(Reuters) - Market participants sold bonds in light trading, eyeing gains in the Nikkei share average offer of 10-year bonds by the Ministry of Finance on Tuesday.
Read more at Reuters.com Bonds News
Sunday, May 6, 2007
Spot gold firm, Tokyo precious metals surge
(Reuters) - Tokyo gold futures rose more than 2 percent to a two-month high and platinum futures reached a record high on Monday as firmness in cash gold, which held near a two-week high due to dollar weakness, encouraged active buying.
Precious metals drew broad demand from investment funds as the dollar weakened against the euro after Friday's soft U.S. payrolls report reinforced expectations that the U.S. Federal Reserve could lower interest rates later this year.
Read more at Reuters Africa
Precious metals drew broad demand from investment funds as the dollar weakened against the euro after Friday's soft U.S. payrolls report reinforced expectations that the U.S. Federal Reserve could lower interest rates later this year.
Read more at Reuters Africa
Turkey Sells State-Run Halkbank Stake as Investors Brave Political Storm
(Bloomberg) -- Turkey's government may announce today it raised as much as $1.9 billion by selling shares in state-run lender Turkiye Halk Bankasi AS, a sign of investor confidence after last week's dispute between the armed forces and government.
Investors bid for 25 percent of Halkbank, the second-biggest state-owned lender, in an initial public offering last week even as political turmoil spooked the markets. The Islamist-rooted government called snap elections in response to an April 27 threat from the army, which has toppled four governments since 1960, to block the ruling party's candidate for president.
Read more at Bloomberg Currencies News
Investors bid for 25 percent of Halkbank, the second-biggest state-owned lender, in an initial public offering last week even as political turmoil spooked the markets. The Islamist-rooted government called snap elections in response to an April 27 threat from the army, which has toppled four governments since 1960, to block the ruling party's candidate for president.
Read more at Bloomberg Currencies News
BME, Endesa, Santander Central and Banco Comercial: Iberian Equity Preview
(Bloomberg) -- The following stocks may rise or fall in Spain and Portugal. Stock symbols follow company names and prices are from the last close.
The IBEX 35 Index gained 224.70, or 1.6 percent, to 14,620.30 in Madrid. Portugal's PSI-20 Index climbed 0.7 percent to 12,325.47.
Read more at Bloomberg Stocks News
The IBEX 35 Index gained 224.70, or 1.6 percent, to 14,620.30 in Madrid. Portugal's PSI-20 Index climbed 0.7 percent to 12,325.47.
Read more at Bloomberg Stocks News
Philippine Farm Output Growth Slows in First Quarter Amid El Nino Concerns
(Bloomberg) -- Philippine agricultural output, which accounts for about a fifth of the economy, grew at a slower pace in the first quarter as farmers planted fewer crops on concerns about drier weather, Agriculture Secretary Arthur Yap said.
Farm and fishery production expanded 3.6 percent in the first three months of the year compared with 3.9 percent a year earlier, Yap told reporters in Manila today.
Read more at Bloomberg Commodities News
Farm and fishery production expanded 3.6 percent in the first three months of the year compared with 3.9 percent a year earlier, Yap told reporters in Manila today.
Read more at Bloomberg Commodities News
Berkshire's Buffett Envisions Acquisition of $40 Billion to $60 Billion
(Bloomberg) -- Berkshire Hathaway Inc.'s Warren Buffett often laments that his company has more cash than investment opportunities. Now he's envisioning a $40 billion to $60 billion acquisition that would require him to sell stocks to free up funds.
``I would hope something would come along where I would have to sell something that I like to buy something huge I like even better,'' Buffett, Berkshire's billionaire chairman, said yesterday at a press conference in Omaha, Nebraska. He would ``love'' to find a $40 billion acquisition and would ``figure out a way'' to come up with $60 billion for the right deal, he said in a later interview.
Read more at Bloomberg Currencies News
``I would hope something would come along where I would have to sell something that I like to buy something huge I like even better,'' Buffett, Berkshire's billionaire chairman, said yesterday at a press conference in Omaha, Nebraska. He would ``love'' to find a $40 billion acquisition and would ``figure out a way'' to come up with $60 billion for the right deal, he said in a later interview.
Read more at Bloomberg Currencies News
Clear Channel pressure intensifies as vote nears
(Reuters) - The bidders were also considering minor tweaks to their offer, although they were not looking at hiking the price further, the source told Reuters late Sunday night.
Clear Channel rejected the $39.20 a share proposal from Bain Capital Partners and Thomas H. Lee Partners on Thursday, saying in a statement that accepting the offer would delay the date of a special meeting by up to 90 days, with no certainty the transaction would be approved by shareholders.
Read more at Reuters.com Business News
Clear Channel rejected the $39.20 a share proposal from Bain Capital Partners and Thomas H. Lee Partners on Thursday, saying in a statement that accepting the offer would delay the date of a special meeting by up to 90 days, with no certainty the transaction would be approved by shareholders.
Read more at Reuters.com Business News
France's Sarkozy Election Win Is `Bullish' for Euro, RBC's Trinh Predicts
(Bloomberg) -- Nicolas Sarkozy's French Presidential win will propel the euro to a record because his employment policies will aide growth in Europe's third-biggest economy, said Sue Trinh, currency strategist at RBC Capital Markets.
Sarkozy, who won an election yesterday against his Socialist opponent Segolene Royal, has pledged to cut taxes, ease firing procedures and reduce the number of civil servants. The euro rose to a record against the dollar in April and versus the yen this month as quickening economic growth across Europe prompted the European Central Bank to signal higher interest rates.
Read more at Bloomberg Currencies News
Sarkozy, who won an election yesterday against his Socialist opponent Segolene Royal, has pledged to cut taxes, ease firing procedures and reduce the number of civil servants. The euro rose to a record against the dollar in April and versus the yen this month as quickening economic growth across Europe prompted the European Central Bank to signal higher interest rates.
Read more at Bloomberg Currencies News
Buffett says Berkshire has halved hurricane risk
(Reuters) - Omaha, Nebraska-based Berkshire typically generates more than half of earnings from insurance-related operations.
The company suffered some $3 billion of losses in 2005 from Gulf Coast hurricanes, including Katrina. It benefited in 2006 from a lack of major storms, and as rivals pulled back from offering some policies. This allowed Berkshire to command higher prices because of a lack of competition.
Read more at Reuters.com Business News
The company suffered some $3 billion of losses in 2005 from Gulf Coast hurricanes, including Katrina. It benefited in 2006 from a lack of major storms, and as rivals pulled back from offering some policies. This allowed Berkshire to command higher prices because of a lack of competition.
Read more at Reuters.com Business News
Indonesian Rupiah Rises to One-Year High on Inflows: World's Biggest Mover
(Bloomberg) -- Indonesia's rupiah climbed to the strongest in almost a year, the biggest fluctuation of any currency today, as stocks rose to a record and as the central bank may cut interest rates tomorrow to boost growth.
The rupiah had its biggest gain since July 2006 as investors based overseas put more money into the nation's assets on optimism growth will accelerate. The rupiah also appreciated after a U.S. government report on May 4 showed employers added the fewest jobs in more than two years.
Read more at Bloomberg Currencies News
The rupiah had its biggest gain since July 2006 as investors based overseas put more money into the nation's assets on optimism growth will accelerate. The rupiah also appreciated after a U.S. government report on May 4 showed employers added the fewest jobs in more than two years.
Read more at Bloomberg Currencies News
New Zealand Dollar Gains on Speculation Unemployment Rate Won't Increase
(Bloomberg) -- New Zealand's dollar rose on speculation a report in two days will show unemployment didn't increase, backing the case for interest rates to climb this year.
The jobless rate was 3.8 percent in the first quarter, according to a Bloomberg survey of 12 economists. Central bank Governor Alan Bollard has increased rates twice in the past two months in a bid to subdue consumer demand. The prospect for higher borrowing costs has helped the local dollar, known as the kiwi, gain 15 percent in the past 12 months.
Read more at Bloomberg Currencies News
The jobless rate was 3.8 percent in the first quarter, according to a Bloomberg survey of 12 economists. Central bank Governor Alan Bollard has increased rates twice in the past two months in a bid to subdue consumer demand. The prospect for higher borrowing costs has helped the local dollar, known as the kiwi, gain 15 percent in the past 12 months.
Read more at Bloomberg Currencies News
Metals Bubble Poised to Burst; Copper, Lead, Nickel Supplies Exceed Demand
(Bloomberg) -- Copper, nickel and lead, the best performing commodities in the past four months, may be the worst by year-end.
On Wall Street, the chorus is getting louder that rising metal supplies are outpacing demand. From Goldman Sachs Group Inc. to JPMorgan Chase & Co. to Societe Generale, there are warnings of a mania that is showing all the signs of a climax.
Read more at Bloomberg Emerging Markets News
On Wall Street, the chorus is getting louder that rising metal supplies are outpacing demand. From Goldman Sachs Group Inc. to JPMorgan Chase & Co. to Societe Generale, there are warnings of a mania that is showing all the signs of a climax.
Read more at Bloomberg Emerging Markets News
Platinum Futures Jump to Record High in Tokyo as Dollar Trades Near High
(Bloomberg) -- Platinum for April 2008 delivery gained by the daily limit in Tokyo, rising to a record for the most- traded contract for the metal, as the dollar held near a five- week high.
The dollar strengthened to as much as 120.47 yen on May 3, its highest since Feb. 27, and traded at 120.08 as of 9:52 a.m. in Tokyo. An appreciating U.S. currency increases the value of yen-denominated contracts for commodities such as platinum, which trades globally in dollars.
Read more at Bloomberg Commodities News
The dollar strengthened to as much as 120.47 yen on May 3, its highest since Feb. 27, and traded at 120.08 as of 9:52 a.m. in Tokyo. An appreciating U.S. currency increases the value of yen-denominated contracts for commodities such as platinum, which trades globally in dollars.
Read more at Bloomberg Commodities News
Asian Stocks Jump to a Record on U.S. Rate Cut Speculation; Samsung Climbs
(Bloomberg) -- Asian stocks climbed to a record, led by Canon Inc. and Samsung Electronics Co., on speculation slowing U.S. jobs growth and wage increases will prompt the Federal Reserve to cut borrowing costs in the region's biggest export market.
``Investors switched to the view that a rate cut may happen sooner than they anticipated and that boosted shares,'' said Kenji Tomida, who oversees $16 billion as chief fund manager at T&D Asset Management Co. in Tokyo. ``The data increased expectations that the U.S. economy will expand with inflation under control.''
Read more at Bloomberg Stocks News
``Investors switched to the view that a rate cut may happen sooner than they anticipated and that boosted shares,'' said Kenji Tomida, who oversees $16 billion as chief fund manager at T&D Asset Management Co. in Tokyo. ``The data increased expectations that the U.S. economy will expand with inflation under control.''
Read more at Bloomberg Stocks News
S&P 500 Record Stoked by American Companies' Growing China, German Sales
(Bloomberg) -- When the stock market's benchmark for Corporate America rallies to a record, investors can attribute the bull market to its growing dependence on the Chinese.
Companies in the Standard & Poor's 500 Index get 49 percent of their sales from outside the U.S., up from 30 percent in 2001, according to S&P, whose index includes the biggest corporations. The balance may tip this year as global growth outpaces the U.S. The world economy will expand 4.2 percent in 2007, twice the U.S. pace, according to Goldman Sachs Group Inc.
Read more at Bloomberg Exclusive News
Companies in the Standard & Poor's 500 Index get 49 percent of their sales from outside the U.S., up from 30 percent in 2001, according to S&P, whose index includes the biggest corporations. The balance may tip this year as global growth outpaces the U.S. The world economy will expand 4.2 percent in 2007, twice the U.S. pace, according to Goldman Sachs Group Inc.
Read more at Bloomberg Exclusive News
Japan Government Bonds Fall as Stock Rally Saps Debt Demand Before Auction
(Bloomberg) -- Japanese bonds dropped on concern a rally in stocks will cut demand for debt before an auction of 10- year government securities tomorrow.
The yield on the benchmark 10-year bond rose 2 basis points to 1.645 percent as of 9:28 a.m. in Tokyo.
Read more at Bloomberg Bonds News
The yield on the benchmark 10-year bond rose 2 basis points to 1.645 percent as of 9:28 a.m. in Tokyo.
Read more at Bloomberg Bonds News
Japan's 10-Year Bonds Little Changed; Report Shows Slower U.S. Job Growth
(Bloomberg) -- Japan's bonds were little changed after a U.S. report signaled job-market weakness is spreading beyond housing and manufacturing in the world's largest economy.
Ten-year yields, which last week reached the lowest since March, may drop after the data on May 4 fueled speculation the Federal Reserve will cut interest rates as inflation moderates in Japan's biggest export market. Japan's economic growth may have cooled from the fastest expansion in three years, according to a Bloomberg News survey before the data next week.
Read more at Bloomberg Bonds News
Ten-year yields, which last week reached the lowest since March, may drop after the data on May 4 fueled speculation the Federal Reserve will cut interest rates as inflation moderates in Japan's biggest export market. Japan's economic growth may have cooled from the fastest expansion in three years, according to a Bloomberg News survey before the data next week.
Read more at Bloomberg Bonds News
Babcock & Brown Says Alinta Has Received Alternative Takeover Proposal
(Bloomberg) -- Babcock & Brown Ltd., Australia's second-biggest investment bank, said it has been advised by Alinta Ltd. that Alinta has received an alternative takeover proposal to that made by Babcock and Singapore Power Ltd.
Alinta directors advised Babcock and Singapore Power that they have a duty to consider the proposal and expect to make an announcement ``in due course,'' Babcock said today in a statement to the Australian Stock Exchange.
Read more at Bloomberg Energy News
Alinta directors advised Babcock and Singapore Power that they have a duty to consider the proposal and expect to make an announcement ``in due course,'' Babcock said today in a statement to the Australian Stock Exchange.
Read more at Bloomberg Energy News
Japan Govrenment Bonds May Gain After U.S. Report Shows Slowing Job Growth
(Bloomberg) -- Japan's government bonds may rise after a report showed job creation in the U.S. fell to a more than two- year low, fueling speculation global inflation will moderate.
Ten-year bond yields, which last week reached the lowest since March, may drop after the U.S. Labor Department data on May 4 signaled job-market weakness is spreading beyond housing and manufacturing in Japan's largest export market. Japan's economic growth may have cooled in the first quarter from the fastest expansion in three years, according to a Bloomberg News survey before the government data due next week.
Read more at Bloomberg Bonds News
Ten-year bond yields, which last week reached the lowest since March, may drop after the U.S. Labor Department data on May 4 signaled job-market weakness is spreading beyond housing and manufacturing in Japan's largest export market. Japan's economic growth may have cooled in the first quarter from the fastest expansion in three years, according to a Bloomberg News survey before the government data due next week.
Read more at Bloomberg Bonds News
Japanese Stocks May Advance, Led by Canon, on U.S. Rate Cut Expectations
(Bloomberg) -- Japanese stocks may advance, led by exporters including Canon Inc., on speculation that slowing U.S. jobs growth and wage increases will prompt the Federal Reserve to cut borrowing costs in Japan's biggest overseas market.
U.S. stocks climbed for a fifth straight week, the longest advance since October.
Read more at Bloomberg Stocks News
U.S. stocks climbed for a fifth straight week, the longest advance since October.
Read more at Bloomberg Stocks News
Japanese Yen, Taiwan Dollar, Indonesian Rupiah: Asian Currency Preview
(Bloomberg) -- The following events and economic reports may influence trading in Asian currencies today.
Exchange rates are from the previous session.
Read more at Bloomberg Currencies News
Exchange rates are from the previous session.
Read more at Bloomberg Currencies News
BHP, Qantas, Rinker, Rio, Woodside Petroleum: Australian Equity Preview
(Bloomberg) -- The following is a list of companies whose shares may rise or fall in Australia. This preview includes news announced after markets closed on Friday. Prices are from Friday's close unless otherwise stated. Stock symbols are in brackets after the company names.
The S&P/ASX 200 Index futures contract due in June rose 0.3 percent to 6336 at 6:59 a.m. in Sydney. The Bank of New York Australia ADR Index added 1 percent in New York.
Read more at Bloomberg Stocks News
The S&P/ASX 200 Index futures contract due in June rose 0.3 percent to 6336 at 6:59 a.m. in Sydney. The Bank of New York Australia ADR Index added 1 percent in New York.
Read more at Bloomberg Stocks News
Major Dow Jones shareholder opposes News Corp. bid
(Reuters) - Ottaway's statement, published on The Wall Street Journal's Web site on Sunday, said the sale to News Corp. and its chief executive, Rupert Murdoch, would damage Dow Jones' reputation for accurate, fair, objective and reliable business news reporting.
"Murdoch promises editorial independence and no interference in news judgments if he were owner of Dow Jones," Ottaway wrote. "He has made these easy promises of an eager buyer in the past, but not always kept them."
Read more at Reuters.com Mergers News
"Murdoch promises editorial independence and no interference in news judgments if he were owner of Dow Jones," Ottaway wrote. "He has made these easy promises of an eager buyer in the past, but not always kept them."
Read more at Reuters.com Mergers News
Bernanke Five-Year Note Proves Unbeatable Among Treasury Bond Investors
(Bloomberg) -- When Ben S. Bernanke talks, investors listen and that's made five-year Treasury notes the best bet in the government bond market.
Not only have the securities posted the biggest gains in six years, they've also returned more than longer- and shorter- term Treasuries for the first time since 2003, according to indexes compiled by Merrill Lynch & Co. The performance shows a growing conviction that rising consumer prices will keep the central bank from reducing interest rates this year.
Read more at Bloomberg Bonds News
Not only have the securities posted the biggest gains in six years, they've also returned more than longer- and shorter- term Treasuries for the first time since 2003, according to indexes compiled by Merrill Lynch & Co. The performance shows a growing conviction that rising consumer prices will keep the central bank from reducing interest rates this year.
Read more at Bloomberg Bonds News
Emerging debt to zig-zag, eyes U.S. Fed, data
(Reuters) - "The market looks overextended, exhausted, and we are still slowly grinding lower, and that is not going change very much. I don't think that the pending data or the Fed can really make an impact to renew a rally-type sentiment," said Enrique Alvarez, head of Latin America debt strategy at IDEAglobal.
Investors will eye the Fed's meeting next Wednesday for clues on the direction of future interest rates and inflation risks.
Read more at Reuters.com Business News
Investors will eye the Fed's meeting next Wednesday for clues on the direction of future interest rates and inflation risks.
Read more at Reuters.com Business News
Fed to hold rates steady, cite inflation worries
(Reuters) - The central bank has held benchmark overnight borrowing costs steady at 5.25 percent for six consecutive meetings stretching back to August. It will announce its decision on rates around 2:15 p.m. EDT on Wednesday.
The statement from the rate-setting Federal Open Market Committee after its last meeting on March 20-21 was notable for dropping the bank's explicit bias toward higher rates, a move seen by some as a baby step toward a cut later in 2007.
Read more at Reuters.com Business News
The statement from the rate-setting Federal Open Market Committee after its last meeting on March 20-21 was notable for dropping the bank's explicit bias toward higher rates, a move seen by some as a baby step toward a cut later in 2007.
Read more at Reuters.com Business News
World economy extremly favourable - Chile cen bank
(Reuters) - In countries such as India and China and also in Europe, solid growth is also putting upward pressure on inflation, he said.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
ADB should focus on core mission to help poor-U.S
(Reuters) - It is aiming to finish a review on how to prioritize its work to better serve its 67 member countries, ranging from struggling Bangladesh and Pakistan to booming China and India, as well as its largest donors Japan and the United States.
"The most basic mission was and is to leverage the resources of the international community for countries that lack access to affordable private capital to help create jobs, economic growth and higher living standard for some of the world's most desperate poor," said Kenneth Peel, U.S. deputy assistant treasury secretary.
Read more at Reuters.com Business News
"The most basic mission was and is to leverage the resources of the international community for countries that lack access to affordable private capital to help create jobs, economic growth and higher living standard for some of the world's most desperate poor," said Kenneth Peel, U.S. deputy assistant treasury secretary.
Read more at Reuters.com Business News
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