U.K. Pound May Advance; Consumer Confidence Rises to Eighteen-Month High

(Bloomberg) -- The U.K. pound may gain after a report
showed consumer confidence reached the highest level in 18
months, further adding to expectations of higher interest rates
in Europe's second largest economy.

The currency has gained in the four days before Bank of
England policy makers announce their decision on U.K. borrowing
costs tomorrow. All but four of 62 economists surveyed by
Bloomberg News expect the central bank to hold rates at 5.5
percent, a six-year high.


Read more at Bloomberg Currencies News

Cominar, Grey Wolf and North American Energy: Canadian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets.
This preview includes news that broke after markets closed.
Symbols are in parentheses after company names and prices are
from the last close.

The Standard & Poor's/TSX Composite Index fell 5.05 to
14141.69.


Read more at Bloomberg Stocks News

Brazilian Central Bank May Carry Out Biggest Interest-Rate Cut of the Year

(Bloomberg) -- Brazil's central bank today may carry
out its biggest interest-rate cut of 2007 as a rally by the
country's currency holds inflation at an eight-year low.

The seven-member board may cut the overnight lending rate
by a half point to a record low 12 percent at its almost monthly
meeting in Brasilia, according to 18 of 25 economists surveyed
by Bloomberg. The other eight estimate the board will makes its
fourth quarter-point reduction of 2007.


Read more at Bloomberg Currencies News

Oil heads for $71 after MidEast cyclone disruptions

(Reuters) - Tropical cyclone Gonu, the strongest to reach Oman's coast since 1977, disrupted production and loading, temporarily closing a terminal shipping 650,000 barrels per day of crude.




It weakened to the equivalent of a Category One hurricane from a maximum-force Category Five on Wednesday, on its way to the Strait of Hormuz, a major shipping route for Gulf oil shipments, towards southeastern Iran.


Read more at Reuters.com Hot Stocks News

Indian Government Bonds May Fall; Auctions to Leave Banks With Less Money

(Bloomberg) -- Indian government bonds may decline for
a third day on concern debt auctions will drain funds from banks,
the biggest buyers of the securities.

The yield on the frequently traded 7.49 percent security due
April 2017 was little changed at 8.16 percent as of 9:15 a.m. in
Mumbai, according to data compiled by Bloomberg.


Read more at Bloomberg Bonds News

China's New Brokerage Accounts Slump to Two-Month Low After Market Tumbles

(Bloomberg) -- China's securities account openings
slumped to the lowest in almost two months on June 4 as a stock-
market rout, triggered by a tripling of the tax on share trades,
deterred people from entering the market.

The number of accounts set up for trading mainland shares
and investing in mutual funds totaled 240,485 that day, the
lowest tally since April 11, according to the latest figures
from the China Securities Depository & Clearing Corp.


Read more at Bloomberg Emerging Markets News

Australia's S&P/ASX 200 Falls; Toll Drops on Asciano Split, Dragging Index

(Bloomberg) -- Australia's benchmark S&P/ASX 200 Index
fell. Toll Holdings Ltd. dropped, weighing on the benchmark, as
shares of its spin-off Asciano Group traded separately for the
first time.

The S&P/ASX 200 Index lost 8.90, or 0.1 percent, to 6362.70
as of 11:38 a.m. in Sydney. About 11 stocks fell for every seven
that gained.


Read more at Bloomberg Stocks News

Japan's Topix Index Rises, Led by Marubeni; Nikkei 225 Is Little Changed

(Bloomberg) -- Japan's Topix index rose 3.03, or 0.2
percent, to 1779.59 at 9:57 a.m. in Tokyo. The Nikkei 225 Stock
Average was little changed at 18,054.10.

Trading companies jumped, led by Marubeni Corp., after
Daiwa Institute of Research Ltd. reiterated its overweight
stance on the industry and raised price estimates for five of
the companies that it covers.


Read more at Bloomberg Stocks News

S&P to measure banks' capital risks using Basel II

(Reuters) - Under Basel II capital-adequacy rules that come into force
in Europe at the end of the year, banks have to disclose
capital charges for credit risk, market risk in their trading
book and operational risk.




Together these three three kinds of risk constitute the
so-called Pillar 1 of the new Basel II rules.


Read more at Reuters.com Bonds News

UPDATE 1-Colombia reports 1st-quarter trade deficit

(Reuters) - Exports for the quarter rose 12.1 percent to $6.11 billion
compared with a year earlier, while exports in March climbed
23.9 percent to $2.39 billion from the same month in 2006, the
DANE government statistics agency said in a statement.




The deficit for March was $214.5 million compared with a
deficit of $94.6 million for the same month in 2006.


Read more at Reuters.com Economic News

Aeroflex sued by firms over break-up fee

(Reuters) - Aeroflex, whose products are used in the communications,
aerospace and defense industries, said it believed the
allegations were without merit and that it would contest them
vigorously.




Read more at Reuters.com Mergers News

Tenaska obtains Illinois clean-coal plant permit

(Reuters) - Commercial operation could begin in 2012.




"This plant will be the standard by which others will be
judged," said Bill Braudt Jr., general manager of business
development for privately-held Tenaska, based in Omaha,
Nebraska.


Read more at Reuters.com Bonds News

Mexico's Bolsa Rises to Record, Led by Walmex Shares: Latin Equity Final

(Bloomberg) -- Mexico's Bolsa index rose to a record
as shares of retailer Wal-Mart de Mexico SA gained the most in
three months on speculation a share buyback may be announced.

Mexico's Bolsa erased earlier losses and advanced 175.17, or
0.6 percent, to 32,271.38. Walmex, as the company is known,
accounted for two thirds of the gain. The Bovespa index of most-
traded shares in Sao Paulo slipped 0.2 percent to 53,162.21.


Read more at Bloomberg Stocks News

Asian Stocks Trading in U.S. Snap 6-Day Winning Streak; Sony Paces Retreat

(Bloomberg) -- Asian stocks trading in the U.S. fell
for the first time in seven days as unexpected growth in U.S.
service industries damped speculation the central bank will cut
interest rates this year. Sony Corp. paced the retreat.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, lost 0.2 percent to
166.20.


Read more at Bloomberg Stocks News

UPDATE 1-Mexico Supreme Court strikes blow to Televisa

(Reuters) - The judges ruled that broadcasters cannot automatically use
frequency freed up by improved technology to offer new
services.




Televisa's critics say spectrum no longer needed for
broadcasters' core businesses should be returned to the
government and tendered to new or small operators in order to
encourage competition and diversity.


Read more at Reuters.com Government Filings News

UPDATE 1 - WellPoint Inc launches $1.5 bln debt in two parts

(Reuters) - The sale includes a 10-year note issue expected to yield
0.98 percentage point over U.S. Treasuries and a 30-year bond
issue expected to yield 1.31 percentage points over
Treasuries.




WellPoint is rated "Baa1" by Moody's Investors Service,
"BBB+" by Standard & Poor's and "A" by Fitch Ratings.


Read more at Reuters.com Bonds News

U.S. lawmaker wants to close stock option tax gap

(Reuters) - With stock option practices under investigation in another
area and corporate CEO pay soaring, Michigan Democratic Sen.
Carl Levin said he wants to align corporate tax deductions for
options with accounting expenses for them.




"The current differences between stock option accounting
and tax rules make no sense," Levin said at a hearing of the
Permanent Subcommittee on Investigations, which he chairs.


Read more at Reuters.com Bonds News

Amazon, Cummins, Ryanair, Whole Foods, Wild Oats: 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.
Shares prices are as of 2:40 p.m. New York time.

Amazon.com Inc. (AMZN US) rose $3.44, or 4.9 percent, to
$73.86 and traded as high as $74.24. The world's biggest online
retailer had its share-price forecast increased 27 percent to $79
at Banc of America Securities, which cited ``strong revenue
growth'' and said the company may increase profitability from
digital media downloads.


Read more at Bloomberg Stocks News

Mexican peso weakens on U.S. interest rate outlook

(Reuters) - The peso dropped 0.53 percent to 10.814 per
dollar, while the benchmark IPC stock index edged up
0.15 percent to 32,143 points.




Fed Chairman Ben Bernanke said the U.S. economy is set to
grow at a sluggish pace in coming months and warned of risks
that elevated rates of inflation, excluding food and energy,
may not recede.


Read more at Reuters.com Bonds News

New York City Wins Its Highest Debt Rating From S&P on Revenue, Economy

(Bloomberg) -- New York City won its highest credit
rating by Standard & Poor's as surging Wall Street profits and a
buoyant real estate market boost revenue, and as surplus funds
are set aside to help pay for future costs.

The credit-rating company raised the city's rating on its
general obligation debt to AA, its third-highest investment
grade rank, from AA-. The upgrade marked S&P's second ratings
increase for the city since last May.


Read more at Bloomberg Bonds News

Cotton Rises to Six-Week High in New York as Rain Delays Texas Plantings

(Bloomberg) -- Cotton in New York rose to the
highest price in six weeks as rain delayed planting in Texas,
the largest U.S. producer.

West Texas has received as much as 20 inches (51
centimeters) of rain this year, almost double the normal amount,
according to the National Weather Service. The weather will be
dry the next few days, with thundershowers possibly returning on
June 8, according to Meteorlogix LLC in Woburn, Massachusetts.


Read more at Bloomberg Commodities News

World's top central bankers warn of risks ahead

(Reuters) - Investors should prepare for the risk of a serious shock in case current favourable conditions in the world economy go into reverse, top central bankers said on Tuesday.

In a joint panel discussion, central banks chiefs for the world's three largest economies, the United States, the euro zone and Japan, said investors should guard against complacency.


Read more at Reuters Africa

Rand range-bound ahead of MPC, bonds rebound

(Reuters) - South Africa's rand was rangebound on Tuesday as dealers awaited the country's rate decision later this week, but bonds rebounded slightly as demand for the local paper remained healthy.

At 1500 GMT, the rand stood at 7.1395 to the dollar not far off its New York close of 7.1340 on Monday.


Read more at Reuters Africa

UPDATE 1-True Religion ends strategic review, to focus on growth

(Reuters) - The company, which hired Goldman Sachs last year to
evaluate options to increase shareholder value, said its stock
is undervalued and that it expects its consumer direct segment
to grow significantly in the next three years.




"The news comes as no surprise at all," Brean Murray,
Carret & Co. analyst Eric Beder said.


Read more at Reuters.com Mergers News

RBS not in talks with BofA

(Reuters) - Britain's second biggest bank also said on Tuesday its consortium's proposed 71 billion euro takeover of ABN .


Read more at Reuters.com Market News

UPDATE 1-Husqvarna says buys U.S. firm for some $70 mln

(Reuters) - Husqvarna said Soff-Cut last year reported sales of $35.4
million, mostly in the United States, and employed 70 people.




"They are profitable and have a higher operating margin than
we have within Professional Products," said
Husqvarna spokeswoman Asa Stenqvist.


Read more at Reuters.com Mergers News

Colombia's Peso Declines for First Time in Four Days on Rate Speculation

(Bloomberg) -- Colombia's peso weakened for the first
time in four days on speculation the central bank may stop
raising interest rates after this month, reducing the allure of
local assets to foreign investors.

Colombia's central bank will raise its overnight lending
rate to 9 percent in its June 15 meeting, according to seven of
nine economists surveyed by Bloomberg. The other two forecast the
bank will leave the rate unchanged for the first time in seven
months.


Read more at Bloomberg Currencies News

Senomyx marks 1st commercial launch of flavor product

(Reuters) - It did not specify the amount of payments expected.




Shares of the company were the second top percentage gainer on the Nasdaq, up more than 11 percent to $15.03 after the news.


Read more at Reuters.com Hot Stocks News

WellPoint's outlook stable, was positive-Moody's

(Reuters) - "While the operations of the company remain strong,
WellPoint's aggressive stock repurchase program, which is
expected to reach $3 billion this year, will reduce the level
of capital at the operating subsidiaries," Moody's said in a
statement.




Moody's currently rates WellPoint's senior unsecured debt
"Baa1," the third-lowest investment-grade rating. Though an
upgrade is unlikely for now, WellPoint is solidly positioned at
that rating level, Moody's said.


Read more at Reuters.com Bonds News

U.S. Treasuries Decline After Services Index Is More Than Forecast in May

(Bloomberg) -- U.S. Treasuries fell after a private-
sector survey showed U.S. service industry expansion last month
reached the highest level in more than a year.

The yield on the benchmark 10-year note rose almost 4 basis
points, or 0.04 percentage point, to 4.96 percent at 10:14 a.m.
in New York, according to bond broker Cantor Fitzgerald LP. The
price of the 4 1/2 percent security due in May 2017 declined
9/32, or $2.81 per $1,000 face amount, to 96 13/32. Bond yields
move inversely to prices.


Read more at Bloomberg Bonds News

Brazil's Real Falls Second Day as Industrial Output Drop Signals Rate Cut

(Bloomberg) -- The real fell for a second day after
the government reported industrial output declined in April,
bolstering speculation that the central bank will cut its key
lending rate tomorrow.

The currency also declined as yields on the benchmark U.S.
10-year Treasury note touched a nine-month high of 4.96 percent,
reducing the appeal of riskier real-denominated assets. Brazil's
benchmark interest rate is at 12.5 percent, compared with
Federal Reserve's key borrowing cost of 5.25 percent.


Read more at Bloomberg Currencies News

British Airways says May traffic down 2.1 pct

(Reuters) - "Some weakness in non-premium, particularly on the North Atlantic and in shorthaul domestic, continues," it said in a statement.



) Keywords: BRITISHAIRWAYS TRAFFIC/


Read more at Reuters.com Market News

OECD rejects proposals for separate hedge fund rules

(Reuters) - The OECD has rejected proposals for separate rules to regulate hedge funds and private equity firms and believes the funds can best be supervised under the existing system, the Paris-based organisation said on Tuesday.

A steering group on corporate governance agreed that no special regulatory regime was necessary for the funds, whose rapid expansion has aroused some fears that they may pose a risk to the world financial system if there is a major collapse.


Read more at Reuters Africa

Doral okays talks with rival bidder FBOP

(Reuters) - That compared with the 63 cent per share offer for a 90
percent stake that Doral had accepted from a group led by Bear
Stearns Merchant Banking. Doral would also receive $610 million
under that agreement.




Doral said its board has not determined whether the FBOP
bid constituted a "superior proposal" under the agreement with
the Bear Stearns-led group. Doral shares closed Monday at
$1.88, up from $1.30 on Friday, after news of the FBOP offer
surfaced.


Read more at Reuters.com Bonds News

Salesforce.com, Google form software alliance

(Reuters) - Under the pact, Salesforce will resell the Google AdWords platform, acting as an official distribution channel.




Salesforce's Internet-based software helps companies manage sales and marketing. Google business programs search databases and also include recently launched products that companies use for word processing, presentations and spreadsheets.


Read more at Reuters.com Business News

Africa urged to boost trade for food security

(Reuters) - African countries should increase farm trade amongst themselves to guarantee food security and boost incomes on the world's poorest continent, East Africa Farmers' Federation (EAFF) President Philip Kiriro says.

He told Reuters in an interview in Lusaka late on Monday that Africa would continue battling to penetrate markets in developed countries.


Read more at Reuters Africa

Brazilian Real; Mexican, Argentine Pesos: Latin American Currency Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Latin American currencies
today. Exchange rates are from the previous session.

Argentine peso: Consumer prices probably rose 0.7 percent
in May, matching the increase in April, according to the median
forecast in a Bloomberg survey of eight economists.


Read more at Bloomberg Currencies News

Forzani first-quarter profit rises sharply

(Reuters) - The Calgary, Alberta-based company, whose banners include Sport Chek, Sports Experts and Coast Mountain Sports, said it earned C$739,000 , or 2 Canadian cents a share, for the period ended April 29, up from C$294,000, or 1 Canadian cent, in the same quarter a year earlier.






Read more at Reuters.com Market News

Florida, Texas, New York Bond Offerings Lead U.S. Municipal Borrowings

(Bloomberg) -- Florida's Orlando-Orange County
Expressway Authority, Texas's Harris County and New York City's
Transitional Finance Authority will borrow a combined $1.2
billion in today's largest U.S. municipal debt offerings.

The Orlando agency is selling $428 million of 35-year bonds
backed by toll-road revenue through Citigroup Inc. Harris
County, home of Houston, is auctioning $395 million of eight-
month notes. The New York authority is offering $370 million of
20-year debt in a deal managed by Samuel A. Ramirez & Co.


Read more at Bloomberg Bonds News

Thai Bonds Drop as Interest Rate Cut Outlook Dims: World's Biggest Mover

(Bloomberg) -- Thailand's bonds fell, pushing 10-
year yields to a two-month high, as signs of faster economic
growth limited the chances for further interest-rate cuts. The
baht was little changed.

Benchmark 10-year notes declined for a second day, lifting
yields to the highest since April 4 in the biggest fluctuation
of any debt market today. Gross domestic product expanded 4.3
percent in the first quarter from a year earlier, the government
said yesterday, beating a forecast of 3.7 percent in a Bloomberg
survey.


Read more at Bloomberg Bonds News

Oman Oil Exports Continue Uninterrupted Ahead of Tropical Cyclone Gonu

(Bloomberg) -- Omani Oil production and exports are
continuing uninterrupted today as the country braces for
Tropical Cyclone Gonu, which is expected to hit the country's
east coast, a state-controlled oil company official said.

``There have been no interruptions and we have formed a
committee to follow the situation closely,'' Abdul-Wahab bin
Mohammed al-Harmi, a spokesman for Petroleum Development Oman,
said in a telephone interview. The Omani government is the
majority shareholder in PDO, which is responsible for most of
the oil exploration and production in Oman.


Read more at Bloomberg Energy News

JGBs futures fall to 10-month low on BOJ worries

(Reuters) - Analysts said a solid 10-year debt auction did little for
investors who resumed selling JGBs, finding yields too low given
that the BOJ is expected to increase rates to 0.75 percent from
0.50 percent as early as August.




Yields in JGBs rose broadly as the five-year yield jumped to
levels seen just before the BOJ raised its rates for the first
time in six years last July, while the benchmark 10-year yield
rose to a fresh seven-month high.


Read more at Reuters.com Bonds News

Philippine Peso Falls as Charts Signal Gains Overdone; Stocks Aid Won

(Bloomberg) -- The Philippine peso fell, ending three
days of gains, as a chart traders use to predict price movements
suggested the currency was due to weaken.

The peso reached the highest since September 2000 yesterday
on speculation faster-than-expected economic growth will keep
enticing investors from overseas into Philippine stocks and bonds.
The dollar's 14-day relative strength index against the peso was
below 30 for a second day before creeping up to 33. A level less
than 30 indicates a reversal.


Read more at Bloomberg Currencies News

Yen hits fresh lows as risk appetite stays strong

(Reuters) - The yen fell to record lows versus the euro and 17-year lows against the New Zealand dollar on Tuesday as investors continued to dump the Japanese unit for currencies with higher yields.

With the focus on interest rate differentials, the euro ticked up to a one-week high versus the dollar, boosted by expectations that the European Central Bank will raise rates to 4 percent on Wednesday and signal more monetary tightening to come.


Read more at Reuters Africa

Ryanair profit rises 33 pct but warns of slowdown

(Reuters) - The profit was higher than the 393.5 million average of 12 analysts' forecasts compiled by Reuters Estimates.




"Whilst we remain confident that traffic over the coming year will grow by 22 percent to over 52 million passengers, we believe that if trading conditions continue to be soft, then yields will fall by up to 5 percent compared to last year's figure," Ryanair said in a statement.


Read more at Reuters.com Hot Stocks News

Congo to diversify mining into iron ore, bauxite

(Reuters) - Congo aims to not only revive its traditional copper sector, but diversify by exploiting potentially huge iron ore and bauxite deposits, Mining Minister Martin Kabwelulu said on Monday.

"Diversification of production is a key strategy," he told a base metals conference in Namibia.


Read more at Reuters Africa