China moves to lift property market

LONDON — Chinese factory activity shrank in May for the first time in seven months, overshadowing signs that the eurozone’s downturn tempered slightly in May, business surveys showed on Thursday. World stock markets tumbled after the Chinese data and also in response to U.S. Federal Reserve Chairman Ben Bernanke, who hinted on Wednesday the Fed could soon pare back its bond-buying with new money if the economy maintains momentum.

Schlumberger Ltd, the world’s largest oilfield services company, warned on Monday that North American activity was weaker than expected in the first quarter as U.S. drillers returned to work at a slower pace than the company predicted. Shares of Schlumberger fell 2.6% to $77.34 in morning trading on the New York Stock Exchange.

By Silke Koltrowitz BASEL (Reuters) - Luxury watchmakers expect sales growth to slow this year as a recovery in the United States and buoyant Middle East demand fail to offset a China slump more deep-rooted than a temporary blip caused by anti-corruption moves. The heads of Swatch Group's biggest brand Omega and LVMH flagship brand TAG Heuer as well as high-end independents Patek Philippe and Ulysse Nardin all said demand in Greater China had tumbled, particularly for high-end models. ...

Ockham Research submits: News broke this morning that the world’s largest mall-operator, Simon Property Group (SPG), would make a $10 billion bid for key competitor General Growth Properties (GGWPQ.PK).

CEVA, Inc. (CEVA) Barclays Global Technology, Media and Telecommunications Conference May 23, 2013 04:40 PM ET Executives Gideon Wertheizer - CEO Analysts Joseph Wolf - Barclays Capital (ph) Presentation Gideon Wertheizer

BASEL (Reuters) - Luxury watchmakers expect sales growth to slow this year as a recovery in the United States and buoyant Middle East demand fail to offset a China slump more deep-rooted than a temporary blip caused by anti-corruption moves.

HONG KONG — China’s property-related shares fell by the most in nearly five years on Monday on plans to tighten curbs on the housing market, though some economists predict a near-term spike in existing home prices, at least until local governments work out how to implement the changes. The plans, announced by the cabinet late on Friday, include the stricter implementation of an existing 20 % capital gains tax on home sales, strengthening restrictions on home buying and increasing loan rates for those buying a second home in cities where prices are rising too quickly.

Although the U.S. national unemployment rate was 7.8 percent at the end of 2012, some cities are experiencing economic recovery faster than others.