blackstone confirmed an agreement under which the Chinese government will buy $3 billion of non-voting common units at a purchase price equal to 95.5% of the IPO price. The deal signals China''''s determination to earn higher returns on reserves.

Banca Popolare di Milano and Banca Popolare dell'' Emilia Romagna approved a merger deal that will create the seventh largest bank in Italy by branch number with a market capitalization of around 12 billion euros. Banca Popolare di Milano shares slid 4%, while Banca Popolare dell'' Emilia Romagna shares were unchanged.

Commodities

Crude oil for June delivery rose 44 cents, or 0.7%, to $65.38 a barrel in after-hours electronic trading on the New York Mercantile Exchange. Brent crude for July settlement gained 87 cents, or 1.3%, to $70.29 a barrel on the ICE Futures Exchange. Gold traded in London at $662.40, up from $660.90 late Friday. Silver opened in London at $12.94, down from $12.96.

Currencies

The U.S. dollar was mostly higher against other major currencies in European trading Monday. The euro traded at $1.3481, down from $1.3505 late Friday in New York. The British pound traded at $1.9701, down from $1.9745. The dollar fetched 121.38 Japanese yen, up from 121.15.

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