10:00 AM New York – U.S. Market averages open higher. Oil crossed above $93 per barrel and dollar at record low against euro.

U.S. averages opened higher as oil rose above $93 per barrel and dollar fell to a record low against euro. Nasdaq traded up 14.86 to 2,817.79 after 10 minutes of trading and S&P 500 added 4.83 to 1,540.29.

Merrill Lynch stock was trading 44 cents down to $65.65 after the news report in the Wall Street Journal suggested that Chairman and Chief Executive Stanley O’Neal may be forced out as early as today. Merrill last week reported a quarterly loss of $3.5 on $8.4 billion loss in subprime securities.

CH Energy (CHG: chart) reported earnings per share of 27 cents compared to profit of 70 cents per share a year ago. The Central Hudson Gas & Electric Company reaffirmed its annual earnings guidance between $2.55 and $2.80.

Gehl Company (GEHL: chart) reported third quarter earnings from continuing operations of 40 cents per share compared to 57 cents in the previous year on a decline of 17% in net sales. The company lowered its annual sales outlook between $445 million and $460 million earnings per share from continuing operations between $1.90 and $2.00. Gehl stock fell 12% at the opening.

Hertz (HTZ: chart) reported third quarter sales increase to $2.45 billion, 9.3% increase compared to a year ago. Pre-tax earnings in the quarter fell to $162.7 million from $163.9 million. Earnings per share in the third quarter 2007 were 50 cents on 327.7 million shares compared to 46 cents per share on 231.9 million shares outstanding in the third quarter of 2006.

Oil futures are trading higher than $93 after two oil production platforms were forced to shut down, rising tensions in the Middle East and saber rattling between the U.S. and Iran, expectations of higher oil demand in the upcoming winter season, and record weakness in dollar.

European markets at mid-day are trading higher ahead of the market opening in New York. Norway is leading the region with a rise of 1.2% on higher oil prices followed by 0.7% rise in Spain, France, Germany, and UK. Switzerland and Italy added 0.4%.

In trading in the rest of Asian markets Hong Kong and India led the region with a sharp rise of 3.9% and 3.8% respectively followed by increases of 2.3% in Thailand, 1.9% in Taiwan, 1.7% in Indonesia and Korea, and 1.3% in Singapore and Australia.


6:00AM New York, 7:00PM Tokyo – Tokyo stock market rose on financial and auto stocks. Asian markets surged led by banks. September retail sales increased 0.5% in Japan.

In Tokyo trading Nikkei 225 rose 1.17% or 192.45 to 16,698.08.

Of the Nikkei 225 stocks, 178 rose, 38 declined, and 9 were unchanged. Nissan Motor Corp led the advancers, spiking 14.15% the most since September 2000 on better-than-expected results.

In the first section of the Tokyo Stock Exchange 79 billion shares worth 1.1 trillion yen changed hands and in the second section 143 million shares valued at 4.3 billion yen were traded.

Oil prices climbed to a record $93 per barrel after Petroleos Mexicanos shut down a fifth of its production and the dollar slumped to a record 1.4426 against the euro. Mitsubishi Corp edged up 3.02%.

The yen firmed to 114.19 from 114.21 against the dollar and gained 164.72 from 164.75 against euro.

Of the index shares, Nissan Motor Corporation led advancers with a rise of 14.15%, followed by gains in Resona Holdings of 10.34%, in Sumitomo Mitsui Financial Group of 9.54%, in Nippon Yusen of 8.41% and in Sumco Corporation of 7.12%.

Financial stocks also gained after U.S. mortgage lender Countrywide Financial Corporation announced it would recover from the credit market turmoil and forecasted return on equity of between 10% and 15% in 2008. Resona Holdings climbed 10.34%, Sumitomo Mitsui Financial Group rose 9.54% and Mitsubishi UFJ Financial Group soared 4.70%

The Ministry of Economy, Trade and Industry revealed today in its preliminary report on the current survey of September commerce retail sales increased 0.5% to 10.7 trillion yen. Commercial sales also rose 1.3% to 51.9 trillion, while wholesale sales edged up 1.5% to 41.2 trillion yen. However, large-scale retail sales slipped 0.3% to 1.5 trillion yen.

According to the report, third quarter commercial sales firmed 2.7% to 151 trillion yen. Wholesale firmed 3.7% to 118 trillion yen and retail sales slumped 0.5% to 32.9 trillion yen.