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Broadgate: Market News 15/4

15 May 2012

Facebook Inc. (FB) plans to raise the price range for its initial public offering to $34 to $38 a share from the previous range of $28 to $35. Facebook, already planning the largest-ever Internet- company IPO, would raise as much as $12.8 billion and seek a valuation of as high as $104.2 billion, based on the upper end of the new range.

Foreign direct investment in China fell for a sixth month in April, underscoring risks of a deeper slowdown in Asia’s biggest economy. China’s economy may grow at the weakest pace in 13 years in 2012 as policy makers only gradually increase stimulus, said Ramin Toloui, Pacific Investment Management Co.’s global co-head of emerging markets portfolio management.

The German economy grew five times more than economists forecast in the first quarter as exports to emerging markets offset waning euro-area demand. Gross domestic product in Europe’s largest economy rose 0.5 percent from the fourth quarter, when it fell 0.2 percent, the Federal Statistics Office said.

Europe’s governments hinted at giving Greece extra time to meet budget-cut targets, as long as feuding politicians put together a ruling coalition committed to austerity.

Data today may show that U.S. retail sales slowed in April.

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