(Bloomberg) -- European 10-year bond yields held near their highest since August 2004 as speculation the European Central Bank will this week signal an increase in interest rates in June are already reflected in current prices.
Ten-year bund yields have risen 28 basis points since the ECB raised borrowing costs in March as traders boosted bets on two more increases this year. Policy makers may hold rates at the May 10 meeting and flag a move next month. President Jean-Claude Trichet has said he's comfortable with investors' expectations the ECB will lift rates a quarter-point to 4 percent in June.
Read more at Bloomberg Bonds News
Sunday, May 6, 2007
South Korea's Kospi Index Rises to Record; Samsung Electronics, Hynix Gain
(Bloomberg) -- South Korean stocks advanced to a record for a third day. Samsung Electronics Co. led exporters higher on speculation the U.S. Federal Reserve will be more inclined to cut interest rates after job and wage growth slowed.
``With the housing slowdown, it would be devastating for the labor figures to worsen,'' said Kim Ki Bong, who oversees about $1.2 billion at CJ Asset Management Co. in Seoul. ``It would be good if the Fed took the data to mean the economy is slowing and cut rates, which would help increase exports like technology products.''
Read more at Bloomberg Stocks News
``With the housing slowdown, it would be devastating for the labor figures to worsen,'' said Kim Ki Bong, who oversees about $1.2 billion at CJ Asset Management Co. in Seoul. ``It would be good if the Fed took the data to mean the economy is slowing and cut rates, which would help increase exports like technology products.''
Read more at Bloomberg Stocks News
S&P 500 Record Stoked by Companies' Growing Sales in China and Germany
(Bloomberg) -- When the stock market's benchmark for Corporate America rallies to a record, investors can attribute the bull market to its growing dependence on the Chinese.
Companies in the Standard & Poor's 500 Index get 49 percent of their sales from outside the U.S., up from 30 percent in 2001, according to S&P, whose index includes the biggest corporations. The balance may tip this year as global growth outpaces the U.S. The world economy will expand 4.2 percent in 2007, twice the U.S. pace, according to Goldman Sachs Group Inc.
Read more at Bloomberg Stocks News
Companies in the Standard & Poor's 500 Index get 49 percent of their sales from outside the U.S., up from 30 percent in 2001, according to S&P, whose index includes the biggest corporations. The balance may tip this year as global growth outpaces the U.S. The world economy will expand 4.2 percent in 2007, twice the U.S. pace, according to Goldman Sachs Group Inc.
Read more at Bloomberg Stocks News
Philippine Bonds, Peso Gain After Teves Says Tax Collection Is Improving
(Bloomberg) -- Philippine bonds and the peso gained after Finance Secretary Gary Teves said tax collection is improving, reducing concern that the government will miss deficit targets.
Seven-year bonds rose the most in two months after Teves said government tax agencies are raising more revenues at the sidelines of the Asian Development Bank's annual meeting in Kyoto. He didn't give details.
Read more at Bloomberg Bonds News
Seven-year bonds rose the most in two months after Teves said government tax agencies are raising more revenues at the sidelines of the Asian Development Bank's annual meeting in Kyoto. He didn't give details.
Read more at Bloomberg Bonds News
Japan Shares Gain, Led by Tokyo Electron, Mitsubishi UFJ on Profit Outlook
(Bloomberg) -- Japanese stocks advanced, with the Topix index set for the largest gain since March. Companies that will report earnings this week rose after the Nikkei newspaper said profit at Tokyo Electron Ltd. will climb to a record.
Banks advanced with Mitsubishi UFJ Financial Group Inc., which fell to a 19-month low on April 27, climbing 2.4 percent as investors judged recent losses excessive. The Topix Banks index dropped 4 percent last month.
Read more at Bloomberg Stocks News
Banks advanced with Mitsubishi UFJ Financial Group Inc., which fell to a 19-month low on April 27, climbing 2.4 percent as investors judged recent losses excessive. The Topix Banks index dropped 4 percent last month.
Read more at Bloomberg Stocks News
Gold Little Changed in Asia Near Two-Week High on Dollar; Silver Gains
(Bloomberg) -- Gold was little changed in Asia after reaching a near two-week high as investors' concerns about the weak U.S. dollar continued to support the precious metal. Silver also gained.
Investors usually prefer holding gold to store value when the U.S. currency is declining. The dollar has fallen to a near 10-year low, according to a Federal Reserve index that weighs trade with 38 countries including China, Mexico, Canada and countries in Europe.
Read more at Bloomberg Commodities News
Investors usually prefer holding gold to store value when the U.S. currency is declining. The dollar has fallen to a near 10-year low, according to a Federal Reserve index that weighs trade with 38 countries including China, Mexico, Canada and countries in Europe.
Read more at Bloomberg Commodities News
Bank Indonesia May Resume Cutting Key Interest Rate After Inflation Slowed
(Bloomberg) -- Indonesia's central bank will probably resume cutting its benchmark interest rate after inflation unexpectedly slowed last month and the rupiah surged.
Bank Indonesia Governor Burhanuddin Abdullah will reduce the rate used as a reference for bill sales by a quarter point to 8.75 percent, the lowest since August 2005, according to 16 of 19 economists surveyed by Bloomberg News. The central bank decision is due tomorrow in Jakarta.
Read more at Bloomberg Emerging Markets News
Bank Indonesia Governor Burhanuddin Abdullah will reduce the rate used as a reference for bill sales by a quarter point to 8.75 percent, the lowest since August 2005, according to 16 of 19 economists surveyed by Bloomberg News. The central bank decision is due tomorrow in Jakarta.
Read more at Bloomberg Emerging Markets News
Pakistan Expects to Cut Budget Deficit First Time in Four Years, Khan Says
(Bloomberg) -- Pakistan expects to cut its budget deficit for the first time in four years as record economic growth spurs company and personal tax collections, the government's chief economic adviser Ashfaque Hasan Khan said.
The deficit may narrow to 4 percent of gross domestic product in the year starting July 1, from 4.2 percent of GDP in the current year, Khan said in an interview in Kyoto. The government will release its budget in the first week of June.
Read more at Bloomberg Emerging Markets News
The deficit may narrow to 4 percent of gross domestic product in the year starting July 1, from 4.2 percent of GDP in the current year, Khan said in an interview in Kyoto. The government will release its budget in the first week of June.
Read more at Bloomberg Emerging Markets News
U.S. Treasuries May Rise for Second Day on Speculation Inflation to Cool
(Bloomberg) -- U.S. Treasuries may advance for a second day after a report showing a slowdown in job creation fueled speculation that the Federal Reserve will cut interest rates this year as inflation moderates.
Bonds on May 4 rose for the first time in four days after the Labor Department report showed employment growth fell to its lowest level in more than two years. Yields on interest-rate futures had dropped as traders bet the Fed will lower its target for the overnight lending rate between banks this year.
Read more at Bloomberg Bonds News
Bonds on May 4 rose for the first time in four days after the Labor Department report showed employment growth fell to its lowest level in more than two years. Yields on interest-rate futures had dropped as traders bet the Fed will lower its target for the overnight lending rate between banks this year.
Read more at Bloomberg Bonds News
Indonesian Rupiah Advances to Strongest in a Year as Fund Inflows Increase
(Bloomberg) -- Indonesia's rupiah climbed to the strongest in almost a year as investors based overseas put more money into the nation's assets on optimism economic growth will accelerate.
The rupiah had its biggest gain since May 2006 as the benchmark stock index last week rose to a record and on speculation the central bank will resume cutting interest rates tomorrow, improving the outlook for faster growth. The rupiah also appreciated after a U.S. government report May 4 showed employers added the fewest jobs in more than two years.
Read more at Bloomberg Currencies News
The rupiah had its biggest gain since May 2006 as the benchmark stock index last week rose to a record and on speculation the central bank will resume cutting interest rates tomorrow, improving the outlook for faster growth. The rupiah also appreciated after a U.S. government report May 4 showed employers added the fewest jobs in more than two years.
Read more at Bloomberg Currencies News
UPDATE 3-Killer Kansas tornado wreaks chaos and destruction
(Reuters) - OVERLAND PARK, Kan., May 6 - Rescue crews on Sunday combed piles of debris where homes and businesses once stood in Greensburg, Kansas, in a meticulous search for survivors of a killer tornado.
By nightfall searchers had not found anyone else -- alive or dead -- in the rubble, leaving the twister's toll at eight dead in the tiny farming community of Greensburg and one dead in nearby Pratt County as a result of Friday night's twister. At least 50 people were injured, some critically.
Read more at Reuters.com Bonds News
By nightfall searchers had not found anyone else -- alive or dead -- in the rubble, leaving the twister's toll at eight dead in the tiny farming community of Greensburg and one dead in nearby Pratt County as a result of Friday night's twister. At least 50 people were injured, some critically.
Read more at Reuters.com Bonds News
Nikkei up 1.7 pct as TDK, techs gain on U.S., yen
(Reuters) - "The market will keep an eye on U.S. stocks and the yen as they are likely to decide the direction of the market here for a while," said Yutaka Miura, deputy manager of the equity information department at Shinko Securities.
He also said another immediate focus will be the second-half peak of the Japanese corporate earnings season on Thursday and Friday.
Read more at Reuters.com Hot Stocks News
He also said another immediate focus will be the second-half peak of the Japanese corporate earnings season on Thursday and Friday.
Read more at Reuters.com Hot Stocks News
UPDATE 1-Buffett says Dow Jones takeover story not over yet
(Reuters) - Dow Jones has taken no action on Murdoch's $60 per share offer, and a majority of its controlling Bancroft family opposes the bid.
In a press conference, Buffett said Dow Jones carries an extra cachet because of the Journal's reputation and broad international reach, and that this could prompt some prospective bidders to offer more for the company.
Read more at Reuters.com Mergers News
In a press conference, Buffett said Dow Jones carries an extra cachet because of the Journal's reputation and broad international reach, and that this could prompt some prospective bidders to offer more for the company.
Read more at Reuters.com Mergers News
UPDATE 1-Key Rinker shareholder says to accept Cemex offer
(Reuters) - Perpetual, which holds around 10.5 percent of Rinker shares -- enough to block the offer before the conditions were changed -- said on Monday it planned to accept the amended offer "as soon as practicable."
Cemex, the world's No. 3 cement maker, extended its bid for a fifth time to June 8 and said it would waive a 90 percent acceptance condition if it held more than 50 percent of the Australian building materials maker by that date.
Read more at Reuters.com Mergers News
Cemex, the world's No. 3 cement maker, extended its bid for a fifth time to June 8 and said it would waive a 90 percent acceptance condition if it held more than 50 percent of the Australian building materials maker by that date.
Read more at Reuters.com Mergers News
Australia's ASIC rejects Qantas bidder application
(Reuters) - "ASIC sees no reason to depart from long-established policies relevant to the application," ASIC said.
Read more at Reuters.com Business News
Read more at Reuters.com Business News
U.S. Gasoline Pump Price Increases to $3.07 a Gallon, Lundberg Survey Says
(Bloomberg) -- U.S. gasoline at the pump rose 20 cents during the past two weeks to $3.07 a gallon, the first time the price has been above $3 since Aug. 11, Trilby Lundberg said, citing her survey of 7,000 filling stations nationwide.
The increase came as refinery shutdowns for repairs reduced inventories at a time when supplies would normally rise before the summer driving season, which begins next month. Wholesale gasoline futures traded in New York rose above $2.44 a gallon on April 30, the highest since May 11 last year.
Read more at Bloomberg Energy News
The increase came as refinery shutdowns for repairs reduced inventories at a time when supplies would normally rise before the summer driving season, which begins next month. Wholesale gasoline futures traded in New York rose above $2.44 a gallon on April 30, the highest since May 11 last year.
Read more at Bloomberg Energy News
Australian Dollar May Gain as Export Prices Advance to a Record on Metals
(Bloomberg) -- The Australian dollar may gain after last week's decline as the price of commodities the country exports rose to a record.
The Westpac Commodity Futures Index, an export weighted average of exchange-traded commodity futures prices, advanced 1.3 percent to a record as metals including copper and nickel gained. Australia's currency has gained 6.3 percent over the past 12 months on price gains in raw materials, which make up about 14 percent of the country's economic growth.
Read more at Bloomberg Currencies News
The Westpac Commodity Futures Index, an export weighted average of exchange-traded commodity futures prices, advanced 1.3 percent to a record as metals including copper and nickel gained. Australia's currency has gained 6.3 percent over the past 12 months on price gains in raw materials, which make up about 14 percent of the country's economic growth.
Read more at Bloomberg Currencies News
Oil Trades Below $62 a Barrel on Ample U.S. Stocks, Restarting Refineries
(Bloomberg) -- Crude oil was little changed in New York after falling 6.8 percent last week on ample U.S. supplies and signs gasoline output is rising as refiners return plants from maintenance.
Inventories in the world's largest oil consumer rose to 335.6 million barrels on April 27, 4.8 percent more than the five-year average for the period, the Energy Department said on May 2. Citgo Petroleum Corp. restarted a unit at its plant in Corpus Christi, Texas, after maintenance, the company said yesterday.
Read more at Bloomberg Commodities News
Inventories in the world's largest oil consumer rose to 335.6 million barrels on April 27, 4.8 percent more than the five-year average for the period, the Energy Department said on May 2. Citgo Petroleum Corp. restarted a unit at its plant in Corpus Christi, Texas, after maintenance, the company said yesterday.
Read more at Bloomberg Commodities News
Qantas says takeover bid for airline has failed
(Reuters) - "Accordingly, Qantas will proceed with strategies and plans for its future."
Qantas shares are expected to fall on Monday after Australia's Takeover Panel rejected an application by the bid group to include late support from a major shareholder who missed a deadline for acceptances.
Read more at Reuters.com Mergers News
Qantas shares are expected to fall on Monday after Australia's Takeover Panel rejected an application by the bid group to include late support from a major shareholder who missed a deadline for acceptances.
Read more at Reuters.com Mergers News
UPDATE 1-Search on for survivors after killer Kansas tornado
(Reuters) - OVERLAND PARK, Kan., May 6 - Rescue crews used dogs and flashlights to comb piles of debris that once were homes and businesses in Greensburg, Kansas, on Sunday, in a meticulous search for survivors of a killer tornado.
At least eight people died when the twister hit the farming community on Friday night and another was killed in nearby Stafford County. At least 50 people were injured, some critically, authorities said.
Read more at Reuters.com Bonds News
At least eight people died when the twister hit the farming community on Friday night and another was killed in nearby Stafford County. At least 50 people were injured, some critically, authorities said.
Read more at Reuters.com Bonds News
Darden to close, sell some units; sees charge
(Reuters) - Darden expects earnings from continuing operations of $2.48 to $2.52 per share in fiscal 2007, above a prior forecast of $2.38 to $2.42 per share.
Analysts, on average, have forecast earnings of $2.40 a share, according to Reuters Estimates.
Read more at Reuters.com Market News
Analysts, on average, have forecast earnings of $2.40 a share, according to Reuters Estimates.
Read more at Reuters.com Market News
BME, Endesa, Banco Santander and Banco Comercial: Iberian Equity Preview
(Bloomberg) -- The following stocks may rise or fall in Spain and Portugal. Stock symbols follow company names and prices are from the last close.
The IBEX 35 Index gained 224.70, or 1.6 percent, to 14,620.30 in Madrid. Portugal's PSI-20 Index climbed 0.7 percent to 12,325.47.
Read more at Bloomberg Stocks News
The IBEX 35 Index gained 224.70, or 1.6 percent, to 14,620.30 in Madrid. Portugal's PSI-20 Index climbed 0.7 percent to 12,325.47.
Read more at Bloomberg Stocks News
Israeli Bond Yields Slide to Record on the View Central Bank Will Cut Rate
(Bloomberg) -- Israel's benchmark Shahar bond yields fell to a record on speculation the central bank will cut interest rates in the next month as the currency strengthens against the dollar, and after U.S. treasuries' yields declined.
The Israeli shekel rose 4.7 percent in the past two months against the dollar and 9.2 percent in the past year. The Bank of Israel's quarter-point interest rate cut on April 22 failed to halt its advance. U.S. Treasury 10-year notes gained last week, pushing their yields lower amid signs inflation is moderating.
Read more at Bloomberg Bonds News
The Israeli shekel rose 4.7 percent in the past two months against the dollar and 9.2 percent in the past year. The Bank of Israel's quarter-point interest rate cut on April 22 failed to halt its advance. U.S. Treasury 10-year notes gained last week, pushing their yields lower amid signs inflation is moderating.
Read more at Bloomberg Bonds News
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