1:00PM NY, 5:00 PM Frankfurt European markets closed steeply higher amid easing subprime worries.

European stock markets rebounded to close steeply higher Monday, boosted by solid gains in the shares of mining and financial stocks after recent declines. Markets also benefited from a positive comment from Morgan Stanley and easing subprime concerns, as central banks injected additional cash flows into the financial institutions. ECB added 47.5 billion euros to provide liquidity for the banking system. Across the region, The U.K. surged 3%, followed by France which advanced 2.2% and Germany, rising 1.8%.

In Frankfurt airline Deutsche Lufthansa stood out among gainers, moving up 4.2%. Premiere AG, Germany''s biggest television broadcaster, dropped 3.1% after it said CEO Georg Kofler is quitting to found a company outside the media industry.

In Paris insurance firm AXA posted a solid gain of 4.2% followed by Credit Suisse Group after the ECB injected fresh flow of money to banks and said markets are returning to normal. BNP Paribas, the nation’s biggest bank, climbed 2%.

In London mining shares were the most notable gainers, helping the index post its best one-day gain in over four years. Shares of copper miner Kazakhmys surged 10.4% after an upgrade to buy at UBS. Among other advancers, Antofagasta rose 10.5%, Rio Tinto jumped 7.1%, and Anglo American climbed 8.3%.

Financials stocks like insurance group Old Mutual, private-equity fund manager 3i Group and hedge-fund manager Man Group also rebounded in London, each of them climbing more than 5.1%. Shares of HBOS Plc gained 3.8%. In deal-related news, shares of the U.K.''s Imperial Chemical Industries added 2.8% after it agreed to be acquired for 670 pence a share by Akzo Nobel.


11:30AM Market averages traded higher amid easing credit concerns.

U.S. market averages rebounded Monday after the Fed Reserve and other central banks injected more cash into global financial systems, easing concerns about credit tightness. The Federal Reserve added only $2 billion in liquidity into the market, far below the $52 billion requested by banks. Economic data also generated optimism, as July retail sales rise 0.3% following June''s 0.7% decrease.

In corporate news, Goldman Sachs Group (GS: chart) added 1% after it said it invested additional $3 billion in its troubled Equity Opportunities hedge fund. Among stocks driven by analyst comments, J.P. Morgan Chase Co. (JPM: chart) gained 1% after Deutsche Bank upgraded its stock to buy from hold.

By sector, telecommunication stocks advanced, led by Telephone Data Systems (TDS: chart) whose shares jumped 11%. Strength was also visible among technology stocks. Wireless, computer hardware, and networking stocks posted significant gains.

However, housing stocks continued their recent downward trend. Accredited Home Lenders Holdings (LEND: chart) dropped 30% after private equity firm Lone Star Funds said it abandoned plans to complete its tender offer for the mortgage lender due to the company''s weakening financial position. Lone Star said that Accredited no longer met the conditions of its $400 million buyout offer. Accredited warned that it is likely to face bankruptcy without a deal.

In late morning trading, the Dow Jones industrial average rose 60.40, or 0.46%, to 13,299.94. The Standard & Poor''s 500 index advanced 9.28, or 0.64%, to 1,462.92, and the Nasdaq composite index rose 15.94, or 0.63%, to 2,560.83.


11:00AM New York, 9:00PM Mumbai – Sensex in Mumbai fell sharply on the last day of trading, third weekly loss.

Sensex in Mumbai trading gained 148.96 points or 1.0% to close at 15,017.21 in volatile trading. In the broader market 807 stocks fell, 1,915 increased, and 47 were unchanged. Rupee in international trading weakened to 40.63 against one dollar from 40.53.

Daily turnover on the Bombay Stocks Exchange increased to 4,126 crore rupees from 5,221 crore rupees. Of the thirty stocks in index, 3 lost ground while 27 increased in value.

Recently listed Everonn Systems soared 15% to 592 rupees and was the most active stock in the BSE trading followed by Orbit Corporation, IFCI and Tata Steel. Orbit is reported to be in talks with Reliance Industries to sell its land holdings.

IDBI jumped 10% to 126 rupees on the news report that the company subsidiary is likely to push in retail brokerage business in the coming months.

Transport Corporation of India declined 2% to 112 rupees after it place 50,00,000 or 5 million shares, or 7% stake in the company to a FID Funds.