FedEx will raise ground shipment rates by 4.9% beginning the first week of January 2008 after a similar rate hike was announced by UPS.

Tiffany (TIF: chart) reported third quarter sales increase of 18% and same store sales increase of 10% in the U.S. and 8% in the international markets. Net sales in the quarter increased $623 million and earnings rose to $98 million or 71 cents per share compared to $29 million or 21 cents a year ago.

European markets advanced the after the opening of the U.S. markets. Overnight comments from the Fed chairman were received favorably by investors. Ten largest European market advanced by mid-day trading led by a rise of 1.7% in Germany and Belgium, 1.5% in France and UK, and 0.7% in Switzerland and Spain.

Dutch recruitment company Vedior soared 30% after it reported that it may receive an offer from its rival Randstad Holding. Vedior stock had jumped prior to the announcement prompting an inquiry from the Dutch market regulator AFM.

Resource stocks surged led by Anglo American with a rise of 4%, Vedanta Resources of 3%, and Antofagasta of 2.5%.

Asian markets across the region advanced led by a sharp rise in India of 1.9% followed by increases in Taiwan of 1.7%, in South Korea of 1.5%, in Australia of 1.3%, and in Japan, Philippines, and Malaysia of 1.1%.

The investors’ sentiment for the U.S. rate cut was reinforced after a speech by the U.S. Fed chairman Bernanke. Investors interpreted his comments favorably and lifted stocks of companies that export to the U.S.

Shipbuilding companies in Korea, Steel makers in China, Japan, and Korea, and electronics companies in Japan advanced.

Nippon Steel advanced 5%, JFE Holidgs surged 5%, and Mitsui Engineering added 6%. Shipbuilders in Korea surged as well.

Sime Darby, largest Malaysian palm oil company, soared 25%, after it re-listed on Kuala Lumpur Stock Exchange with several merged businesses.

A consortium of U.S. private equity investors and SK Telecom of Korea offered to invest $5 billion in convertible bonds of Sprint Nextel. The company rejected an offer from the South Korean led investor offer.


5:00AM New York, 9:00PM Sydney - The Australia index gained 1.4% after led by energy and resource stocks.

ASX 200 index gained 1.4% or 88.60 to close at 6,533.10. BHP Billiton was up 2.3% and Woodside added 2.1% after oil and copper advanced.

Preliminary market turnover was 2.35 billion shares worth A$11.55 billion, with 716 stocks rising, 538 falling and 356 unchanged.

The top traded stock was Flinders Diamonds with 155.58 million shares changing hands worth A$13.82 million. Murchison Metals chairman Paul Kopejtka today told shareholders during the company''s annual general meeting that they had not ruled out offering a better deal to secure its takeover bid for Midwest Corporation.

Murchison is offering one of its shares for 1.08 Midwest shares. Murchison''s board is expected to discuss its options in the next few days. Mr Kopejtka said he could either choose to wait for the bid to close on December 6, extend the offer date, or extend the offer date with a revised bid. Murchison closed up 3.1%.

Health care company, Symbion Health is expecting a 10% increase in its full year earnings. Chairman Paul McClintock today also warned shareholders at the company''s annual general meeting that 20% stakeholder Primary Health was continuing to try to disrupt its proposed merger transaction with Healthscope.

Primary said it would declare A$2.65 billion offer for Symbion unconditional if it received at least 50.1% acceptances by December 10. McClintock said Primary Health Care''s objective appeared to be to acquire Symbion Health for the lowest possible price and to maximize value for its shareholders at the expense of Symbion Health.

Primary had previously used its voting power to block an early merger plan put forward by Symbion and Healthscope. It had also recently instituted legal action against Symbion and its directors.

Symbion today also said it had performed well in the first quarter of current fiscal year and expected to grow annual earnings before interest and tax (EBIT) by at least 10%. Symbion''s shares rose 2.3%.

The dollar closed stronger today after struggling to maintain a sustained rally after the re-ignition of fears of more sub-prime mortgage losses dented momentum. At the close the dollar was trading at US$0.8862/65, up from yesterday''s close of US$0.8828/34.

Of the ASX 200 index shares, Bendigo Bank Limited led the gainers with a rise of 7.3% followed by increases in Hills Industries and Oxiana Limited at 6.5%, in Sally Malay Mini of 6.4%, and in Worleyparsons of 5.8%.