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Dubai has taken new steps toward becoming a true global financial powerhouse, buying 20% stakes in the Nasdaq and London Stock Exchange as higher oil has given the Gulf state even more money to invest. But why are exchanges so attractive to Middle East investors?
European stocks closed broadly lower Thursday as profit-taking set in and the financial sector took another hit.
Stock market operator Nasdaq and Borse Dubai joined forces on Thursday with a deal allowing Nasdaq to buy Nordic markets operator OMX and create "a global financial marketplace" which also sees Borse Dubai take key stakes in both the London Stock Exchange and Nasdaq.
Shares of the Nasdaq Stock Market were halted on Wednesday pending a news announcement.
Stocks closed with big gains as investors cheered the Fed's decision to cut interest rates deeper than expected. "The Fed gave us a little more than most of us had expected -- they are looking at the future and the U.S. economy is weakening -- I think that's why equities are responding to the upside," said Robert Doll, chief investment officer at BlackRock.
Nasdaq has weighed selling a piece of itself to an overseas investor to help it seal a deal to buy Nordic exchange operator OMX, the Wall Street Journal reported on its Web site on Tuesday, citing people familiar with the matter.
Qatar's state investment fund is close to buying Nasdaq's 31% stake in the London Stock Exchange Group, newspaper reports said on Sunday.
U.S. exchange Nasdaq held out the possibility on Friday of boosting an offer for exchange group OMX currently worth $3.8 billion as it competes with a higher all-cash bid from Borse Dubai.
European stocks closed in the positive territory Thursday, helped by encouraging signs in credit markets.
Singapore's Temasek became the latest investor to lose interest in buying Nasdaq's 31% stake in the London Stock Exchange, sources familiar with the matter said on Thursday.
The Qatari Investment Authority is considering teaming up with three Italian partners to win over Nasdaq's 31% stake in the London Stock Exchange, Italian daily Il Sole 24Ore reported.
European stocks closed mixed on Monday in thin trading because of a national holiday in the U.S. and on anticipation of a busy week.
Representatives of the Qatari Investment Authority have indicated a willingness to pay as much as 15 pounds ($30) a share for Nasdaq's 31% percent stake in the London Stock Exchange the Sunday Times newspaper said.
Stocks rallied after President Bush outlined his plan to help distressed homeowners, and Federal Reserve Chairman Ben Bernanke said the Fed will act as needed to address credit concerns.
Borse Dubai has secured funding of as much as $5.3 billion to finance its takeover bid for Nordic stock exchange company OMX, a person familiar with the matter said.
Stocks are striking a sour note before the open, with market talk focused full force on the Fed.Traders are also watching a Fed report, due at 10 a.m. New York time on the amount of commercial paper outstanding. Second quarter GDP, released this morning, was revised to 4% from 3.4%.
Rumors abound that the NYSE, Euronext and Australia's ASX may be interested in buying part of the Nasdaq 's 31% stake in London Stock Exchange. The ASX has responded saying that this is pure speculation.
European stocks closed mixed in the afternoon session Monday, after European Central Bank President Jean-Claude Trichet kept the options open for euro-zone rate moves ahead of an ECB monetary policy meeting next week.
Singapore's Temasek Holdings is not interested in acquiring Nasdaq's stake in the Londons Stock Exchange, sources told Dow Jones Newswires, casting doubt on a previous Sunday Times report.
State-run Borse Dubai violated Swedish takeover law in the run-up to a bid for exchange owner OMX but no action against the group is planned, a Swedish regulator said on Thursday.