JGBs inch up but capped before output, CPI data

(Reuters) - The market showed a limited reaction to an auction of
two-year notes, which drew decent demand in line with
expectations. Dealers picked up the new issue to cover short
positions created in a sharp sell-off over the last month or so.




"Selling pressure has weakened a lot, while short covering is
continuing, so yields have slipped a bit," said an analyst at a
U.S. securities firm.


Read more at Reuters.com Bonds News

Yen rises as Japan's Omi warns of one-way bets

(Reuters) - The yen jumped on Tuesday, pulling away from a 4-1/2-year low versus the dollar hit last week, after Japan's finance minister warned that markets should be aware of the risks of one-way bets against the Japanese currency.

The comments by Koji Omi echoed remarks by officials at Group of Seven meetings in the past year referring to carry trades and suggested some concern about the pace of the yen's slide.


Read more at Reuters Africa

Dassault unveils 3D Internet software

(Reuters) - "Dassault Systemes and its partners will develop 3DVIA ... enabling anyone with access to a computer and the internet to use innovative, fun-to-use 3D services online," Bernard Charles, president and CEO of Dassault Systemes said in a statement.




Read more at Reuters.com Mergers News

Brazilian Real, Argentine, Chilean Peso: 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: The country's corn exports more than doubled
to 13.5 million metric tons as of June 22, from 5.37 million tons
a year earlier, the Agriculture Secretariat said in a newsletter
yesterday.


Read more at Bloomberg Currencies News

Alstom, Innelec Multimedia, Remy Cointreau, Rubis: French Equity Preview

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

The CAC 40 Index fell 20.4, or 0.3 percent, to 6002.85 in
Paris. The broader SBF 120 Index dropped 0.4 percent.


Read more at Bloomberg Stocks News

What Market Bubble? China's Top Stock Pickers Are More Bullish Than Ever

(Bloomberg) -- Zhang Shibao covers 12 Chinese stocks
and recommends investors buy all of them, even after they've more
than tripled on average in the past year.

``We are still in the middle of the bull market and the
uptrend is irreversible,'' said Zhang, a steel analyst at China
Merchants Securities Co. in Shenzhen.


Read more at Bloomberg Stocks News

Taiwan's Dollar Weakens on Yield Disadvantage; Government Bonds Decline

(Bloomberg) -- Taiwan's dollar fell for a second
day on speculation local investors will send more money overseas
to seek higher returns. Government bonds dropped.

The currency extended its 0.6 percent loss against the U.S.
dollar this year as the island's key interest rate remains the
second lowest in Asia even after the central bank raised
borrowing costs a quarter percentage point last week. Relatively
low domestic yields encourages investors to buy higher-returning
securities abroad.


Read more at Bloomberg Bonds News

Japan's Government Bonds Climb After Treasuries Rise on Housing Concern

(Bloomberg) -- Japanese bonds advanced for a third
day on concern hedge fund losses tied to mortgages will become
more widespread, prompting investors to seek safety in
government securities.

Local debt followed gains in Treasuries, which rose
yesterday on a report showing a measure of U.S. home sales
dropped last month to the lowest in almost four years. U.S. debt,
which often leads Japan's bond prices, extended last week's
rally after the near collapse of two hedge funds at Bear Stearns
Cos. sparked speculation investors will have to write down the
value of debt containing subprime mortgages.


Read more at Bloomberg Bonds News

U.S. Gasoline Supplies Rose Last Weekin Eighth Week of Gains, Survey Shows

(Bloomberg) -- U.S. gasoline inventories probably
gained for an eighth straight week last week as refineries
boosted crude processing, a Bloomberg News survey indicated.

Gasoline supplies increased 750,000 barrels in the week
ended June 22 from 203.3 million barrels the prior week,
according to the median of responses by eight analysts before an
Energy Department report this week. Six of the analysts expected
a gain and two said there was a decline.


Read more at Bloomberg Energy News

What Market Bubble? China's Stock Pickers Are More Bullish Than Ever

(Bloomberg) -- Zhang Shibao covers 12 Chinese stocks
and recommends investors buy all of them, even after they've more
than tripled on average over the past year.

``We are still in the middle of the bull market and the
uptrend is irreversible,'' said Zhang, a steel analyst at China
Merchants Securities Co. in Shenzhen.


Read more at Bloomberg Stocks News

Japan's Government Bonds May Rise After Treasuries Gain on Housing Concern

(Bloomberg) -- Japanese bonds may advance for a
third day on concerns hedge fund losses tied to mortgages may
become more widespread, prompting investors to seek safety in
government securities.

Debt in Japan may follow gains in Treasuries, which rose
yesterday on a report that showed a measure of U.S. home sales
dropped last month to the lowest in almost four years. U.S. debt,
which often leads Japan's bond prices, extended last week's
gains after the near collapse of a hedge fund at Bear Stearns
Cos. sparked speculation investors will have to write down the
value of debt containing subprime mortgages.


Read more at Bloomberg Bonds News

Coles Group, News Corp., Woolworths, Westfield: Australian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may rise or fall in Australia. This preview includes
news announced after markets closed yesterday. Prices are from
yesterday's close unless otherwise stated. Stock symbols are in
brackets after the company names.

The S&P/ASX 200 Index futures contract due in September added
0.1 percent to 6370 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index fell 0.5 percent in New York.


Read more at Bloomberg Stocks News

UPDATE 1-Goldman-issued subprime bonds lead downgrades-Citi

(Reuters) - Portions of Goldman's GSAMP-issued bonds, which include
subprime loans from a variety of lenders, have been downgraded
a combined 69 times by Standard & Poor's and Moody's Investors
Service in the year through June 15, analysts at Citigroup
Global Markets said in a weekly note. Sixty of the downgrades
refer to classes from 2006 bonds.




Downgrades are accelerating on mortgage bonds backed by
loans to the riskiest borrowers amid a surge in delinquencies
and foreclosures. Lenders loosened underwriting standards in
the years through 2006, creating loans whose poor quality
became apparent as the U.S. housing slump began.


Read more at Reuters.com Bonds News

Toyota, Matsushita Electric, Taiheiyo Cement: Japanese Equity Preview

(Bloomberg) -- The following stocks may move in
Japanese markets. Prices are as of the close of trading.
Statements were released after the close. Stock symbols are in
parentheses.

Daimaru Inc. (8234 JT): The department store operator said
first-quarter net income rose 24 percent to 3.8 billion yen from
3.06 billion yen a year earlier, when it posted a 5.4 billion yen
gain from sales of fixed assets and stockholdings. Daimaru said
it will retire 6.3 million shares, or 2.3 percent of its total
outstanding shares, on June 28. The stock slid 6 yen, or 0.5
percent, to 1,295.


Read more at Bloomberg Stocks News

UPDATE 1-Bear may have to bail out second fund -analyst

(Reuters) - That fund could have a loan exposure of as much as $7
billion, Moszkowski wrote.




But at current valuations, Bear Stearns shares offer an
excellent value, he added.


Read more at Reuters.com Mergers News

US STOCKS-Subprime mortgage worries drive indexes lower

(Reuters) - NEW YORK, June 25 - U.S. stocks closed lower on
Monday as growing concerns about the subprime mortgage market
dragged down shares of Bear Stearns Cos. and Goldman
Sachs Group .




Shares of Bear Stearns Cos. , which last week bailed
out a hedge fund it manages that is heavily invested in
subprime mortgages, dropped more than 3 percent after a Merrill
Lynch & Co. analyst said the brokerage may need to stump up
more cash to rescue a second fund.


Read more at Reuters.com Bonds News

US STOCKS-Indexes fall on subprime worries, higher oil

(Reuters) - NEW YORK, June 25 - U.S. stocks fell on Monday,
after trading higher for most of the session, as oil futures
edged up close to $70, and on worries that there may be more
fallout from problems in the subprime mortgage market.




Shares of Bear Stearns Cos. , which is running
damage control following the bail-out of one of its two hedge
funds that invested in risky subprime mortgages, tumbled more
than 5 percent after a Merrill Lynch & Co. analyst said
Bear may have not seen the last of such troubles.


Read more at Reuters.com Bonds News

Bear may have to bail out second fund -analyst

(Reuters) - That fund could have loan exposure of as much as $7 billion, Moszkowski wrote.



But at current valuations, Bear Stearns offers an excellent value, he added.


Read more at Reuters.com Bonds News

Cocoa Falls From One-Month High on Prospect Nigerian Exports Will Resume

(Bloomberg) -- Cocoa fell from a one-month high in
New York on speculation exports from Nigeria, the fourth-largest
producer last year, will resume as workers return from a four-
day general strike.

The strike, which shut down ports and created a fuel
shortage that prevented farmers from transporting beans, ran
from June 20 through late June 23. Most-active cocoa futures
earlier today rose to the highest since May 24 on speculation
exports might be delayed or beans waiting to be shipped at ports
may spoil.


Read more at Bloomberg Commodities News

US STOCKS-Indexes turn lower on oil, subprime jitters

(Reuters) - NEW YORK, June 25 - U.S. stocks turned lower on
Monday as oil futures pared their losses and more worries about
the subprime mortgage market swirled.




The Dow Jones industrial average was down 11.71
points, or 0.09 percent, at 13,348.55. The Standard & Poor's
500 Index was down 4.26 points, or 0.28 percent, at
1,498.30. The Nasdaq Composite Index was down 10.70
points, or 0.41 percent, at 2,578.26.


Read more at Reuters.com Bonds News

Calif. grocery workers give union power to strike

(Reuters) - A formal announcement of the vote is expected at noon .




"It was overwhelming," said Mike Shimpock, a union
spokesman. "I think this expresses our members'
frustrations with management's unwillingness to negotiate and
sends a clear message that our members -- and their employees
-- want them to get serious at the bargaining table."


Read more at Reuters.com Bonds News

Canadian Stocks Decline on Metals, Materials Prices; Teck and Encana Fall

(Bloomberg) -- Canadian stocks declined for a fourth
time in five days, led by such energy and raw-materials producers
as EnCana Corp. and Teck Cominco Ltd., after prices for crude oil,
copper and gold declined.

Raw-materials, energy and other commodities make up more than
half of Canada's exports. Resource-related stocks account for
nearly half of the main Canadian stock index's value and helped
lift it to a record last week on takeovers and higher commodity
prices.


Read more at Bloomberg Stocks News

Gazprom Expects Record Gas Export Sales to Europe This Year, Medvedev Says

(Bloomberg) -- OAO Gazprom, Russia's state-controlled
natural-gas export monopoly, will set ``another record'' for sales
to Europe this year, Deputy Chief Executive Officer Alexander
Medvedev told reporters in Moscow today.

The price for European customers will probably average $250 to
$260 per 1,000 cubic meters this year, compared with $260.70 last
year, Medvedev said. He didn't say what volume the company plans to
ship to Europe this year.


Read more at Bloomberg Energy News

Web radio stations set for 'Day of Silence' protest

(Reuters) - The 'Day of Silence' is being organized by SaveNetRadio
Coalition, whose 14,000 members include: Yahoo Inc.,
Viacom Inc , and RealNetworks Inc..




SaveNetRadio said the U.S. Copyright Royalty Board's March
decision to boost royalty rates will kill the fledgling
industry, if goes into effect on July 15. It is hoping the 'Day
of Silence' will help raise public awareness of the issue.


Read more at Reuters.com Government Filings News

U.S. bonds up on safe-haven bid

(Reuters) - Government bonds also got a boost from renewed hopes of a Federal Reserve interest rate cut by the end of the year and more evidence of a weak U.S. housing market.




"It's still a flight-to-quality bid. We still have problems continuing with the subprime CDO market and it's working its way into spreads. People are continuing to have a risk aversion," said Mary Ann Hurley, vice president of fixed-income trading at D.A. Davidson & Co. in Seattle.


Read more at Reuters.com Hot Stocks News

Miners, MTN drag South African bourse down

(Reuters) - Mining stocks, led by Anglo American, and mobile operator MTN pushed South Africa's blue chip Top-40 index lower on Monday, amid investor concern about lower metal prices and a possible interest rate hike.

The Top-40 ended 0.59 percent lower at 26,139 points while the broader All-share index closed down 0.62 percent at 28,914 points.


Read more at Reuters Africa

Cosan files for $2 bln IPO

(Reuters) - The filing did not reveal how many shares the company
planned to sell or their expected price. Cosan expects to be
listed on the New York Stock Exchange under the symbol "CZZ."





Read more at Reuters.com Bonds News

Fannie Mae to sell $4.0 bln in bills on Wednesday

(Reuters) - Bids will be accepted from authorized dealers from 9:00
a.m. EDT , until 9:45 a.m. EDT .




Settlement is June 27-28.


Read more at Reuters.com Bonds News

U.S. existing home sales down slightly in May

(Reuters) - The inventory of homes for sale rose 5.0 percent to 4.43
million units at the end of May which represents a 8.9 months'
supply at the current sales pace. That is the highest months'
supply since June 1992, although the 1992 figure only includes
single-family homes while the current data also includes
condos.




Economists polled by Reuters were expecting home resales to
fall to a 5.98 million-unit pace from the 5.99 million-unit
rate initially reported for April. The April sales pace was
revised to a 6.01 million unit rate.


Read more at Reuters.com Economic News

Calpine cuts Calif. Delta natgas unit power output

(Reuters) - The 811 MW Delta station, which entered service in 2002, is located in
Pittsburg in Contra Costa County, about 40 miles east of San Francisco. It
is a combined-cycle plant with three combustion turbines, two 182 MW units
and one 183 MW unit, and one steam turbine of 263 MW.




One MW powers about 700 homes in California.


Read more at Reuters.com Bonds News

Canadian Stocks Decline on Metals, Crude Oil Prices; Talisman Shares Fall

(Bloomberg) -- Canadian stocks declined for a fourth
time in five days, led by such energy and raw-materials producers
as Talisman Energy Inc. and Teck Cominco Ltd., as prices for crude
oil, copper and gold declined.

Oil futures fell from a nine-month high in New York after a
strike in Nigeria ended. Copper dropped a third day in London on
concern that Asian demand may be slowing, while gold declined on
speculation a drop in European equity markets may cut demand for
bullion.


Read more at Bloomberg Stocks News

Australia Lifts Forecast for 2008 Farm-Export Earnings on Large Grain Crop

(Bloomberg) -- Australia, the world's biggest wool
exporter and third-largest shipper of wheat, raised its forecast
for farm-export earnings by A$900 million ($764 million) on
optimism of a larger grain crop and higher dairy and beef prices.

The nation may earn A$28.1 billion from sales of commodities
from beef to wool in the year ending June 30, 2008, the
Australian Bureau of Agricultural and Resource Economics said
today in a statement from Canberra. The forecast is 3.3 percent
higher than the bureau's March estimate.


Read more at Bloomberg Commodities News

S&P 500 Futures Decline Ahead of Housing Report; Nvidia, Bear Stearns Drop

(Bloomberg) -- Standard & Poor's 500 Index futures
declined before a report that may show the housing slump has
worsened.

Nvidia Corp., the maker of graphics chips, slipped after a
Goldman, Sachs & Co. downgrade. Bear Stearns Cos., the U.S.
securities firm trying to prevent two of its hedge funds from
collapsing, retreated after CIBC World Markets Inc. cut its
estimate on the shares.


Read more at Bloomberg Stocks News

UPDATE 1-Reuters Summit-CapitaLand to grow financial svcs arm

(Reuters) - The group's assets under management would hit S$17-18
billion by the end of the year -- up from about S$14 billion
now, Chief Executive Liew Mun Leong said on Monday.




"Our financial services make up less than 10 percent now
but I would like our fund fees to be about 15-20 percent of our
EBIT ," Liew told the Reuters
Real Estate Summit in Singapore.


Read more at Reuters.com Bonds News

European Stocks Decline; France Telecom, Anglo American, GDF Lead Slide

(Bloomberg) -- European stocks declined for a third
day, led by financial shares and utilities, after the Bank for
International Settlements said central banks will need to keep
raising interest rates to quell inflation.

Deutsche Bank AG, Germany's largest bank, and French utility
Gaz de France SA paced the drop. France Telecom SA fell the most
in two weeks as the French government began selling shares worth
as much as 3.8 billion euros ($5.1 billion). Anglo American Plc
and Antofagasta Plc led mining companies lower after Cazenove
downgraded the stocks.


Read more at Bloomberg Stocks News

Oil slides $1 as Nigeria supply worries ease

(Reuters) - Oil prices fell by more than $1 to near $70 on Monday after Royal Dutch Shell said it was preparing to resume exports from a Nigerian oilfield abandoned over a year ago because of militant attacks.

The news came two days after Nigerian unions ended a general strike that had threatened to halt shipments from Africa's biggest oil producer.


Read more at Reuters Africa

Futures point higher on growth optimism

(Reuters) - Dobson Communications Corp. kicked off a fresh round of merger-and-acquisition chatter as the rural wireless provider mulls strategic options, including a possible sale, the Wall Street Journal Online reported.




Dow Jones & Co. Inc. and News Corp. are nearing a pact that would preserve the editorial independence of the Wall Street Journal if News Corp. acquired the media company, according to newspaper reports.


Read more at Reuters.com Business News

Emerging-Market Stocks Aren't Worth the Risk as Returns Fade, Lehman Says

(Bloomberg) -- Emerging-market stocks aren't worth
the risk as the shares become expensive and the returns
associated with owning the more volatile assets fade, according
to Lehman Brothers Holdings Inc. strategists.

Economic growth and borrowing costs that are converging
toward levels in developed markets have eroded the prospects for
gains from shares in regions such as Asia, Eastern Europe and
Latin America, the fourth-biggest U.S. securities firm wrote in
a note to investors distributed today.


Read more at Bloomberg Stocks News

Copper Drops in London on Demand Concern; Nickel, Zinc, Aluminum Decline

(Bloomberg) -- Copper dropped for a third
consecutive session in London after stockpiles rose and Japanese
shipments of cable and wire fell, renewing concern that Asian
demand may be slowing. Nickel and zinc declined.

Inventories of copper monitored by the London Metal
Exchange rose 1,200 metric ton to 119,025 tons, the bourse said
today in a daily report, bringing this month's gain to 7.1
percent. Metal-wire and cable shipments in Japan, the world's
second-largest economy, fell 2.5 percent on year in May,
according to preliminary data from the Japanese Electric Wire
and Cable Makers' Association.


Read more at Bloomberg Commodities News

U.S. Stock-Index Futures Are Little Changed; Bear Stearns Falls in Europe

(Bloomberg) -- U.S. stock-index futures were
little changed before a private report that may show home
resales fell last month, reinforcing concern the real-
estate slump will continue.

Bear Stearns Cos. slid after CIBC World Markets Inc.
cut its price estimate for shares of the biggest broker to
hedge funds. Nvidia Corp. fell in Europe after Goldman,
Sachs & Co. lowered its recommendation for shares of the
world's second-largest producer of computer-graphics chips.


Read more at Bloomberg Stocks News

Czech Koruna Falls to 15-Month Low as Interest-Rate Views Spur Carry-Trade

(Bloomberg) -- The Czech koruna fell for a sixth day
as speculation the central bank will keep interest rates
unchanged at the lowest in the European Union this week attracted
carry-trade investors.

The Czech koruna, used by investors as a funding currency
for investments in higher-yielding assets elsewhere, slid to a
15-month low against the euro. The Czech benchmark rate is now at
2.75 percent after a quarter-point boost last month and will
probably be kept on hold at the central bank's meeting on June
28, according to a Bloomberg survey of economists.


Read more at Bloomberg Currencies News

French Stocks Retreat; France Telecom, Unibail and Suez Pace the Decline

(Bloomberg) -- French stocks declined, led by
France Telecom SA as the government sells shares in the company.

Unibail Holding SA and Suez SA also fell.


Read more at Bloomberg Stocks News

Asian Aframax Shipping Rate May Rise a Second Week on Lower Vessel Supply

(Bloomberg) -- The cost of shipping 80,000 metric
tons of oil on Asian routes may gain after rising the most in 12
weeks as increased cargo from the Middle East reduced the supply
of vessels.

The rate of shipping crude or fuel oil on so-called Aframax
tankers to Singapore from Kuwait climbed for a fourth day,
increasing 1.4 percent to Worldscale 153.65 on June 22,
according to the London-based Baltic Exchange. The rate rose 6
percent in the five days ended June 22, the second straight week
of gains.


Read more at Bloomberg Energy News

Private equity leads European cable deals- report

(Reuters) - The report singled out Cinven [CINV.UL], Carlyle Group,
Providence Equity Partners and Warburg Pincus [WP.UL] as being
particularly active.




Private equity actively invested in the cable industry in
the wake of the 2002 technology sector bubble bursting.


Read more at Reuters.com Mergers News