5:00PM NY; 11:00PM Frankfurt; 2:30AM Mumbai - GLOBAL MARKETS

Economic reports in the U.S. continued to point weakness in retail sales and rising inflation at wholesale level. U.S. market averages rose in the hope that interest rates may be cut in the coming months. Thomson Corp has agreed to sell its text book and education division for $7.75 billion, $2 billion more than expected, to funds managed by private equity and pension fund management groups Apax and OMERS Capital Partners.

Brazil currency Real rose on lower than expected inflation in April to 0.25%. Pertobras has agreed to sell its oil refineries in Bolivia to local government for $114 million which were valued at $200 million ending one year old crisis between Bolivia and Brazil.

Canada based Magna International has agreed to sell $1.45 billion stake to Russian billionaire Deripaska who is suspected to have ties with organized crime, ahead of its bid for Chrysler division of Daimler Chrysler. European markets advanced and were led by 4% rise in Societe Generale on media speculation that it may be a target of buyout from several companies.

April trade surplus in China rose to $16.9 billion. Indian government sold its remaiing 10.3% stake in local auto maker Maruti Udyog, a joint venture with Suzuki of Japan, to local financial institutions for $582 million.


Yield on 10-year U.S. bond closed at 4.670% and the 30-year U.S. bond closed at 4.849%.

Gold gained $5.30 to close at $672.30 a troy ounce, silver increased 16.5 cents to end at $13.305 a troy ounce and copper declined $159.000 to close at $7943.000 per metric ton.

Oil gained 56 cents to close at $62.370 a barrel and heating oil advanced 1.980 cents to finish at 188.230 cents a gallon. Natural gas increased 17.3 cents to close at $7.899 per MMBtu. Gasoline went up 2.000 cents to end at 234.610 cents a gallon.

Asian markets closed lower with Japanese markets finished down as export-oriented shares declined on renewed concerns about the health of the U.S. economy and a weaker finish on Wall Street. The decliners were led by Hong Kong with a decrease of 1.34%, Indonesia with a loss of 1.21% and Taiwan with a decline of 0.81%. The advancers were Philippines with an increase of 0.67%, South Korea with an advance of 0.24% and India with a gain of 0.18%. Australia declined 0.86%.

European markets finished higher on deal-related gains. Shares of German utility RWE and French bank Societe Generale offset weak earnings from banking group Fortis and steelmaker ThyssenKrupp. The advancers were led by Spain with an increase of 1.10%, Germany with an advance of 0.86% and U.K. with an advance of 0.64%. The decliners were Norway with a decrease of 1.12% and Belgium with a gain of 0.16%.

Latin America markets finished higher like the markets in the U.S. The advancers were led by Argentina and Brazil both with a gain of 1.51% and Mexico with an increase of 1.25%. There were no decliners. Canada advanced 1.00% as the energy and materials groups combined to push the stocks higher.

2:30PM NY, U.S. Market Movers

Abatix Environmental Corp. (ABIX: chart) shares climbed 26.29% after the company posted a first-quarter net profit of $358,638, or 21 cents per share, up from $219,597, or 13 cents per share, in the year-ago period. Revenue climbed to $17.3 million from $16.6 million in the comparable period last year.

Helen of Troy Ltd. (HELE: chart) reported fourth-quarter profits ahead of market views as sales of personal-care appliances as well as brush and hair-care accessories in some of its major markets boosted results. The company said it reported net income of $9.7 million, or 30 cents per share, compared with $6.6 million, or 21 cents per share, a year ago. Net sales rose 7% to $143.9 million. As a result, shares of the company climbed 16.7%.

U.S. Auto Parts Network Inc. (PRTS: chart), online auto parts retailer, rose after the company's first-quarter earnings beat Wall Street estimates despite a sharp decline. The company said its profit fell 91% from the year-ago quarter, to $235,000, or a penny per share. Sales more than doubled to $43.7 million. Shares climbed 11.7%.

Aviza Technology Inc. (AVZA: chart), which manufactures semiconductor production equipment, shares fell 20.3% after the company said that it achieved to a second-quarter net profit of $1.36 million, or 7 cents per share, compared with a net loss of $5.31 million, or 52 cents per share, in the year-ago period. Revenue increased 70% to $61.6 million. The company reduced its 2007 earnings forecast and said that it expected less than $500,000 for the year.

Distributed Energy Systems Corp. (DESC: chart) shares plunged 46.4% after the company reported a first-quarter net loss of $14.6 million, or 37 cents per share, against a net loss of $7.35 million, or 20 cents per share, in the year-ago period. Revenue climbed to $8.42 million versus $7.64 million in the same period a year earlier.

Opteum Inc. (OPX: chart), real estate investment trust, shares fell 17.8% after the company posted a first-quarter net loss of $78.1 million, or $3.14 per Class A share, compared with a net loss of $8 million, or 34 cents per Class A share, in the year-ago period. Opteum said its results were impacted by operations at its Opteum Financial Services LLC subsidiary, with $37.4 million of its net loss attributable to a valuation allowance on OFS's deferred tax assets.

Pope & Talbot (POP: chart), a maker of lumber products, said that its first-quarter loss more than doubled as lumber prices fell sharply in response to the U.S. housing slump. The company posted a loss of $18.6 million, or $1.15 per share, versus a loss of $8 million, or 49 cents per share, in the year-ago period. Revenue fell to $200.5 million from $223 million last year. Lumber prices dropped 21% to $320 per thousand board feet, sending revenue from wood products down 23%. As a result shares fell 9.3%.