Transocean has completed the acquisition of 100 percent of the shares of Aker Drilling ASA ("Aker Drilling") for NOK 26.50 per share. This acquisition further strengthens Transocean's industry leadership position, adding approximately $1 billion in backlog as well as Aker's two harsh environment, semi-submersible drilling rigs and two drillships under construction in Korea. Link: Click Here


Economy
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Banking blues. The improvement in the US Sep PMI to 51.6 from 50.6 in August strengthens the view that there will be no relapse into recession in the US.  In fact the US economy looks to be on track to grow a little more than 2% in Q3 which would be above the pace of growth in the first half of this year.  Despite this reassurance stock markets remained under pressure yesterday with banking stocks dragging the S&P 500 to its lowest level for a year. Link: Click Here

Investment Opportunities amid Global Gloom. Speculation about contagion within the euro zone continues to dictate markets, as Greek aid talks drag on and investors anxiously await signs of progress on resolving the crisis. Despite the gloom, valuable opportunities do exist for investors, explains Giles Keating, Credit Suisse's Head of Global Research for Private Banking and Asset Management. Link: Click Here

Eurogroup meeting: Greece can hold until beginning of November; outcome from Troika review will be key. Following yesterday's Eurogroup meeting, it emerged that the disbursement of the sixth tranche of the IMF/EU programme to Greece might not happen until November (a risk which we had highlighted in our comments yesterday). As well, Eurogroup chairman J-C Juncker suggested that discussion on the planned second programme (which would involve PSI) might need to be reopened, with "technical revisions" said to be "likely" to the PSI, given the economic deterioration in Greece and consequences for deficit slippage. Link: Click Here