Petro-Canada, TimberWest, Uranium One: Canada Equity Preview

The following is a list of companies whose shares may have unusual price changes in Canadian markets. The preview includes news that broke after markets closed. Stock symbols are in parentheses after company names and prices are from the last close.

The Standard & Poor's/TSX Composite Index rose 115.27, or 0.8 percent, to 14,312.08 in Toronto.

Inmet Mining Corp. (IMN CN): The owner of the Cayeli copper and zinc mine in Turkey said third-quarter profit rose to C$2.37 a share, more than the C$2.32 average analyst estimate in a Bloomberg survey. Inmet fell C$4.80, or 4.6 percent, to C$99.25.

Petro-Canada (PCA CN): Neil Camarta, senior vice president for oil sands at Petro-Canada, said the Alberta government's decision to raise energy royalties will hurt the profitability of oil sands, forcing the company to trim other costs associated with developing such projects. Petro-Canada shares fell 99 cents, or 1.8 percent, to C$52.88.

TimberWest Forest Corp. (TWF-U CN): The lumber manufacturer and owner of timberland lost 36 cents a share in the third quarter. Three analysts on average expected profit of 23 cents in a Bloomberg survey. TimberWest said a 13-week strike among British Columbia logging and wood-product workers, reduced demand in the U.S. and Japan and the stronger Canadian dollar hurt results. TimberWest shares fell 3 cents, or 0.2 percent, to C$14.78.

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Vale, Enersis, Sociedad Quimica y Minera: Latin Equity Preview

The following stocks may make significant gains or losses in Latin American markets today. Symbols are in parentheses after company names, and stock prices are from the last session.

The Morgan Stanley Capital International index of Latin American shares fell 1.2 percent to 4,563.26 yesterday.

In Brazil, preferred shares are the most commonly traded class of stock.

Brazil

Cia. Vale do Rio Doce (VALE5 BS): The world's biggest iron- ore producer said a judge granted pig-iron maker Ferro Gusa do Maranhao Ltda an injunction ordering Vale to keep supplying the mill. Vale, which had cut supply to Fergumar on concerns it doesn't comply with labor and environmental standards, said in an e-mailed statement it will resume the supply and appeal the decision. Vale fell 1.1 real, or 2 percent, to 53.9 pesos.

Chile

Enersis SA (ENERSIS CC): The owner of Chile's biggest power producer Empresa Nacional de Electricidad SA reported a 53 percent profit decline in the first nine months of the year. Net income fell to 119 billion pesos ($242 million) from 255 billion in the same period last year, the Santiago-based company reported on the regulator's Web site after the close of trading yesterday. Shares fell 2 pesos, or 1 percent, to 193.5 pesos.

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BP, French Connection, GlaxoSmithKline: U.K. Equity Preview

The following stocks may rise or fall in U.K. markets today. Stock symbols are in parentheses and prices are from the last market close.

The benchmark FTSE 100 Index rose 44.7, or 0.7 percent, to close at 6706. The FTSE All-Share Index gained 21.32, or 0.6 percent, to 3442.63.

Ireland's ISEQ Index increased 5.28, or 0.1 percent, to close at 7867.43.

U.K. Companies:

BP Plc (BP/ LN): Europe's second-biggest oil company plans to pump crude from its Greater Plutonio field in Angola at about 50 percent of capacity until next year. BP's stock advanced 5 pence, or 0.8 percent, to 634.

French Connection Group (FCCN LN): The fashion retailer with stores in 33 countries was rated new ``outperform'' in new coverage by analyst Michael Dennis at Piper Jaffray & Co. French Connection's stock gained 0.5 pence, or 0.3 percent, to 151.25.

GlaxoSmithKline Plc (GSK LN): Personal-injury lawsuits against GlaxoSmithKline over its top-selling diabetes drug Avandia will be consolidated in a federal court in Philadelphia, a panel of judges concluded. Glaxo's stock added 16 pence, or 1.3 percent, to 1,248.

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European Stock-Index Futures Drop; UBS, Dassault May Slip

European stock-index futures fell after UBS AG reported its first quarterly loss in almost five years as declines in the U.S. subprime-mortgage market forced it to write down the value of fixed-income securities.

Dassault Systemes SA, whose software is used by Toyota Motor Co. to design its cars, may drop after cutting its full-year earnings and sales forecasts. BHP Billiton Ltd. and Rio Tinto Group retreated in Australia as metals prices slipped.

``European markets will be a touch weaker today,'' said Simon Payne, a trader at Fortis Bank SA in Madrid. ``UBS earnings look worrying.''

Futures on the Dow Jones Euro Stoxx 50 Index, a benchmark for the euro region, lost 7, or 0.2 percent, to 4,480 at 7:26 a.m. in London. The U.K.'s FTSE 100 Index may decrease 16, according to Cantor Index, a betting firm.

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

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Chevron Committed to Myanmar Project, O'Reilly Says

Chevron Corp., the second-largest U.S. energy company, will keep its stake in a natural gas project in Myanmar, defying calls to leave following a crackdown on protesters by the country's ruling junta.

The people around the Yadana gas project and pipeline have benefited from jobs and investments in health care and education, Chief Executive David O'Reilly said today in an interview in Bangkok. The company may lose any tax benefits from the project under a bill approved by a U.S. congressional committee Oct. 23.

``Our commitment is to try to stay to be a positive influence,'' O'Reilly said in an interview in Bangkok today. ``It isn't going to change anything if we leave. We are a minority investor in this project.''

Chevron faces renewed calls to divest its 28.3 percent stake in the Total SA-operated Yadana project after Myanmar's government last month crushed the biggest anti-government protests in almost 20 years. The company may be forced out of the country formerly known as Burma under legislation from Sen. John McCain introduced on Oct. 17 that prohibits investments by U.S. companies after sanctions passed in 1997.

The House Foreign Affairs Committee unanimously accepted legislation introduced by Rep. Tom Lantos, a Democrat from California. The bill to pressure Myanmar's military rulers states that no tax deductions will be allowed for the ``joint production agreement'' for Yadana and prohibits payments or property transfers to the government.

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Rostowski Is Contender for Polish Finance Minister, People Say

Donald Tusk, who is working to form a coalition government after winning the Oct. 21 general election, probably will select economics professor Jacek Rostowski as finance minister, said people with knowledge of the selection process.

Rostowski, who favors fast euro adoption, would succeed Zyta Gilowska, said three officials close to the leadership of Tusk's Citizens' Platform party. The party's leaders met on Oct. 27 to discuss candidacies for ministers dealing with the economy and plan to offer the 57-year-old Rostowski the job, newspaper Gazeta Wyborcza also reported today, citing no one.

Waldemar Pawlak, head of the Polish Peasants' Party that is in coalition talks with Platform, would be economy minister while Zbigniew Chlebowski, who is in charge of economic issues in Tusk's party, would be treasury minister, Gazeta said.

Rostowski, a member of the supervisory council of the Warsaw-based Center for Social and Economic Research and an economics professor at the Central European University in Budapest, has spoken in favor of cutting the budget deficit and meeting terms for euro adoption ``the faster the better.''

Rostowski said he has not received ``any official proposal'' from the Citizens' Platform and declined to elaborate when contacted by telephone on Oct. 26.

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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.

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Citigroup Dividend, Falling Shares Make Bank Stocks Unbeatable

Bank shares are so cheap and their dividends so high that some of the world's biggest investors now say the combination is unbeatable.

After falling 12 percent this year, the 24 U.S. companies in the KBW Bank Index this month paid an average 3.96 percent of their share prices in dividends, the highest in the index's 16- year history. The last time Bank of America Corp. and Wells Fargo & Co. had such yields was in the early 1990s, just before a 44 percent advance in financial stocks.

Citigroup Inc., the second-largest U.S. bank by market value, is providing shareholders the biggest yield in two decades. The New York-based financial services company is trading at its lowest level to the Standard & Poor's 500 Index since 1999, relative to its net assets.

``The big banks are pretty cheap,'' said David Dreman, who oversees $22 billion at Dreman Value Management LLC in Jersey City, New Jersey. ``We are definitely looking at some of these high-yielding stocks.'' Dreman, ABN Amro Asset Management, First American Funds and Portfolio Management Consultants, who combined manage $433 billion, predict the shares are set to rebound.

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Aguas Andinas, Femsa, Sadia, Televisa: Latin Equity Preview

The following stocks may make significant gains or losses in Latin American markets today. Symbols are in parentheses after company names, and stock prices are from the last session.

The Morgan Stanley Capital International index of Latin American shares rose 3.2 percent to 4,530.06 on Oct. 26.

In Brazil, preferred shares are the most commonly traded class of stock.

Brazil

Iochpe Maxion SA (MYPK4 BS): Brazil's biggest maker of railroad freight cars said one of its units received orders for 549 cargo cars to be delivered beginning in January. The company didn't disclose the value of the deals. Orders for 2008 delivery rose to approximately 254 million reais ($144 million), the company said in a regulatory filing Oct. 26. Sao Paulo-based Iochpe Maxion rose 10 centavos, or 0.3 percent, to 36 reais.

Sadia SA (SDIA4 BS): Third-quarter margins at Brazil's biggest food processor were below those of its main competitor, Perdigao SA, because a narrower range of products led to higher costs for Sadia, Ativa Corretora analyst Diana Liteski wrote in a report e-mailed Oct. 26. Concordia, Brazil-based Sadia rose 34 centavos, or 2.9 percent, to 11.90 reais.

Chile

Aguas Andinas SA (AGUAS/A CC): Chile's biggest water company said profit in the first nine months of the year rose 7.9 percent to 68.3 billion pesos ($137 million) from 63.3 billion in the same period last year, according to data published on the regulator's Web site after the close of trading on Oct. 26. Aguas Andinas rose 99 centavos, or 0.4 percent, to 233 pesos.

Mexico

Fomento Economico Mexicano SAB (FEMSAUBD MM): Latin America's largest beverage company said third-quarter profit rose 10 percent to 2.34 billion pesos ($218 million) on higher Coca-Cola sales in South America. Revenue increased 7.2 percent to 36.7 billion pesos, the company, known as Femsa, said in a statement posted on its Web site on Oct. 26. Femsa shares fell 10 centavos, or 0.2 percent, to 40.97 pesos.

Grupo Televisa SAB (TLEVICPO MM): Analyst Martin Lara of Vector Casa de Bolsa in Mexico City reduced the price at which he expects shares of the world's largest Spanish-language broadcaster to trade at the end of next year by 6.4 percent to 73 pesos. Lara reduced estimates for profits in 2008 and 2009 based on lower-than-expected revenue from gaming and narrower profit margin in the company's satellite business, he wrote in a report e-mailed Oct. 26. Shares fell 83 centavos, or 1.6 percent, to 52.88 pesos.

microcapinvest.com

Vienna Divorce Fair Touts DNA Tests, Lawyers for Fed-Up Spouses

Hundreds of Austrians stuck in loveless marriages may lie about their whereabouts this weekend. Instead of pursuing trysts, they'll be attending a ``divorce fair'' to plan their return to single life.

At the two-day event in Vienna, fed-up spouses can contract private detectives to spy on philandering mates, hire real estate agents to find a new homes and book vacation packages designed for the newly separated. They can even hire a DNA sampling lab to see if it will really be necessary to pay child support.

``New Beginnings'' is the world's first divorce fair, according to Anton Barz, 37, a wedding organizer who came up with the idea after realizing that half of all unions were doomed.

``Austria's divorce statistics are shocking,'' Barz said in a café near Sigmund Freud's former home in the Austrian capital. ``People get a wedding certificate more easily than a driver's license and have no idea of the consequences when they crash.''

Around 500 people are expected to attend the fair at the Vienna Marriott Hotel, where 20 vendors -- including a local law firm hunting for new clients -- will ply them with advice about how to settle their partnership problems.

Austria's divorce rate rose to 49 percent in 2006 from 29 percent in 1987, according to government statistics released in June. In Vienna, newlyweds face the gloomy prospect that two- thirds of all marriages will end in divorce.

microcapinvest.com

Argentine Debt Devastated by Data Suspicion, Election

The widespread suspicion that the government of President Nestor Kirchner has manipulated inflation data and the likelihood that his wife Cristina Fernandez de Kirchner will succeed him are transforming the Argentine bond market into a financial bloodbath.

Argentina's benchmark inflation-linked bonds have tumbled 24 percent this year, making the country's debt market the worst performer in the world, according to data compiled by JPMorgan Chase & Co. and Bloomberg.

Polls show that Fernandez is the front-runner to replace Kirchner in next week's elections. She rebuts claims by government statisticians that Kirchner's administration forced them to tamper with consumer price data to hide the extent of inflation. Merrill Lynch & Co., the world's biggest brokerage, estimates prices may be rising at a 17 percent annual pace, double the official rate.

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U.K. Budget Gap to Be Double Darling's Prediction

Britain's budget deficit will be almost twice as much as Chancellor of the Exchequer Alistair Darling predicts because of slower economic growth, the National Institute of Economic and Social Research said.

Lower tax receipts and rising spending will boost the Treasury deficit to 14.7 billion pounds ($30 billion), NIESR predicted, above Darling's estimate of 8.3 billion pounds. NIESR expects the economy to expand 2.2 percent, less than the 2.6 percent rate it expected in July.

``The Treasury is being far too optimistic,'' Martin Weale, director of the London-based academic research organization that advises the Bank of England and the Treasury, said at a briefing with reporters. ``Things are appreciably worse.''

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China Will Probably Raise Rates After 11.5% Expansion

China's central bank will probably increase borrowing costs for the sixth time this year to cool the stock market and inflation after the economy grew 11.5 percent in the third quarter.

The benchmark one-year lending rate will increase to 7.56 percent from 7.29 percent, according to 16 of 17 economists surveyed by Bloomberg News. The deposit rate will likely rise to 4.14 percent from 3.87 percent.

Inflation in September was 6.2 percent, more than double the bank's target, and the benchmark stock index has almost quadrupled in the past year. President Hu Jintao is trying to prevent a sudden slowdown that might throw millions out of work, drive up bad loans and undermine Communist Party rule.

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Deutsche Bank Considers Participating in SIV Fund

Deutsche Bank AG, Germany's biggest bank, is considering whether to join an $80 billion plan backed by the U.S. Treasury to revive the commercial paper market, Chief Executive Officer Josef Ackermann said.

``We're currently studying it and we're in a constructive dialogue with the American banks as well as American authorities,'' Ackermann said in an interview last night in Frankfurt. ``Any kind of support for the market, particularly from the private side, is desirable, but details aren't yet clear enough to make a final judgment.''

Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp., the three biggest U.S. banks, agreed on Oct. 15 to start a fund that would buy assets from distressed structured investment vehicles, or SIVs. Investors are refusing to buy commercial paper, loans due in 270 days or less, from the SIVs because they are concerned about the value of the mortgage securities, asset- backed debt and finance company bonds they own.

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Jackson, Bernanke to Discuss Mortgage Assistance

Civil-rights activist Jesse Jackson will meet with Federal Reserve Chairman Ben S. Bernanke next week to discuss proposals to help homeowners struggling with mortgages they can't afford.

The meeting was arranged by John C. Taylor, president of the National Community Reinvestment Coalition in Washington. Taylor also sits on the board of Jackson's Chicago-based RainbowPush Coalition, described on its Web site as ``a progressive organization fighting for social change.''

``I am on his board, and I initiated the contact with both he and Bernanke,'' said Taylor, whose organization represents a group of more than 600 community advocates promoting affordable housing and banking services.

The Fed and other bank regulators are under fire from Congress and consumer advocates for not subjecting the mortgage market to tougher rules. Delinquencies on subprime mortgages to borrowers with weak or limited credit histories reached a five- year high in June. Fed figures show that high-cost loans are more common among blacks and Hispanics.

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Mexico Central Bank Unexpectedly Raises Rate to 7.50%

Mexico's central bank unexpectedly raised interest rates and said inflation will take longer to retreat than policy makers previously estimated.

The five-member board, led by Governor Guillermo Ortiz, lifted the benchmark rate a quarter percentage point to 7.50 percent, surprising 22 of 29 economists surveyed by Bloomberg. The peso climbed to a three-month high.

Inflation hasn't slowed as quickly as the central bank predicted in May, when it said the rate would fall to 3 percent by the end of next year. Today, the bank revised its outlook to estimate the target won't be reached until the end of 2009 because of rising food prices and higher taxes approved by Congress last month. It also dropped its ``restrictive bias,'' hinting it doesn't intend to follow with more increases.

``They had to show commitment to the target,'' said Alonso Cervera, a Latin America economist at Credit Suisse Group in New York, who predicted the increase correctly. ``It would have been very odd for them to increase their inflation forecast and then not come through with a rate hike.''

The economists who predicted today's increase, such as Cervera, Dresdner Kleinwort's Omar Borla and RBS Greenwich Capital Markets' Benito Berber, said they don't expect the bank to raise interest rates again this year. In today's statement, said the threat to Mexico's economic expansion from a decelerating U.S. economy had increased.

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U.S. Homeownership Falls in Longest Slide Since 1981

Homeownership in the U.S. dropped for a fourth consecutive quarter, the longest decline since at least 1981, suggesting more Americans will miss their best chance of building wealth.

The proportion of households that own their residences fell to 68.1 percent in the July-September period from 68.3 percent in the prior three months, according to a report today from the Census Bureau in Washington, whose comparable records go back to 1981. The rate has been declining from a peak in 2004, which culminated a decade of gains fueled by easier lending standards and rising home purchases by immigrants and younger households.

``Owning a home in this country has been a principal source of wealth creation for low- and moderate-income people,'' said Nicolas Retsinas, director of Harvard University's Joint Center for Housing Studies in Cambridge, Massachusetts. ``In the absence of home equity, families will inevitably spend less.''

Homeowners accumulate wealth faster than renters, with median net wealth for owners at $184,400 in 2004, compared with only $4,000 for renters, according to Federal Reserve figures.

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Canadian Stocks Advance on Oil, Led by Scotiabank and Goldcorp

Canadian stocks had the biggest gain in five weeks after crude oil rose to a record, lifting prices of gold and other commodities, and tempering the effect of higher energy royalties announced by Alberta, hub of the nation's oil industry.

Bank of Nova Scotia and Goldcorp Inc. led the advance as Canada's dollar surged to the highest since 1974 on improved prospects for the nation's commodity exports. Canadian Oil Sands Trust paced declines among the majority of energy shares.

``The market's up on gold and resources,'' said Andrew Martyn, who helps manage the equivalent of about $475 million at Toronto- based Davis-Rea Ltd. ``People are holding off on oil stocks as the news gets digested in the market place. They're redeploying cash in financials.''

The Standard & Poor's/TSX Composite Index gained 171.49, or 1.2 percent, to 14,296.43 in Toronto. The benchmark rose 2.1 percent this week after falling about the same amount the week before.

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U.S. Stocks Advance as Microsoft, Apple Allay Recession Concern

U.S. stocks advanced for the sixth time in seven weeks after earnings from Microsoft Corp. and Apple Inc. bolstered speculation that the economy is growing enough to sustain profits.

Microsoft shares soared to the highest since July 2001 after Windows Vista and the ``Halo 3'' video game helped the world's largest software maker report higher-than-expected sales. Apple gained after profit increased more than analysts estimated, propelled by record Macintosh computer sales and rising demand for iPods and iPhones.

``The earnings were very, very good,'' said Richard Sichel, who helps manage about $1.5 billion as chief investment officer at Philadelphia Trust Co. in Philadelphia. ``Technology earnings have offset, to some extent, the financial worries that continue.''

Computer-related companies in the Standard & Poor's 500 Index increased profit by 11 percent last quarter, according to a Bloomberg analysis of reported results. Analysts forecast 9 percent growth three weeks ago. S&P 500 members that have released results so far posted a 0.8 percent decline in profit.

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