Yen May Rise Against Euro as Wage Growth Boosts Outlook for Higher Rates

(Bloomberg) -- The yen may strengthen versus the
euro on expectations a government report will show Japanese
wages rose for the first time in five months, giving the Bank of
Japan more evidence to raise borrowing costs.

``Any data suggested higher earnings or rising prices will
support the yen as we're getting close the July policy
meeting,'' said Mark Meadows, strategist at currency-trading
company Tempus Consulting Inc. in Washington. ``There's a risk
for a significant reversal of the yen to a stronger level as
people pared down their risk appetite.''


Read more at Bloomberg Currencies News

May auto sales seen down slightly

(Reuters) - "While in previous months, demand had proven more resilient than many forecasted, May is shaping up weaker for automotive sales in the U.S., according to our channel checks," Lehman Brothers analyst Brian Johnson said in a research note.




"Lower consumer confidence, associated in part with the slowdown in the housing market ... seems to be taking now more of a toll on light vehicle sales," Johnson said.


Read more at Reuters.com Business News

A&P says in talks for sale of Sav-A-Center stores

(Reuters) - William Blair & Company LLC has been hired as financial
adviser in connection with this sale, it said.





Read more at Reuters.com Mergers News

UPDATE 1-TiVo posts quarterly profit

(Reuters) - TiVo, whose digital video recording service faces growing
competition from set-top boxes made by cable and satellite TV
providers, reported a fiscal first-quarter profit of $835,000
or 1 cent a share, from a loss of $10.7 million, or 13 cents a
share, one year ago.




Analysts had expected a loss of 2 cents a share, according
to Reuters Estimates.


Read more at Reuters.com Market News

U.S. Stocks Rise as Energy Shares Surge; S&P 500 Index Closes at Record

(Bloomberg) -- U.S. stocks rose for a third day,
pushing the Standard & Poor's 500 Index to a record, after a
jump in oil prices lifted shares of energy producers.

The S&P 500 rose 12.12, or 0.8 percent, to 1530.23, above
its March 2000 record close of 1527.46. The Dow Jones Industrial
Average added 111.74, or 0.8 percent, to 13,633.08, its 25th
record this year. The Nasdaq Composite Index increased 20.53, or
0.8 percent, to 2592.59.


Read more at Bloomberg Stocks News

UPDATE 1-Mexico posts 35.7 bln peso fiscal surplus in April

(Reuters) - Budget income rose 9.4 percent compared with the same month
last year following a 12 percent increase in non-oil income.




Oil income from state monopoly Pemex rose 6 percent
year-on-year while net spending rose 15.1 percent.


Read more at Reuters.com Bonds News

Dollar up vs euro as Fed reiterates inflation risk

(Reuters) - The dollar's gains in May put it on track for its biggest monthly rise against a basket of currencies since at least February 2006, after declining steadily all year, as expectations for a cut in U.S. interest rates dimmed.




The implied chance of the Fed cutting rates by 25 basis points by 2008 is now less than 50 percent, down from earlier in the year when futures traders priced in at least two cuts.


Read more at Reuters.com Hot Stocks News

Exxon Shareholders Reject Global Warming Proposals, Retain Director Boskin

(Bloomberg) -- Exxon Mobil Corp. shareholders
rejected a resolution calling on the company to cut greenhouse
gases and voted to retain director Michael Boskin.

A proposal for Exxon Mobil to develop a plan to reduce
emissions from its refineries and the fuels it makes received 31
percent in balloting at the company's annual meeting in Dallas.
Initiatives to cap pay for top executives, including Chief
Executive Officer Rex Tillerson, at $500,000 a year and increase
investment in ethanol got less than 8 percent of votes.


Read more at Bloomberg Energy News

Commerce Bancorp Option Trading Jumps on Analyst's Outlook for Settlement

(Bloomberg) -- Trading in options to buy shares of
Commerce Bancorp Inc. surged to a record after an analyst said
the largest bank based in New Jersey may announce the settlement
of a regulatory inquiry in the next few days.

Commerce said in January that it was being investigated by
the U.S. Office of the Comptroller of the Currency, which was
looking into transactions between the bank and its officers,
directors and related parties.


Read more at Bloomberg Stocks News

Peruvian Stocks Slide Most in 12 Years on Copper: World's Biggest Mover

(Bloomberg) -- Peru's main stock index fell the most in
more than 12 years, led by miner Sociedad Minera Cerro Verde SA, as
the price of copper dropped on concern over Chinese demand.

The Lima General Index plunged 1587.44, or 7.9 percent, the
most since January 1995, to 18,479.33 at 12:08 p.m. New York time.
It was the biggest move among markets included in global
benchmarks.


Read more at Bloomberg Emerging Markets News

Cocoa Futures Fall for Fourth Day on Ivory Coast Rains, Ghana Supplies

(Bloomberg) -- Cocoa fell in New York for a fourth
day as rains in Ivory Coast, the world's biggest producer,
improved the crop outlook and farmers in Ghana began selling
beans from a harvest that began this month.

Rain may fall over the next five days, after soaking Ivory
Coast during the weekend, Meteorlogix LLC in Woburn,
Massachusetts said. That may help the so-called main crop, the
larger of two annual harvests that starts in October in West
Africa. The smaller mid-crop harvest has begun in both Ivory
Coast and Ghana.


Read more at Bloomberg Commodities News

U.S. Stocks Pare Losses; S&P 500 Advances, Led by Energy Producer Shares

(Bloomberg) -- U.S. stocks pared losses and the
Standard & Poor's 500 Index rose, led by shares of energy
producers.

The S&P 500 gained 0.05 to 1518.16 as of 11:39 a.m. in New
York. The Dow Jones Industrial Average lost 1.71 to 13,519.63
after earlier declining as much as 65 points. The Nasdaq
Composite Index retreated 3.47, or 0.1 percent, to 2568.59.


Read more at Bloomberg Stocks News

UPDATE 1-NiSource ends talks on Indiana assets sale

(Reuters) - The assets include its Northern Indiana Public Service Co.
electricity distribution, transmission and generation
operations, which serve about 450,000 customers and posted 2006
revenues of $1.3 billion.




"Although it was clear from very advanced stages of
discussions that the overall financial value to NiSource from a
potential transaction could fall within an acceptable range,
NiSource concluded that no transaction adequately met all the
requirements to proceed," the company said in a statement.


Read more at Reuters.com Mergers News

AstraZeneca's MedImmune buy gets U.S. antitrust nod

(Reuters) - Last month, AstraZeneca agreed to buy MedImmune in its biggest transaction since the creation of the Anglo-Swedish drugs group in 1999. The all-cash deal aims to boost AstraZeneca's depleted drug portfolio by moving deeper into biotech medicine and taking a first step into vaccines.




MedImmune is one of the largest independent U.S. biotech companies and is best known for the nasal spray flu vaccine FluMist. The Maryland-based company also has two other marketed products, Synagis for infectious respiratory disease and Ethyol for reducing chemotherapy side effects.


Read more at Reuters.com Government Filings News

UPDATE 1-Indian leftists harden opposition to Wal-Mart

(Reuters) - NEW DELHI, May 30 - India's main communist party,
which props up the ruling coalition, urged the government on
Wednesday to establish a licensing system for retail chains and
prevent the entry of foreign players like Wal-Mart.




The Communist Party of India said that in
a country where there were millions of small grocery store
owners and street vendors, "the potential social costs of
growth and consolidation of organised retail ... is enormous".


Read more at Reuters.com Economic News

Oil below $68, slides for fourth day

(Reuters) - A fresh attack on a Nigerian pipeline provided some support and illustrated the uphill task the new president faces to restore lost output in the world's eighth biggest oil exporter.




Analysts played down the impact of a 6.5 percent drop in Chinese stocks that sent ripples through other Asian and European markets.


Read more at Reuters.com Hot Stocks News

GLOBAL MARKETS-China stocks fall, but ripple limited

(Reuters) - Currencies were relatively steady and demand for euro zone
government bonds rose slightly.




China's Ministry of Finance raised stamp duty on share
transactions to 0.3 from 0.1 percent in what was seen as the
strongest attempt yet to curb speculation in a market that had
risen more than 60 percent so far this year.


Read more at Reuters.com Bonds News

Zoellick must restore confidence in W.Bank: France

(Reuters) - "I hope Mr Zoellick will re-establish, or establish, our confidence in the World Bank. It is absolutely crucial."




Asked if Zoellick was the right man to replace Wolfowitz, who was forced to resign over his authorization of a pay rise for his bank-employee companion, Kouchner replied: "Certainly".


Read more at Reuters.com Bonds News

India's Stock Market Follows China, Russia to Surpass $1 Trillion Value

(Bloomberg) -- India became the third emerging stock
market after China and Russia to surpass $1 trillion in value,
helped by the fastest economic growth in 60 years, a strengthening
currency and overseas investment.

The Bombay Stock Exchange's 30-member key Sensitive Index, or
Sensex, slid 0.7 percent to 14,411.38 at the close today, 1.6
percent below the Feb. 8 record. India's rupee, Asia's best
performer this year against the dollar, yesterday advanced to a
nine-year high, helping push the market's value to $1 trillion.


Read more at Bloomberg Stocks News

Petroleo Brasileiro, Telemar, Vale do Rio Doce: Brazilian Equity Movers

(Bloomberg) -- Brazil's main stock index fell for a
second day, led by Petroleo Brasileiro SA, the state-controlled oil
company.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 791.69, or 1.5 percent, to 50,921.49 as of 9:40 a.m.
New York time. Emerging market shares fell around the world after
China tripled the tax on security transactions, sending the Chinese
benchmark down 6.8 percent, the most in three months and raising
concern that slower growth in the country will sap demand for
commodities.


Read more at Bloomberg Stocks News

Gold rises ahead of Fed minutes, Tokyo rebounds

(Reuters) - Gold rose on bargain hunting on Wednesday, but investors may be careful about chasing the metal too strongly ahead of the release of U.S. economic data which may determine its direction.

Tokyo futures ended higher to track gains in New York's COMEX but many private investors were still reluctant to enter the volatile market. Purchases by Japanese investors helped propel cash gold to multi-year highs in 2006.


Read more at Reuters Africa

Nigeria pipeline attack cuts Shell oil output

(Reuters) - Villagers sabotaged a major export pipeline in Nigeria for the second time this month and halted 150,000 barrels per day (bpd) of oil production, Royal Dutch Shell said on Wednesday.

Community members stormed the Bomu pipeline complex, which is a major artery feeding the Bonny crude export terminal, prompting the partial shutdown of the Trans-Niger pipeline on Tuesday, a company spokesman said.


Read more at Reuters Africa

Rand weakens further vs dollar as euro falls

(Reuters) - South Africa's rand registered further losses against the dollar on Wednesday as the greenback firmed to a seven-week high on receding expectations of U.S. interest rate hikes.

At 1305 GMT the rand was trading just over one percent weaker at 7.2140 against the dollar compared to Tuesday's New York close of 7.14, after earlier touching 7.2230/dollar.


Read more at Reuters Africa

Joy Global Q2 net falls on interest expense, amortization charge

(Reuters) - Net sales rose to $629.2 million from $560.3 million.





Read more at Reuters.com Market News

Pound Declines on Speculation Economy Starting to Slow on Rate Increases

(Bloomberg) -- The pound fell on speculation the U.K.
economy is starting to cool as four interest-rate increases since
August bite.

The U.K. currency slid yesterday after a report showed the
number of loans granted for house purchases barely rose in April,
adding to signs higher interest rates are damping demand for
mortgages. The pound posted its first weekly gain in five versus
the dollar last week after minutes of the central bank's May
meeting showed policy makers voted unanimously to raise the
benchmark rate and suggested there were more increases to come.


Read more at Bloomberg Currencies News

Suez sticks to original Gaz de France merger plan

(Reuters) - Gaz de France shares opened higher, the only CAC-40 stock to
do so, and at 0715 GMT they were up 0.88 percent at 36.52 euros.




Read more at Reuters.com Mergers News

Hain to acquire tofu business of Dean Foods unit

(Reuters) - Hain, in a statement, said it expects the deal to add to
fiscal 2008 earnings.





Read more at Reuters.com Mergers News

Japan Airlines Credit-Default Swaps Are Too Risky, Nikko Citigroup Says

(Bloomberg) -- Investors should steer clear of
credit-default swaps tied to Japan Airlines Corp. because the
contracts are too risky given the carrier's options for raising
money, according to Nikko Citigroup Ltd.

The company, Asia's most-indebted airline, might ask its
main banks to convert loans into equity or forgive debt, which
would probably trigger payments by sellers of the contracts,
said Takayuki Atake, chief credit analyst at Nikko Citigroup in
Tokyo. The possibility the carrier can raise money without
causing a breach of its debt obligations means investors should
also avoid buying the swaps, he said.


Read more at Bloomberg Bonds News

Treasuries Gain After Private-Sector Job Growth Accelerates in the U.S.

(Bloomberg) -- Treasuries gained after a report
showed private-sector job growth accelerated this month.

The data comes two days before the Labor Department's
employment report for May, which also covers the public sector
and is forecast to show job creation accelerated.


Read more at Bloomberg Bonds News

ISS opposes Biomet buyout: WSJ

(Reuters) - "Although the deal terms appear fair as of the time of the deal's announcement in December, the rally of the peer group" and its main joint reconstruction business "imply that there is little takeover premium in the current $44 offer price," the Journal quoted the ISS report as saying.




The recommendation comes ahead of a June 8 shareholder vote on the deal, the paper said.


Read more at Reuters.com Business News