Air France, France Telecom, Vallourec: French Stock Market Preview

(Bloomberg) -- Shares of the following companies may
rise or fall on the Paris stock exchange. Stock symbols are in
parentheses and prices are from the last close.

The CAC 40 Index slipped 100.67, or 1.7 percent, to 5977.87.
The broader SBF 120 Index also declined 1.7 percent.


Read more at Bloomberg Stocks News

Nigerian forex reserves rise to $43.4 bln in May

(Reuters) - Nigeria's foreign reserves rose to $43.48 billion in May, versus $43.2 billion a month earlier, thanks to sustained high oil revenues, the central bank said on Wednesday.

Governor Chukwuma Soludo said in a statement that the reserves could cover 25 months of imports, but that disruptions to oil production in the Niger Delta were a risk to reserves growth.


Read more at Reuters Africa

Indonesia's Central Bank Cuts Policy Interest Rate to Boost Lending Growth

(Bloomberg) -- Indonesia's central bank said there's
room to reduce interest rates further, after taking advantage of
the slowest inflation in six months to cut borrowing costs for
the 12th time since May last year.

Bank Indonesia ``as expected'' reduced the rate used as a
reference for bill sales by a quarter point to 8.5 percent, the
lowest since the measure was introduced in July 2005, Deputy
Governor Aslim Tadjuddin told reporters in Jakarta today. Nine
of 12 economists surveyed by Bloomberg News forecast the move.


Read more at Bloomberg Emerging Markets News

March Networks Corp. and MKS May Move: Canadian Equity Market 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 200.10, or
1.4 percent, to 13,941.59.


Read more at Bloomberg Stocks News

Air France-KLM, Fiat, Finmeccanica, Royal Ahold: European Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in European markets. Prices are from the last close.

The Dow Jones Stoxx 600 declined 1.7 percent to 390.07. The
Dow Jones Stoxx 50 Index dropped 1.4 percent to 3887.09. The Euro
Stoxx 50 Index, a benchmark for the 13 nations using the euro,
decreased 1.7 percent to 4437.29.


Read more at Bloomberg Stocks News

IBM saved about $1.6 billion in tax maneuver: WSJ

(Reuters) - Neither IBM nor the Internal Revenue Service was immediately available to comment.




The IRS announced plans to issue regulations making companies pay U.S. taxes when they buy back their stock on May 31, two days after IBM's transaction, the Journal reported. Its new regulations would treat funds used for buybacks as repatriated earnings.


Read more at Reuters.com Business News

Taiwan's Export Growth Seen Edging Higher in May on Electronics' Shipments

(Bloomberg) -- Taiwan's export growth probably edged
higher in May, buoyed by increased electronics shipments to
China and amid signs U.S. demand is picking up.

Overseas shipments advanced 5.7 percent from a year earlier
after gaining 5.5 percent in April, according to the median
estimate of nine economists surveyed by Bloomberg News. The
figures are released at 4 p.m. today in Taipei.


Read more at Bloomberg Emerging Markets News

Asian Stocks Snap Five-Day Rally on Interest Rates Concern; Toyota Falls

(Bloomberg) -- Asian stocks fell for the first time
in six days after a higher-than-forecast gain in U.S. labor costs
fueled concern the Federal Reserve will follow Europe in raising
interest rates to tame inflation.

The Morgan Stanley Capital International Asia-Pacific Index
retreated from a record high, following declines in the U.S. and
Europe. Toyota Motor Corp., which made more than a third of its
sales in North America last year, and Samsung Electronics Co.,
Asia's largest maker of chips and mobile phones, led declines.


Read more at Bloomberg Stocks News

JGB futures down but hold above 10-month low

(Reuters) - JGBs have been sold off since late May amid a steady rise in
yields on euro zone government bonds and U.S. Treasuries, and as
solid Japanese data reinforced the view that the Bank of Japan
could hike rates as early as August.




After the two-year yield scaled a 10-year high above 1
percent and the five-year yield hit an 11-month high, traders
said they were looking at stock markets and global yields for
clues on whether these maturities, which are most sensitive to
monetary policy changes, could be sold further.


Read more at Reuters.com Bonds News

Media exec may be interested in Dow Jones buy: WSJ

(Reuters) - Tierney, who last year led an investor group that bought the Philadelphia newspapers for $515 million, could not immediately be reached for comment.




Tierney is the chief executive of closely held Philadelphia Media Holdings.


Read more at Reuters.com Mergers News

NYSE Euronext removes restriction on some shares

(Reuters) - The exchange also declared an annual dividend of $1.00 a
share, payable on a quarterly basis.




Read more at Reuters.com Mergers News

Oil Trades Little Changed After Rising on Reports of Turkish Raid in Iraq

(Bloomberg) -- Crude oil was little changed in New
York after rising yesterday on concern a reported raid by Turkish
troops into northern Iraq may heighten tensions in the Middle
East, source of a third of the world's oil.

The assault, denied by the Turkish government, involved a
600-strong commando pursuit of Kurdish rebels who had fired on
troops from across the border, the Associated Press reported,
citing Turkish security officials it didn't name. The incident
lifted oil from a session-low reached after the U.S. government
reported increases in the nation's oil and gasoline stockpiles.


Read more at Bloomberg Energy News

Growth to rebound as inflation slows

(Reuters) - His remarks backed views in financial markets that the U.S. central bank will keep monetary policy on hold in the coming months as it watches how the housing slowdown plays out and whether business investment picks up as expected.




"Right now, our policy rate, called the federal funds rate, is at 5-1/4 percent. And in my judgment that is modestly restrictive, not severely, but modestly so," Hoenig told a group of bankers and businessmen in the hometown of Wild Bill Cody and the self-styled rodeo capital of the world.


Read more at Reuters.com Bonds News

New Avandia study sheds little light on heart risk

(Reuters) - Glaxo and three independent heart experts had sharply different views on what the results of the study meant.




The interim analysis of the study, funded by the drugmaker and published in the New England Journal of Medicine on Tuesday, was hastily published after another report last month suggested Avandia raised the risk considerably.


Read more at Reuters.com Business News

Horton's outlook now negative, was stable-Moody's

(Reuters) - "The negative ratings outlook reflects Moody's expectation
that Horton's credit metrics will continue to erode as
home-building industry conditions are expected to be
challenging throughout 2007, and any recovery in 2008 is likely
to be sluggish," Moody's said in a statement.




Horton in April reported an 85 percent plunge in fiscal
second-quarter earnings, in part due to charges related to the
lower value of land. For details, see [ID:nN19363456].


Read more at Reuters.com Bonds News

Redstone says not taking CBS, Viacom private -CNBC

(Reuters) - He added, ""Could we someday consider other alternatives?
Yes, but it's not on the horizon."




Read more at Reuters.com Mergers News

GDP to rebound as inflation slows: Fed's Hoenig

(Reuters) - "And that allows for the economy to continue to grow...and
slowly, hopefully, bring down the inflation rates for CPI , the core CPI, to levels even closer to 2
percent as we move forward," Hoenig said.




Government data out earlier on Wednesday revised U.S. first
quarter productivity growth down to 1.0 percent from the 1.7
percent initially thought, while unit labor costs were lifted
to 1.8 percent from a more modest 0.6 preliminary reading.


Read more at Reuters.com Bonds News

Casey's General Stores, Digital River, Netflix: U.S. Equity Movers Final

(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes in U.S. exchanges today.
Stock symbols are in parentheses after company names. Shares
prices are as of 4 p.m. New York time.

Acadia Pharmaceuticals Inc. (ACAD US) rose $1.39, or 11
percent, to $13.82. The developer of drugs to treat central
nervous system disorders was recommended by CNBC host Jim Cramer,
who said the company will benefit from three promising drugs in
U.S. Food and Drug Administration clinical trials.


Read more at Bloomberg Stocks News

UPDATE 1-US money market fund assets reach record-iMoneyNet

(Reuters) - The inflow was the largest since July 8, 2003, when $43.8
billion flowed into the funds, according to the report released
by iMoneyNet Inc. of Westborough, Mass.




Taxable assets climbed by nearly $33.4 billion, while
tax-free assets grew by almost $5.7 billion.


Read more at Reuters.com Bonds News

Fed's Hoenig says core inflation has moderated

(Reuters) - "I am very confident at this point that the economy will
strengthen and I am hopeful that the inflation numbers ... will
continue to decelerate," he said.




Read more at Reuters.com Bonds News

Casey's General Stores, Digital River, Netflix: 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 a.m. New York time.

Acadia Pharmaceuticals Inc. (ACAD US) rose $1.41, or 11
percent, to $13.84 and traded as high as $14.40. The developer of
drugs to treat central nervous system disorders was recommended
by CNBC host Jim Cramer, who said the company will benefit from
three promising drugs in U.S. Food and Drug Administration
clinical trials.


Read more at Bloomberg Stocks News

REFILE-TREASURIES-Bonds fall, yields hit 5 pct on strong ISM

(Reuters) - By Richard Leong




NEW YORK, June 5 - U.S. Treasury debt prices fell
on Tuesday, as data showing unexpected strength in the service
sector supported the view of a rebound in second-quarter
economic growth and sent short-term yields to 5 percent.


Read more at Reuters.com Bonds News

UPDATE 1-Roche HIV drug recalled due to contamination

(Reuters) - "There is a problem in manufacturing," said a spokesman for
the European Medicines Agency, explaining the sudden decision.




Patients taking Viracept, a first-line HIV therapy, are
being urged to contact their doctor and will have to change to
another appropriate medicine.


Read more at Reuters.com Government Filings News

Roche says Viracept recall hits Europe, not U.S.

(Reuters) - "Roche has received several reports that some batches of
Viracept 250 mg tablets have a strange odour," the company said
in a statement.




"A detailed chemical analysis of the affected tablets showed
they contain higher than normal levels of methane sulfonic acid
ethylester. In the interest of patients safety Roche has decided
to recall all batches of Viracept tablets and powder."


Read more at Reuters.com Government Filings News

U.S. Treasuries Rise as Yields Near Nine-Month High Attract Investors

(Bloomberg) -- U.S. Treasuries rose as yields near
the highest in more than nine months attracted investors after
more than four weeks of losses.

The two-year security's yield touched 5 percent yesterday
for the first time since August as futures traders reversed bets
the Federal Reserve would lower interest rates this year. Sandra
Pianalto, president of the Fed's Cleveland Bank, said U.S.
inflation is faster than she'd like.


Read more at Bloomberg Bonds News

Canada's Dollar Approaches 30-Year High on Outlook for Rates

(Bloomberg) -- The Canadian dollar approached a 30-
year high against the U.S. currency on speculation the Bank of
Canada will boost interest rates as soon as next month.

Canada's currency has advanced 8 percent against the U.S.
dollar this quarter as an accelerating economy pushed the
nation's two-year bond yield to a five-year high. An increase in
the price of crude oil added to the currency's rally today.
Commodities account for 54 percent of Canada's exports.


Read more at Bloomberg Currencies News

UPDATE 1-Forest Oil to close Houston Exploration deal

(Reuters) - The deal now values Houston Exploration at about $60 a
share, compared with $52.47 a share when the transaction was
announced in January.




Forest Oil said the stock component of the deal was
oversubscribed based on preliminary merger consideration
election results.


Read more at Reuters.com Mergers News

Fed's Lacker: Hedge fund growth beneficial

(Reuters) - "The broader view is that this in some sense represents a
dramatic wave in financial innovation," he said.




Read more at Reuters.com Bonds News

UPDATE 1-Citigroup settles retirement savings charges

(Reuters) - The penalty includes a $3 million fine and $12.2 million in
restitution to more than 200 customers. The NASD also suspended
three brokers and two branch managers at a Charlotte, North
Carolina branch office for 45 days to 18 months, and fined them
a total of $295,000. Citigroup did not admit wrongdoing.




"We take this matter very seriously," Citigroup spokeswoman
Susan Thomson said in an e-mail, calling the activities "the
inappropriate actions of a small group of employees in one
office more than five years ago." She said Citigroup is doing
what it can to prevent a recurrence.


Read more at Reuters.com Government Filings News

TREASURIES-Stock slide fuels tentative rebound in bonds

(Reuters) - NEW YORK, June 6 - U.S. Treasuries rose
moderately on Wednesday as sagging stock markets helped stem a
month-long selling spree that has taken yields within a sliver
of 5 percent.




Wall Street opened lower in the wake of overseas losses,
helping government debt gain a foothold.


Read more at Reuters.com Bonds News

Euro falls as ECB sticks with 2008 inflation call

(Reuters) - The euro slipped against the dollar on Wednesday after the European Central Bank gave no clear signs that it would continue raising interest rates beyond 2007.

The ECB lifted euro-zone rates to 4 percent, but the hike had been well telegraphed and failed to boost the euro, which has been trending higher along with European interest rates over the last year.


Read more at Reuters Africa

UPDATE 1-Amgen to buy company with diabetes drug

(Reuters) - Amgen, the word's largest biotechnology company by sales, on Monday said it would buy privately held Ilypsa, which is developing a drug for chronic kidney disease, for $420 million.




Amgen said the Alantos acquisition has been approved by the boards of both companies and Alantos shareholders. It expects the deal to close in the third quarter.


Read more at Reuters.com Bonds News

Crude Oil Futures Decline After Report Showing U.S. Fuel Supply Increase

(Bloomberg) -- Crude oil was little changed after an
Energy Department report showed that U.S. fuel stockpiles rose
more than expected last week.

Gasoline supplies gained 3.51 million barrels to 201.5
million barrels in the week ended June 1, the report showed. A
gain of 1.6 million barrels was expected, according to the median
of responses by 14 analysts surveyed by Bloomberg News.
Stockpiles of distillate fuel, a category that includes diesel
and heating oil, rose 1.86 million barrels, the report showed.


Read more at Bloomberg Energy News

Borders Shares Cut to `Sell' as Goldman Says Buyout of Company Less Likely

(Bloomberg) -- Borders Group Inc. shares were
downgraded to ``sell'' at Goldman, Sachs & Co., which said the
odds the second-largest U.S. bookseller will be acquired have
diminished given heightened risk of an antitrust challenge.

Whole Foods Market Inc. and Wild Oats Markets Inc., the
largest and second-largest natural-foods grocers, yesterday said
the U.S. Federal Trade Commission plans to file suit to block
their proposed merger.


Read more at Bloomberg Stocks News

Topps says Upper Deck sues over agreement

(Reuters) - In March, Topps agreed to be acquired by Madison Dearborn
and Tornante for $9.75 per share. In May, Upper Deck, which
publishes sports trading cards and other memorabilia, made an
unsolicited offer to buy Topps for $10.75 per share. Tornante
and Madison Dearborn gave Topps permission to negotiate with
its rival.




Read more at Reuters.com Bonds News

UPDATE 1-3M acquires maker of superabrasive products

(Reuters) - Diamond Productions' diamond and cubic boron nitride wheels and tools are used in the metalworking, woodworking and stone fabrication industries, said 3M, which is known for such products as Scotch tape, Post-it notes, Thinsulate insulation and optical films for liquid crystal displays.




The addition of Diamond Productions' superabrasives enhances 3M's cutting and grinding capabilities for such things as kitchen countertops, monuments and structural granite, as well as difficult-to-grind carbides, ceramics and glass, St. Paul, Minnesota-based 3M said.


Read more at Reuters.com Mergers News

Acadia, Borders, Cooper, Teva Pharmaceutical: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Shares prices are as of 8:50 a.m. New York time.

Acadia Pharmaceuticals Inc. (ACAD US) rose $1.24, or 10
percent, to $13.67 before the official open of U.S. exchanges.
The developer of drugs to treat central nervous system disorders
was recommended by CNBC host Jim Cramer, who said the company
will benefit from three promising drugs in U.S. Food and Drug
Administration clinical trials.


Read more at Bloomberg Stocks News

UPDATE 1-Canada April building permits down 8.4 pct

(Reuters) - The result outpaced analysts' forecasts of a 4.6 percent
decline. Statscan revised the March increase in building
permits to 26.5 percent from 27.4 percent previously.




Non-residential building permits taken out by contractors
were worth 18.9 percent less than those obtained in March, the
second-biggest decline in dollar terms since 1989.


Read more at Reuters.com Economic News

Futures drop on inflation, rate worry

(Reuters) - The European Central Bank raised interest rates by 25 basis points to 4 percent as expected on Wednesday, which could put pressure on global bond yields to rise. U.S. stock index futures held steady well below fair value. Interest-rate jitters sent stocks lower on Tuesday as higher bond yields pose competition for stocks.




"The higher rate environment is not just domestic. I think the market will take this and start to focus on inflation as it gets concerned about how high rates will have to rise," said Peter Dunay, investment strategist at Leeb Capital Management New York.


Read more at Reuters.com Business News

Fortis, Grey Wolf, TransCanada, Montreal Exchange: Canadian Equity Preview

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

The Standard & Poor's/TSX Composite Index fell 5.05, or less
that 0.1 percent from a record, to 14,141.69 yesterday in Toronto.


Read more at Bloomberg Stocks News

Volterra, Borders, Panera, TD Ameritrade, Volterra: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Shares prices are as of 7:30 a.m. New York time.

Acadia Pharmaceuticals Inc. (ACAD US) rose $1.42, or 11
percent, to $13.85 in trading before the open of U.S. exchanges.
The developer of drugs to treat central nervous system disorders
was recommended by CNBC host Jim Cramer, who said the company
will benefit from three promising drugs in U.S. Food and Drug
Administration clinical trials.


Read more at Bloomberg Stocks News

FTSE drops 1 pct, rate fears rattle retailers

(Reuters) - Britain's leading share index slipped 1 percent on Wednesday as European stocks languished ahead of looming interest rate decisions from the UK and Europe, with retailers bearing the brunt of borrowing cost concerns.

Marks & Spencer, Morrison, Next and Home Retail Group all shed about 3 percent as traders said higher interest rates could trim consumer demand.


Read more at Reuters Africa

U.A.E. to Revalue Its Currency Before September, Deutsche Bank Says

(Bloomberg) -- The United Arab Emirates, the second-
largest Arab economy, will probably let its currency appreciate by
as much as 3 percent before September, Deutsche Bank AG said.

``We expect a small appreciation of 2 percent to 3 percent
prior to the next GCC central bank meeting in September,''
Caroline Grady, an economist at Deutsche Bank, said in a note
received via e-mail today.


Read more at Bloomberg Currencies News

Turkish Stocks Increase for a Second Day; Garanti Shares Pace the Advance

(Bloomberg) -- Turkey's benchmark stock index
advanced on speculation the country's governing party may back
down in a spat with the military over its choice of an Islamist-
leaning president. Turkiye Garanti Bankasi AS paced the gain.

The ISE National 100 Index added 90.23, or 0.2 percent, to
46,541.83 in Istanbul, rising for a second day, even as 38
shares fell, 36 advanced and 26 were unchanged.


Read more at Bloomberg Stocks News

Gold hovers near 3-week high, awaits ECB rate decision

(Reuters) - While traders feel markets have factored in a rate rise of a quarter point to 4.0 percent, they are looking to the accompanying statement for clues on how many more hikes are in the offing this year.




This may put the dollar under further pressure, which is generally positive for gold prices, as it is widely perceived that interest rates in the United States are more likely to fall than rise in the future.


Read more at Reuters.com Hot Stocks News

Platinum Rises as South African Miners Plan Strike; Palladium Increases

(Bloomberg) -- Platinum rose in London as miners in
South Africa, the world's biggest supplier of the precious
metal, planned a strike. Palladium also increased.

South Africa's National Union of Mineworkers said yesterday
it was in talks with lawyers to prepare the mandatory seven-day
notice required to legally start a stoppage.


Read more at Bloomberg Commodities News

U.S. Stock-Index Futures Drop Before Productivity Report; Citigroup Falls

(Bloomberg) -- U.S. stock-index futures fell before
productivity and labor-cost reports that may validate the Federal
Reserve's inflation concern.

Shares of American International Group Inc., the world's
largest insurer, and Citigroup Inc., the biggest U.S. bank by
market value, slid in Europe. Financial-services stocks are among
the most sensitive to higher interest rates.


Read more at Bloomberg Stocks News

Fed's Pianalto says longer-term inflation trend too high

(Reuters) - In a speech before a Bundesbank conference on monetary policy strategy, Pianalto said that high commodity and oil prices, which have been pushing up inflation, risk undermining the public's trust in the central bank's inflation-fighting mettle.




"Since 2005, the three- to five-year moving average of U.S. inflation has hovered around 3 percent. This is above where I would like to see the trend settle in the longer run," she said.


Read more at Reuters.com Business News

FKI, Altadis Bond Risk Falls Amid Bid Speculation: Default Swap Movers

(Bloomberg) -- The risk of owning European corporate
bonds fell today, according to traders in the credit-default
swaps market.

Contracts based on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Series 7 Index fell 500 euros to
189,500 euros, according to JPMorgan Chase & Co.


Read more at Bloomberg Bonds News

Copper Prices Fall in Asia as Recent Gains Viewed as Excessive; Zinc Down

(Bloomberg) -- Copper prices fell in Asia as recent
gains on declining global inventories were seen overdone and
concern eased that labor disputes in Chile, the world's biggest
producer, may disrupt supply.

Inventories of copper tracked by the London Metal Exchange
dropped for the 12th-straight session to 123,300 metric tons, the
LME said yesterday in a daily report. Inventories in China have
fallen in the past two weeks, the Shanghai Futures Exchange said
on June 1.


Read more at Bloomberg Commodities News

Thailand Scraps 17-Year Bond Sale After Yields Surge, Central Bank Says

(Bloomberg) -- Bank of Thailand canceled a scheduled 5
billion baht ($152.4 million) bond sale today because investors
demanded too high a yield at the auction, the bank said.

The government scrapped the sale of debt maturing in 2024
after yields surged to 4.9 percent, Yanyong Damrongsiri, a central
bank spokesman said in a phone interview from Bangkok. The
securities yielded 4.555 percent at the previous sale on May 29
and 4.169 percent at an auction on May 23.


Read more at Bloomberg Bonds News

Mozambique to revamp airports ahead of World Cup

(Reuters) - Mozambique's Airports Company, ADM, plans to revamp all the country's 19 airports in anticipation of growing traffic, especially when South Africa hosts the Soccer World Cup in 2010, a spokesman said Tuesday.

ADM spokesman Antonio Sitoe told Reuters that bigger terminals and other infrastructure at Mozambique's airports would be in place before the 2010 World Cup in South Africa and would be built at a cost of over $300 million.


Read more at Reuters Africa