Asian markets decline
Mumbai: Most stocks across the Asian markets fell on Thursday, with the Morgan Stanley Capital International Asia-Pacific Index dropping 1.2 per cent. Japan's Nikkei 225 Stock Average fell 1.4 per cent to 15,678.10.

Australia's S&P/ASX 200 Index, declined 0.8 per cent, while South Korea's Kospi index slumped 1.8 per cent.

Indices slid elsewhere in the region, except in Taiwan and Malaysia.
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US economy clocks fastest growth in 2.5 years
Washington: Shaking off a year-end rut, the US economy has raced ahead in the opening quarter of this year at a 5.3 per cent pace, the fastest in two-and-a-half years.

The commerce department on Thursday said that the gross domestic product was even stronger during the January-to-March period than the 4.8 per cent annual rate first estimated a month ago.

Gross domestic product measures the value of all goods and services produced within the United States and is considered the best barometer of the country's economic fitness.

The upgraded reading on the GDP from the commerce department, based on more complete information, reflected stronger U.S. exports and better inventory building by businesses.

In the final quarter of 2005, economy had crawled along at a 1.7 per cent pace, mostly reflecting a fallout from the Gulf Coast hurricanes and high energy prices.

Consumers boosted their spending in the first quarter at a 5.2 per cent pace, which was the strongest since the third quarter of 2003, yet less than the 5.5 per cent pace first estimated.

Business spending on equipment and software, shot ahead at a 13.8 per cent pace in the first quarter, it's best showing since the third quarter of 2004. This figure also fell short of the 16.4 per cent growth rate estimated a month ago.

Fed chairman Ben Bernanke told Congress on Tuesday that he and his colleagues will be relying heavily on what incoming data says about inflation and economic activity before they arrive at a decision on rates.
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Fitch puts Italy on rating negative watch
Milan: Italian prime minister Romano Prodi said Fitch Ratings' decision to put Italy's ratings on negative watch is "not good news." He added that he intends to adopt a strategy that would result in a healthier accounts for the country.

Prodi was speaking at an employers' conference after Fitch made its rating move, citing the continuing deterioration in public finances and competitiveness. "I know that the rating agencies are examining Italy's accounts. I hope that there are not further worrying elements," Prodi said.

"The job of the new government is to prepare a strategy to make the accounts healthy again, to reassure them. We will do that because we are fully aware of the need for a strategy of reassurance," he said.
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UBS eyeing ABN Amro's global futures and options business
Amsterdam: UBS AG has said that it would liked to acquire ABN Amro's global futures and options business for a total cash sum of $386mn, plus net tangible assets.

UBS said it hopes to finalise the acquisition, which is pending regulatory approval from market authorities, by the third quarter of this year.

The ABN Amro unit provides clearing and execution in the buying and selling of futures and options on a global basis.
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