Stock Market

Ireland's trade unions accept wages cannot increase as much as recommended in a deal with the government and employers last year but oppose wage cuts to boost competitiveness, Ireland's top union leader said on Monday. David Begg, general secretary of the Irish Congress of Trade Unions, said ongoing negotiations will likely lead to a new national wage agreement recommending moderate wages rises and exemptions to companies that cannot afford to pay it.

British Prime Minister Gordon Brown set out plans to tackle youth unemployment on Monday in a programme for the final few months before an election that could end Labour's long grip on power. Brown pledged 1.5 billion pounds ($2.47 billion) to boost the supply of low-cost housing and a 150 million-pound fund to encourage investment in areas like biotechnology and green industries.

Japanese industrial output jumped 5.9 percent in May as car and electronics production pulled out of a deep slump, although an inventory build-up in some sectors suggested the rebound would soon lose momentum. Manufacturers forecast output growth to slow to 3.1 percent in June and to just 0.9 percent in July amid an absence of a convincing global recovery.

Guilin Sanjin Pharmaceutical, the first firm to launch an initial public offering in China since September, started taking orders on Monday, expecting the offer to be heavily oversubscribed, dealers said. Analysts said the retail tranche of the IPO drew heavy demand from the early hours as investors believe Sanjin will shine on its debut due to ample liquidity in the market.

Real estate company SRE Group aims to raise a total of about $145 million via a bond issue and share sale, according to two separate term sheets. SRE plans to sell 550 million yuan ($80.48 million) worth of US dollar convertible bonds due in 2014, raising capital to repay debt. Credit Suisse and Deutsche Bank are the joint book runners, a term sheet said.

Moody's Investors Service said on Monday it changed the outlook for the US port industry to negative from stable, citing economic trends, including the recession and weak consumer confidence. "The breadth and depth of the economic downturn may result in fundamental shifts in trade patterns, and negatively affect the competitive position of some ports," said Baye Larsen, a Moody's analyst, in a statement.

US stocks rose on Monday, sending the S&P 500 to a seven-month high, as reassuring economic data reinforced hopes of economic stabilisation, while General Motor's long-expected bankruptcy petition lifted uncertainty about the automaker's fate.

European shares closed at their highest level since January 6 on Monday, with energy companies and miners among the biggest gainers as data from the United States and China sparked optimism on economic recovery. The FTSEurofirst 300 index of top European shares rose 2.8 percent to 886.27.

Singapore shares on Monday closed 2.19 percent on higher in line with regional gains on hopes for a global economic recovery, dealers said. The blue chip Straits Times Index (STI) closed up 50.99 points at 2,380.07 on volume of 3.53 billion shares worth 2.45 billion Singapore dollars (1.70 billion US). Gainers led losers 520 to 108, with 618 issues unchanged.

Malaysian shares rose 1.67 percent on Monday led by plantation stocks as gains in regional markets spilled over into the local bourse, dealers said. The Kuala Lumpur Composite Index added 17.69 points to 1,061.80. Advancers outnumbered decliners 424 to 235. Turnover was 1.61 billion shares worth 1.68 billion (480 million dollars).