Source Gold Corp. (OTCBB: SRGL) is pleased to announce that it has acquired 100% ownership in further claims in the Beardmore Geraldton area of Thunder Bay in Northern Ontario, Canada.

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Secure Path Technology Inc. (SPHT), a data services company for the media and entertainment industry, today announced a multi-year ISAN code registration agreement with NBC Universal (NBCU).

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MainLand Resources (MNLU) Beacon Equity Research Rated MNLU a Speculative Buy with a target price of $9.10! MNLU is currently at $1.29 Mainland Resources, Inc. is an independent oil and gas exploration, development and production company formed in early 2008. The Company is developing the natural gas potential of leases in the northern Louisiana Haynesville Shale play and intends to immediately explore the potential for further extensions of the Haynesville shale in Mississippi.

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Fortress Financial Group, Inc. (PINKSHEETS: FFGO) has reorganized and expanded its “South Copperstone” Gold Interests, resulting in a contiguous block of 24 lode claims. This has resulted in significant additional value having been created in the value of the Company’s stockholding in its “South Copperstone” Gold Property ahead of the completion of the sale of the Company’s interest in this Gold Property along with its interest in the “Bouse” Gold Property. The Company will be filing a Form 8-K today before 11h00 EDT with the details of these actions.

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Virtual Ed Link, Inc. (PINKSHEETS: VRED) — Dr. Alan McCartney, COO of Virtual Ed Link, announced today that Virtual Ed Link has been recommended as a “strong speculative buy” by William N. Walling of Empire Research Associates, Inc.

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Gen2Media Corporation (OTCBB: GTWO), Amazon.com, Inc. (NASDAQ: AMZN), CBS Corporation (NYSE: CBS) and American Express Co. (NYSE: AXP). Yesterday, Gen2Media Corporation (OTCBB: GTWO) issued a press release announcing that its Online Video Network is one of the fastest growing interactive networks already reaching 10 million viewers a month. Gen2Media is an innovative full service video technology and production company. The Gen2Media Online Video Network includes Read more…

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CAVU Resources, Inc. (PINKSHEETS: CAVR) announced today that the Company has recently mobilized its crew to complete the reworked of it gas production in Garfield County, Oklahoma. This recently acquired project is in a gas production region with proven reserves. The Company has been focused on assessing the top priorities on its 160 acre lease. Read more…

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WASHINGTON (AP) — The Federal Reserve doesn’t expect the recovery will be strong enough to quickly drive down the jobless rate, and acknowledged its efforts to keep the rebound going could feed a new speculative bubble. AP – FILE – In this May 24, 2008 file photo, the headquarters of the Federal Reserve Bank is seen … Record-low interest rates “could lead to excessive risk-taking in financial markets,” according to documents released Tuesday of the Fed’s closed-door meeting earlier this month. It also could cause consumers, investors and businesses to worry about inflation taking off. Although Fed officials saw the current likelihood of that as “relatively low,” they pledged to “remain alert to these risks.” At the Nov. 3-4 meeting, Fed Chairman Ben Bernanke and his colleagues kept the target range for its bank lending rate at zero to 0.25 percent. Fed policymakers also pledged to hold rates at such super-low levels for an “extended period,” to ensure the recovery gains traction. Most analysts predict that means rates will stay where they are through the rest of this year and into part of 2010. On the economy, the Fed expects the unfolding recovery will be gradual, as modest growth keeps the nation’s unemployment rate elevated over the next several years. Most Fed policymakers said it could take “five or six years” for the economy and the labor market to be consistently healthy. High unemployment, slow income growth and hard-to-get credit will weigh on consumer spending “for some time to come,” the Fed said. Troubles in the commercial real-estate market also will restrain the recovery, according to minutes of the November meeting. Fed officials expected the pace of the recovery “would be rather slow, relative to historical experience.” Recoveries after steep economic downturns are usually robust, the Fed said. In updated economic projections, the Fed said the economy’s contraction for all of this year won’t be as deep as it thought in a forecast released in the summer. That’s because the second half of this year is shaping up better than anticipated. Under a range of new projections, the economy will shrink 0.5 percent or be flat this year. The old forecast called for a contraction of anywhere from 0.6 to 1.6 percent. Growth next year should turn out slightly better than the Fed previously projected– ranging from 2 to 4 percent — up from 0.8 to 4 percent. But that won’t be enough to quickly drive down the unemployment rate, which now stands at 10.2 percent. It’s only the second time in the post-World War II period the rate has topped 10 percent. The central bank predicted the jobless rate could hover between 8.6 and 10.2 percent next year, based on a range of forecasts from Fed policymakers. It’s a tad better than its previous forecast, where the Fed said the jobless rate could rise as high as 10.6 percent. The postwar high was 10.8 percent at the end of 1982 when the country had suffered through a severe recession. Looking ahead to 2011, the Fed said the unemployment rate could drop to anywhere from 7.2 to 8.7 percent. That would still be considered well above normal, which is between 5 and 6 percent. “Most members projected that over the next couple of years, the unemployment rate would remain quite elevated,” according to the Fed minutes. Inflation, meanwhile, should stay under control, the Fed said. Prices this year should increase between 1 and 1.7 percent, and rise a bit higher next year. The new projections were little changed from the old forecast. The new projections buttressed economists’ beliefs that Fed policymakers won’t be in any rush to boost rates. “So long as unemployment remains high and inflation expectations subdued, the Fed has little desire to lift rates,” said Sal Guatieri, economist at BMO Capital Markets. “Since the November meeting, Fed speakers have turned decidedly dovish” likely because unemployment spiked to 10.2 percent just days after that gathering. View original post here: Fed: super-low rates could fuel speculative bubble (AP)

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By Rodrigo Campos Reuters – Phones hang from a trading terminal on the floor of the New York Stock Exchange, May 19, 2009. … {”s” : “dell,hpq”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} NEW YORK (Reuters) – U.S. stocks were mostly flat in low volume on Tuesday as the Federal Reserve lifted its growth estimates for 2010, offsetting data that showed the economy grew at a slower-than-expected pace in the third quarter. Revised government data showed gross domestic product expanded for the first quarter in five, but the increase was just below expectations, and investors scrambled to justify additional stock gains after a 22 percent rise in the S&P 500 so far this year. The downbeat news was offset partially after the Fed revised upward its growth expectation for 2010, while minutes of the last FOMC meeting showed officials are increasingly confident about a durable recovery for the U.S. economy. “You’re getting the cross-current of weak revisions to third-quarter data matrixed against the Fed increasing the growth estimates for the economy for the next year,” said Jim Awad, managing director at Zephyr Management in New York. “But the action in the market is moderate going into the holiday weekend and I wouldn’t read too much into it.” The U.S. stock market will be closed on Thursday in observance of Thanksgiving Day. And on Friday, it will be open for only half a day due to the holiday. The Dow Jones industrial average (DJI: ^DJI – News ) slipped 13.53 points, or 0.13 percent, to 10,437.42. The Standard & Poor’s 500 Index ( ^SPX – News ) dipped 0.18 of a point, or 0.02 percent, to 1,106.06. The Nasdaq Composite Index (Nasdaq: ^IXIC – News ) dropped 6.69 points, or 0.31 percent, to 2,169.32. Hewlett-Packard Co (NYSE: HPQ – News ) fell 1.5 percent to $50.26 a day after the blue-chip computer and printer maker reported a quarterly profit that matched its preliminary results, but said the economy remained challenging. HP also said it saw growth in its share of U.S. enterprise PCs, which is rival Dell Corp’s (NasdaqGS: DELL – News ) key market. Dell’s stock fell 3.2 percent to $14.32 and ranked as a top drag on the Nasdaq. Financial stocks showed weakness throughout the session, with JPMorgan Chase & Co (NYSE: JPM – News ), down 2 percent at $42.43, leading the major decliners in the Dow industrials. The KBW bank index (Philadelphia: ^BKX – News ) fell 0.7 percent. Zephyr Management’s Awad said there is concern about banks’ capital after news that the Fed asked lenders that were part of its “stress tests” to submit plans to repay government money. U.S. home prices rose in September, according to the Standard & Poor’s/Case-Shiller index, but the increase was less robust than forecast. Home prices for that month were unchanged, according to a separate report from the U.S. Federal Housing Finance Agency. The Dow Jones U.S. Home Construction Index (DJI: ^DJUSHB – News ) fell 1.7 percent. (Reporting by Rodrigo Campos; Editing by Jan Paschal) Link: Stocks flat as Fed eyes stronger 2010 (Reuters)

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(Adds more details from U.S Treasury) By Alister Bull WASHINGTON, Nov 24 (Reuters) – The United States and India will establish a new economic partnership which U.S. Treasury Secretary Timothy Geithner will help formally launch in India early next year, the White House said on Tuesday. The new partnership aims to strengthen economic ties between the two nations and echoes the strategic economic dialogue Washington established with China in 2006. U.S. President Barack Obama, hosting his first state visit since taking office in January, earlier met Indian Prime Minister Manmohan Singh and said that the world’s largest democracy would be a key source for U.S. growth. “India will play a pivotal role in meeting the major challenges we face today. And this includes my top economic priority: creating good jobs with good wages for the American people,” he told a joint White House press conference. The Treasury said the new partnership represented “a significant elevation” of the existing bilateral economic relationship between the two countries. “India is an emerging global power and a country with which the United States has an increasingly important economic and financial relationship,” Geithner said in a statement. Representatives will meet annually at cabinet level, alternately in the United States and India, with working groups getting together throughout the year to push ahead on specific economic policy areas. The Chinese-U.S. forum, created by Obama’s predecessor George W. Bush, gathers twice a year. The United States had a modest $3.2 billion trade deficit with India in the year to September, compared with its $165.8 billion trade gap with China. Singh echoed Obama’s hope the two countries could build a mutually beneficial economic relationship. He said the transfer of advance technology could open doors for U.S. investment into fast-growing Indian markets. “The lifting of U.S. export controls on high technology exports to India will open vast opportunities for giant research and development efforts,” said Singh, after Obama reaffirmed that he intended to fully implement a civil nuclear agreement between the two nations. “It will enable U.S. industry to benefit from the rapid economic and technological transformation that is now underway in our country,” Singh said. (Editing by Alan Elsner ) ((See also USA-ECONOMY/INDIA (FACTBOX) [nN24299011])) ((+1-202-354-5820, email: alister.bull@thomsonreuters.com)) Read this articl e: UPDATE – U.S. and India agree on new economic partnership (at Reuters)

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DEARBORN, Mich., Nov. 24 /PRNewswire-FirstCall/ — Ford Motor Company (NYSE: F – News ) announced today the successful completion of its previously announced plan to amend and extend the revolving credit facility under its secured credit agreement. Revolving lenders have agreed to extend the maturity of commitments totaling $7.2 billion under the facility to November 30, 2013 from December 15, 2011, and such lenders will convert $724 million of their existing revolving loans to a new term loan that matures on December 15, 2013. The total amount extended to 2013, including the new term loan, is $7.9 billion. Each lender that agreed to extend the maturity of its revolving commitment was permitted to reduce its revolving commitment by up to 25 percent at its election and to the extent its reduced revolving commitment exceeded certain specified levels, such excess will be converted into the new term loan under the secured credit agreement maturing on December 15, 2013. In addition, lenders that agreed to extend the maturity of their revolving commitments will receive a 1 percentage point increase in interest rate margins, an increase in quarterly fees and payment of an upfront fee. “We are very pleased with the results of the amendment, extension to our revolving credit facility, and new term loan,” said Neil Schloss, Ford vice president and treasurer. “We appreciate the support of our banking partners as today’s actions will provide additional liquidity through 2013.” On December 3, 2009, Ford will repay $1.9 billion of the existing revolving loans to effect the commitment reductions elected by extending lenders. Lenders with commitments totaling $886 million have elected not to extend those commitments, which will mature on the original maturity date of December 15, 2011. Prior to the amendment, revolving lenders held commitments totaling $10.7 billion that matured on December 15, 2011. After the amendment, revolving lenders hold a total of $8.1 billion of extended and non-extended revolving commitments and $724 million of the new term loan. The lenders also approved amendments to the credit facility that expand existing limitations on debt prepayments and repurchases to allow for further balance sheet improvements. About Ford Motor Company Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., manufactures or distributes automobiles across six continents. With about 200,000 employees and about 90 plants worldwide, the company’s brands include Ford, Lincoln, Mercury and Volvo. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford’s products, please visit www.ford.com . See the original post here: Ford Completes Plan to Amend and Extend Existing Revolving Credit Facility (PR Newswire)

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SAN FRANCISCO (AP) — U.S. senators are pressuring European antitrust regulators to hurry their investigation of Oracle Corp.’s proposed acquisition of Sun Microsystems Inc., citing Sun’s “precarious” financial condition and fears about more layoffs at the struggling computing company. A group of 59 senators outlined the concerns in a letter Tuesday to the European Commission, which has held up the $7.4 billion deal over worries that Oracle would be too dominant in the market for database software. Oracle is the leader in proprietary database software — which means its underlying code is kept private — while Sun’s MySQL division makes the No. 1 open-source database. Companies use database software to manage large stockpiles of information, such as their payroll or customer data. The Oracle-Sun combination would be one of the biggest technology deals of the year, and was cleared in August by the U.S. Department of Justice. This month, though, the European Commission notified the Silicon Valley companies of its formal objection to the deal. Oracle and Sun are appealing that ruling before the EU’s preliminary ruling has a chance to become final. EU regulators have until Jan. 27 to wrap up that review. Sen. John Kerry, D-Mass., the lead author of Tuesday’s letter, said a further delay in the review “threatens thousands of American jobs, so we felt compelled to ask for a speedy resolution.” “Sun Microsystems’ financial position has become more precarious and the commission’s inquiry has continued,” the letter read. “Some have raised concerns over the company’s ability to continue to employ its thousands of workers. Accordingly, we respectfully request the European Commission complete its investigation of this transaction as quickly as possible.” Both companies had hoped the deal would close this summer. Since it hasn’t, Sun rivals such as IBM Corp. and Hewlett-Packard Co. have been playing up uncertainty about the deal to steal business from Sun. Sun has lost $677 million over the last four quarters. It also said last month it would be cutting up to 3,000 jobs, or 10 percent of its worldwide work force, as it awaits a decision on the fate of the deal. Because of fears that the deal won’t get completed, Sun’s stock is trading for much less than the $9.50 per share that Oracle would pay to acquire the company. The stock fell 4 cents, or 0.5 percent, to $8.50 on Tuesday afternoon. Continue reading here: Senators press EU to speed its Oracle-Sun probe (AP)

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PARIS (AP) — France’s Vivendi SA said Tuesday it has issued euro1.2 billion ($1.8 billion) in bonds. The Paris-based media and entertainment giant said the two-part bond issue aims to “increase the average maturity of the debt … and to maintain a good balance between bonds and credit lines.” Vivendi is currently the focus of intense interest because a deal between U.S. media giants Comcast Corp. and NBC Universal to create one of the world’s largest media companies hinges on what the French group decides to do with its 20 percent stake in NBC Universal. Vivendi has an option until Dec. 10 to dispose of its stake in NBC Universal. Majority owner General Electric Co. is expected to buy it and then sell a 51 percent stake of the entire NBC Universal unit to Comcast, which serves about a quarter of the nation’s subscription TV households. Here is the original post: Vivendi issues euro1.2 billion in bonds (AP)

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HARTFORD, Conn. (AP) — The oil and gas subsidiary of General Electric Co. said Tuesday it is operating the first gravity-based offshore liquefied natural gas terminal that is expected to save time in the construction of an LNG project off Italy’s northeast coast in the Adriatic Sea. GE Oil and Gas has installed the artificial island gravity-based structure, which is owned and operated by Adriatic LNG. The project includes a reinforced concrete box on the sea floor and houses two LNG storage tanks. It’s 1,230 feet long by 377 feet wide. Tony Mercer, project manager for Aker Kvaerner Contracting International, Adriatic LNG’s primary contractor, said the GE Oil and Gas project will help save time in construction and commissioning of the LNG project. The Adriatic LNG terminal will significantly increase Italy’s regasification capacity, is larger than two soccer fields and reaches as high as a 10-story building. It has two LNG tanks with a combined annual capacity of 8 billion cubic meters, or about 10 percent of Italy’s annual gas demand. The Adriatic LNG terminal receives shipments from Qatar, Egypt and Trinidad twice a week. The LNG is regasified at the terminal and dispatched to Italy’s gas network. Shares of GE, based in Fairfield, Conn., rose 13 cents, to $16.15 in afternoon trading. See the rest here: GE Oil & Gas installs LNG terminal in Adriatic (AP)

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By Dirk Lammers, The Associated Press Oil prices fell below US$76 a barrel Tuesday with new data showing a slow U.S. economic recovery and consumer confidence that remains lukewarm at best. The dollar also gained against other major currencies, which can keep energy prices in check. Benchmark crude for December delivery fell $1.63 to $75.93 a barrel on the New York Mercantile Exchange. The Commerce Department said the economy grew at a rate of 2.8 per cent between July and September, short of estimates for 3.5 per cent growth released just a month ago. Consumers are not spending much, commercial construction was weak, businesses trimmed inventories. The lack of consumer spending was partly explained in another report released Tuesday. Americans’ confidence in the economy improved slightly in November from October, but shoppers remain gloomy heading into the holiday shopping season, according to the monthly survey released by the Conference Board. The lack of industrial and consumer activity has played out in weekly oil inventory reports from the Energy Department, with supplies of crude in storage growing. The next weekly report arrives Wednesday, and expectations are that crude and gasoline supplies grew again last week. Retail prices edged lower again, falling less than a penny to $2.638 per gallon Tuesday. That’s a lot more than last year at this time, when gasoline prices plunged to about $1.91 as the economic crisis unfolded. Gasoline consumption for the week ended Friday declined 1.6 per cent from the previous week and 1.4 per cent from a year ago, according to the weekly MasterCard SpendingPulse report. Year-to-date consumption for 2009, however, is still up 0.6 per cent. MasterCard’s report is based on aggregate sales activity in the MasterCard payments network, coupled with estimates for all other payment forms, including cash and check. Still, gasoline prices are being supported by crude, which as traded between $76 and $82 for more than a month. That is largely being blamed on the dollar because oil is bought and sold in the U.S. currency. Investors holding euros or other currencies can buy more oil when the dollar falls. Crude prices rose Monday when the dollar fell. On Tuesday, the dollar gained against the euro, yen, and British pound. Oil prices fell as much as 2 per cent. In other Nymex trading, heating oil fell 3.74 cents to $1.942 a gallon. Gasoline for December delivery dropped 3.74 cents to $1.942 a gallon. Natural gas for December delivery rose nearly 10 cents to $4.57 per 1,000 cubic feet. In London, Brent crude dropped $1.10 to $76.36 on the ICE Futures exchange. Read the original: Tepid economic reports and a stronger U.S. dollar send oil prices downward

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By The Canadian Press VANCOUVER, B.C. – A B.C. judge has decided Rogers Communications Inc. (TSX: RCI-B.TO ) cannot continue to claim it has “Canada’s Most Reliable” wireless network without qualification. The judge’s ruling is largely a victory for Telus Corp. (TSX: T.TO ), which asked for the court to prevent Rogers from continuing to make the long-standing claim. Telus argued that new networks put in place this month by it and Bell Canada had made it impossible for Rogers to claim superiority. Justice Grauer says in his ruling that he agreed with Telus when it argued that Rogers couldn’t make the claim based on information that has become outdated. However, the judge says he won’t go as far as to order Rogers to pull any advertising or promotional material with the claim and said he wanted to make the scope of the limitation on Rogers as narrow as possible. The judge ordered the two parties to work on the wording for a court order and adjourned the matter until Friday. Follow this link:

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By Tom Hals WILMINGTON, Delaware (Reuters) – Capmark Financial Group Inc CPFNG.UL said on Tuesday that it agreed to sell its mortgage loan servicing business to a joint venture between Berkshire Hathaway and Leucadia, which raised its bid on Monday to value the unit at about $468 million. Capmark Financial Group Inc filed for bankruptcy in October with a plan to sell its mortgage servicing business, one of the world’s largest, to Berkshire Hathaway Inc( BRKa.N ) and Leucadia National Corp ( LUK.N ) and then opened the agreement to higher bids. A Capmark attorney, Michael Kessler of Dewey & LeBoeuf, said the company also negotiated with a unit of PNC Financial Services Group Inc ( PNC.N ), which never put forward a proposal that met the requirements of a qualifying bid. Kessler said the Friday bid deadline was extended several times right through to Monday night to give more time for PNC’s Midland Loan Services to qualify. “During the course of the day, Berkadia also increased its bid to, I believe, have us cut off the bid extension deadline to PNC,” said Kessler. On Monday, the Berkshire-Leucadia venture, known as Berkadia, increased its bid to a value of about $468 million. Capmark’s prebankruptcy agreement with Berkadia was worth about $408 million, according to Kessler. Capmark services $288.6 billion in loans, the third-largest commercial and multifamily residential loan portfolio. The case is in re: Capmark Financial Group, U.S. Bankruptcy Court, District of Delaware, No. 09-13684. Read the original: Berkshire venture tops PNC for Capmark servicing

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* Deal valued at about $468 million By Tom Hals WILMINGTON, Del., Nov 24 (Reuters) – Capmark Financial Group Inc [CPFNG.UL] said on Tuesday that it agreed to sell its mortgage loan servicing business to a joint venture between Berkshire Hathaway and Leucadia, which raised its bid on Monday to value the unit at about $468 million. Capmark Financial Group Inc filed for bankruptcy in October with a plan to sell its mortgage servicing business, one of the world’s largest, to Berkshire Hathaway Inc( BRKa.N ) and Leucadia National Corp ( LUK.N ) and then opened the agreement to higher bids. A Capmark attorney, Michael Kessler of Dewey & LeBoeuf, said the company also negotiated with a unit of PNC Financial Services Group Inc ( PNC.N ), which never put forward a proposal that met the requirements of a qualifying bid. Kessler said the Friday bid deadline was extended several times right through to Monday night to give more time for PNC’s Midland Loan Services to qualify. “During the course of the day, Berkadia also increased its bid to, I believe, have us cut off the bid extendsion deadline to PNC,” said Kessler. On Monday, the Berkshire-Leucadia venture, known as Berkadia, increased its bid to a value of about $468 million. Capmark’s prebankruptcy agreement with Berkadia was worth about $408 million, according to Kessler. Capmark services $288.6 billion in loans, the third-largest commercial and multifamily residential loan portfolio. The case is in re: Capmark Financial Group, U.S. Bankruptcy Court, District of Delaware, No. 09-13684. ((thomas.hals@thomsonreuters.com; 1-302-993-6283; Reuters Messaging: thomas.hals.reuters.com@reuters.net)) Read the original: UPDATE 1-Berkshire venture tops PNC for Capmark servicing

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Tough words from Chinese bank regulators sent the Shanghai Index toppling 3.5% last night and also sent the dollar soaring as investors poured out of the risk trade.  The dollar carry remains a focal point of the rally.  Today’s FX View from IB : A slew of overnight woes concerning the health of banks around the world was limited in its support for the U.S. dollar. One year ago that evidence would have been enough to raise the heartbeat of the bears and send the pre-market futures down by 2%. Today, equity index futures continue to point to another positive North American session and the net impact is to provide a prop for the euro rather than the U.S. dollar. The euro also rose after the strongest reading for 15 months in a poll of investor sentiment. The euro is back to unchanged on Monday’s close at $1.4975. Asian markets felt the full impact of a fresh health-scare for Chinese banks. Shanghai stocks slumped 3.5% overnight after the mainland banking regulator warned banks to meet industry capital requirements or else be prepared to face its sanctions. According to media reports, a source with knowledge of the plans says that at least four Chinese lenders have submitted capital raising plans to regulators. An S&P report used in-house metrics to look at risk-adjusted capital ratios of European banks and served up a warning to several houses including UBS, Allied Irish and BBVA. In the meantime, Lloyds Banking Group announced terms of its attempted largest-ever domestic rights issue with a near-60% discount to where its shares are trading. Finally, WestLB – the state-owned regional German lender is reportedly going to be allowed to fail by its majority owners according to a major Frankfurt-journal. The bank said later that it is in discussions with SoFFin, the German financial market stabilization fund to isolate its toxic assets. Yet while all of the above continues to unwind negative news about the health of the financial sector we have to point out that as much as it is newsworthy today, it’s hardly new news. So some major banks are enacting plans to raise capital. Isn’t this a good thing? It is in our minds. Failure to accomplish the feat could be taken as a negative in the event that these entities fail to attract fresh cash and at the same time prevailing investors walk away. Hence our headline today that risk aversion is taking a back seat. The euro rebounded from an overnight low at $1.4888 after a report showed that German business confidence rose in November to a 15-month high. The IFO institute’s reading of sentiment from 7,000 business executives came in strong with a reading of 93.9 and above the expected 92.5. Third quarter manufacturing demand has boosted prospects for growth especially at a time when inventories were allowed to slip. The most significant component of today’s report comes from the 98.9 reading for expectations about the future for the economy. This confirms what we note above that current perceptions reflect buoyancy after the measures aimed at dealing with the stability of the financial sector. While today’s warnings might be necessary to keep a tight rein on the financial sector, it is ultimately beneficial for the ongoing recovery process. The dollar continues to lose ground against the Japanese yen at ¥88.68 with the yen refusing to cede ground against the dollar after as the initial bout of risk aversion appeared to subside. It very much confirms that the dollar’s loss of status is set to continue. The British pound continues to pare earlier losses against the dollar and is up to $1.6583 from an overnight low at $1.6504. Bank of England data shows a modest rise in the number of mortgage approvals while lending to consumers and businesses dropped again. In a quiet Australian session the Aussie dollar came under some selling pressure, reacting quickly to the latest bout of risk aversion as investors continued to lighten the load somewhat on long Aussie positions. At 92.06 U.S. cents the Aussie is firmly off its overnight low of 91.55 cents. Source: IB Follow this link: RISK AVERSION TAKES A BACK SEAT

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* FTSEurofirst 300 index closes down 0.7 pct * Banks fall; Lloyds gains after rights issue * Commods track crude, metal prices lower By Joanne Frearson LONDON, Nov 24 (Reuters) – European shares closed lower on Tuesday after data showed the U.S. economy grew at a slower rate than forecast in the third quarter and home prices in the United States rose less than expected in September. The pan-European FTSEurofirst 300 .FTEU3 index of top shares closed 0.7 percent lower at 1,016.66 points after rising to a high of 1,025.17 earlier in the session. The index has gained 57 percent since falling to a record low in early March and is up 22 percent for the year. “There has been some mixed economic data and the market has taken a more pessimistic view on it. Wall Street is going down with Europe in pursuit,” said Philippe Gijsels, strategist at Fortis Bank. “The market has been a little bit volatile but that is also probably because volumes are quite low. The U.S. is about to go into its Thanksgiving holiday weekend, so there are big swings in the market and that is what you are typically seeing today.” The U.S. economy grew at a slower pace than forecast in the third quarter, while Standard & Poor’s/Case-Shiller indexes showed home prices rose less than expected in September. [ID:nN23258482] [ID:nN24298560] But, U.S. consumer confidence edged higher in November after an unexpected drop in October, with fewer consumers expressing doubt about a worsening jobs market, according to a report. [ID:nN24300840] Banks featured among the biggest losers. HSBC ( HSBA.L ), BNP Paribas ( BNPP.PA ), Societe Generale ( SOGN.PA ), UBS ( UBSN.VX ) and Credit Suisse ( CSGN.VX ) were down 1.9 to 3.2 percent. LLOYDS GAINS But Britain’s Lloyds Banking Group ( LLOY.L ) gained 2.6 percent after it priced its record 13.5 billion pounds ($22.3 billion) rights issue at 37p per share, a smaller-than-expected discount, as it taps its shareholders for cash to avoid costly state support. [ID:nGEE5AM0R8] Energy stocks were under pressure as crude CLc1 slipped to $76 a barrel. BG Group ( BG.L ), BP ( BP.L ), Royal Dutch Shell ( RDSa.L ) and Total ( TOTF.PA ) were down 0.3 to 0.5 percent.  Continued… Read the original: US data drags European shares lower; banks weigh (at Reuters)

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By Ka Yan Ng TORONTO (Reuters) – Toronto’s main stock index was lower on Tuesday morning due to weakness in commodity shares and evidence of a slow recovery in the U.S. economy. Strength in banking stocks stemming from firm Bank of Montreal quarterly results cushioned the fall. The top five spots the market’s list of risers were held by big banks. Bank of Montreal reported a higher-than-expected 16 percent increase in quarterly profit and said it was buying the Diners Club North America credit card business, a deal that would double its corporate card portfolio. BMO shares gained 0.5 percent to C$53.80. Toronto-Dominion Bank was up 0.27 percent at C$67.53. Resource shares were big decliners on Tuesday, led by a 1.7 percent drop in fertilizer company Potash Corp to C$118.25. Lower oil prices and a recent run-up in commodity stocks also put pressure on companies such as diversified miner Teck Resources , down 2.2 percent at C$36.55, and oil producer EnCana Corp , down 0.54 percent at C$55.60. “I think it’s just an overall sell off in the market today. It had a pretty nice run in some of these commodities so it was ripe for some profit-taking,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier. At 10:40 a.m., the S&P/TSX composite index was down 25.50 points, or 0.22 percent, at 11,599.28, after opening higher. The U.S. economy grew more slowly than first thought in the third quarter, but house prices rose for the fifth straight month in September and U.S. consumer confidence was up in November, suggesting a slow economic recovery is still intact. “I think it just confirms that we’re in a slow recovery here. It’s good to see a positive but it wasn’t as positive as people were expecting,” Nakamoto said. ($1=$1.06 Canadian) (Editing by Peter Galloway) See the original post here: TSX falls on commodities, but banks rise

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* TSX falls 0.22 pct to 11,599.28 on commodity weakness * BMO’s higher profit, Diners Club deal boost bank shares * U.S. Q3 GDP revision slightly lower than expected (Adds details) By Ka Yan Ng TORONTO, Nov 24 (Reuters) – Toronto’s main stock index was lower on Tuesday morning due to weakness in commodity shares and evidence of a slow recovery in the U.S. economy. Strength in banking stocks stemming from firm Bank of Montreal ( BMO.TO ) quarterly results cushioned the fall. The top five spots the market’s list of risers were held by big banks. Bank of Montreal reported a higher-than-expected 16 percent increase in quarterly profit and said it was buying the Diners Club North America credit card business, a deal that would double its corporate card portfolio. [ID:nN23263602] BMO shares gained 0.5 percent to C$53.80. Toronto-Dominion Bank ( TD.TO ) was up 0.27 percent at C$67.53. Resource shares were big decliners on Tuesday, led by a 1.7 percent drop in fertilizer company Potash Corp ( POT.TO ) to C$118.25. Lower oil prices and a recent runup in commodity stocks also put pressure on companies such as diversified miner Teck Resources ( TCKb.TO ), down 2.2 percent at C$36.55, and oil producer EnCana Corp ( ECA.TO ), down 0.54 percent at C$55.60. “I think it’s just an overall selloff in the market today. It had a pretty nice run in some of these commodities so it was ripe for some profit-taking,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier. At 10:40 a.m. (1540 GMT), the S&P/TSX composite index .GSPTSE was down 25.50 points, or 0.22 percent, at 11,599.28, after opening higher. The U.S. economy grew more slowly than first thought in the third quarter, but house prices rose for the fifth straight month in September and U.S. consumer confidence was up in November, suggesting a slow economic recovery is still intact. [ID:nN24296971] “I think it just confirms that we’re in a slow recovery here. It’s good to see a positive but it wasn’t as positive as people were expecting,” Nakamoto said. ($1=$1.06 Canadian) (Editing by Peter Galloway) ((kayan.ng@thomsonreuters.com; Reuters Messaging: kayan.ng.reuters.com@reuters.net; 416-941-8109)) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report……….[.TO] Canadian dollar and bonds report….[CAD/][CA/] Top News: Canada ……[TOP/CAN] Today in Canada…….[CA/DIARY] Canadian company news .. [E-CAN] Reuters global stocks poll (Canada)…EQUITYPOLL5 [EPOLL/CA] FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide……. S&P/TSX Composite index ………….. .GSPTSE S&P/TSE Venture composite index …….SPCDNX TSX most active……….AV.TO Venture Exchange most active………….AV.V Top TSX pct gainers……PG.TO Top TSX pct losers…….PL.TO S&P/TSX 60 index ……..TSE60 52 week highs: TSX……………t.YH.TO Venture…………..t.YH.V 52 week lows: TSX……………t.YL.TO Venture…………..t.YL.V Canadian dollar quote…… CAD= CAD=D3 =CAD FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS: FTSE EUROTOP 300 ……FTEU3 EUROPEAN REPORT …….[.EU] Nikkei 225…………..N225 Tokyo report…………[.T] FTSE 100…………… .FTSE London report………..[.L] Xetra DAX…………. .GDAXI Frankfurt market stories[.F] CAC-40.. .FCHI Paris market stories…[.PA] World Indices……. Foreign exchange……..[FRX/] Oil…….[O/R] US Treasuries…………[US/] International bonds…..[EUB/] Gold………[GOL/X] or [GOL/] CRB index of commodity futures………[CRB/] © Thomson Reuters 2009 All rights reserved See original here: CANADA STOCKS-TSX falls on commodities, but banks rise (at Reuters)

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By Ryan Vlastelica Reuters – Phones hang from a trading terminal on the floor of the New York Stock Exchange, May 19, 2009. … {”s” : “dltr,hpq,mdt”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} NEW YORK (Reuters) – U.S. stocks fell on Tuesday, a day after the Dow hit a 13-month high, after data showed an improving economy, but at a slower rate than expected. Growth domestic product grew a hair less than forecast in the third quarter, at a 2.8 percent annual rate. The expansion could signal an end to the recession, but stock investors need to see hearty advancement to support further gains after a 22 percent rise in the S&P 500 this year. Standard & Poor’s/Case-Shiller housing data was equally disappointing, rising in September, but at a much less robust rate than expected. The Dow Jones U.S. Home Construction index (DJI: ^DJUSHB – News ) fell 1.7 percent. “If we want to get this economy going, if we want to get this economy recovering and add jobs, we’re going to want to see better numbers than we are seeing,” said Richard Sparks, a senior equities analyst with Schaeffer’s Investment Research in Cincinnati. The Dow Jones industrial average (DJI: ^DJI – News ) dropped 23.96 points, or 0.22 percent, to 10,426.76. The Standard & Poor’s 500 Index ( ^SPX – News ) shed 1.67 points, or 0.10 percent, to 1,105.08. The Nasdaq Composite Index (Nasdaq: ^IXIC – News ) fell 8.94 points, or 0.41 percent, to 2,167.08. The Conference Board’s U.S. consumer confidence index rose to 49.5 in November, above the analysts’ expectation of 47.7. The market trimmed losses at midmorning after the consumer confidence data. Hewlett-Packard Co (NYSE: HPQ – News ) shares slid 1.5 percent to $50.24 a day after it reported a quarterly profit that matched its preliminary results. It also said the economy remained challenging, though it saw signs of a recovery. Earlier Tuesday, both Medtronic Inc (NYSE: MDT – News ) and Dollar Tree Inc (NasdaqGS: DLTR – News ) reported quarterly earnings that estimates. Medtronic gained 6 percent to $42.70, while Dollar Tree climbed 4.6 percent to $51.34. Read the original post: GDP, Case/Shiller muddy recovery hopes (Reuters)

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TEMPE, Ariz. (AP) — US Airways said Tuesday it will delay delivery of 54 Airbus jets until at least 2013 as it tries to bolster its financial strength. AP – FILE – In this Oct. 26, 2009 file photo, a US Airways plane takes off from Miami International … {”s” : “lcc”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} The company said delaying the deliveries will reduce its aircraft capital expenditures over the next three years by $2.5 billion. US Airways instead will take delivery of 28 planes over the next three years, which it called a more manageable pace during an airline industry slump. The carrier has financing in place for those 28 planes, including commitments for $275 million in loans for aircraft it will receive next year. CEO Doug Parker said in a message to employees that the moves will boost the company’s available cash by about $150 million this year and $450 million by the end of 2010. Airline traffic has been weak this year, and several major U.S. carriers have raised cash to get through the slow fall and winter seasons. US Airways, based in Tempe, Ariz., was scheduled to add the Airbus jets over the next three years to replace older jets in the airline’s fleet. Parker said the deferrals will let the company “maintain flexibility in a challenging economic environment.” He said the company would keep its older jets until the new delivery dates, so the move won’t significantly affect the airline’s passenger-carrying capacity. The company also said that Barclays, which provides US Airways’ affinity credit card, eased financial terms of their agreement and will delay repayment of a $200 million advance for 14 months. Barclays advanced the money when it bought frequent-flier miles from the carrier. US Airways lost $125 million in the first nine months of this year on lower revenue, after losing $2.1 billion last year. “The past two years have been exceptionally difficult for our industry and US Airways,” Parker told employees. He said the company was fortunate to have partners willing to help, but “we cannot continue to lose money indefinitely and fund our losses through financing and partner support.” Shares of US Airways rose 8 cents, or 2.6 percent, to $3.18 in morning trading. See the article here: US Airways defers delivery of 54 aircraft (AP)

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DALLAS, Nov. 24, 2009 (GLOBE NEWSWIRE) — BeaconEquity.com announces an investment report featuring Origin Agritech Ltd. (Nasdaq: SEED – News ). The report includes financial, comparative and investment analyses, and pertinent industry information you need to know to make an educated investment decision. The investment report on Origin Agritech Ltd. (Nasdaq: SEED – News ) should be of particular interest to other crop seed and agricultural companies: Monsanto Co. (NYSE: MON – News ), Syngenta AG (NYSE: SYT – News ) and Bunge Ltd. (NYSE: BG – News ). It is available at: http://www.beaconequity.com/i/SEED Get our alerts BEFORE the rest of the market. Follow us on Twitter: http://twitter.com/BeaconEquity Origin Agritech Limited (SEED) is a technology-focused crop seed company serving mainland China. The Company’s activities include specialization in the research and development, production, and sales and marketing of crop seeds (corn, rice, cotton and canola) throughout the People’s Republic of China. SEED, together with State Harvest Holdings Limited, conducts operations in China primarily through its People’s Republic of China (PRC) Operating Companies. In the report, the analyst notes: “The corn hybrids, which SEED produces and distributes include self-developed Aoyu, Deyu series, and some other licensed hybrids, can be classified into two categories, conventional and specialty corn. To date, 68 corn products have entered into state or provincial trial, among which 45 products obtained government approval including 12 with state approval. The Company’s Linao 1 and Yuyu 22 were awarded ‘Houji Golden Prize’ and ‘Second Prize for State Advance Science & Technology’ respectively. “The Company’s corn hybrids cover the spring planting region in northeast, central and southwest, and the summer planting region in Yellow river and Huai river and central area of China. SEED’s sales area covers all corn producing areas from northeast to southwest. Sales volume is among Top 3 in the mainland market.” To read the entire report visit: http://www.beaconequity.com/i/SEED See what investors are saying about these stocks at: http://www.stockhideout.com/ BeaconEquity.com is one of the industry’s largest small-cap report providers. Beacon strives to provide a balanced view of many promising small-cap companies that would otherwise fall under the radar of the typical Wall Street investor. We provide investors with an excellent first step in their research and due diligence by providing daily trading ideas, and consolidating the public information available on them. For more information on Beacon Research, please visit http://www.BeaconEquity.com Beacon Equity Disclosure DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND ON THIS REPORT. We are not registered as a securities broker-dealer or an investment adviser either with the U.S. Securities and Exchange Commission (the “SEC”) or with any state securities regulatory authority. We are neither licensed nor qualified to provide investment advice. Beacon Equity Research nor its affiliates have a beneficial interest in the mentioned company; nor have they received compensation of any kind for any of the companies listed in this communication. The information contained in our report is not an offer to buy or sell securities. We distribute opinions, comments and information free of charge exclusively to individuals who wish to receive them. Link: Beacon Equity Issues Technical Trading Overview for Origin Agritech Ltd. (GlobeNewswire)

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WASHINGTON (AFP) – US economic growth in the third quarter was slower than initially estimated, the Commerce Department said Tuesday, cutting its estimate to a 2.8 percent annual pace of expansion. The gross domestic product (GDP) figure was revised down from last month’s estimate of 3.5 percent growth, but was in line with most analyst forecasts, taking into account updated data, notably on consumer spending and trade. Despite the downward revision, the report showed the first expansion for the economy after four straight quarters of contraction, including a 0.7 percent drop in the second quarter. The data from the July-September period show the world’s biggest economy appearing to emerge from its brutal recession, but with less momentum than previously thought. Sal Guatieri, economist at BMO Capital Markets, said the revised figure does little to change the outlook for steady if less than spectacular growth. “We still think the economy will expand at a three percent annual rate in the fourth quarter,” he said. “We’re looking for modest growth in 2010 of about 2.5 percent.” Guatieri said the data showed a larger drawdown in business inventories, which suggests companies will have to produce more in the coming months to boost their stocks of supplies. “Less momentum in consumer spending is offset by a bigger boost from inventories,” he said. The government’s third quarter report showed personal consumption expenditures — the main driver of economic activity — increased 2.9 percent in the quarter, revised down from an estimate last month of 3.4 percent. Even though consumer spending rose, a large portion of that came from the auto sector, with sales boosted by the “cash for clunkers” incentives to trade in older vehicles. The revised figures showed exports of goods and services increased 17.0 percent in the third quarter, but imports grew at a faster pace of 20.8 percent, a factor that hurts GDP. Other segments of the economy remained weak, with business investment down 4.1 percent. But the housing sector emerged from its slump, with residential fixed investment jumping 19.5 percent, in contrast to a plunge of 23.3 percent in the second quarter. The report also showed corporate profits up 130.0 billion dollars in the third quarter. Augustine Faucher at Moody’s Economy.com said this was a jump of 10.6 percent at an annualized rate, and added, “this bodes well for near-term hiring and investment.” Most economists say the US recovery from its worst recession in decades appears to be on track, but could be derailed by rising joblessness. The unemployment rate hit a 26-year high of 10.2 percent in October, with a net loss of 190,000 jobs. Original post: US third quarter growth revised down to 2.8%

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SAO PAULO, Nov 24 (Reuters) – Brazilian stocks slipped in early trading on Tuesday as investors moved to protect profits from a months-long rally in the country’s shares before the end of the year. The benchmark Bovespa index .BVSP fell 0.33 percent to 66,587.26, reversing some of Monday’s gains. “A number of investors already have their minds on 2010,” said Andre Perfeito, an economist at Gradual Investimentos. “The markets have risen a lot this year, and people are getting nervous” about guarding those profits until 2009 ends, he added. The index has gained about 77 percent so far this year through Monday. But Adriano Moreno, a strategist with Futura Investimentos, said he sees relatively little downside risk for the Bovespa index through the rest of the year, or room for significant advances, either. A flurry of data also gave investors reason for pause. In the United States, the government revised the third quarter gross domestic product growth to 2.8 percent from a previously estimated 3.5 percent. It was below the 2.9 percent revision the market expected. For more see [ID:nN23258482]. Domestically, Brazil’s October current accounts BRCURA=ECI registered a deficit of 2.9 billion reais, larger than the 2.6 billion real deficit projected by a Reuters poll of 19 analysts. [ID:nN24290833] Brazil’s currency, the real ( BRBY ), traded flat at 1.729 per dollar. The currency has appreciated about 35 percent so far this year, a thorn in the side of exporters who see their products growing pricier in overseas markets. Yet recent interventions by the government, including a 2 percent tax on capital inflows into stocks and fixed-income investments and a 1.5 percent tax on American Depositary Receipts, has produced caution among investors. The real “is presenting some stability more recently, failing to move no matter the direction. Apparently, the uncertainty caused by the capital control measures recently announced by the government is leaving the market more cautious to assume positions,” according to a report from BNP Paribas dated Tuesday. Among Brazilian stocks, heavyweights Petrobras and Vale led losses. State-controlled energy company Petrobras ( PETR4.SA ) lost 0.64 percent to 38.60 reais as crude oil CLc1 slid 0.84 percent. Mining company Vale ( VALE5.SA ), the world’s largest producer of iron ore, declined 0.68 percent to 42.58 reais. Steelmakers also fell. Gerdau ( GGBR4.SA ) dipped 0.85 percent to 28.06 reais, Usiminas ( USIM5.SA ) lost 0.37 percent to 49.12 reais and CSN ( CSNA3.SA ) slid 0.97 percent to 59.27 reais. Yields on Brazilian interest rate futures contracts largely dipped.  Continued… Link: Brazil stocks dip on investor caution, real flat (at Reuters)

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By Jeannine Aversa, The Associated Press WASHINGTON – The economy grew at a 2.8 per cent pace last quarter, as the recovery got off to a slower start than first thought. The Commerce Department’s new reading on gross domestic product wasn’t as energetic as the 3.5 per cent growth rate for the July-September period estimated just a month ago. The main factors behind the downgrade: consumers didn’t spend as much, commercial construction was weaker and the nation’s trade deficit was more of a drag on growth. Businesses also trimmed more of their stockpiles, another restraining factor. The new reading on GDP, which measures the value of all goods and services produced in the United States – from machinery to manicures – was a tad weaker than the 2.9 per cent growth rate economists surveyed by Thomson Reuters had expected. Still, the good news is that the economy finally started to grow again, after a record four straight losing quarters. The bad news is that the rebound, now and in the months ahead, probably will be lethargic. The worst recession since the 1930s is very likely over, but the economy’s return to good health will take time, Fed officials and economists say. Growth probably won’t be strong enough to quickly drive down the nation’s unemployment rate, currently at 10.2 per cent. It’s only the second time in the post-World War II period that unemployment has topped 10 per cent. Some economists think economic growth will slow to around a 2.5 per cent pace in the current quarter, although others say it could clock in at about 3 per cent if holiday sales are better than expected. Most say they think the economy will weaken again next year, with growth at a pace of around 1 per cent as the impact of the US$787 billion stimulus package fades and consumers keep tightening their belts under the strain of high unemployment and hard-to-get credit. Much of the economy’s return to growth last quarter reflected federal support for spending on homes and cars. But Tuesday’s report shows that some of that spending was a bit less robust than initially thought. Spending on homes and other residential projects soared at an annualized pace of 19.5 per cent last quarter, a little slower than the 23.4 per cent rate first estimated. Spending on big-ticket “durable” goods – including cars – jumped at a pace of 20.1 per cent, down from 22.3 per cent. Even with the downward revisions, it was notable that such spending grew, after falling in the previous quarter. In the third quarter, the popular Cash for Clunkers rebates and an $8,000 tax credit for first-time homebuyers juiced up sales of cars and homes. The clunkers program ended in August, but the tax credit has been extended and expanded beyond first-time buyers. What’s not clear is whether the recovery can continue after government supports are gone. If consumers clam up, the economy could tip back into recession. President Barack Obama recently cautioned that the economy could suffer a “double dip” downturn. Fed Chairman Ben Bernanke, however, says he doesn’t think that will happen. But last week the Fed chief did warn the recovery faces “important headwinds,” such as tight credit and a weak job market that will make consumers cautious in their spending. Those factors “likely will prevent the expansion from being as robust as we would hope,” Bernanke said. Tuesday’s report showed that overall consumer spending – a major shaper of national economic activity – grew at a pace of 2.9 per cent last quarter. That was down from a 3.4 per cent growth rate first estimated, but still marked the best showing since early 2007. On the business side, companies cut back spending on commercial construction – a weak spot in the economy – at 15.1 per cent annualized pace. That was deeper than the 9 per cent annualized cut back first estimated. Businesses also trimmed stockpiles of goods by $133.4 billion last quarter, slightly more than initially estimated. And the nation’s trade deficit ended up shaving 0.83 percentage point off GDP last quarter, more than first thought. Unlike past rebounds that were driven by the spending of everyday Americans, this one appears to hinge on spending by businesses, foreigners and – until it runs out – the government. In an encouraging note on that front, businesses after-tax profits grew at a 13.4 per cent pace last quarter, up from a 0.9 per cent pace in the prior period, Tuesday’s report showed. In 1980, businesses led an economic recovery. It quickly fizzled, and the economy fell into a severe recession in 1981 and 1982. The unemployment rate climbed to 10.8 per cent, the post-World War II high. The government makes three estimates of economic activity for any given quarter. Each is based on more complete data. Tuesday’s was the second reading of the third-quarter GDP data. The return of economic growth puts the White House in a delicate position: Obama wants to take credit for ending the recession, but unemployment is still causing pain and anxiety nationwide. Millions have yet to feel a benefit from the recovery in the form of a new job or even an easier time getting a simple loan. Even those with jobs are reluctant to go on a spending spree. The values of their homes and 401(k)s have not fully recovered. Some economists think the jobless rate could climb as high as 11 per cent by the middle of next year before making a slow descent. It could take at least four years for the unemployment rate to drop back down to more normal levels. “The best thing we can say about the labour market right now is that it may be getting worse more slowly,” Bernanke said last week. Against that backdrop, Obama said he’s weighing tax breaks that could encourage businesses to hire again. Original post: Economy grows at 2.8 per cent pace in 3rd quarter, rebound slower than first thought

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Shares of Chinese Origin Agritech (NASDAQ: SEED – News ) gapped higher again on Tuesday after nearly doubling during the week’s first session. {”s” : “cga,cnh,de,mon,mos,pot,seed”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} Beijing-based Origin Agritech surged higher yesterday after China’s Ministry of Agriculture approved the sale of the company’s genetically modified phytase corn. Phytase, according to the press release, aids in phosphorus absorption in animals, and is a mandatory additive for animal feed in Europe, Southeast Asia, South Korea, Japan, and other regions. Origin’s phytase transgenic corn will eliminate the need to purchase phytase and mix it into animal feed, thus reducing expenses related to machinery and labor hours. According to Origin’s website, the company has sent 68 corn products to trial, 45 of which have received government approval. Other products include hybrid rice, cotton, and canola seeds. Momentum from the phytase corn approval carried into today’s session, sending shares higher by 9%. Last week, a number of agricultural stocks were top performers. The Agricultural Chemical and Fertilizer Stocks Index was among tickerspy’s top performers for the period, led by China Green Agriculture (NYSE: CGA – News ), which shot up by 27%. Elsewhere in the fertilizer segment, Potash (NYSE: POT – News ), Monsanto (NYSE: MON – News ), and Mosaic (NYSE: MOS – News ) have all pushed higher in the last five sessions. Last week we covered Jim Cramer’s optimism for the fertilizer stocks , which he suggested were “at a bottom worth playing.” Other agricultural plays can be found in the Farming, Mining, and Construction Machine Stocks Index where Deere (NYSE: DE – News ), CNH Global (NYSE: CNH – News ), and Titan Machinery (NASDAQ: TITN – News ) have all added more than 4% in the last five trading days. Investors looking to bet on the agricultural segment can track the above Indexes for performance trends and a suite of other metrics. Fun and informative, tickerspy.com is a free investing website where you can track multiple stock portfolios and compare against 250 proprietary Indexes tracking themes from stem cells to green energy to precious metals. Best of all, tickerspy.com lets you spy on the portfolios of nearly 3,000 Wall Street institutions and hedge funds and see graphs of their performance. Try tickerspy.com today and find out how you stack up against investing legends like Warren Buffett! See original here: Not You Grandfather’s Ag Stock (Indie Research)

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By Diana Mehta, The Canadian Press TORONTO – Bank of Montreal (TSX: BMO.TO ) said Tuesday its latest quarterly profit rose 16 per cent from the year-earlier level as revenues increased, provisions for loan losses were reduced and its Canadian operations showed strong profit growth. BMO, the first of Canada’s big banks to report its fourth-quarter and year-end results for 2009, reported overall net income of $647 million or $1.11 for the quarter ended Oct. 31. That was up from $560 million or $1.06 a year ago. Total revenue for the quarter increased $176 million or 6.3 per cent to $2.99 billion from $2.81 billion last year. The revenue was $10 million ahead of analyst estimates which predicted revenue of $2.98 billion, according to Thomson Reuters. “Our businesses gained strength over the course of 2009 as we have achieved strong revenue growth while keeping a firm grip on expenses,” said Bill Downe, BMO’s president and chief executive officer. The bank said growth in all operating groups and a reduction in corporate services helped boost its revenue during the fourth quarter of fiscal 2009, which ended Oct. 31. This was offset however by the weaker U.S. dollar which decreased revenue growth by $20 million from a year ago. Downe added, however, that tight control over staffing levels and supplier costs helped bolster earnings. “While we expect credit losses to remain elevated into 2010, we believe that we are well positioned for further growth as the economy improves,” Downe said in a statement. The bank’s provision for credit losses, which occur when its clients don’t repay loans, decreased to $386 million during the quarter. That was down $79 million from last year. The provision for general losses was unchanged. BMO added that Canadian personal and commercial banking, its largest business unit, reported a net income of $394 million, which was an increase of 22 per cent from a year ago. “Our efforts to reach out to customers and help them save money and choose the best products for them are working,” said Downe. “We have narrowed the gap to the industry leader on both personal and commercial loyalty scores relative to a year ago.” BMO said its commercial banking sector continues to experience strong growth while the bank’s market share for loans to small and medium size businesses increased from the prior year. BMO announced a first-quarter 2010 dividend of 70 cents per common share, a figure which was unchanged from the previous quarter. For fiscal 2009, BMO said its net income decreased 9.7 per cent to $1.8 billion. The bank said its annual net income was lowered by $474 million after-tax due to notable items. These were made up of $355 million in charges related to the capital markets environment, $80 million in severance costs and a $39 million increase in the general allowance for credit losses. Annual revenue totalled $11.1 billion compared to $10.2 billion in fiscal 2008. Expense control helped boost revenue growth in 2009, but was offset by increased provisions for credit losses and higher income taxes, BMO said. Also on Tuesday, BMO announced separately it has agreed to buy the Diners Club North American franchise from Citigroup. The deal gives BMO exclusive rights to issue Diners Club cards to corporate and professional clients in the United States and Canada BMO said the deal will more than double its corporate card business, representing US$7.8 billion in card transactions annually and net receivables of almost US$1 billion. BMO’s shares closed at $53.55 Monday on the Toronto Stock Exchange. Visit link: Bank of Montreal Q4 profit rises to $647 million; revenue rises to $3 billion

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TORONTO (Reuters) – Toronto’s main stock market index could open higher on Tuesday as strong results from Bank of Montreal are expected to shine the spotlight on the Canadian financial sector. Meanwhile, firm gold prices could also help prop up the resource-heavy index. Toronto’s main stock index on Monday pared early gains but ended higher, touching its highest level in nearly 14 months as an early rally in oil prices powered energy stocks, while financials gained ground ahead of a flood of bank earnings reports. Here is some of the news that may affect the market: BANK OF MONTREAL Bank of Montreal said on Tuesday that quarterly profit rose 16 percent as it set aside less money for bad loans. CITIGROUP Citigroup Inc said on Tuesday that it would sell its Diners Club North America credit card business to Canada’s BMO Financial Group, as part of its strategy to shed non-core or unwanted assets. GOLD STEADY Gold inched up on Tuesday as investors favored it as a hedge against medium-term dollar weakness and possible inflation, but remained below the previous session’s record peak as the U.S. currency edged higher. U.S. CRUDE FLAT U.S. crude oil was flat on Tuesday, held down by a firmer dollar, but trade was thin ahead of the U.S. Thanksgiving holiday and data that was expected to show crude stocks rising in the United States. MAGNA INTERNATIONAL Germany’s Porsche aims to cancel a deal that would have Canada’s Magna International build the Porsche Boxster model series under contract, a source familiar with the situation told Reuters. CANADIAN NATIONAL RAILWAY Canadian National Railway Co will implement part of its contract proposals on its Canadian locomotive engineers, the carrier said on Monday. [nN23261031] MANULIFE FINANCIAL Canada’s top life insurer Manulife Financial Corp said it agreed to buy a 49 percent stake in ABN AMRO TEDA Fund Management Co in China for $156 million in cash, following up on pledges to hit the acquisition trail. RIOCAN REIT Canada’s RioCan Real Estate Investment Trust said it plans to sell about 5.5 million units at C$18.35 apiece for gross proceeds of C$100.9 million ($94.7 million). RESEARCH ROUNDUP Following is a summary of research actions on Canadian companies reported by Reuters on Tuesday. * RBC raises Iamgold Corp price target to $21 from $18; Rating Sector Perform * MacQuarie cuts Nexen Inc to Neutral from Outperform * Genuity raises Canadian Western Bank price target to C$27 from C$23; Rating Buy ($1=$1.06 Canadian) (Reporting by Scott Anderson, Editing by Chizu Nomiyama) Read the r est here: TSX may open higher, banks in spotlight

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By Jeremy Gaunt, European Investment Correspondent LONDON (Reuters) – World stocks cut some of their losses on Tuesday as Wall Street looked set to open higher, while the dollar gave up early gains and pushed gold to near a record high. Investors were generally taking profits from Monday’s stock rally, which saw U.S. blue chips gain 1.3 percent and European shares 2 percent. Germany’s Ifo business sentiment survey came in more positive than expected, but there was some concern about the banking sector. A German newspaper reported that the majority owners of WestLB were threatening not to support the stricken German landesbank’s requirement for more capital. Rating agency Standard & Poor’s also said on Monday it found most banks in a global study were weakly capitalised, with Citigroup , UBS and Mizuho Financial Group more than two-thirds below the average. MSCI’s all-country word stock index was down 0.2 percent, well off its daily lows, after gaining 1.7 percent on Monday. But the FTSEurofirst 300 index of top European shares reversed losses to stand 0.1 percent higher. “I don’t see any negatives out there. The economic data is good,” said Bernard McAlinden, investment strategist at NCB Stockbrokers in Dublin. Some concerns about the U.S. economy were temporarily eased on Monday when data showed sales of previously owned U.S. homes had risen to their highest level in more than 2-1/2 years. Many global stock investors are nonetheless being cautious heading into the year-end, wanting to lock in profits after a very good run in 2009 while also worrying about the true state of the world economy. Earlier on Tuesday, Japan’s Nikkei hit its lowest close in four months, down 1 percent on the day. Japan’s current concerns are focused on worries financial firms will tap the market for equity financing and on a stronger yen hurting the shares of exporters. DOLLAR FIRMS The dollar was flat against a basket of competitors after earlier putting in some gains. It remains down 7 percent for the year, reflecting low U.S. yields on offer. The euro reversed course to stand slightly stronger on the day at $1.4978 and the dollar slipped 0.4 percent to 88.60 yen. Gold reversed as the dollar rose and was selling at around $1,1170 an ounce, about $3 off an all-time peak hit on Monday. Euro zone government bonds rose, with Bund futures at one point reaching their highest level since early October. (Additional reporting by Brian Gorman) Read more: Global stocks weak, dollar flat

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TEMPE, Ariz.–(BUSINESS WIRE)–US Airways (NYSE: LCC – News ) announced today it has completed a series of transactions with key business partners designed to improve its near-term and future liquidity. The Company will significantly reduce capital expenditures over the next three years, eliminate the need to access aircraft finance markets in 2010 and extend certain debt maturities. These transactions improve projected year-end 2009 liquidity by approximately $150 million and generate, in aggregate, approximately $450 million of projected liquidity improvements by the end of 2010. “This is our third major strategic move in the past 100 days, following announcements of our innovative slot transaction with Delta Air Lines and the realignment of our network to focus on our most profitable flying,” said US Airways Chairman and CEO Doug Parker. “These moves are part of our continuing efforts to improve our balance sheet and return the Company to profitability. Our employees are continuing to run a great airline and doing a terrific job taking care of our customers and, with these strategic initiatives behind us, we believe US Airways is well positioned to take full advantage of the recovering economy.” US Airways Executive Vice President and Chief Financial Officer Derek Kerr stated, “By working with our key business and financial partners, we have structured a series of transactions that improve near-term liquidity by reducing capital spending and deferring certain debt repayments. These transactions also have eliminated the need to fund a fleet replacement program in capital markets that continue to be uncertain and expensive. We appreciate all of the support of our business partners in completing these transactions.” The Company’s actions include the deferral of 54 Airbus aircraft previously scheduled for delivery between 2010 and 2012 that are now to be delivered in 2013 and beyond. These deferral arrangements will reduce the Company’s aircraft capital expenditures over the next three years by approximately $2.5 billion, and reduce near- and medium-term obligations to Airbus and others by approximately $132 million. In addition, commencement of US Airways’ Airbus A350 XWB operations, with aircraft deliveries originally scheduled to start in 2015, will now be postponed until 2017. These deferrals will not significantly alter the airline’s capacity plans as aircraft originally scheduled to be replaced will be retained until the rescheduled new aircraft delivery dates. “Although we will slow deliveries during the next three years, over that period we will continue to modernize our fleet, which is already one of the youngest in the United States. The Company will take delivery of two A320 and two A330 aircraft in 2010 and an additional 24 A320 family aircraft in 2011 and 2012,” said Kerr. “We have financing commitments for all 28 aircraft and believe this is a more manageable delivery rate given the current economic environment.” In addition to the aircraft deferral, US Airways has arranged credit facilities in the amount of $95 million and $180 million of aircraft financing commitments for the 2010 deliveries. Also, the Company has agreed with Barclays to permanently lower the monthly unrestricted cash condition precedent for the advance purchase of frequent flyer miles and defer for 14 months the amortization of $200 million advanced in connection with the previous purchase of miles. US Airways was advised in these transactions by Seabury Securities LLC, a unit of Seabury Group LLC. US Airways, along with US Airways Shuttle and US Airways Express, operates more than 3,000 flights per day and serves more than 190 communities in the U.S., Canada, Europe, the Middle East, the Caribbean and Latin America. The airline employs more than 32,000 aviation professionals worldwide and is a member of the Star Alliance network, which offers its customers more than 19,000 daily flights to 1,071 airports in 171 countries. Together with its US Airways Express partners, the airline serves approximately 80 million passengers each year and operates hubs in Charlotte, N.C., Philadelphia and Phoenix, and a focus city at Ronald Reagan Washington National Airport. And for the eleventh consecutive year, the airline received a Diamond Award for maintenance training excellence from the Federal Aviation Administration for its Charlotte hub line maintenance facility. For more company information, visit usairways.com. (LCCF) Forward-Looking Statements Certain of the statements contained herein should be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” “plan,” “could,” “should,” and “continue” and similar terms used in connection with statements regarding the outlook, expected fuel costs, revenue and pricing environment, and expected financial performance of US Airways Group (the “Company”). Such statements regarding future financial and operating results, the Company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties that could cause the Company’s actual results and financial position to differ materially from these statements. Such risks and uncertainties include, but are not limited to, the following: the impact of future significant operating losses; the impact of economic conditions and their impact on passenger demand and related revenues; a reduction in the availability of financing, changes in prevailing interest rates and increased costs of financing; the Company’s high level of fixed obligations and the ability of the Company to obtain and maintain any necessary financing for operations and other purposes and operate pursuant to the terms of its financing facilities (particularly the financial covenants); the impact of fuel price volatility, significant disruptions in fuel supply and further significant increases to fuel prices; the ability of the Company to maintain adequate liquidity; labor costs, relations with unionized employees generally and the impact and outcome of the labor negotiations, including the ability of the Company to complete the integration of the labor groups of the Company and America West Holdings; reliance on vendors and service providers and the ability of the Company to obtain and maintain commercially reasonable terms with those vendors and service providers; reliance on automated systems and the impact of any failure or disruption of these systems; the impact of the integration of the Company’s business units; the impact of changes in the Company’s business model; competitive practices in the industry, including significant fare restructuring activities, capacity reductions or other restructuring or consolidation activities by major airlines; the impact of industry consolidation; the ability to attract and retain qualified personnel; the impact of global instability including the potential impact of current and future hostilities, terrorist attacks, infectious disease outbreaks or other global events; government legislation and regulation, including environmental regulation; the Company’s ability to obtain and maintain adequate facilities and infrastructure to operate and grow the Company’s route network; costs of ongoing data security compliance requirements and the impact of any data security breach; interruptions or disruptions in service at one or more of the Company’s hub airports; the impact of any accident involving the Company’s aircraft; delays in scheduled aircraft deliveries or other loss of anticipated fleet capacity; weather conditions and seasonality of airline travel; the cyclical nature of the airline industry; the impact of insurance costs and disruptions to insurance markets; the impact of foreign currency exchange rate fluctuations; the ability to use NOLs and certain other tax attributes; the ability to maintain contracts critical to the Company’s operations; the ability of the Company to attract and retain customers; and other risks and uncertainties listed from time to time in the Company’s reports to the SEC. There may be other factors not identified above of which the Company is not currently aware that may affect matters discussed in the forward-looking statements, and may also cause actual results to differ materially from those discussed. The Company assumes no obligation to publicly update any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting such estimates other than as required by law. Additional factors that may affect the future results of the Company are set forth in the section entitled “Risk Factors” in the Company’s Report on Form 10-Q for the quarter ended September 30, 2009 and in the Company’s other filings with the SEC, which are available at www.usairways.com . -LCC- Originally posted here: US Airways Completes Major Liquidity Improvement Program (Business Wire)

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By Ryan Vlastelica NEW YORK (Reuters) – U.S. stock index futures were little changed on Tuesday, following a strong advance in Monday’s session and after Hewlett-Packard reported that quarterly profit matched its preliminary results. * Investors have been closely watching the technology sector, which is generally considered one of the first to recover from recession. * Hewlett-Packard Co , the computer and printer maker, said late Monday the economy remained challenging, but sees signs of recovery. The last Dow component to report also tripled its share repurchase program. * Investors are awaiting the preliminary estimate of third-quarter gross domestic product growth, due at 8:30 a.m. EST, and November consumer sentiment data, due at 10:00 a.m. EST * The day’s earnings diary includes H.J. Heinz Co , Hormel Foods Corp and Medtronic Inc . * S&P 500 futures rose 1.2 points and were modestly above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures were up 2 points, while Nasdaq 100 futures were down 1.25 points. * Also late Monday, Analog Devices Inc and Brocade Communications Systems Inc reported quarterly results that beat expectations. Analog Devices also forecast higher profit margins. * Hong Kong and China stocks sank Tuesday, with Shanghai composite index off 3.5 percent, dragged down by banks. * European stocks were down 0.1 percent in morning trade, led lower by banks. Miners such as Xstrata Plc dropped along with metal prices. * Kenneth Feinberg, the Obama administration’s pay czar, is being pressed by federal officials to relax executive compensation restrictions at American International Group Inc for 2010, the Wall Street Journal reported, citing sources. * U.S. stocks snapped a three-day losing streak on Monday, as stronger-than-expected home sales data fueled optimism while a weaker dollar boosted commodity-linked stocks. (Editing by Jeffrey Benkoe) See the rest here: Futures little changed after HP, ahead of data

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LONDON (AFP) – The dollar firmed on Tuesday after recent sharp losses as investors largely stayed on the sidelines ahead of the US Thanksgiving holiday later in the week, dealers said. In late morning trading here, the euro eased to 1.4931 dollars from 1.4963 late in New York on Monday. Against the Japanese currency, the dollar fell to 88.69 yen from 88.97 yen late on Monday. The price of gold eased lower on profit-taking, having struck a record high point of 1,174 dollars per ounce the previous day on the back of a weak greenback. “The (foreign exchange) market is quite dormant,” said Masatsugu Miyata, forex dealer at Hachijuni Bank. The dollar came under pressure on Monday in New York after comments suggesting US authorities may extend emergency stimulus measures, encouraging traders to move into riskier assets such as the euro. Federal Reserve Bank of St. Louis president James Bullard said he would prefer to keep the central bank’s asset-buying programme active beyond its current cut-off date. “We are watching whether the greenback will gain ground this week, but investors will likely stay quiet,” Miyata said, adding that only two trading days remain before the US Thanksgiving holiday on Thursday. The euro found limited support following the publication of strong eurozone data, analysts said. German business confidence surged in November, a closely-watched survey showed on Tuesday, fuelling hopes that Germany, Europe’s economic powerhouse, could lead the continent out of recession. The survey, by the Ifo institute, showed business sentiment rose to 93.9 from 92.0, the eighth successive rise and the highest level since August 2008. It was also better than expected, with economists polled by Dow Jones Newswires expecting a rise to 92.6 points. Meanwhile, official data showed Tuesday that factories in the 16-nation eurozone reported a rise of new orders in September, although more recent data has suggested economic recovery in Europe may be peaking. Industrial new orders compared to August 2009 rose by 1.5 percent in the euro area after a 0.6 percent increase the previous month, according to figures released on Tuesday by the European Union’s statistics agency. In London on Tuesday, the euro was changing hands at 1.4931 dollars against 1.4963 dollars late on Monday, at 132.43 yen (133.14), 0.9046 pounds (0.9009) and 1.5113 Swiss francs (1.5111). The dollar stood at 88.69 yen (88.97) and 1.0122 Swiss francs (1.0096). The pound was at 1.6501 dollars (1.6604). On the London Bullion Market, the price of gold dipped to 1,168.02 dollars an ounce from 1,169.50 dollars an ounce late on Monday. Read more from the original source: Dollar claws back ground against euro

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* U.S. stock index futures pointed to a lower opening on Wall Street on Tuesday, following the previous session’s sharp gains, with futures for the S&P 500 SPc1 down 0.18 percent, Dow Jones DJc1 futures down 0.26 percent and Nasdaq 100 NDc1 futures down 0.38 percent at 0925 GMT. * Hewlett-Packard Co ( HPQ.N ) said it has tripled the size of its share repurchase program to $12 billion as China sales and better profit margins on its services boosted quarterly earnings. The fiscal fourth-quarter results released on Monday were in line with preliminary figures that HP gave two weeks ago, which had topped Wall Street’s estimates at the time. HP shares traded in Frankfurt were up 0.9 percent. [ID:nN23242457] * Microchip maker Analog Devices Inc ( ADI.N ) on Monday reported higher than expected quarterly sales and forecast higher profit margins and busier factories by the end of fiscal 2010. [ID:nN23273180] * Network equipment maker Brocade Communications Systems Inc ( BRCD.O ) on Monday reported a higher than expected quarterly profit, despite concerns about competition amid a series of mergers and acquisitions among rivals. [ID:nN23258074] * Shares in Japan Airlines Corp ( 9205.T ) slid to a record low on Tuesday on growing investor worries that Asia’s largest airline by revenue could face bankruptcy as it struggles to agree pension cuts. [ID:nSP480329] * The European Commission said on Tuesday it had closed formal anti-trust proceedings against U.S. chip maker Qualcomm as complaints against the firm had been dropped. [ID:nBRU010564] * Oil slipped towards $77 a barrel on Tuesday, held down by a firmer dollar, but trade was thin ahead of the U.S. Thanksgiving holiday and data that was expected to show crude stocks rising in the United States. [ID:nSIN460213] * The dollar rose as some investors bought the currency or closed dollar-short positions before Thanksgiving. [USD/] * Hong Kong and China stocks sank on Tuesday, with Shanghai’s SSE composite index .SSEC dropping 3.5 percent, dragged down by banks as investors took profit after a recent rally, while concerns about capital-raising plans by lenders sparked fears of shareholder dilution. * European stocks were down 0.7 in morning trade, led lower by banks, while miners such as Xstrata ( XTA.L ) dropped along with metal prices. * The day’s economic agenda includes the Commerce Department’s preliminary (second) estimate of Q3 Gross Domestic Product (GDP) growth, due at 1330 GMT. Investors will also keep an eye on monthly consumer sentiment data, due at 1500 GMT. * On the earnings front, H.J. Heinz Co. ( HNZ.N ), Medtronic ( MDT.N ) and Hormel Foods Corp. ( HRL.N ) are among the few companies due to report on Tuesday. * Kenneth Feinberg, the Obama administration’s pay czar, is being pressed by federal officials to relax executive compensation restrictions at American International Group Inc ( AIG.N ) for 2010, the Wall Street Journal reported, citing people familiar with the matter. [ID:nGEE5AN04Y] * U.S. stocks snapped a three-day losing streak on Monday as stronger than expected home sales data fuelled optimism while a weaker dollar boosted commodity-linked stocks. * The Dow Jones industrial average .DJI gained 132.79 points, or 1.29 percent, to end at 10,450.95. The Standard & Poor’s 500 Index .SPX rose 14.86 points, or 1.36 percent, to 1,106.24. The Nasdaq Composite Index .IXIC added 29.97 points, or 1.40 percent, to close at 2,176.01. (Reporting by Blaise Robinson ; Editing by Greg Mahlich) ((blaise.robinson@reuters.com ; +33 1 4949 5269, Reuters Messaging: blaise.robinson.reuters.com@reuters.net)) Read the original: U.S. stock futures signal losses; HP eyed (at Reuters)

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By Stephen Wright, The Associated Press BANGKOK, Thailand – Asian stock markets retreated Tuesday as China’s warning to banks to control their lavish lending underlined the risks to an economic recovery driven by easy credit. European shares were lower. Asia also got a poor cue from Japan, where stocks fell on pessimism about the strength of the world’s No. 2 economy. Gold retreated from a record and oil prices slipped to near $77. Investors shrugged off Wall Street ending a three-day losing streak Monday and figures showing that U.S. home sales rose 10 per cent in October. News that China’s central bank was warning banks to control a lending spree underscored there are limits to the easy credit which has underpinned Asia’s rapid recovery from the global recession. “The central bank has been concerned about lending to the property sector,” said Francis Lun, general manager of Fulbright Securities Ltd. in Hong Kong. “If they can put on the brakes to avoid an asset bubble it is likely to be better for the longer term,” he said. China’s Shanghai index tumbled 115.14, or 3.5 per cent, to 3,223.53 as investors fretted the central bank’s warning – which comes ahead of the government’s annual economic planning meeting – could foreshadow more measures to reduce liquidity. The index had been up 11.4 per cent so far this month. In Hong Kong, the Hang Seng index slid 348.25, or 1.5 per cent, to 22,423.14 on weakness in Chinese financial stocks. Bank of China slumped 4 per cent. Japan’s Nikkei 225 stock average dropped 96.10, or 1 per cent, to a fresh four-month low of 9,401.58. “Investors are becoming pessimistic about Japan’s economy. They are frustrated and very disappointed the government has not been able to launch measures to spur the economy,” said Masatoshi Sato, a market analyst at Mizuho Investors Securities Co. Ltd. Besides doubts about the economy, sentiment was also hurt by a strong yen, which pressures Japanese exporters by eroding their overseas profits. Among Japanese blue chips, Japan Airlines Corp. tumbled 8.4 per cent to a record low amid worries over a possible bankruptcy. Toyota Motor Corp. – the world’s No. 1 automaker – declined 1.7 per cent. Elsewhere, South Korea’s Kospi dropped 0.8 per cent to 1,606.42 and Australia’s S&P/ASX 200 index declined 0.7 per cent to 4,685 on losses in banks and miners. Markets in India, Singapore and Thailand also fell. Major indexes in Britain, Germany and France were down 0.6 per cent or more in early European trade. In the U.S. on Monday, the Dow rose 132.79, or 1.3 per cent, to 10,450.95, after losing 120 points over the previous three days. It was the Dow’s highest close since Oct. 2, 2008. The Standard&Poor’s 500 index rose 14.86, or 1.4 per cent, to 1,106.24. Stock futures pointed to losses Tuesday on Wall Street. Dow futures were off 27, or 0.3 per cent, at 10,395. Oil slipped to near $77 a barrel in Asia amid mixed signs about crude demand. Benchmark crude for January delivery was down 10 cents to $77.46 a barrel. The contract rose 9 cents to settle at $77.56 on Monday. In currencies, the dollar fell to 88.62 yen from 88.97. The euro fell to $1.4918 from $1.4964. Associated Press Writer Shino Yuasa in Tokyo and AP Researcher Bonnie Cao in Beijing contributed to this report. Original post: Asian stock markets lower as China’s bank warning hits financials; European shares fall

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ABINGDON, UK–(BUSINESS WIRE)–Oxagen Limited, a drug discovery and development company specializing in inflammation, announced today the successful completion of a £16 Million ($26.7 Million) Series C round led by Novartis Venture Funds. The proceeds of the funding will be used primarily to advance Oxagen’s CRTH2 antagonist programme in inflammatory and respiratory diseases. This will include the completion of an ongoing Phase IIb clinical study of the lead molecule OC000459 in moderate persistent asthma. This follows the successful completion of proof-of-concept (POC) studies in both asthma and allergic rhinitis. CRTH2, also known as DP2 is a cell surface receptor for prostaglandin D2 and is implicated in allergic inflammation. The funds will also be used to expand the therapeutic indications for CRTH2 antagonists using the lead molecule as well as back-up compounds. The investment was led by Novartis Venture Funds, and joined by existing investors including MPM Capital, SV Life Sciences, Advent Ventures, Bessemer Venture Partners, Omega, Abingworth, IBT, Red Abbey and The Wellcome Trust. Commenting on the fundraising, Mark Payton, Ph.D., Chief Executive Officer of Oxagen said, “We are delighted to welcome Novartis Ventures as a new investor in Oxagen. We are excited by the potential shown to date by CRTH2 antagonists in general and by OC000459 in particular. This funding will allow us to both advance and broaden the therapeutic utility of our portfolio of molecules. We are delighted that this potential has been recognised both by our new lead investor, as well as by our strong base of existing investors.” Anja König, Ph.D., Managing Director at Novartis Venture Funds commented “We are looking forward to joining Oxagen in their exciting effort to deliver their first in class medicine to patients with asthma, a condition with significant unmet need. CRTH2 is a very promising new target in asthma and inflammation and Oxagen’s lead compound has the potential to become a blockbuster.” Anja König will join the Oxagen Board of Directors. -ENDS- Notes for Editors: About Oxagen Oxagen is a biopharmaceutical company building a novel drug pipeline with a focus on inflammatory and respiratory diseases. Oxagen’s pipeline of novel small molecule drugs is based on targets validated in man. Oxagen was established in April 1997. The Company is based in Milton Park, south of Oxford. For more information on Oxagen, please visit www.oxagen.co.uk Here is the original post: Oxagen Limited Raises £16 Million in Series C Private Venture Capital Financing Led by Novartis Venture Funds (Business Wire)

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By Jeremy Gaunt, European Investment Correspondent LONDON (Reuters) – Financial markets did a quick about-face from the previous session’s patterns on Tuesday with stocks falling, the dollar recovering some losses and gold dropping back a bit from record highs. Investors were generally taking profits from Monday’s stock rally, which saw U.S. blue chips gain 1.3 percent and European shares 2 percent. There was also some concern about the banking sector. A German newspaper reported that the majority owners of WestLB (WDLG.UL) were threatening not to support the stricken German landesbank’s requirement for more capital. Rating agency Standard & Poor’s also said on Monday it found most banks in a global study were weakly capitalized, with Citigroup (NYSE: C – News ), UBS (VTX: UBSN.VX – News ) and Mizuho Financial Group (Tokyo:8411.T – News ) more than two-thirds below the average. MSCI’s all-country word stock index ( ^MIWD00000PUS – News ) was down 0.6 percent after gaining 1.7 percent on Monday. The volatile Chinese market ( ^SSEC – News ) was down nearly 3.5 percent. Market analysts said there was little surprise that some profit taking was taking place. But they remained relatively bullish about the future. “China is down after a strong run,” said Bernard McAlinden, investment strategist at NCB Stockbrokers in Dublin. “But we’re still in a cyclical bull market.” The FTSEurofirst 300 ( ^FTEU3 – News ) index of top European shares was down 0.7 percent. Earlier, Japan’s Nikkei ( ^225 – News ) hit its lowest close in four months, down 1 percent on the day. Japan’s current concerns are focused on worries financial firms will tap the market for equity financing and on a stronger yen hurting the shares of exporters. Many global stock investors are being cautious heading into the year-end, wanting to lock in profits after a very good run in 2009 while also worrying about the true state of the world economy. Some concerns about the U.S. economy were at least temporarily eased on Monday when data showed sales of previously owned U.S. homes had risen to their highest level in more than 2-1/2 years. DOLLAR FIRMS The dollar was broadly higher after a bit of a battering on Monday while the euro fell on the German media report about WestLB. The U.S. currency was up 0.4 percent against a basket of competitors ( ^DXY – News ). It remains down 7 percent for the year, reflecting low U.S. yields on offer. The euro was down 0.4 percent at $1.4905 and the dollar slipped about the same to 88.65 yen. Gold slipped on the stronger dollar and was selling at around $1,164 an ounce, about $9 off an all-time peak hit on Monday. Euro zone government bonds rose, with Bund futures reaching their highest level since early October. (Additional reporting by Brian Gorman; editing by Chris Pizzey) (To read Reuters Global Investing Blog click on http://blogs.reuters.com/globalinvesting; for the MacroScope Blog click on http://blogs.reuters.com/macroscope; for Hedge Hub click on http://blogs.reuters.com/hedgehub ) See the original post here: Bank worries, profit-taking hits stocks (Reuters)

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* Euro down 0.4 pct at $1.4905 EUR= * Upside for euro/dollar heavy above $1.5000 * German Q3 GDP unchanged; eyes on German Ifo * Fed to release Nov meeting minutes By Tamawa Desai LONDON, Nov 24 (Reuters) – The dollar was broadly higher on Tuesday as investors sold currencies associated with risk on concerns about the banking system while looking ahead to data on the outlook for economic growth. The euro fell on a German media report the majority owners of WestLB [WDLG.UL] were threatening not to support the stricken German landesbank’s requirement for more capital, citing financial sources. [ID:nGEE5AN07U] Some traders also cited a report published on Monday from U.S. ratings firm Standard and Poor’s, which raised concerns about the health of some major banks. [ID:nGEE5AM11I] Data on Tuesday showed Germany’s economy grew 0.7 percent in the third quarter, unchanged from a preliminary estimate. Markets awaited the key German Ifo sentiment data, due at 0900 GMT and expected to show a modest improvement. “The Ifo data will be the focus, and it should be consistent with a gradual improvement in the German economy, but even then it should have a limited impact on the euro,” said Lee Hardman, currency economist at Bank of Tokyo-Mitsubishi UFJ. “Rallies on risk assets are showing diminishing returns, and major currencies are looking stretched against the dollar.” Asian shares were in the red on Tuesday, with the Nikkei average .N225 down 0.8 percent after a higher close on Wall Street on Monday. European shares .FTEU3 and S&P futures SPc1 were also slightly down. At 0824 GMT, the euro was down 0.4 percent on the day at $1.4905. It hit a one-week high of $1.5001 on Monday. Traders cited options with a strike price of $1.5000 and $1.5050 set to expire later in the day.  Continued… Visit link: FOREX-Dollar rises, euro hurt on bank worries, eye data (at Reuters)

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