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Jun 18, 2013

Asian Markets Latest News, At The Time, June 18, 2013.

Asia

China stocks fall, Japan jumps, ahead of Fed meet Chinese and South Korean stocks fall on caution ahead of the Federal Reserve’s monetary-policy decision later in the day, while Japanese shares rally on a weaker yen and strong overnight gains on Wall Street.
 
News Corp. print assets start trading in Australia LOS ANGELES (MarketWatch) -- Shares of New Newscorp Inc. fell 15 Australian cents to 14.85 Australian dollars ($14.04) Wednesday as they began trading in Sydney. The company holds the publishing assets that were spun off by media conglomerate News Corp. More than 4.6 million New Newscorp shares were traded in the first 15 minutes of their debut, according to FactSet data. News Corp. , whose entertainment business assets will be owned under the 21st Century Fox name, fell 7.8%, but were off session lows. The split between the two companies will be effective on June 28. News Corp.'s properties include MarketWatch.com, the publisher of this report. 
 
Hong Kong stocks edge lower ahead of Fed; HSBC up HONG KONG (MarketWatch) -- Hong Kong stocks pulled lower in cautious trade Wednesday as investors awaited the Federal Reserve's monetary-policy decision for clues on its bond purchases. The Hang Seng Index fell 0.45 to 21,143.56 and the Hang Seng China Enterprises Index dropped 1.2% to 9,616.73. Shares of China Coal Energy Co. fell 3.2%, China Construction Corp. dropped 1.1% and China Unicom Hong Kong Ltd. shed 2.3%. Shares of heavyweight HSBC Holdings PLC inched up 0.1% although the Hong Kong Monetary Authority said Tuesday it was investigating HSBC and other banks over the possible rigging of local benchmark interest rates. China's Shanghai Composite Index lost 0.8% to 2,141.31. 9:48 p.m. Today

A new protest of 50,000 Brazilians flood once again Sao Paulo /Una protesta de 50.000 brasileños 'inunda' de nuevo Sao Paulo: Actualidad RT; June 18, 2013.

Gerald Celente - Trends In The News - "The Business Of War" - (6/17/13)

Uncertainty at Fed Over Its Stimulus Plans and Its Leadership / U.S. Home Construction Rose in May: The New York Times: ALERTS FGC BOLSA - FGC FINANCIAL MARKETS, June 18, 2013.



FGC BOLSA- FGC FIN

Compiled: June 18, 2013 10:09:47 PM

Uncertainty at Fed Over Its Stimulus Plans and Its Leadership
President Obama suggested late Monday that he was likely to nominate a new Fed chairman this year. Mr. Bernanke’s second four-year term ends in January.
U.S. Home Construction Rose in May
Housing starts rose 6.8 percent in May, and builders sought permits to build-single family homes at the fastest pace in five years. 
 

New Effort to Quantify ‘Social Cost’ of Pollution: The New York Times: ALERTS FGC BOLSA - FGC FINANCIAL MARKETS; June 18, 2013



FGC BOLSA- FGC FIN

Compiled: June 18, 2013 08:38:27 PM

New Effort to Quantify ‘Social Cost’ of Pollution
Supporters of the idea acknowledge the difficulties of trying to quantify pollution which perhaps helps to explain why there is little hope of consensus now on climate policy.

US soldiers killed in Afghan attack: BBC Breaking News; June 18, 2013.





BBC News
 
 
  Breaking News  

US soldiers killed in Afghan attack

Four US soldiers have been killed in Afghanistan hours after US announced direct talks with Taliban, reports say
For more details, see the BBC News website

CNBC Latest Stories I Evening Brief; June 18, 2013.






LATEST STORIES

Making the Case for a Little More Inflation: The New York Times: ALERT FGC BOLSA - FGC FINANCIAL MARKETS; June 18, 2013.







FGC BOLSA- FGC FIN

Compiled: June 18, 2013 06:09:08 PM

Economic Scene

Making the Case for a Little More Inflation
Some economists are arguing for inflation above the long-favored 2 percent limit, as a way to jump-start the economy.

U.S. stocks rally, applauding Fed in advance: Wall Street at Close Report by MarketWatch; June 18, 2013.

By Kate Gibson, MarketWatch 
 

NEW YORK (MarketWatch)U.S. stocks rallied on Tuesday, with a two-day advance wiping out last week’s losses, as Wall Street gave an advance thumbs up to the upcoming Federal Reserve monetary-policy announcement. 

“You can bet your last dollar, [Fed Chairman Ben Bernanke] is going to try to assure the markets that the Federal Reserve is not going to taper anytime soon,” said Hugh Johnson, chairman of Hugh Johnson Advisors, referring to the timing and pace of potential reduction in asset purchases by the Fed, which is currently buying $85 billion in bonds each month. 

The Federal Open Market Committee begun its two-day meeting on Tuesday, with a monetary-policy announcement and Bernanke’s news conference due on Wednesday. Read: Three pitfalls the Fed faces on path to tapering.
 
“Folks are feeling a little confident that Bernanke might be able to settle down some of the concerns when they meet and he has his press conference,” said Bob Pavlik, chief market strategist at Banyan Partners. 


Bloomberg Enlarge Image
Fed Chairman Ben Bernanke
Marking a sixth consecutive triple-digit move, the Dow Jones Industrial Average DJIA +0.91%  rose as much as 160 points, and finished up 138.38 points, or 0.9%, at 15,318.23, with General Electric Co. GE +2.36%  pacing gains that included all but two of its 30 components. 

“The Fed meeting is the biggest issue, yesterday and today,” said Johnson of the two-session rally. That said, equities are likely to give up some recent gains should Bernanke succeed in reassuring investors, “because what he is going to say is going to be fully priced into the market,” he said. Read Market Extra on how stocks and other asset classes could react.
 
The S&P 500 index SPX +0.78%  climbed 12.77 points, or 0.8%, to 1,651.81, with industrials the best performing of its 10 major sectors. 



Steps Fed should take next
As the Fed starts its two-day meeting, questions arise over how the Fed should handle tapering its quantitative-easing program and what's in store. 

Moving issues included Hormel Foods Inc. HRL -3.59% , its shares off 3.6% after the meat producer lowered its profit outlook for next year. 

The Nasdaq Composite COMP +0.87%  added 30.05 points, or 0.9%, to 3,482.18.
For every stock falling, more than two gained on the New York Stock Exchange, where 634 million shares traded. 

Composite volume topped 3 billion. 

Economic reports released before the open had U.S. housing starts rising 6.8% last month and U.S. consumer prices mildly higher in May

As investors look to Wednesday’s conclusion of the FOMC meeting, President Barack Obama signaled the likely departure of Bernanke when his term expires in 2014. 

In an interview with Charlie Rose that aired late Monday, Obama praised Bernanke for doing “an outstanding job,” and, when asked about the possibility of Bernanke serving another term, the president said “he’s already stayed a lot longer than he wanted.” 

On Tuesday, oil futures CLN3 +0.79%  added 67 cents to settle at $98.44 a barrel, while gold GCQ3 -1.10%  declined to a nearly four-week low of $1,366.90 an ounce on the New York Mercantile Exchange. 

The U.S. dollar DXY +0.01%  rose against the Japanese yen, while the 10-year Treasury yield 10_YEAR -0.18%  used in determining mortgage rates and other consumer loans stood at 2.187%.

Currency war?

Japan, its markets and monetary policy are also factors in Wall Street’s volatility and possibly on the mind of Bernanke and his colleagues.
The U.S.’s still-high rate of unemployment and low rate of inflation are two compelling reasons for the Fed not to reduce its asset purchases and to keep the federal funds rate at zero, or close to it.
But there is a third reason as well, Johnson believes, and that is to keep downward pressure on the dollar, “particularly when Japan is now clearly in the game of trying to put downward pressure on the yen.” 

“I don’t want to say things are not cooperative, but let’s not be too naive,” Johnson said.
Interest rates in Japan as well as the direction of the yen have much to do with how U.S. equities are performing, said Pavlik at Banyan Partners. 

The so-called carry trade involves converting yen into dollars, then using the U.S. currency to buy U.S. equities. “As the value of the yen stays low, and Japanese interest rates stay low, then the value of what they purchased increases, so it’s a very beneficial trade. They have almost free money to buy assets that are increasing in value,” Pavlik said. 

“But when rates in Japan start to rise — think too much liquidity — all of a sudden it works against those that borrowed yen; as the cost of yen starts to increase, it’s like having a floating-rate home-equity loan,” said Pavlik, who adds that after being so low for so long, the recent rise in Japanese interest rates “starts to get people nervous.” 

Kate Gibson is a reporter for MarketWatch, based in New York.

Stocks End Higher as Fed Meets, Russell 2000 Closes at All-Time High: Wall Street at Close Report by CNBC; June 18, 2013.


Stocks rallied to finish near session highs Tuesday, with the Dow soaring nearly 150 points, as members of the Federal Reserve kicked off their two-day meeting to discuss the future of the central bank's bond-buying program.

"All eyes are on the Fed," said John Fox, co-manager of the FAM Value Fund. "Economic news has been fine and continues the trend that we've been on, but tomorrow's going to have much bigger impact on what happens this week…but with inflation low and the job picture not satisfactory yet, I don't see a reason for the Fed to change anything."

Name Price Change %Change
DJIA Dow Jones Industrial Average 15318.23
138.38 0.91%
S&P 500 S&P 500 Index 1651.81
12.77 0.78%
NASDAQ Nasdaq Composite Index 3482.18
30.05 0.87%

The Dow Jones Industrial Average rallied 138.38 points to close at 15,318.23, adding to its triple-digit gain from the previous session.
The S&P 500 climbed 12.77 points to end at 1,651.81. And the Nasdaq jumped 30.05 points to finish at 3,482.18.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, closed below 17.
All key S&P sectors were in positive territory, led by industrials and telecoms.

 
 Why Markets Are Resilient to Unrest Nick Parsons, head of strategy at National Australia Bank, questions whether the U.K. really wants to reform its corporate tax rules, and discusses market's resilience to the unrest in the Arab world. 
The two-day Fed meeting is scheduled to start later today with a press briefing from Chairman Ben Bernanke on Wednesday. Investors around the globe will listen with acute interest for details on when the Fed may start scaling back its $85 billion monthly bond purchases. (Read More: Fed Meets as Faith in Its Bond Program Wanes) Major averages have been volatile since Bernanke said last month the Fed could begin to pare back its stimulus efforts if the U.S. economy gains momentum. The Fed is also expected to provide an update on its economic projections for 2013-2015. The Fed's latest projections, made in March this year, saw real GDP growth at around 2.6 percent in 2013 and 3.2 percent in 2014. In terms of unemployment, the Fed projected a rate of around 7.4 percent in 2013, improving to around 6.9 percent in 2014. U.S. stocks took a knock on Monday afternoon when the Financial Times reported that Bernanke is likely to signal the central bank is "close to tapering down" its $85 billion-a-month asset purchases. Stocks eventually recovered from lows when traders noted the article did not contain much new information. (Read More: Markets More Doubtful of Fed Easing Benefits: Survey)
Among techs, Dell rose after billionaire investor Carl Icahn sent a letter to Dell holders proposing the tech giant commence a tender offer for 1.1 billion shares at $14 a share. Icahn also announced a purchase of 72 million Dell shares fro Southeastern Asset Management. Hewlett-Packard climbed to hit a new 52-week high after the tech company said that Todd Bradley, the head of its largest unit, printing and personal computers, will move to a new role heading up HP's Strategic Growth Initiatives. Sony rallied after U.S. hedge fund Third Point raised its stake in the Japanese electronics giant to 70 million shares. Third Point CEO Daniel Loeb also urged Sony to spin-off its entertainment division, and offered to sit on Sony's Board of Directors. (Read More: How You Should Position for Rising Interest Rates) Adobe Systems and La-Z-Boy are among companies slated to post earnings after the closing bell. On the economic front, housing starts rose 6.8 percent in May to a seasonally adjusted annual rate of 914,000 units, according to the Commerce Department, missing expectations for a 950,000-unit rate. Meanwhile, consumer prices edged up 0.1 percent in May, according to the Labor Department. Consumer prices outside of food and energy rose 0.2 percent last month, just above the pace clocked in April. Outside of the U.S., the G-8 summit will wrap up in Northern Ireland. Talks continue between the European Union and the U.S. regarding the creation of the world's largest free-trade zone, despite France's determination to protect and exclude its cultural industries from the deal. (Read More: EU, US Launch Trade Talks, France Stiff-Necked)
—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: )

At the CFTC even Gensler is too much for the big banks: GATA I THE GATA DISPATCH; June 18, 2013.

At the CFTC even Gensler is too much for the big banks

Commodity Futures Trading Commission Faces Top-Level Shake-Up
By Gregory Meyer
Financial Times, London
Tuesday, June 18, 2013

http://www.ft.com/intl/cms/s/0/c7e56bf4-d790-11e2-a26a-00144feab7de.html

In the past month bankers and lawyers from Citigroup, Goldman Sachs, and JPMorgan Chase have streamed into a dark brick Washington office building where the future of finance is being shaped.
The high-powered visitors to the home of the Commodity Futures Trading Commission testify to its rise from an obscure US government agency to a global watchdog of financial derivatives, the scandal-hit Libor lending benchmark, and physical commodities from oil to silver.

The agency's tack is now more in question than at any time since Gary Gensler became chairman four years ago. He and one or two others on the five-member commission may be replaced as soon as July, lobbyists and commission officials say. This could slow or reverse Mr Gensler's clampdown on Wall Street banks.


"If there is 60 per cent turnover at the commission, that means there could be a 60 per cent change in direction of the commission," says Michael Dunn, a former CFTC commissioner at lobbyist Patton Boggs.

The banks, their opponents at liberal pressure groups and others have filed through the commission's glass doors to try to influence new rules transforming the $633 trillion derivatives market. Under Mr Gensler, the CFTC has shaved dealer banks' information advantage, set business conduct standards, and forced more swap contracts to be backed by clearing houses.

Mr Gensler's term expired in April 2012 but by law he can stay through to the end of the year if no successor is confirmed. As the sun sets on his tenure, one big reform plank remains incomplete: guidelines for foreign derivatives dealers, whose blow-ups could endanger the US economy.
If this does not pass, Mr Gensler has warned that the CFTC's painstakingly constructed regulatory framework could become a hollow shell as derivatives operations move offshore but retain Washington's implicit backing.

"If the offshore operations of financial institutions are allowed a free pass from reform," he said in a recent speech, "we will not fulfil Congress' intent to end 'too big to fail.'"
The term of commissioner Bart Chilton, a Democrat like Mr Gensler, expired in April but he can serve through 2014 unless he is reappointed or another commissioner is confirmed. He says: "There's work to be done and I'd like to continue to do it."

Lobbyists say one candidate to replace either man is Amanda Renteria, former chief of staff to Debbie Stabenow, the Senate Agriculture Committee chairman. The committee oversees the CFTC.
Ms Renteria holds a Harvard MBA and helped on the Dodd-Frank financial reform law that laid the groundwork for the CFTC's derivatives rules, associates say. Still, "you can tell looking at her resume she's not a derivatives market expert," says a former senior CFTC official, now an industry lobbyist.
Commissioner Jill Sommers, a Republican, has announced plans to resign. Names in circulation as possible replacements include Chris Giancarlo, executive vice-president at interdealer broker GFI Group, and Martha Scott Poindexter, Republican staff director on the Senate Select Intelligence Committee.

Mr Giancarlo has roots in off-exchange markets. In congressional testimony last December he was critical of what he called the "anti-competitive, single-silo, monopolistic structure of the futures market."

The prospect of a personnel shuffle hangs over the CFTC's pending business. Already three commissioners -- Ms Sommers; Mark Wetjen, a Democrat; and Scott O'Malia, a Republican -- have questioned whether the foreign guidelines should be completed before a July 12 exemption expires for offshore branches of dealers such as Goldman and JPMorgan.

The CFTC has other contentious tasks to complete. A customer protection rule proposed in response to the MF Global collapse and Peregrine Financial Group fraud has agitated brokers, who claim it will require $100 billion in extra margin collateral, making futures markets too costly to trade.
The agency is also trying to impose new constraints on commodity speculators after banking groups successfully sued to overturn initial limits.

"Gary is not the kind of person who comes up and slugs you in the nose, but he's persistent," Philip McBride Johnson, a derivatives lawyer and former CFTC chairman, says of Mr Gensler. "I don't know for sure if a new composition of the commission would be inclined to either slow down or back off."

* * *

Northern Gateway restrictions could hurt other pipelines: Kinder Morgan: BIV Today's Business News; June 18, 2013.



Mining and Energy

Northern Gateway restrictions could hurt other pipelines: Kinder Morgan

The Joint Review Panel’s 199 requirements for the Northern Gateway pipeline could have a negative impact on B.C.’s other proposed pipelines if ... READ MORE

Retail and Manufacturing

 

Mountain Equipment Co-op unveils new logo

Mountain Equipment Co-op (MEC) revealed its new logo today – the first time the outdoor equipment co-operative has changed its ... READ MORE

Technology

 

Vancouver's Elastic Path lands $8 million financing deal

Elastic Path Software Inc., a Vancouver digital commerce company that makes software used by Google and Virgin Media Inc., has secured $8 million in ... READ MORE

 

Startup incubator launches in North Vancouver

A new shared workspace and startup incubator will soon be open in North Vancouver’s Lonsdale neighbourhood ... READ MORE

More News...

   

Social media conference to teach business how to reach Gen Y

New '4D' movie attraction to be powered by green electricity

This Week's Issue

 

Vancouver firm claims
it can cut hydrogen fuel cell costs 25%

A Vancouver company that has been quietly working on fuel cell efficiency since 2001 claims it has a solution ... READ MORE

Spot Prices as of Close of Trading in New York; June 18, 2013.




Spot Prices as of close of trading in New York
Tuesday, June 18, 2013


Updated 6/18/2013 Today Change Week Ago Month Ago Year Ago
GOLD $1,367.90 -$16.20 $1,378.15 $1,367.30 $1,626.20
SILVER $21.79 -$0.07 $21.72 $22.45 $28.69
PLATINUM $1,443.30 +$5.40 $1,483.60 $1,471.60 $1,486.90
PALLADIUM $709.50 -$23.10 $754.80 $743.60 $634.70
GOLD/SILVER RATIO 62.77


Why I'm Selling Johnson Controls, by Jim Jubak: MoneyShow Investors Daily Alert; June 18, 2013.






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ADVFN III World Daily Markets Bulletin; June 18, 2013.


ADVFN III World Daily Markets Bulletin
Daily world financial news Tuesday, 18 June 2013


US Market
Stocks Adding To Yesterday's Gains In Mid-Day Trading
After ending the previous session mostly higher, stocks have seen some further upside over the course of the trading day on Tuesday. Trading activity has remained somewhat subdued, however, with traders keeping a close eye on the Federal Reserve.
The major averages have recently pulled back off their highs for the session but remain firmly positive. The Dow is up 110.20 points or 0.7 percent at 15,290.05, the Nasdaq is up 24.68 points or 0.7 percent at 3,476.81 and the S&P 500 is up 9.88 points or 0.6 percent at 1,648.92.
The strength on Wall Street may be partly in reaction to comments from European Central Bank President Mario Draghi, who said the central bank has not ruled out the possibility of negative deposit rates and other non-standard policy measures.
Speaking at a farewell conference for Bank of Israel Governor Stanley Fischer in Jerusalem, Draghi said, "We will look with an open mind at these measures that are especially effective in our institutional setup and that fall within our mandate."
Draghi reiterated the warning that some of the non-standard measures could lead to unintended consequences but said this does not mean that they should not be used.
Traders have also reacted positively to a report from the Commerce Department showing a notable rebound by housing starts in the month of May.
The report said housing starts climbed 6.8 percent to a seasonally adjusted annual rate of 914,000 in May from the revised April estimate of 856,000.
However, economists had been expecting housing starts to surge up to an annual rate of 955,000 compared to the 853,000 originally reported for April.
With starts coming in well below estimates despite the increase, the report may be seen as the type of lukewarm data that is positive for the but won't lead the Fed to scale back its stimulus program in the near future.
Chris Low, chief economist at FTN Financial, said, "Given the importance of housing to the Fed, disappointing starts are another reason for the FOMC to keep easing aggressively, though as long as housing is improving the Fed will be happy."
A separate report from the Labor Department showed a modest increase in consumer prices in the month of May, with the slight increase largely reflecting higher shelter costs.
Sector News
Semiconductor stocks have shown a strong move to the upside over the course of the session, driving the Philadelphia Semiconductor Index up by 1.2 percent. With the gain, the index has reached its best intraday level in over five years.
Spreadtrum Communications (SPRD) and Power Integrations are turning in two of the semiconductor sector's best performances.
Considerable strength has also emerged among defense stocks, as reflected by the 1.1 percent gain being posted by the Philadelphia Defense Sector Index. The gain has lifted the index to a record high.
Flir Systems has helped to lead the defense sector higher, surging up by 5.5 percent following an upgrade by Raymond James to Strong Buy from Market Perform.
Electronic storage, natural gas, and brokerage stocks are also posting notable gains, while gold stocks are bucking the uptrend amid a Sharp drop by the price of the precious metal.
The major European markets also ended the day mixed. While the French CAC 40 Index dipped by 0.1 percent, the German DAX Index rose by 0.2 percent and the U.K.'s FTSE 100 Index advanced by 0.7 percent.
In the bond market, treasuries have come under pressure, extending the downward move seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.5 basis points at 2.196 percent.

Canadian Market
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TSX Ends Higher On Global Cues - Canadian Commentary
Canadian stocks settled sharply higher Friday, tracking rising global equity led by financial and resource stocks on some upbeat U.S. macroeconomic data and on optimism the Federal Reserve will continue its quantitative easing program undisturbed.
Uncertainty over the Fed's future course of action had triggered a Sharp sell-off in global equities in recent weeks, with the Canadian main index tumbling to a two-month low last week, before recovering marginally.
In some upbeat economic news from the U.S., homebuilder confidence jumped more than expected in June, scaling a seven-year high. Meanwhile, conditions for New York manufacturers improved modestly in June with the index of activity in the sector climbing to positive territory, a Federal Reserve Bank of New York report said.
The S&P/TSX Composite Index closed Monday at 12,288.90, up 101.54 points or 0.83 percent. The index touched an intraday high of 12,325.81 and a low of 12,189.82.
The Global gold Index gained 0.25 percent, although gold futures for August delivery dropped $4.50 or 0.3 percent to close at $1,383.10 an ounce Friday on the Nymex.
The Capped Materials Index added 0.45 percent, with Potash Corporation of Saskatchewan Inc. gaining 0.56 percent.
Among gold stocks, Yamana gold Inc. moved up 0.70 percent, while Goldcorp Inc. added 0.43 percent. IAMGOLD Corp. gained 1.14 percent, while Barrick gold Corp. slipped 0.45 percent. Kinross gold Corp. gathered 0.84 percent, while B2Gold Corp. (BTO.TO) surged 9.82 percent.
The Diversified Metals & Mining Index gathered 0.42 percent, with First Quantum Minerals Ltd. up 0.18 percent and Teck Resources Limited up 0.04 percent. Lundin Mining Corp. gained 0.23 percent.
The Energy Index jumped 1.44 percent, although U.S. Crude oil futures for July delivery dropped $0.08 or 0.1 percent to close at $97.77 a barrel Monday on the Nymex.
Among energy stocks, Suncor Energy Inc. added 0.90 percent, while Canadian Natural Resources Limited jumped 2.74 percent. Enbridge Inc. gathered 1.08 percent, while Talisman Energy Inc. gained 2.06 percent. Encana Corp. was up 0.76 percent, while Niko Resources shed 3.04 percent.
The Financial Index gained 0.84 percent with Manulife Financial Corp. up 1.91 percent, Bank of Nova Scotia was up 0.77 percent, and Bank of Montreal up 0.45 percent. Royal Bank of Canada added 0.73 percent, while The Toronto-Dominion Bank gained 0.76 percent.
The Information Technology Index gathered 0.89 percent, with BlackBerry down 0.48 percent.
The Capped Industrials Index moved up 0.11 percent, with Bombardier Inc. (BBD.A.TO, BBD.B.TO) up 0.43 percent. Air Canada gained 3.63 percent.
Ithaca Energy rose 3.30 percent after a farm-out agreement with a subsidiary of Edison International SpA for a 25 percent interest in licenses containing the Handcross prospect and an agreement with Shell UK Limited concerning a license awarded in the 27th UK Offshore Licensing Round.
Forest products company Weyerhaeuser Co. agreed Sunday to acquire Longview Timber LLC from Canadian property manager Brookfield Asset Management, Inc. (BAM, BAM_A.TO) for $2.65 billion, including assumed debt. Shares of Brookfield gathered 2.61 percent.
In economic news, Statistics Canada said non-resident investors bought $14.9 billion of Canadian securities in April, adding both debt and equity securities to their holdings. Canadian investors added $2.8 billion of foreign securities, a third straight month of acquisitions. Foreign investment in Canadian securities was led by debt instruments, mainly reflecting private corporate bonds and the first acquisition of money market instruments in 2013. Canadian investment in foreign securities also focused on debt instruments in April.
In economic news from the U.S., the Federal Reserve Bank of New York said its general conditions index rose to a positive 7.8 in June from a negative 1.4 in May, with a positive reading indicating an increase in regional manufacturing activity. Economists expected the index at a positive 0.5.
Separately, a report from the National Association of Home Builders showed the NAHB/Wells Fargo Housing Market Index soared to 52 in June from 44 in May. Economists expected the index to show a much more modest increase with a reading of 45. The index is at its highest level since hitting 54 in March of 2006.
Elsewhere, eurozone trade in goods with the rest of the world indicated a surplus in April, which was lower than a month earlier, data from Eurostat revealed. The trade surplus dropped to 14.9 billion euros in April from 22.5 billion euros in March. A year earlier, the surplus amounted to 3.3 billion euros. Exports grew 9 percent year-on-year in April, following a flat result in March. Imports rose 1 percent annually, recovering marginally from a 10 percent slump in the previous month.

European Market
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European Markets Mixed As Fed Remains In Focus
The European are trading mixed on Tuesday, as investors remain concerned over the policy meeting of the Federal Reserve. Fed chairman Ben Bernanke is expected to brief media after the meeting, which may answer some investor worries.
A report indicated that the Fed chief may signal that the central bank is close to tapering the $85 billion monthly asset purchase program.
Germany's investor confidence rose more-than-expected in June, after remaining largely unchanged in the previous month, results of a survey by the Mannheim-based Centre for European Economic Research/ZEW showed.
The ZEW Indicator of Economic Sentiment climbed to 38.5 from 36.4 in May. Economists were looking for a score of 38.1.
European Central Bank President Mario Draghi said that the risks taken into the ECB's balance sheets are entirely under control and are accepted only because they are necessary to achieve the primary target of price stability.
Speaking at the farewell conference honoring Bank of Israel Governor Stanley Fischer in Jerusalem, Draghi rejected arguments that the credit risk taken by the ECB on its balance sheets through its non-standard monetary operations imply a violation of its ordoliberal principles.
Sale of new passenger cars in the European Union declined notably in May, data released by the European Automobile Manufacturers Association (ACEA) showed. New car registrations in the EU market decreased 5.9 percent on an annual basis to 1,042,742 units, which was the lowest level recorded for the month since 1993 when sales dropped below one million.
Consumer price inflation in the UK accelerated more than expected in May, the latest figures from the Office for National Statistics showed. The rate of inflation rose to 2.7 percent in May from 2.4 percent in April. Economists expected the rate to rise to 2.6 percent
The euro Stoxx 50 index of eurozone bluechip stocks is falling 0.05 percent , while the Stoxx Europe 50 index, which includes some major U.K. companies, is losing 0.14 percent.
The German DAX is down 0.05 percent and the French CAC 40 is losing 0.15 percent while Switzerland's SMI is down 0.2 percent. The UK's FTSE 100 is advancing 0.8 percent.
In Frankfurt, Infineon Technologies is gaining 2.6 pecent and Lufthansa is adding 1.3 percent.
Commerzbank and Deutsche Bank are trading higher.
Volkswagen, Daimler and BMW are in negative territory, in response to the data on car sales.
Kabel Deutschland is gaining 3.7 percent after Liberty Global made an offer for the company.
In Paris, department store operator Kering is falling 1.4 percent and specialty chemicals firm Solvay is losing around 1 percent.
Societe Generale, Credit Agricole and BNP Paribas are adding between 1.4 percent and 1 percent.
Lagardere is gaining 1.5 percent after Barclays raised the stock to ''Overweight'' from ''Equalweight.''
In London, EasyJet is gaining 3.6 percent after announcing orders for new aircraft.
Whitbread is gaining 2 percent. The hotel and restaurant group reported growth in total sales and like for like sales for the first quarter, with a strong performance from coffee chain Costa.
Citigroup raised HSBC to ''Buy'' from ''Neutral.'' The stock is rising 2.3 percent. Standard Chartered and Barclays are gaining 2.5 percent and 2.4 percent, respectively.
Aveva is climbing over 6 percent, reportedly on a broker upgrade.
Aggreko is losing around 2 percent. The group expects to deliver results for the first half in line with its expectations.
Danske Bank is losing 6.2 percent in Copenhagen after regulators sought increase in risk-weighted assets.
Imtech is declining 6.4 percent in Amsterdam after announcing first-quarter results.
Across Asia/Pacific, Australia's All Ordinaries and Japan's Nikkei 225 slid 0.2 percent each while Hong Kong's Hang Seng was unchanged with a negative bias. China's Shanghai Composite index rose 0.1 percent.
In the U.S., futures point to a higher open on Wall Street, ahead of reports on consumer prices and housing starts may attract some attention later in the day. In the previous session, the Dow rose 0.7 percent, while the tech-heavy Nasdaq and the S&P 500 added about 0.8 percent each.
In the commodity space, Crude for July delivery is falling $0.21 to $97.56 per barrel and August gold is losing $8.7 to $1374.4 a troy ounce.


Asia Market
Asian Markets Mixed Amid Cautious Trades
Asian stock are exhibiting a mixed trend with investors mostly treading cautiously despite a positive lead from Wall Street, where stocks posted notable gains overnight on the back of some upbeat economic data. Uncertainty about the U.S. Federal Reserve's stimulus program appears to weighing on sentiment to an extent and prompting traders to tread cautiously.
Despite a positive lead from Wall Street, the Australian stock market is trading weak on Tuesday, with investors mostly treading cautiously amid uncertainty about the U.S. Federal Reserve's stimulus program.
In the Australian market, shares from consumer staples, financial, industrial, mining and energy sections are mostly trading weak, while property trusts stocks are trading firm.
The benchmark S&P/ASX 200 index is down 52.3 points or 1.1 percent at 4,773.6. The broader All Ordinaries index is currently down 48.2 points or 1 percent at 4,756.8.
Among bank stocks, ANZ Bank, National Australia Bank and Westpac are down 0.6 to 0.9 percent, while Commonwealth Bank of Australia is down marginally. Bendigo & Adelaide Bank and Bank of Queensland are up marginally.
Top miners BHP Billiton and Rio Tinto are down 0.5 percent and 0.6 percent, respectively.
Regis Resources, PanAust, Lynas Corp., Qantas Airways and Brambles are trading lower by 3 to 4.5 percent.
Perseus Mining, Seek, QBE Insurance Group, Duet Group, Aurora Oil & Gas, Metcash, David Jones, Bluescope Steel, Monadelphous Group, Insurance Australia Group and Origin Energy are down 2 to 2.8 percent.
Dexus Property Group, Commonwealth Property Office Fund, Dexus Property Group, Investa Office Fund, Arrium and Atlas Iron are all trading in positive territory with impressive gains.
Elders Limited shares are down more than 11 percent on reports that the company has shunned a takeover bid for its rural services division by rival Ruralco.
In the currency market, the Australian dollar opened weak against the U.S. dollar. In early trades, the local unit was quoting at US$0.9549, down 0.7 percent from Monday's close of US$0.9621.
After a fall from higher levels and a subsequent rebound, the Japanese market faltered again on selling pressure and was trading notably lower when the morning session ended.
The benchmark Nikkei 225 index, which rose to around 13,140 in early trades, plunged to 12,920 in late morning trade and was down 91.3 points or 0.7 percent at 12,941.8 at the break.
Unitika, Nippon Suisan Kaisha, Chiyoda Corp., Toho Co., Dainippon Sumitomo Pharma, Chugai Pharmaceutical, Tokyo Gas, Konami Corp., Bank of Yokohama, Shizuoka Bank and Astellas Pharma lost 2 to 4 percent.
Chiba Bank, Tokyo Electric Power, Pacific Metals, Trend Micro, NTT Data Corp., Nissan Chemical Industries, Casio Computer and Olympus Corp. also declined sharply.
Meanwhile, Hino Motors, Sony Corp. , Meidensha Corp., Tokyo Tatemono, Mitsui OSK Lines, Kansai Electric Power, Kawasaki Kisen Kaisha, Inpex Corp., Advantest Corp. , Tokyu Land, Nomura Holdings, JFE Holdings and Yokohama Rubber traded higher, gaining 2 to 5 percent.
In the currency market, the U.S. dollar traded in the mid-94 yen range in early deals in Tokyo. The yen is currently trading at 94.71 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Shanghai, Hong Kong, Malaysia and Taiwan are trading weak, while Indonesia, New Zealand, Singapore and South Korea are trading higher.
On Wall Street, stocks ended mostly higher on Monday, despite lingering worries about the outlook for the Federal Reserve's stimulus program. The early strength came on the heels of the release of some upbeat economic data, including a report from the National Association of Home Builders that showed homebuilder confidence jumped to a seven-year high in June.
The major averages finished the session well off their best levels of the day but still posted strong gains. The Dow jumped 109.7 points or 0.7 percent to 15,179.9, the Nasdaq advanced 28.6 points or 0.8 percent to 3,452.1 and the S&P 500 climbed 12.3 points or 0.8 percent to 1,639.
Major European markets too closed higher on Monday. While the U.K.'s FTSE 100 index moved up 0.4 percent, the German DAX index and the French CAC 40 Index gained 1.1 percent and 1.5 percent, respectively.
U.S. Crude oil snapped a three-day gain to end lower on Monday, after having trended higher for most of the day amid concerns over supply disruptions following geopolitical tensions in the Middle East. Unconfirmed news reports on the Federal Reserve cutting back on its quantitative easing program dragged down oil prices.
Crude for July delivery ended down $0.08 or 0.1 percent at $97.77 a barrel on the New York Mercantile Exchange.

Commodities
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Crude Oil Ends Lower Amid Middle East Concerns
U.S. Crude oil snapped a three-day gain to ended lower Monday, after having trended higher for most of the day amid concerns over supply disruptions following geopolitical tensions in the Middle East, as violence escalated in Syria. The downtrend in oil prices seem to have stemmed from unconfirmed news reports on the Federal Reserve cutting back on its quantitative easing program.
The G-8 meeting beginning Monday could probably see President Barack Obama and Russian President Vladimir Putin discuss the Syrian situation and the U.S. decision to arm Syrian rebels. Meanwhile, investors also weighed the possibility of a statement on strategic oil reserves.
Nevertheless, there were some upbeat economic news with homebuilder confidence in the U.S. jumping more than expected in June, scaling a seven-year high. Meanwhile, conditions for New York manufacturers improved modestly in June with the index of activity in the sector climbing to positive territory, a Federal Reserve Bank of New York report said.
Light Sweet Crude oil futures for July delivery, the most actively traded contract, shed $0.08 or 0.1 percent to close at $97.77 a barrel on the New York Mercantile Exchange Monday.
Crude prices for July delivery scaled a high of $98.74 a barrel intraday and a low of $97.38.
Last week, oil rose nearly 2 percent on some better than expected weekly initial jobless claims and retail sales data out of the U.S. Nevertheless, investors mulled over the official Energy Information Administration weekly oil report, which indicated a huge jump in U.S. Crude oil stockpiles the week earlier.
The dollar index, which tracks the U.S. unit against six major currencies, traded at 80.86 on Monday, up from 80.62 late Friday in North American trade. The dollar scaled a high of 80.87 intraday and a low of 80.59.
The euro traded lower against the dollar at $1.3337 on Monday, as compared to $1.3348 late Friday in North America. The euro scaled a high of $1.3360 intraday and a low of $1.3320.
In economic news from the U.S., the Federal Reserve Bank of New York said its general conditions index rose to a positive 7.8 in June from a negative 1.4 in May, with a positive reading indicating an increase in regional manufacturing activity. Economists expected the index at a positive 0.5.
Separately, a report from the National Association of Home Builders showed the NAHB/Wells Fargo Housing Market Index soared to 52 in June from 44 in May. Economists expected the index to show a much more modest increase with a reading of 45. The index is at its highest level since hitting 54 in March of 2006.
Elsewhere, eurozone trade in goods with the rest of the world indicated a surplus in April, which was lower than a month earlier, data from Eurostat revealed. The trade surplus dropped to 14.9 billion euros in April from 22.5 billion euros in March. A year earlier, the surplus amounted to 3.3 billion euros. Exports grew 9 percent year-on-year in April, following a flat result in March. Imports rose 1 percent annually, recovering marginally from a 10 percent slump in the previous month.
During the week, investor focus will be centered on outcome of the 2-day FOMC meet, the Philadelphia Federal Reserve's manufacturing survey for June, the jobless claims report, the Commerce Department's housing starts report for May and the National Association of Realtors' existing home sales report for May
Focus will also be on the Crude oil inventories data from the American Petroleum Institute due Tuesday and the Energy Information Administration weekly oil report due Wednesday.