Gold near 1-month high, Tokyo futures dip

(Reuters) - Gold gained on a weak U.S. dollar on Wednesday and held near its highest level in a month hit the previous day, while Tokyo futures dipped on a firmer yen, which reduces the appeal of yen-based contracts.

Spot gold rose to $663.60/664.40 an ounce from $662.85/663.45 late in New York on Tuesday, when it rose as high as $664.80 an ounce on speculative buying ignited by the dollar's fall to a record low against the euro.


Read more at Reuters Africa

China shares down as IPOs fuel supply worries

(Reuters) - Bank of Nanjing and Bank of Ningbo announced price ranges on Wednesday for their initial public equity offers, set to raise a combined total of up to 11.07 billion yuan .




Bank of Ningbo's debut would be the first major IPO listing on the Shenzhen bourse since the early 2000s.


Read more at Reuters.com Hot Stocks News

RTL, Liberty Reject Efforts by Copyright Agencies to Settle Dispute in EU

(Bloomberg) -- RTL Group SA, Deutsche Telekom AG,
Liberty Global Inc. and two dozen competitors asked European
Union regulators to reject an offer by national royalty-
collection agencies to settle an antitrust case.

The agencies, which collect performance and broadcast fees
on behalf of artists and composers, offered to drop some
restrictions on the licenses they sell to address EU concerns
they break competition rules. RTL, Europe's biggest broadcaster
and a unit of Germany's Bertelsmann AG, has complained that the
proposal is inadequate because key rights remain in the hands of
the 27 separate national groups.


Read more at Bloomberg Currencies News

Hong Kong's Stocks Fall for First Time in Seven Days; China Mobile Slides

(Bloomberg) -- Hong Kong's stocks fell for the
first time in seven days as investors judged excessive a rally
that drove the Hang Seng Index to a record. China Mobile Ltd.
led the drop.

Shares also declined as profit warnings from U.S. retailers
heightened concern a weak housing market is hurting consumer
spending. Yue Yuen Industrial (Holdings) Ltd. slipped.


Read more at Bloomberg Stocks News

Adidas, Bulgari, Ericsson and Royal Dutch Shell: European Equity Preview

(Bloomberg) -- The following stocks may rise or
fall in European markets. Prices are from the last close.

The Dow Jones Stoxx 600 dropped 1.1 percent to 394.02. The
Dow Jones Stoxx 50 Index declined 1.3 percent to 3943.86. The
Euro Stoxx 50 Index, a benchmark for the 13 nations using the
euro, fell 1.2 percent to 4474.15.


Read more at Bloomberg Stocks News

Jet Airways, Deccan Shares May Soar on `Oligopoly' Boosts India Air Fares

(Bloomberg) -- Mergers and buyouts are ending
India's cutthroat airline competition, and with it the 2-cent
ticket wars that lost the industry $500 million last year.

The carriers say rising fares will boost profits in an
aviation market set to be the world's fastest-growing through
2025, after Jet Airways (India) Ltd., the biggest domestic
airline, bought a rival and a competitor acquired a stake in
Deccan Aviation Ltd., the second-largest.


Read more at Bloomberg Stocks News

Economists Split Over Probable Outcome of Bank of Korea Meeting Tomorrow

(Bloomberg) -- Economists are divided over whether
South Korea's central bank will raise its benchmark interest
rate for the first time in a year, as accelerating loan growth
threatens to spur inflation.

Bank of Korea will lift the overnight call rate target by a
quarter point to a six-year high of 4.75 percent, according to
eight of 15 economists surveyed by Bloomberg News. Seven expect
no change. The central bank's monetary board meets tomorrow at 9
a.m. in Seoul and announces a decision before 11 a.m.


Read more at Bloomberg Emerging Markets News

Japan Company Bond Risk Is Highest Since April, Credit-Default Swaps Show

(Bloomberg) -- The risk of owning Japanese
corporate bonds rose to the highest since April, according to
traders of credit-default swaps.

Contracts based on 1 billion yen ($8.2 million) of debt
included in the iTraxx Japan Series 7 index of 50 investment-
grade Japanese companies rose to 2.16 million yen today from
2.08 million yen yesterday, according to data compiled by
Bloomberg.


Read more at Bloomberg Bonds News

Australian Dollar Drops Most in Two Weeks Against Yen as Carry Trades Cut

(Bloomberg) -- The Australian dollar dropped the
most in two weeks against the yen as a drop in U.S. stocks
prompted investors to pare investments funded by loans in the
Japanese currency.

The local dollar declined for a second day after the
Standard & Poor's 500 Index fell the most in a month on concern
mortgage defaults will worsen a U.S. housing slowdown. Japan's
0.5 percent overnight lending rate has prompted investors to
borrow yen to take advantage of Australia's 6.25 percent interest
rate. The so-called carry trade has helped the currency gain 11
percent versus the yen this year.


Read more at Bloomberg Currencies News

JGB 10-year futures surge on Treasury rally

(Reuters) - U.S. Treasuries rallied on Tuesday as worries about subprime
mortgage debt and the deteriorating housing market hurt stocks
and prompted investors to buy safer U.S. government bonds.




Read more at Reuters.com Bonds News

Exxon, OMV to Lead Exploration Efforts in New Zealand's Great South Basin

(Bloomberg) -- Exxon Mobil Corp., the world's
biggest oil company, and OMV AG, have been cleared to lead two
major exploration efforts off the southern coast of New Zealand.

Exxon is working with Todd Energy Ltd., the biggest New
Zealand-based oil company, Associate Energy Minister Harry
Duynhoven said today. OMV is leading a group including PTTEP
Exploration & Production Pcl and Mitsui & Co, he told journalists
at a press conference in Invercargill.


Read more at Bloomberg Energy News

UPDATE 2-US banks, brokers shares fall on subprime woes

(Reuters) - NEW YORK, July 10 - The shares of U.S. commercial
and investment banks fell on Tuesday after two bond rating
agencies started to downgrade billions of dollars of securities
backed by subprime bonds, triggering concerns that bond sales
and lending businesses could slow.




Declines were led by banks perceived to have high exposure
to mortgages and other fixed income businesses, including
Lehman Brothers Holdings Inc. , which fell 5 percent,
and Bear Stearns Cos. , which fell as much as 4.1
percent.


Read more at Reuters.com Bonds News

Argentina stocks close at record high, bonds slip

(Reuters) - The MerVal index of 21 leading inched up 0.19
percent to end at 2,253.30 points, after reaching an intraday
high of 2,267.17 points.




"The recent snowfall in Buenos Aires touched off more
investor speculation that tariffs could be changed
to avoid any serious problem in energy supplies," said Claudio
Szlaien, an analyst with Marlon Recursos Financieros.


Read more at Reuters.com Bonds News

CORRECTED-U.S. atty in NY indicts 26 for mortgage fraud

(Reuters) - The superseding indictment added more than two dozen new
counts to the original indictment. Some of the defendants were
charged with obtaining millions of dollars in loans, partly to
pay for 10 rent-regulated condominium apartments at 243 West
98th Street on Manhattan's Upper West Side, Michael Garcia, the
U.S. attorney general for the Southern District of New York,
said in a statement.




Read more at Reuters.com Bonds News

Compuware 1st-qtr revs 'disappoint'; shares drop

(Reuters) - Compuware, a business software developer, expects fiscal 2008 first-quarter total revenue of about $278 million. Earnings per share would be nil.



Analysts, on average, expected a net profit of 12 cents for the quarter on revenues of $301.6 million, according to Reuters Estimates.


Read more at Reuters.com Market News

ABC-Wash Post Consumer Comfort Index down to -9

(Reuters) - The measure ranges from -100 to +100. Its 2007 average is
-6.




Two of the three components of the survey were unchanged as
Americans' positive views on the national economy and the
buying climate held at 40 percent and 39 percent respectively.


Read more at Reuters.com Economic News

UPDATE 1-US's Paulson-new IMF chief should push reform

(Reuters) - BELO HORIZONTE, Brazil, July 10 - U.S. Treasury
Secretary Henry Paulson on Tuesday steered clear of endorsing
any particular candidate to take over the International
Monetary Fund but said it should be someone who keeps the drive
to reform it going.




The U.S. Treasury chief, in Brazil at the beginning of a
three-nation tour of Latin America, was asked by reporters
whether he was familiar with the candidacy of former French
Finance Minister Dominique Strauss-Kahn who has backing from
some European Union countries.


Read more at Reuters.com Bonds News

Crude Oil Climbs on Signs Gasoline Output to Drop Amid Refinery Mishaps

(Bloomberg) -- Crude oil rose, pulled higher by
gasoline on speculation that U.S. output of the fuel will slow
because of unexpected refinery shutdowns.

BP Plc closed the largest of three crude units at its
refinery in Whiting, Indiana, a person familiar with the plant
said yesterday. The refinery, the biggest in the Midwest,
supplies consumers in the Chicago area. Refineries in Texas and
Kansas shut units last week. The crude-oil market often follows
gasoline during the summer months, when motor-fuel demand peaks.


Read more at Bloomberg Commodities News

DepoMed, Lehman, Live Nation, Level 3, Natco, NovaStar: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 2:45 p.m. New York time.

Shares of some U.S. securities firms and home-loan companies
declined after Standard and Poor's said it may cut ratings on $12
billion of bonds backed by subprime mortgages.


Read more at Bloomberg Stocks News

Michael Dell says long way to go for turnaround

(Reuters) - "We are making steady progress, but there is a lot to be done," he told reporters at a company event in New York.




In May, Dell said it planned to cut about 10 percent of its work force, which would translate into about 8,800 of its 82,800 permanent employees and 5,300 temporary staff. The cuts are expected to take place over the next year.


Read more at Reuters.com Business News

GLOBAL MARKETS-Housing worries hurt shares, dollar falls

(Reuters) - NEW YORK, July 10 - U.S. stocks fell on Tuesday
on a spate of profit warnings and as trouble in the subprime
mortgage market fueled a sell-off in shares of financial
companies and raised investors' aversion to risk, driving up
Treasury prices.




Standard & Poor's on Tuesday said it may cut its ratings on
$12 billion of subprime-related debt on expectations of an 8
percent drop in U.S. home prices and more defaults on home
loans.


Read more at Reuters.com Bonds News

Canada Stocks Gain for Fourth Day on Oil; Suncor, Bank of Nova Scotia Rise

(Bloomberg) -- Canadian stocks advanced for a fourth
straight day, after the Bank of Canada increased borrowing costs
for the first time in more than a year, as oil and gold prices
rose. Suncor Energy Inc. and Bank of Nova Scotia paced gains.

Central bank policy makers raised the overnight lending rate
by one quarter point to 4.5 percent, a six-year high, saying
``modest'' further tightening may be needed to curb inflation. The
bank also increased its forecast for economic growth this year to
2.5 percent from an April forecast of 2.2 percent.


Read more at Bloomberg Stocks News

UPDATE 1-S&P-13.5 pct of US hybrid CDOs exposed to subprime

(Reuters) - NEW YORK, July 10 - Standard & Poor's said on Tuesday
13.5 percent of U.S. cash flow and hybrid collateralized debt
obligations it rates are exposed to subprime loan deterioration.




The rating company said 218 U.S. cash flow and hybrid CDOs
have exposure to poor-performing subprime loans. European and
Asian CDOs have little exposure, S&P analyst Patrice Jordan
said on a conference call on Tuesday.


Read more at Reuters.com Bonds News

NYSE Euronext June volume rises

(Reuters) - NYSE Group exchanges, which include the New York Stock
Exchange and electronic trading platform NYSE Arca, reported
2.9 billion shares handled per day, up 9 percent year to date.




Trading volume reached an all-time high on June 22, the day
of the Blackstone Group IPO, with nearly 5.2 billion
shares traded, NYSE Euronext said in a statement.


Read more at Reuters.com Mergers News

Chinese-funded car plant to open in Angola - report

(Reuters) - Angola plans to begin producing cars later this year through a venture funded by a Chinese firm and based on technology from Japan's Nissan Motor Co., a state-run newspaper reported on Tuesday.

CSG Automovel-Angola, established with money from Hong Kong's China International Fund (CIF), will begin producing pick-ups, SUVs, compact cars and other vehicles in October at a factory on the outskirts of Luanda, the Jornal de Angola said.


Read more at Reuters Africa

Sears sees quarterly profit decline, shares down

(Reuters) - Sales at Kmart stores open at least one year fell 3.9 percent in the first nine weeks of the 13-week second quarter, with declines across most categories at the discount chain.




Same-store sales fell 4 percent at U.S. Sears stores, with declines across most categories, although demand for women's apparel and footwear improved.


Read more at Reuters.com Hot Stocks News

European Bonds Advance by Most in Year on U.S. Subprime Mortgage Concerns

(Bloomberg) -- European government debt gained by
the most in more than a year after Standard & Poor's said it may
cut credit ratings on $12 billion of bonds backed by subprime
mortgages, attracting investors to the safest assets.

Benchmark bunds earlier rose as investors bet yields near a
five-year high would lure buyers and on signs of slowing growth
in Germany and France, the region's two largest economies.
Ratings of 612 classes of residential mortgage-backed securities
were placed on CreditWatch with negative implications, New York-
based S&P said today.


Read more at Bloomberg Bonds News

Noven to buy JDS Pharma, sees big charge

(Reuters) - It also said it would assume $10 million in net JDS liabilities.




Noven said it sees an annual sales opportunity from JDS products -- which include drugs for bipolar disorder, depression and panic disorder -- of more than $500 million starting in 2012, assuming development and regulatory approval on current schedules.


Read more at Reuters.com Bonds News

Kumba says H1 earnings to be up to 1.6 bln rand

(Reuters) - South Africa's iron ore group Kumba sees headline earnings and basic earnings for the six months to end-June to be between 1.560 billion rand and 1.590 billion rand, it said on Tuesday.

On a comparative basis, the headline earnings for the six months ended June 30, 2006, should have been 1.145 billion rand and the basic earnings 1.143 billion rand.


Read more at Reuters Africa

Copper Falls, Halting Eight-Session Rally, on Decline in Chinese Imports

(Bloomberg) -- Copper fell in New York, halting an
eight-session rally, after a report showed imports fell in China,
the world's largest consumer of the metal.

Chinese copper and copper-product imports fell to 212,471
metric tons in June from 220,561 tons estimated for May, the
Beijing-based customs office said today. The country's imports
have been falling month-on-month since March as local stockpiles
built up and prices gained. Still, imports in the first six
months in 2007 were up 52 percent from a year ago.


Read more at Bloomberg Commodities News

Angola forcibly deports thousands of Congo miners

(Reuters) - Nearly 30,000 people have streamed across the border into southwest Democratic Republic of Congo after Angola began deporting illegal Congolese workers from its mining zones, officials and U.N. radio said on Tuesday.

The acting governor of Congo's Western Kasai province, Hubert Mbingho, said on Tuesday around 13,000 people have arrived there since the forced expulsions began at the weekend.


Read more at Reuters Africa

S&P may cut $12 bln worth of subprime-related debt

(Reuters) - "This could be important," said Lou Brien, a strategist with DRW Trading Group in Chicago. "Keep an eye out for the other rating agencies to follow suit."




The benchmark ABX 07-1 BBB-minus index dropped more than 5 points to 49 points, a record low, after S&P's rating action.


Read more at Reuters.com Business News

U.S. Stock-Index Futures Fall; D.R. Horton, Sears Holdings Shares Decline

(Bloomberg) -- U.S. stock-index futures retreated
on concern the housing slump will hurt earnings after D.R.
Horton Inc. said it will report a loss and Sears Holdings Corp.
forecast its profit will fall.

D.R. Horton, the second-largest U.S. homebuilder, slid
after saying it sees no sign of a housing rebound. Sears, the
biggest U.S. department-store company, plunged after it said
earnings will trail analysts' estimates. Home Depot Inc., the
world's largest home-improvement retailer, cut its full-year
forecast.


Read more at Bloomberg Stocks News

Pakistan's Rating Outlook Lowered to `Stable' by S&P on Security Concerns

(Bloomberg) -- Pakistan's credit rating outlook was
cut by Standard & Poor's to ``stable'' from ``positive'' on
concern security is worsening in the South Asian nation.

``The outlook revision reflects growing concerns over the
country's deteriorating security environment and the risk of
fiscal slippages,'' S&P said in an e-mailed statement today.
``Pakistan's political and security situation has deteriorated
markedly in recent months.''


Read more at Bloomberg Bonds News

Dollar slips as Bernanke, BoC eyed; yen stems fall

(Reuters) - The dollar fell to a 2-1/2 month low versus the euro on Tuesday, closing in on April's record troughs in technically-driven trade before a speech by U.S. Federal Reserve Chairman Ben Bernanke and the Bank of Canada's interest rate decision later in the day.

The low-yielding yen halted its slide against major currencies, while the New Zealand dollar fell as investors pared back bets on expectations of divergent interest rates.


Read more at Reuters Africa

BMW says mainland China vehicle sales 38 pct

(Reuters) - Sales of BMW brands rose 36 percent to 22,891 units, with Minis up 131 percent at 776 units.




In the Greater China area, including Macau, Taiwan and Hong Kong, BMW moved 28,327 vehicles in the period, up 31 percent, it added.


Read more at Reuters.com Business News

Hedge Funds Short Sell S&P 500 Futures at `Crowded Levels,' Merrill Says

(Bloomberg) -- Hedge funds are short-selling
Standard & Poor's 500 Index futures by the most in three years, a
Merrill Lynch & Co. analyst said, and recommended investors buy
the securities before the funds have to settle their obligations.

``Large speculators'' had the biggest short-interest
position on the contracts in the week through July 3 since mid-
2004, Mary Ann Bartels, Merrill's chief market analyst, wrote in
a report to clients today. The bets, which speculate that the
index is going to fall, require about $45 billion to buy back
the securities for reimbursement, she estimated.


Read more at Bloomberg Stocks News

UPDATE 1-Corus third-quarter profit rises on strong ad sales

(Reuters) - Corus, which also owns the Nelvana animation house, said it
earned C$29.6 million , or 68 Canadian cents per
share, in the three months ended May 31. That was up from a
profit of C$23.2 million, or 54 Canadian cents per share, in
the same period a year earlier.




Revenue was C$197.6 million, up 9 percent from C$181.6
million for the same time last year.


Read more at Reuters.com Market News

Cocoa Drops in London for 2nd Day as West African Rainfall May Boost Crop

(Bloomberg) -- Cocoa declined for a second straight
day in London on speculation rainfall in West Africa, where 70
percent of the beans are grown, will boost global supply.

There may be thunderstorms today and tomorrow in Ivory
Coast and Ghana, the world's biggest producers of the chocolate
ingredient, U.S. weather forecaster Meteorlogix LLC said in a
report yesterday. Both countries had heavy rainfall and
thunderstorms over the weekend. Cocoa has surged 20 percent this
year partly on concern drier-than-normal weather in the region
may hurt crops.


Read more at Bloomberg Commodities News

Pepsi Bottling profit rises on price increases

(Reuters) - The largest bottler of PepsiCo Inc. beverages said net income increased to $162 million, or 70 cents per share, in the second quarter ended on June 16 from $148 million, or 61 cents per share, a year earlier.



Analysts on average were expecting 63 cents per share from the company, which operates in North America, Russia, Spain, Turkey and Greece.


Read more at Reuters.com Market News

China's Yuan Has Biggest Gain, Highest Close Since End of Dollar Link 2005

(Bloomberg) -- China's yuan rose the most since the
end of a dollar link in July 2005 after Asian currencies that
the central bank uses to monitor its exchange rate gained. Bonds
fell.

The currency ended a four-day decline as a government
report showed the nation's trade surplus almost doubled from a
year ago to a record $26.9 billion in June. The People's Bank of
China wants a stronger currency to curb exports because the
influx of foreign exchange has helped fuel the fastest pace of
inflation in more than two years.


Read more at Bloomberg Currencies News

Gold Price in Asia Little Changed As Crude Oil Fall Curbs Metal's Appeal

(Bloomberg) -- Gold was little changed in Asia as a
decline in crude oil prices limited the appeal of the precious
metal as a hedge against inflation. Silver gained.

Gold and crude oil normally move in tandem as some investors
buy the precious metal when energy costs rise to guard against
inflation. Oil futures fell from a 10-month high yesterday on
signs demand will drop as U.S. refineries shut units and as the
end of the peak season for gasoline approaches. Oil declined as
much as 0.3 percent today to $71.95 a barrel.


Read more at Bloomberg Commodities News

European Stocks Fall; Berkeley, Homebuilders Drop on Home Depot Forecast

(Bloomberg) -- European stocks dropped for the first
time in three days after Home Depot Inc., the world's largest
home-improvement retailer, cut its profit forecast.

Berkeley Group Holdings Plc and Taylor Wimpey Plc led a
decline by homebuilders.


Read more at Bloomberg Stocks News

Carbon Emission Permits for 2008 Rebound as German Power Prices Advance

(Bloomberg) -- European Union carbon dioxide
permits rebounded as German power for next year advanced.

Emission permits for delivery in December 2008 rose 13
cents, or 0.6 percent, to 21.25 euros ($28.98) a metric ton,
according to prices from the European Climate Exchange in
Amsterdam at 10:18 a.m. local time. They earlier traded as low
as 20.80 euros a ton.


Read more at Bloomberg Energy News

UPDATE 1-Turkish Dogan TV in deal with Time Warner

(Reuters) - Its stock rose 2.6 percent to 5.85 lira, outperforming a
flat Istanbul market , after a trading suspension was
lifted following the news.




Dogan Yayin said in a statement to the stock market Dogan
TV, 25 percent of which was sold to German publisher Axel
Springer last year, had reached a deal with Time
Warner Inc., but gave no details.


Read more at Reuters.com Mergers News

U.K. Natural Gas Prices Decline Amid Lower Demand, Adequate Fuel Supply

(Bloomberg) -- U.K. natural gas fell on forecasts
demand would decline today, after supplies met requirements
yesterday.

Gas for delivery a day ahead fell 4.8 percent to 30 pence a
therm, according to prices on Bloomberg from broker ICAP Plc.
That's equivalent to $6.04 a million British thermal units. A therm
is 100,000 Btus.


Read more at Bloomberg Energy News

French CAC Benchmark Rises, Paced by Air Liquide Shares; Danone Slides

(Bloomberg) -- French stocks advanced, paced by Air
Liquide SA and Electricite de France SA. Groupe Danone SA shares
dropped.

The benchmark CAC 40 added 14.21, or 0.2 percent, to
6118.87 at 9:26 a.m. The SBF120 index also gained 0.2 percent.


Read more at Bloomberg Stocks News

European Stocks Rise, Led by Marks & Spencer; Danone Falls on Numico Bid

(Bloomberg) -- European stocks advanced for a third
day, led by Marks & Spencer Group Plc after the U.K.'s biggest
clothing retailer reported first-quarter British sales that
topped analysts' estimates.

Groupe Danone SA paced declining shares after offering to buy
Royal Numico NV of the Netherlands for 12.3 billion euros ($16.8
billion).


Read more at Bloomberg Stocks News