Japan Stocks Rise for Fifth Day; Sony, Exporters Gain on U.S. Factory Data

(Bloomberg) -- Japanese stocks gained for a fifth
day. Exporter shares rose after factory orders in the world's
largest economy fell less than predicted, adding to confidence
in the outlook for the U.S., Japan's No. 1 overseas market.

Nintendo Co. jumped to a record and Sony Corp. climbed for
the first time in three sessions.


Read more at Bloomberg Stocks News

U.K. Pound May Fall on View Recent Advance Excessive, as Confidence Slips

(Bloomberg) -- The pound may fall against the dollar
on views its recent rise to a 26-year high was excessive, and
after a report showed U.K. consumer confidence fell for the first
time in six months in June.

The U.K. currency rose to $2.0196 yesterday on speculation
Bank of England's policy makers will raise interest rates this
week to a six-year high of 5.75 percent. A separate survey later
today will probably show the services sector expanded at a slower
pace in June.


Read more at Bloomberg Currencies News

Dollar Trades Near Record Low Against Euro Before Central Bank Meetings

(Bloomberg) -- The dollar traded near a record low
against the euro and the weakest in 26 years versus the British
pound on speculation central banks in Europe will raise interest
rates while the Federal Reserve remains on hold.

The U.S. dollar has declined against 14 of the 16 most-
active currencies this year as a housing slump prompted traders
to bet the Fed will hold, or lower, borrowing costs this year.
The Bank of England will probably raise rates tomorrow for a
third time this year and the European Central Bank may signal
plans to add to two increases this year to tame inflation.


Read more at Bloomberg Currencies News

Buyout group bids for remaining Endemol shares

(Reuters) - The buying group includes Mediaset with its Spanish TV
company Telecinco , Dutch billionaire John de Mol's
investment firm Cyrte and the investment arm of Goldman Sachs,
with each taking a one-third stake.




Read more at Reuters.com Mergers News

Gold Gains in Asia on Speculation Dollar's Fall May Lift Investor Demand

(Bloomberg) -- Gold rose in Asia on speculation that
the dollar's decline against the euro will boost the appeal of
the precious metal as an alternative investment. Silver also
gained.

The dollar traded near a record low against the euro, and
fell versus the British pound and the yen, making dollar-priced
gold cheaper to investors with other currencies. Gold has gained
2.8 percent this year while the euro has risen 3.2 percent
against the dollar.


Read more at Bloomberg Commodities News

Oil holds below $73, gasoline supply fears support

(Reuters) - London Brent crude , currently seen as more representative of global oil prices, fell 3 cents to $72.90 a barrel by 0216 GMT, although trading activity was expected to be muted due to the U.S. public holiday.




U.S. crude slipped 23 cents to $71.18 after gaining five percent over the past five days. The New York Mercantile Exchange trading floor will be shut on Wednesday, but electronic Globex trade continues as usual.


Read more at Reuters.com Hot Stocks News

Australian U.S.-Linked Shares Fall; James Hardie Drops, Mining Stocks Rise

(Bloomberg) -- Australian stocks with overseas sales,
such as James Hardie Industries NV, fell after the Australian
dollar yesterday reached the highest in 18 years.

Mining shares gained, led by BHP Billiton Ltd. after the
company yesterday announced the approval of its $1.7 billion
Pyrenees oil field project off the coast of northwestern
Australia.


Read more at Bloomberg Stocks News

South Korean Stocks Climb for Third Day; Kookmin, Samsung Electronics Gain

(Bloomberg) -- South Korea's stocks rose for a third
day after North Korean leader Kim Jong Il, in a news report,
signaled the Communist state is ready to begin dismantling its
nuclear program. Kookmin Bank and Samsung Electronics Co. gained.

``The direct beneficiary will be the Korean market, as
foreign investors may turn more positive,'' said Jo Dong Hyuk,
who oversees $1.9 billion in global equities at Korea Investment
Trust Management Co. in Seoul. ``The geopolitical risk was the
biggest reason for the `Korea Discount.'''


Read more at Bloomberg Stocks News

Carbon Arbitrage Could Offer Companies $1 Billion in Profit, Fortis Says

(Bloomberg) -- European factories and oil refineries
may be able to make as much as 760 million euros ($1 billion) by
exploiting price differences between carbon-emission permits in the
region and those in developing countries, Fortis said.

Factories such as cement makers and steelworks may be able to
sell more expensive European Union permits to regional utilities,
which are likely to need additional allowances to meet emissions
targets, said Kris Voorspools, an analyst with Fortis in Brussels.
The profit will come from industry's ability to meet its own limits
using less expensive certificates from outside the EU or
transferring the right to import for a price.


Read more at Bloomberg Energy News

Australia's Stocks Gain; BHP, Commonwealth Bank, Macquarie Lead Advances

(Bloomberg) -- Australia's benchmark stock index, the
S&P/ASX 200 Index, rose 0.15 percent at 10:05 a.m.

The index of 201 companies traded on the Australian Stock
Exchange rose 9.20 to 6,308.20. Among the stocks in the index, 73
rose, 40 fell and 88 were unchanged.


Read more at Bloomberg Stocks News

Buyout firm KKR files for $1.25 bln IPO

(Reuters) - Unlike the Blackstone IPO, however, KKR's owners are not selling any common units or receiving any net proceeds.




Blackstone's co-founders, Stephen Schwarzman, 60, and Peter Peterson, 81, earned a huge windfall from the Blackstone offering, pocketing more than $2.4 billion between them.


Read more at Reuters.com Government Filings News

UPDATE 1-Blackstone Group to buy Hilton for $26 billion

(Reuters) - Under terms of the deal, Blackstone will pay $47.50 for
each Hilton share, a 32-percent premium over Tuesday's closing
price.




The deal is expected to close during the fourth quarter of
2007 and was approved by Hilton's board of directors on
Tuesday, the company said.


Read more at Reuters.com Mergers News

New Zealand's Dollar Declines on Concern Its Gains May Keep Rates on Hold

(Bloomberg) -- New Zealand's dollar fell from the
highest in 22 years against the U.S. currency and from a 19-year
high versus the yen on concern its advance will deter the
central bank from raising interest rates again.

The Reserve Bank of New Zealand has boosted borrowing costs
three times this year, helping the currency, known as the kiwi,
gain 11 percent as investors were attracted to the country's
higher-yielding assets. The bank sold New Zealand dollars June
11 for the first time in 22 years calling the currency's gains
``unjustified by economic fundamentals.'' Its next monetary
policy review is on July 26.


Read more at Bloomberg Currencies News

TEXT-S&P release on Canadian utilities

(Reuters) - "Despite a heightened level of activity on all fronts, ratings on the bulk
of the Canadian utility sector remain solidly investment-grade with either
stable or positive outlooks," says Standard & Poor's credit analyst Nicole
Martin. The report card, entitled "Powerful Results: Canadian Utilities' Credit
Stays Stable During Growth Spurt," was published earlier today on
RatingsDirect.




Expected capital spending on infrastructure growth of both energy delivery
and electricity generation assets began to ramp up in 2006. With more projects
in the pipeline, we expect elevated spending levels in the sector to continue
for several years. Some projects are experiencing delays as companies try to
navigate multifaceted Canadian regulatory approvals.


Read more at Reuters.com Bonds News

WRAPUP 3-U.S. housing sector, factory orders sag in May

(Reuters) - WASHINGTON, July 3 - Pending sales of existing
U.S. homes hit the lowest level in more than five years in May
and factory orders dipped modestly, according to data on
Tuesday that suggested the economy was struggling.




In addition, Ford Motor Co. , Chrysler Group and
General Motors Corp. reported lower U.S. sales for June
as high gas costs, fierce competition and the housing slump
took a toll on the industry.


Read more at Reuters.com Economic News

UPDATE 3-Peltz says Triarc "natural" buyer for Wendy's

(Reuters) - NEW YORK, July 3 - Billionaire investor Nelson Peltz said on Tuesday his Triarc Cos. Inc. would be a "natural, strategic buyer" for Wendy's International Inc. , which is exploring a sale of the company.



In a letter to Wendy's Chairman James Pickett, Peltz said that for all Wendy's shareholders to benefit, "the board's fiduciary duties require that a synergistic buyer such as Triarc should not be impeded from participating in the sale process."


Read more at Reuters.com Mergers News

Oil Is Little Changed, Close to 10-Month High, Signs Fuel Output May Drop

(Bloomberg) -- Crude oil is steady, after touching
a 10-month high in New York, on speculation U.S. gasoline
production will fall after refineries unexpectedly shut units.

Flint Hills Resources LP, a unit of Koch Industries Inc.,
shut a gasoline-producing unit at its refinery in Corpus Christi,
Texas, according to a report on a state Web site today. A
refinery in Kansas was shut on July 1 because of flooding. Crude-
oil prices often follow gasoline during the driving season, which
lasts from late May to early September.


Read more at Bloomberg Energy News

US STOCKS-Indexes end up in shortened session; Apple up

(Reuters) - Based on the latest available data, the Dow Jones
industrial average rose 41.87 points, or 0.31 percent,
to end unofficially at 13,577.30. The Standard & Poor's 500
Index was up 5.44 points, or 0.36 percent, to finish
unofficially at 1,524.87. The Nasdaq Composite Index
was up 12.65 points, or 0.48 percent, to close unofficially at
2,644.95.




Read more at Reuters.com Bonds News

U.K. Natural Gas, Power Fall; Fuel Supplies Rise After BP Halt at Teesside

(Bloomberg) -- U.K. natural gas declined, trimming
the previous session's gain, as supplies rose, compensating for
the closure of a pipeline carrying the fuel from the North Sea.
Electricity prices also fell.

Day-ahead gas slipped as much as 5.7 percent to touch 23.1
pence a therm, according to prices on Bloomberg from the broker
ICAP Plc. It traded at 23.45 pence a therm at 4:44 p.m. in
London, equivalent to $4.73 a million British thermal units. A
therm is 100,000 Btus. Next-day power fell 5.6 percent to 22.90
pounds a megawatt-hour.


Read more at Bloomberg Energy News

Treasuries Fall Most in Three Weeks as Demand for Riskier Bonds Stabilizes

(Bloomberg) -- Treasury 10-year notes declined the
most in three weeks as a drop in a measure of the perceived risk
of owning U.S. corporate bonds reduced demand for the safety of
government debt.

The CDX North America Crossover Index, made up of the debt
of 35 companies, fell for the first time in five days after
rising to a 10-month high yesterday, according to Deutsche Bank
AG.


Read more at Bloomberg Bonds News

TREASURIES-Bonds fall in holiday-thinned trade

(Reuters) - NEW YORK, July 3 - U.S. Treasuries fell in
holiday-thinned trade on Tuesday as firm equities and
surprisingly strong factory orders offset weak data on housing
and any lingering safe-haven bid on global security concerns.




Bonds briefly trimmed their losses after a report showed
pending sales of existing U.S. homes in May unexpectedly fell
to their lowest level in more than 5-1/2 years. For details,
see [ID:nN0385388].


Read more at Reuters.com Bonds News

Oil off 10-month high, upward march seen resuming

(Reuters) - Oil steadied above $72 on Tuesday after hitting a 10-month high the previous session, and analysts predicted increasing crude oil demand from U.S. refiners and technical factors would soon push prices higher.

A weak dollar, which fell to a 26-year low versus the pound, has also boosted some commodities, notably copper and gold.


Read more at Reuters Africa

Fidelity Natl reports big data breach, axes worker

(Reuters) - NEW YORK, July 3 - Fidelity National Information Services Inc. , an electronic payment processor, said on Tuesday a database administrator stole and sold customer data, exposing as many as 2.3 million bank and credit card records, and that the worker has been fired.



The employee, who worked at the company's Certegy Check Services Inc. unit, sold the information to a data broker, which in turn sold some of it to a "limited number" of direct marketers.


Read more at Reuters.com Bonds News

Ghana redenominates its cedi currency

(Reuters) - Ghana's cedi currency was redenominated on Tuesday, shedding four zeros, in a move intended to make life easier for shoppers and business people fed up of carrying large bundles of cash that make them easy prey for thieves.

One new cedi -- a name derived from the local word for the cowrie shells once used as currency in West Africa -- is worth 10,000 old cedis and is divided into 100 pesewas.


Read more at Reuters Africa

Mexican stocks jump as investors bet on debt rating

(Reuters) - The benchmark IPC stock index rose 0.86 percent to
31,691 points. The peso currency weakened
slightly, giving up 0.05 percent to 10.7671 per dollar.




S&P raised the outlook on Mexico's BBB sovereign debt
ratings to "positive" from "stable" on Monday, citing growing
prospects for tax reform and a lighter external debt burden.


Read more at Reuters.com Bonds News

Euro Falls on View Recent Gains Already Reflect Outlook for Interest Rates

(Bloomberg) -- The euro declined from a record
against the yen on speculation recent gains already reflect
expectations the European Central Bank will raise interest rates
this year.

The European currency rose to the highest level in two
months yesterday versus the dollar before the ECB's monthly rate-
setting meeting this week. Economists surveyed by Bloomberg News
forecast policy makers will hold borrowing costs at 4 percent
July 5. The euro's rally this year is putting European
manufacturers at a disadvantage, French President Nicolas Sarkozy
said yesterday.


Read more at Bloomberg Currencies News

Treasuries Decline as Report Shows Factory Orders Fell Less Than Forecast

(Bloomberg) -- Treasuries fell as a Commerce
Department report showed orders placed with U.S. factories
dropped in May less than economists forecast.

``The manufacturing sector of the economy is providing a
counterweight to the weakness of housing,'' said Kevin Flanagan,
a Purchase, New York-based fixed-income strategist for Morgan
Stanley's individual-investor clients.


Read more at Bloomberg Stocks News

US stock indexes rise on M&A; data eyed

(Reuters) - Wall Street started a holiday-shortened session slightly higher on Tuesday, boosted by the latest takeover news, ahead of data on the manufacturing and housing sectors.

Kraft Foods Inc. is in exclusive talks to buy Danone's biscuit and cereal unit for 5.3 billion euros in cash, the companies said. For details, see ID:nL03276080. Kraft's shares fell 1.3 percent to $35.10.


Read more at Reuters Africa

UK drugs body backs Tysabri for severe form of MS

(Reuters) - LONDON, July 3 - Irish drugmaker Elan Corp and U.S. partner Biogen Idec said on Tuesday that Britain's cost-effectiveness drugs panel had recommended their Tysabri drug to treat a severe form of multiple sclerosis.



The decision reverses a provisional ruling by Britain's National Institute for Health and Clinical Excellence and, assuming no successful appeal, will be ratified as guidance to the state-run National Health Service in August.


Read more at Reuters.com Government Filings News

ABN Turns to Credit Suisse Emerging-Market Fund Managers to Replace Kassin

(Bloomberg) -- ABN Amro Holdings NV hired Tomasz
Stadnik and Chris Kelly from Credit Suisse Group to run emerging-
markets fixed income at its asset management unit.

The two replace Raphael Kassin, who left ABN Amro in April
after building up the firm's emerging-market debt funds to join
Credit Suisse. Stadnik and Kelly had co-managed $1.5 billion of
emerging-market debt at Credit Suisse.


Read more at Bloomberg Emerging Markets News

Fidelity Nat'l says employee stole customer data

(Reuters) - The theft resulted in customers receiving unwanted
solicitations from marketers, but Fidelity National Information
Services said it had no reason to believe that consumers
suffered financial damage or fraudulent activity.




Read more at Reuters.com Bonds News

Wall St set to open higher on M&A; data eyed

(Reuters) - Kraft Foods Inc. is in exclusive talks to buy Danone's biscuit and cereal unit for 5.3 billion euros in cash, the companies said. Kraft's shares rose 1.8 percent in Europe.




The market will close early at 1 p.m. ahead of Wednesday's U.S. Independence Day holiday when financial markets will be closed all day.


Read more at Reuters.com Business News

Aluminum Producer Vimetco Says It Plans Share Sale in London This Month

(Bloomberg) -- Vimetco BV, an aluminum producer
controlled by Russian businessman Vitaliy Machitski, plans to
sell shares this month and list on the London Stock Exchange.

Vimetco's sale of global depositary receipts will be
managed by Morgan Stanley and UniCredit Markets & Investment
Banking, the Amsterdam-based company said today in a statement.
It didn't say how much it plans to raise from the sale.


Read more at Bloomberg Commodities News

SAfrica maize steady, follows Chicago

(Reuters) - South Africa's benchmark maize contracts ended little changed on Tuesday after similar moves in overnight trade in the United States.

July white maize closed 0.56 percent up at 1,606 rand a tonne after reversing losses earlier in the session when it failed to break through the key 1,572 level, a trader said. It touched a low of 1,574 rand.


Read more at Reuters Africa

Lead Rises to Record in London for 2nd Day on Chinese Demand; Copper Gains

(Bloomberg) -- Lead rose to a record for a second
consecutive day in London, spurred by increased demand in China,
the metal's largest user. Nickel snapped three days of losses.

Domestic lead prices in China have climbed almost 15
percent since the beginning of June because of ``strong demand
and tight supply,'' Barclays Capital said today in a report.
Prices on the London Metal Exchange will rise to $2,900 a metric
ton in the next three months, said the bank, one of 11 companies
trading on the floor of the LME.


Read more at Bloomberg Commodities News

Wall St set for firmer start ahead of data, holiday

(Reuters) - By 1011 GMT, futures on the Dow Jones industrial average
rose 0.2 percent, while S&P 500 futures gained 0.3
percent and Nasdaq added 0.4 percent.




"Activity before July 4 will be rather limited, but long
rates came in a little bit and ... economic activity
remains quite strong with quite a benign inflation component,"
said Johan Van Der Biest, fund manager at Dexia.


Read more at Reuters.com Bonds News

EU approves Cerberus purchase of Chrysler

(Reuters) - DaimlerChrysler agreed in May to sell most of its stake in the money-losing Chrysler Group and its related financial services business to Cerberus.




The deal, which is expected to close in the third quarter, still needs approval from the U.S. authorities.


Read more at Reuters.com Government Filings News

Japanese Bonds Gain; MOF Decides Not to Reopen Existing Debt at Auction

(Bloomberg) -- Japan's 10-year bonds rose after the
Ministry of Finance issued new securities at an auction of
benchmark debt today, ending speculation it would sell more of
the existing debt.

The ministry set a 1.9 percent coupon on the 1.9 trillion
yen ($15.5 billion) of new 10-year bonds after yields climbed to
their highest in almost a year last month. Brokers had asked the
government to reissue the benchmark No. 286 bond to help ease a
shortage of the debt in the repurchase market, Kazuo Katayama,
director of the ministry's finance division, said last week.


Read more at Bloomberg Bonds News

GE sees nuclear projects in Europe, China: report

(Reuters) - "First, carbon emissions need to be given a price in some way. If that is done, nuclear power investments will surge everywhere, not just in the United States," Immelt told Kauppalehti in comments published on Tuesday.




Immelt told the paper GE expects nuclear deals from China after five to 10 years, but not so much from Russia unless it was with a Russian partner.


Read more at Reuters.com Business News

GLOBAL MARKETS-Growth, M&A boost world stocks, dollar shaky

(Reuters) - MSCI's main world equity index was around a
quarter of a percent off its all time high, all but wiping out
the June losses caused by anxiety over rising bond yields and
troubles in the U.S. subprime market.




Bond yields, though up on Tuesday, have fallen back
generally from peaks in June.


Read more at Reuters.com Bonds News

European Bull Market `Intact,' Deutsche Banks Says, Raising Estimate

(Bloomberg) -- Investors should increase their
holdings of European equities as earnings growth and mergers and
acquisitions continue to support shares, according to Deutsche
Bank AG strategists.

The German bank raised its forecast for the benchmark Dow
Jones Stoxx 600 Index to 410 by the end of this year, up from a
previous estimate of 400 and 4.5 percent higher than yesterday's
close of 392.23.


Read more at Bloomberg Stocks News

U.S. Treasury Notes Decline as Gains in Stocks Reduce Demand for Safety

(Bloomberg) -- U.S. 10-year Treasury notes fell as
the Dow Jones Industrial Average's biggest gain in almost three
weeks reduced demand for the relative safety of government debt.

Bonds snapped a two-day rally after the Nasdaq Composite
Index of shares closed at the highest in six years, overcoming
concern spurred by terrorist plots in the U.K. last weekend. Ten-
year yields climbed above 5 percent as shares also gained in
China, Hong Kong and South Korea.


Read more at Bloomberg Bonds News