Overseas: Dow -0.35% to 12964. S&P -0.18%. Stoxx 50 -0.5%, Italy -0.7%. London -0.56%. Paris -0.79%. Germany -0.23%.
GSK to spend $1 billion to lift stakes in India and Nigeria. It will buy up to an additional 31.8% stake in India’s GlaxoSmithKline Consumer Healthcare Ltd for about $940 million by paying Rs. 3,900 ($70.16) per share in an open offer. The price was a premium of 28% to the stock’s Friday close. (Reuters) But will investors bite? Investors may not want to part with their stake in a fast moving consumer goods business in an emerging market like India. (ET) [stockquote]GSKCONS[/stockquote]
Coming soon to a market near you: Gold linked ETFs. RBI’s aim will be to find a way to promote products that people can invest in but which are not dependent on physical possession of gold. (ET)
Come January, several bank and corporate treasuries will sidestep intermediaries and invest directly in mutual funds. According to a Sebi decision taken earlier this year, every fund and scheme must have a direct plan for investors who do not want distributor support and the net asset values of such plans will be given separately. (ET)
Iron ore prices fell to a one-month low of $119.5 a tonne on Monday as buying from Chinese steelmakers declined, an early sign that the rally that propelled the commodity 35% higher over the past three months is starting to fade. (FT)
Good luck! Markets are closed tomorrow, see you on Thursday!