Agfa, Alcatel, MAN, Sanofi-Aventis: European Equity Preview

The following stocks may rise or fall in European markets. Prices are from the last close.

The Dow Jones Stoxx 600 dropped 0.4 percent to 384.90. The Dow Jones Stoxx 50 Index declined 0.5 percent to 3,852.31. The Euro Stoxx 50 Index, a benchmark for the 13 nations using the euro, fell 0.2 percent to 4,462.95.

Agfa-Gevaert NV (AGFB BB): Europe's largest maker of health- care imaging systems releases final third-quarter earnings at 8 a.m. local time. The company said Oct. 17 that profit before interest, taxes and reorganization costs fell as much as 49 percent to 23 million euros in the quarter. Agfa shares added 12 cents, or 1.3 percent, to 9.14 euros.

Alcatel-Lucent SA (ALU FP): The world's largest maker of telecommunications equipment may post its third straight loss, hurt by falling investment in wireless networks and costs to fire employees. Shares were unchanged to 6.63 euros.

Deutsche Boerse AG (DB1 GY): The operator of the Frankfurt exchange intends to publish third-quarter results. The company in July said total expenses for the quarter jumped 20 percent to 311.9 million euros. Second-quarter earnings before interest, tax and amortization rose to 321.8 million euros from 291.4 million euros, including a one-off gain of 10 million euros from the sale of land. The shares dropped 71 cents, or 0.6 percent, to 110.50 euros.

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Google Social-Networking Software Challenges MySpace, Facebook

Google Inc., capitalizing on the popularity of Internet social networking, introduced software that lets developers put their programs on a range of Web sites, including those owned by LinkedIn Corp. and Friendster Inc.

The software, called OpenSocial, allows creators of music and video programs to distribute applications in different places on the Web without having to customize them for each site, said Joe Kraus, director of product management at Mountain View, California-based Google.

``It's a much more efficient way for developers to get access'' to a bigger number of sites, Kraus said in an interview in San Francisco. Consumers ``get more choice, more applications, more things to do in more places.''

The new approach challenges the two biggest social- networking companies, News Corp.'s MySpace and Facebook Inc., which let developers create customized software for their sites. By making a single program for multiple sites, developers can save time and money, and there may be less reason to rely on one particular service.

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Asian Stocks Fall; Kookmin Bank, Takeda Pharmaceutical Decline

Asian stocks fell, dragging a key regional index from a record, after Kookmin Bank reported earnings that missed analyst estimates and Baoshan Iron & Steel Co.'s profit decreased for the first time in more than a year.

Takeda Pharmaceutical Co., Asia's biggest drugmaker, plunged the most in 20 years because of delays developing a new drug. Kookmin, South Korea's largest lender, had its biggest slide in two weeks. Toshiba Corp., which reported earnings yesterday after markets closed, fell as UBS AG and CLSA Asia- Pacific Markets cut their ratings on the stock.

``The market now is moving based on earnings reports, and when a company releases some weak figures it always causes a flood of selling,'' said Mitsushige Akino, who oversees $468 million at Ichiyoshi Investment Management Co. in Tokyo.

The Morgan Stanley Capital International Asia-Pacific Index slid 0.3 percent to 171.16 as of 3:03 p.m. in Tokyo, with six of 10 industry groups declining. Japan's Nikkei 225 Stock Average fell 0.3 percent to 16,651.01. Benchmarks declined elsewhere in the region except in China, Hong Kong, Thailand, Indonesia and New Zealand.

Speculation that Asia's corporate earnings growth would outpace the rest of the world's helped boost indexes in Hong Kong, South Korea, Indonesia and India to records yesterday, making some investors wary that share prices had risen too far, too fast. Hong Kong's Hang Seng Index is now valued at 21 times earnings, its highest ratio in at least five years, Bloomberg data show.

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BIC, GDF, Michelin, Pernod, Vallourec: French Equity Preview

The following stocks may rise or fall on the Paris stock exchange. Symbols are in parentheses after company names and prices are from the last close.

France's CAC 40 Index climbed 41.32, or 0.7 percent, to 5,836.19. The SBF 120 Index also rose 0.7 percent.

Air France-KLM Group SA (AF FP): Europe's biggest airline may lose as much as 250 million euros in revenue as a result of this weekend's strike by cabin crew, weekly magazine Challenges reported, citing the head of French tour operator Voyageurs du Monde. The shares fell 30 cents, or 1.2 percent, to 25.53 euros.

Bic SA (BB FP): The world's biggest maker of disposable pens reports third-quarter results before the Paris market opens. The shares gained 74 cents, or 1.3 percent, to 58.96 euros.

Dane-Elec Memory SA (DAN FP): The distributor of computer memory devices said third-quarter net profit fell to 500,000 euros from 3.1 million euros a year earlier. It also forecast full-year sales will fall below the 239.5 million euros reported last year. The stock fell 5 cents, or 2 percent, to 2.42 euros.

Dassault Systemes (DSY FP): The company, whose software helped design the Airbus SAS A380 passenger jet, reports third- quarter results before the Paris market opens. Profit excluding certain costs may increase 2.3 percent to 48.8 million euros, based on the median estimate of nine analysts in a Bloomberg survey. The shares declined 1 cent to 46.51 euros.

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Erdogan Lira Risks Conversion to Sick From Strong

No prime minister in Turkey's modern history has done more to turn the lira into the strong man of the foreign exchange market than Recep Tayyip Erdogan. Traders now bet his threat to invade northern Iraq will turn it into a laggard.

The currency has fallen 0.6 percent since Oct. 9, when Erdogan told the military to prepare to strike bases of the Kurdistan Workers' Party. The order ended the biggest rally in Turkey's lira since before the 1970s, breaking the momentum that made it the best performer this year among 26 emerging markets tracked by Bloomberg. Trading in options shows the lira is now the riskiest currency over the next two months.

The lira's 19 percent appreciation this year to a record 1.18 versus the dollar reflects Erdogan's success in attracting investors and tourists to Turkey, America's stalwart Islamic ally. The economy more than doubled since he was elected in 2003, and the benchmark ISE National 100 Index of stocks has risen five-fold. Now, traders are growing concerned because more than 80,000 troops are poised near the Iraq border, prepared to hunt down Kurdish militants after an Oct. 21 firefight killed more than 35 people.

``Caution will increase and hurt the currency,'' should the nation start ``a large-scale ground offensive and it becomes an operation of several months,'' said Reinhard Cluse, a senior economist in London at UBS AG. The Zurich-based firm is the biggest underwriter of Turkish bonds, according to data compiled by Bloomberg.

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Sensex Exceeds 20,000 on Record Investment

India's Sensitive Index topped 20,000 for the first time, buoyed by record inflows from U.S. and European investors that have caused the benchmark to double in less than two years.

The stock market has risen about 39 percent since it became the third emerging market after China and Russia to surpass $1 trillion in May, helped by the fastest economic growth in 60 years and a strengthening currency. Reliance Industries Ltd. led gains, elevating Chairman Mukesh Ambani to be the world's richest man, Press Trust of India reported.

``Liquidity has played an important role in this rally,'' said Chakri Lokapriya, who manages $850 million of stocks in India, Brazil, Russia and China at BNP Paribas Asset Management U.K. Ltd. in London. ``Investors have reduced exposure to western markets and as a result increased flows to emerging economies like India and China.''

Investors based outside India bought a record $17 billion of equities this year, according to the Securities and Exchange Board of India, the nation's regulator.

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China Passes U.S. in Top 10 List as China Life Surges

China Life Insurance Co. surpassed AT&T Inc. in market value, giving China more of the world's 10 largest companies than the U.S. for the first time.

Five of the 10 biggest companies by market capitalization are now Chinese, compared with three that are located in America, after China's benchmark stock index almost tripled this year. The rally has prompted securities regulators to say this month that the market holds ``great risks'' as the nation's households pour more of their $2.3 trillion savings into shares to beat inflation and profit from the fastest growth among major economies.

``China is one of the most exciting economies,'' said Jim Rogers, the chairman of New York-based Beeland Interests Inc. ``The market is willing to pay a lot more for future growth.''

China Life, the nation's largest insurer, gained 1.1 percent in Hong Kong and added 6.7 percent in Shanghai, valuing the company at 1.94 trillion yuan, or $259.1 billion. The Beijing- based firm after the close of trading today posted a third- quarter profit of 7.82 billion yuan ($1 billion), sparked by investments in China's stock market.

San Antonio-based AT&T, the biggest U.S. phone company, was valued at $255.6 billion as of 9:51 a.m. in New York.

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India's Sensex Exceeds 20,000 on Record Investment

India's Sensitive Index topped 20,000 for the first time, buoyed by record inflows from U.S. and European investors that have caused the benchmark to double in less than two years.

The stock market has risen about 39 percent since it became the third emerging market after China and Russia to surpass $1 trillion in May, helped by the fastest economic growth in 60 years and a strengthening currency.

``Liquidity has played an important role in this rally,'' said Chakri Lokapriya, who manages $850 million of stocks in India, Brazil, Russia and China at BNP Paribas Asset Management U.K. Ltd. in London. ``Investors have reduced exposure to western markets and as a result increased flows to emerging economies like India and China.''

Investors based outside India bought a record $17 billion of equities this year, according to the Securities and Exchange Board of India, the nation's regulator.

The Bombay Stock Exchange's Sensex index gained as much as 4.1 percent to 20,024.87 as the world's second-fastest pace of economic growth lifted profits at Larsen & Toubro Ltd. and Maruti Suzuki India Ltd. The index closed 3.8 percent, or 734.5 points higher, at 19,977.67 at 3:30 p.m. local time.

The Sensex had its biggest advance in 6 1/2 years last week after the regulator allowed more funds to buy stocks. The index took eight days to recover from a one-minute almost 10 percent slump on Oct. 17 triggered by proposed curbs on overseas buying.

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Japan's Stocks Surge on Earnings; Topix Has Best Day in a Month

Japanese stocks rose, with the Topix index advancing the most in a month. Nissan Motor Co. soared 14 percent after it reported profit that beat analysts' estimates, boosting confidence in the worst-performing developed market.

Nissan surged by the most in more than seven years. Calsonic Kansei Corp., which makes parts for Nissan, had its biggest gain in two months. Hitachi Chemical Co. advanced by its daily limit after lifting its estimate for profit from operations and announcing it will sell its housing division.

Japan's Topix has lost 0.9 percent during the past 12 months, trailing a 17 percent climb by the Morgan Stanley Capital International World Index and gains in the 10 largest markets.

``Despite the subprime loan problem and recent strength in the yen, earnings have not turned out bad, and that's helping to improve investor sentiment,'' said Yoshihiro Ito, who helps look after $689 million in assets at Okasan Capital Management Co. in Tokyo. ``As earnings are reported the Japanese market's recovery could be particularly strong as shares have lagged behind.''

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Asian Stocks Rise; Nissan Motor, Mitsubishi UFJ Lead Advance

Asian stocks rose, driving benchmarks in Hong Kong, India, South Korea and Malaysia to records, after Nissan Motor Co. reported profit that exceeded analysts' estimates and oil surpassed $93 a barrel for the first time.

Nissan surged the most in more than seven years and Cnooc Ltd., China's biggest offshore oil producer, rose to a high. Mitsubishi UFJ Financial Group Inc. led banks higher after Countrywide Financial Corp., the largest U.S. mortgage lender, said it will rebound from subprime losses, indicating the worst may be over for the industry.

``Results haven't been bad at all,'' said Yoshihisa Okamoto, who helps manage $26 billion in at Mizuho Asset Management Co. in Tokyo. ``Countrywide's news is certainly working to boost stocks here today.''

The Morgan Stanley Capital International Asia-Pacific Index gained 2.4 percent to 172.04 at 6:12 p.m. in Tokyo, with all 10 of its industry groups advancing. Benchmarks in 12 countries rose.

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European Phone Stocks May Extend Gains, Technical Analysts Say

Phone companies, Europe's best performing stocks in the last three months, will widen their lead, according to analysts who monitor price charts to predict moves.

The Dow Jones Stoxx 600 Telecommunications Index on Oct. 11 rose above its five-year ``trend line'' after Telefonica SA, Spain's largest phone company, forecast faster profit growth. The line is formed by uniting an index's highest points in a given period and is used by technical analysts to forecast direction.

``There is good momentum in the telecommunications sector,'' said Eric Lanteigne, a technical analyst at Collins Stewart in London. ``It's gaining at the right speed right now. We can expect great things for this sector in the next 18 months or so.''

The advance this month has resulted in a steeper trend line that may push the index above 400 by year-end, the chart shows. The previous five-year trend would have kept the index below 380. Stoxx 600 phone stocks have rallied 19 percent since the start of August, when the index topped the 200-day moving average line.

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Israeli Stocks Climb After Olmert Says He Will Remain Premier

Israel's TA-25 Index rose, reversing earlier losses, after Prime Minister Ehud Olmert said that he will stay in office despite health issues.

``The market is back up where it started,'' said Avi Weinreb, a trader at Clal Finance Batucha Investment Management Ltd. in Tel Aviv. ``It seems that Olmert will continue to be fine and I don't see this affecting the market.''

Israel Chemicals Ltd. and Teva Pharmaceutical Industries Ltd. paced the advance.

The TA-25 Index added 5.07, or 0.4 percent, to 1,233.39 at 12:27 p.m. in Tel Aviv , after dropping as much as 0.4 percent. Seventeen shares climbed and nine declined.

Olmert, 62, called an unexpected news conference in Jerusalem today to tell reporters that he has prostate cancer. The condition doesn't represent an immediate health threat, one of Olmert's doctors, Shlomo Segev of the Sheba Medical Center in Tel Aviv, said at the conference.

Israel Chemicals, which extracts minerals from the Dead Sea to make fertilizers, increased 0.73 shekel, or 1.7 percent, to 43.33. Teva, the world's largest maker of generic drugs, advanced 1.90 shekels, or 1.1 percent, to 179.80.

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U.K. Stocks Rise, Led by BHP Billiton, Anglo American, Xstrata

U.K. stocks advanced for a third day. BHP Billiton Ltd. and Anglo American Plc, the world's largest mining companies, paced gains as metal prices climbed and after Xstrata Plc agreed to buy Australia's Jubilee Mines NL.

The FTSE 100 Index rose 47.5, or 0.7 percent, to 6,708.8 at 12:40 p.m. in London. The FTSE All-Share Index added 0.7 percent to 3,445.02. Ireland's ISEQ Index gained 0.8 percent to 7,925.01.

Copper for delivery in three months climbed as much as 1.3 percent to $7,969 a ton as the dollar fell to a record. Gold rose to the highest since January 1980.

BHP increased 2.3 percent to 1,885 pence. JPMorgan Chase & Co raised its share-price estimate for the world's biggest mining company by 22 percent to 2,071 pence. Anglo American Plc, the second-largest, advanced 3.1 percent to 3,347 pence. JPMorgan raised its price estimate by 7 percent to 3,284 pence.

The brokerage also lifted its estimate for Antofagasta Plc by 17 percent to 787 pence. The owner of copper mines in Chile added 2.2 percent to 868 pence.

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European Stocks Advance; BHP Billiton, Total Pace the Gains

European stocks climbed, led by mining and energy companies, after metal prices rallied and oil rose to a record.

BHP Billiton Ltd., the world's largest mining company, and Total SA, Europe's biggest oil refiner, advanced. Volkswagen AG led carmakers higher after Goldman, Sachs & Co. lifted its price estimate on the company. Pharmaceutical stocks paced declining shares.

The Dow Jones Stoxx 600 Index added 0.6 percent to 386.31 at 2:04 p.m. in London. The Stoxx 50 and the Euro Stoxx 50, a measure for the euro region, also climbed 0.6 percent.

``We're playing the raw-materials theme in a significant way and it's paying off,'' said Emmanuel Soupre, who helps manage more than $33 billion at Neuflize Gestion in Paris. ``There's no reason for a drop in prices. Demand in Asia is furious and it has to be met.''

Treasuries fell as traders pared bets that the Federal Reserve will reduce interest rates by more than a quarter percentage point this week. The dollar sank to a record low against the euro, while the risk of owning European corporate bonds declined, according to traders of credit-default swaps.

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