IBT Staff Reporter

Hong Kong stocks rebounded from morning losses, dragged by China Mobile, and closed up more than 1 percent on Wednesday after oil-related shares sparked a big rally on the blue-chip index.

China's stocks jumped Wednesday, led by the country's two oil firms, Sinopec and CNPC, amid speculation that Beijing might be on the verge of raising state-set prices on oil products.

Anti-Smoking pill Chantrix from Pfizer Inc. was banned today by the Federal Aviation Administration for its use by pilots and air traffic controlers, after a study showed dangerous side effects.

Copper prices fell on Wednesday as an increase on inventories rose concerns demand is weakening.

Crude oil hit the record above $131 a barrel on Wednesday as crude inventories in the U.S. fell more than expected on the week ended May 16.

Gold rose to the highest level near $929 an ounce on Wednesday as surging oil prices and a weakening dollar boosted demand for the metal as a hedge against inflation. Silver also gained.

Boeing Co. on Wednesday debuted its new 777 freighter, a twin-engine airplane that can carry 226,000 pounds of cargo.

Tokyo stocks tumbled Wednesday morning, with the benchmark Nikkei index dropping below the 14,000 line for the first time in five trading days, as broad-based selling set in after sharp falls in U.S. shares overnight.

Despite cool weather along the East Coast over the past several weeks, Memorial Day weekend, the unofficial start to the summer driving season is upon us. Some may interpret recent increases in gasoline prices as yet another manifestation of a

U.S. stocks fell for a second day, as oil prices surged past $132 a barrel after data showed a drop in crude supplies which boosted concerns that inflation will affect the rate at which U.S. consumes, while financial companies fell on concern computer errors at Moody's Investors Service may result in bond downgrades.

Women's apparel retailer Talbots Inc posted higher-than-expected quarterly operating profit on Wednesday and reiterated its full-year earnings forecast, causing the shares to rise.

Time Warner Inc.'s and Time Warner Cable Inc.'s boards of directors approved on Wednesday an agreement that will split the companies legally and structurally.

American Airlines said on Wednesday that it is taking steps to reduce costs, effectively downsizing the company as fuel prices rise to record levels.

The FTSE 100 share index fell 184.9 points to 6,191.6 on Tuesday (down 2.9 per cent).

JJB Sports said on Tuesday that its group revenue fell by 8.3 per cent in the first quarter of 2008, compared with the same period in the previous year.

Yell Group said on Tuesday that it's after tax profit for the full year to 31 March had risen 6.4 per cent to £294.2 million. Revenue for the company was also up 6.9 per cent to £2,218.7 million.

Diary Crest reported on Tuesday an increase in profits of 24 per cent, to £96.1 million, for the full year to 31 March 2008. Revenue for the company was up 20 per cent to £1,569.7 million.

Marks and Spencer (M&S) said on Tuesday that its pre-tax profit for the full year ended 29 March just exceeded £1 billion, an increase of 4.3 per cent from the previous year.

Copper futures were trading lower in after hour electronic trading after ending Tuesday with gains on a rising dollar.

Gap Inc. announced on Tuesday it will partner with Fiba Holdings A.S. to introduce its Gap and Banana Republic brands to customers in Russia, according to a statement.

Financial shares fell on Tuesday, triggered by renewed concerns about the economy.

The dollar fell against the yen and the euro on Wednesday on concerns about that the economy will continue to weaken as investors place their assets into commodities.

China National Petroleum Corporation estimated the company's losses caused by the strong earthquake that happened in Southwest China last week might reache 1.78 billion Yuan(255 million U.S. dollars).

Pou Sheng International (Holdings), the world's largest sportswear manufacturer, will sell HK$3.09 billion in stocks on Hong Kong exchanges to find limited interest from local investors, market watchers say.

China's stocks dropped the most in the month as increasing concern mount over companies damaged by the earthquake and inflation risks by reconstruction after-quake.

Japan stocks declined Thursday because of weak Asian markets and profit-taking by investors. Real estate and banking issues, which have been highly bought these days, were sold.

Intuit Inc posted higher quarterly profit on Tuesday, which includes the tax season, boosted by strong demand for its TurboTax tax preparation software and its QuickBooks accounting software.

JPMorgan Chase & Co will keep about 45 percent of Bear Stearns Cos. employees after the two banks complete their merger, JPMorgan's chief executive said.

An Openheimer & Co group of analysts led by Meredith Whitney cut their earnings outlook for major U.S. banks, saying the current credit crisis is not close to ending.