(Bloomberg) -- Gold was little changed in Asia after earlier rising to a six-week high as a fall in the dollar boosted demand for the metal as an alternative investment.
Gold, which generally moves in the opposite direction of the dollar, touched $687.75 in early Asian trade today, its highest since Feb. 27. The dollar fell to a two-year low against the euro today on speculation European economic growth will outpace that of the U.S.
Read more at Bloomberg Commodities News
Sunday, April 15, 2007
UPDATE 7-Ecuador's Correa wins referendum in a landslide
(Reuters) - QUITO, April 15 - Ecuadorean President Rafael Correa won an overwhelming victory on Sunday in a referendum that could enable him to wrest power from a Congress reviled as corrupt in the politically unstable country.
With 11 percent of ballots counted, 83 percent of voters backed Correa's call for an assembly to rewrite the constitution and strip powers from a Congress they see as tainted for appointing cronies to state firms and the courts.
Read more at Reuters.com Bonds News
With 11 percent of ballots counted, 83 percent of voters backed Correa's call for an assembly to rewrite the constitution and strip powers from a Congress they see as tainted for appointing cronies to state firms and the courts.
Read more at Reuters.com Bonds News
ECB's Mersch plays down U.S. slowdown - MNSI
(Reuters) - The ECB has said previously that the impact of slower U.S. growth on the euro zone is likely to be balanced out by demand from elsewhere.
Speaking on the sidelines of International Monetary Fund and World Bank meetings in Washington on Saturday, Mersch added that he did not expect the U.S. slowdown to sharpen abruptly.
Read more at Reuters.com Bonds News
Speaking on the sidelines of International Monetary Fund and World Bank meetings in Washington on Saturday, Mersch added that he did not expect the U.S. slowdown to sharpen abruptly.
Read more at Reuters.com Bonds News
Japan's 10-Year Bonds Decline, Poised for Biggest Drop in Almost Two Weeks
(Bloomberg) -- Japan's 10-year bonds fell, heading for the biggest drop since April 4, as a rally in local stocks sapped demand for the relative safety of debt.
Yields on 10-year debt climbed to the highest in a week as shares of exporters such as Toyota Motor Corp. rose on speculation a weakening yen will boost profit. The spread between yields on two-year notes and 30-year bonds held near the widest in six weeks as traders prepared for the 600 billion yen ($5.04 billion) sale of Japan's longest-maturity debt tomorrow.
Read more at Bloomberg Bonds News
Yields on 10-year debt climbed to the highest in a week as shares of exporters such as Toyota Motor Corp. rose on speculation a weakening yen will boost profit. The spread between yields on two-year notes and 30-year bonds held near the widest in six weeks as traders prepared for the 600 billion yen ($5.04 billion) sale of Japan's longest-maturity debt tomorrow.
Read more at Bloomberg Bonds News
European Government Bonds May Drop for 6th Day; Germany to Raise Forecast
(Bloomberg) -- European government bonds may decline for a sixth day after Bundesbank President Axel Weber said Germany's central bank may raise its forecast for economic growth this year.
Benchmark debt fell for a fourth week after the European Central Bank added to speculation it may lift interest rates as much as half a percentage point this year. ``There is the chance we may raise our forecast,'' Weber, who is also a council member of the ECB, told Germany's Frankfurter Allgemeine Zeitung. The Bundesbank's current forecast for growth in Europe's largest economy is around 2 percent.
Read more at Bloomberg Bonds News
Benchmark debt fell for a fourth week after the European Central Bank added to speculation it may lift interest rates as much as half a percentage point this year. ``There is the chance we may raise our forecast,'' Weber, who is also a council member of the ECB, told Germany's Frankfurter Allgemeine Zeitung. The Bundesbank's current forecast for growth in Europe's largest economy is around 2 percent.
Read more at Bloomberg Bonds News
Philips beats Q1 profit forecast, sales slow
(Reuters) - Revenues fell more than expected to 5.99 billion euros from 7.37 billion euros a year earlier, compared with an average analyst forecast of 6.14 billion euros.
Philips is the world's biggest lighting maker, a top three hospital equipment maker, a top five consumer electronics producer and Europe's number three in semiconductors.
Read more at Reuters.com Business News
Philips is the world's biggest lighting maker, a top three hospital equipment maker, a top five consumer electronics producer and Europe's number three in semiconductors.
Read more at Reuters.com Business News
UPDATE 1-Sallie Mae agrees to be sold for $25 bln-WSJ
(Reuters) - JC Flowers & Co. and Friedman Fleischer & Lowe LLC plan to take a 50.2 percent stake in Sallie Mae, the paper reported, citing unnamed sources, while JPMorgan and Bank of America each would take 24.9 percent stakes.
The group plans to pay $60 per share for the student lender, also known as SLM Corp. , the Journal said.
Read more at Reuters.com Mergers News
The group plans to pay $60 per share for the student lender, also known as SLM Corp. , the Journal said.
Read more at Reuters.com Mergers News
Asian Currencies: Ringgit Gains to Nine-Year High on Inflows; Peso Rises
(Bloomberg) -- The Malaysian ringgit gained to a nine-year high on speculation a rally in stocks will boost demand for the currency. Government bonds were little changed.
The ringgit extended a four-week advance as the benchmark equity index rose for a third day to near its highest close since January 1994. Second Finance Minister Nor Mohamed Yakcop said on April 13 the stronger ringgit hasn't hurt exports as the gain has been gradual and will be ``stable.''
Read more at Bloomberg Currencies News
The ringgit extended a four-week advance as the benchmark equity index rose for a third day to near its highest close since January 1994. Second Finance Minister Nor Mohamed Yakcop said on April 13 the stronger ringgit hasn't hurt exports as the gain has been gradual and will be ``stable.''
Read more at Bloomberg Currencies News
Brazilian Manufacturing Jobs Vanish as Rally in Currency Pinches Profits
(Bloomberg) -- Brazil's surging currency is eroding exports for manufacturers of goods ranging from cars to teddy bears and undermining President Luiz Inacio Lula da Silva's efforts to lower unemployment.
``I have no choice but to raise prices,'' said Ray Young, president and managing director of General Motors Corp.'s operations in Brazil. He fired 900 workers last year because exports dropped 21 percent. ``Will they pay more or drop us? I don't know at this point. That's my biggest worry.''
Read more at Bloomberg Currencies News
``I have no choice but to raise prices,'' said Ray Young, president and managing director of General Motors Corp.'s operations in Brazil. He fired 900 workers last year because exports dropped 21 percent. ``Will they pay more or drop us? I don't know at this point. That's my biggest worry.''
Read more at Bloomberg Currencies News
Asian Stocks Advance, Led by Canon, on Yen Weakness; BHP and Takeda Climb
(Bloomberg) -- Asian stocks rose the most in eight days as a decline in the yen boosted the value of exports to Europe. Canon Inc. and Honda Motor Co. gained.
``The trend of a weaker yen won't change for at least another year,'' said Masanaga Kono, who helps manage about $14 billion at Societe Generale Asset Management (Japan) Co. in Tokyo. ``Automaker and technology stocks will benefit.''
Read more at Bloomberg Stocks News
``The trend of a weaker yen won't change for at least another year,'' said Masanaga Kono, who helps manage about $14 billion at Societe Generale Asset Management (Japan) Co. in Tokyo. ``Automaker and technology stocks will benefit.''
Read more at Bloomberg Stocks News
Dreman Value, Leuthold, Hodges Favor the Biggest Stocks as Profits Slump
(Bloomberg) -- Some of the best-performing U.S. fund managers are putting their money on the largest stocks, anticipating the worst quarterly profit reports in five years.
Dreman Value Management LLC, Hodges Capital Management Inc. and the Leuthold Group say members of the Standard & Poor's 500 Index, which have a median value of $13.8 billion, will outperform smaller stocks for the first time this decade. Analysts have cut profit estimates for the biggest companies less than stocks in the S&P MidCap 400 Index and S&P SmallCap 600 Index as economic growth slows.
Read more at Bloomberg Stocks News
Dreman Value Management LLC, Hodges Capital Management Inc. and the Leuthold Group say members of the Standard & Poor's 500 Index, which have a median value of $13.8 billion, will outperform smaller stocks for the first time this decade. Analysts have cut profit estimates for the biggest companies less than stocks in the S&P MidCap 400 Index and S&P SmallCap 600 Index as economic growth slows.
Read more at Bloomberg Stocks News
Germany's Merkel Says EU Plans to Accelerate Membership Talks With Turkey
(Bloomberg) -- German Chancellor Angela Merkel said the European Union will step up membership talks with Turkey in the coming months after negotiations were set back last year.
Germany, which holds the six-month rotating presidency of the EU, will push for opening accession talks in two policy areas by the time the country's tenure expires at the end of June, Merkel said today after meeting Turkish Prime Minister Recep Tayyip Erdogan in the German city of Hanover.
Read more at Bloomberg Emerging Markets News
Germany, which holds the six-month rotating presidency of the EU, will push for opening accession talks in two policy areas by the time the country's tenure expires at the end of June, Merkel said today after meeting Turkish Prime Minister Recep Tayyip Erdogan in the German city of Hanover.
Read more at Bloomberg Emerging Markets News
Sinopec Says Six-Month Profit May Surge as First-Quarter Earnings Double
(Bloomberg) -- China Petroleum & Chemical Corp., Asia's biggest oil refiner, said first-half profit may rise at the fastest pace since 2004 as refining margins widen and demand for chemicals used in manufacturing climbs.
Profit in the six months ending June may surge more than 50 percent from the 20.7 billion yuan ($2.7 billion) earned a year earlier, Sinopec, as the Beijing-based company is known, said in a statement yesterday. First-quarter net income more than doubled to 19.4 billion yuan, it said.
Read more at Bloomberg Emerging Markets News
Profit in the six months ending June may surge more than 50 percent from the 20.7 billion yuan ($2.7 billion) earned a year earlier, Sinopec, as the Beijing-based company is known, said in a statement yesterday. First-quarter net income more than doubled to 19.4 billion yuan, it said.
Read more at Bloomberg Emerging Markets News
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