Consumer Spending Probably Slowed in June on Gas Prices, Economists Say

(Bloomberg) -- Consumer spending in the U.S. rose
in June at the slowest pace in nine months as near-record
gasoline prices and falling home values forced Americans to cut
back, economists said ahead of a government report today.

Spending increased 0.1 percent after rising 0.5 percent in
May, according to the median of 77 estimates in a Bloomberg News
survey before the Commerce Department release. The report's
inflation measures may show little change.


Read more at Bloomberg Bonds News

URPT-PDATE 1-Alcatel-Lucent Q2 net loss wider than forecast

(Reuters) - The Franco-American telecoms equipment provider on Tuesday
reported a net loss of 336 million euros for
the three months to June 30 against a profit of 302 million
euros the previous year and compared with expectations of a
147.1 million loss, based on a Reuters poll of 10 analysts.
The company, which also confirmed its full-year sales growth
expectations, added the outcome included a negative impact of
176 million euros which included a mix of exceptional gains and
charges.
The company said the net loss included an impairment charge
of 298 million euros related to a re-evaluation of its W-CDMA
mobile assets which analysts did not expect.




Alcatel of France and Lucent of the United States started
operating as a combined business on Dec. 1 last year.


Read more at Reuters.com Market News

Carrefour Wins Shoppers, Investors as Food Scares Grip Chinese Consumers

(Bloomberg) -- Wang Daying no longer buys her pork
straight off the carcass. These days, the doctor shops at an
underground, air-conditioned Carrefour SA store in north Beijing.

``Big supermarkets have quality safeguards, particularly
foreign companies,'' said Wang, 69. ``I've become more
cautious.''


Read more at Bloomberg Emerging Markets News

Takeda first-quarter profit rises 5.1 percent

(Reuters) - Takeda said April-June first-quarter net profit climbed to
131 billion yen on a 9.6 percent rise in revenue from a year
earlier.




The company left its projection of annual net earnings
unchanged at 380 billion yen, compared with a consensus of 392
billion yen from 19 analysts polled by Reuters Estimates.


Read more at Reuters.com Market News

Nike offers to extend contracts at Indonesia firms

(Reuters) - Nike had said earlier in July it would cease taking orders at the factories owned by Central Cipta Murdaya -- PT Hardaya Aneka Shoes Industry and Nagasakti Paramashoes Industry -- at the end of 2007.




The decision, which Nike said it made after the firms failed to meet its standards, sparked street protests by thousands of employees from both factories.


Read more at Reuters.com Business News

Trichet, Poised to Raise Interest Rates, Follows in Bundesbank Footsteps

(Bloomberg) -- The European Central Bank might be
run by a Frenchman; its heart and soul belong to Germany's
Bundesbank.

ECB President Jean-Claude Trichet faces political pressure
to stop raising interest rates, and some of his own policy
makers query the extent of the inflation threat in Europe.
Still, investors are betting he'll push borrowing costs higher,
upholding the legacy of Germany's central bank, which celebrates
its 50th anniversary tomorrow.


Read more at Bloomberg Bonds News

Cnooc Parent First-Half Pretax Profit Reaches $3.4 Billion as Output Rises

(Bloomberg) -- China National Offshore Oil Corp.,
parent of the nation's biggest offshore oil producer, posted a
pretax profit of 25.7 billion yuan ($3.4 billion) in the first
six months on increased output.

Sales reached 72 billion yuan, the Beijing-based oil
producer said in a statement on its Web site today, without
giving year-earlier figures.


Read more at Bloomberg Emerging Markets News

Euro May Extened Losses to 159.88 Yen on Technical Charts, MUFG Predicts

(Bloomberg) -- The euro may fall to a three-month
low of 159.88 yen in the next few days, provided it fails to hold
above 163.29, said Masashi Hashimoto, currency analyst at Bank of
Tokyo-Mitsubishi UFJ Ltd. in Tokyo.

Resistance at 163.29 is the common European currency's
average price over the past five days. Support at 159.88 is a 50
percent retracement of the euro's rise from a March 6 low of
150.76 to a record high of 168.99 on July 23, according to a
series of numbers known as the Fibonacci sequence. Moving average
convergence/divergence, a momentum indicator, also suggests
further declines.


Read more at Bloomberg Currencies News

UPDATE 4-Cameco profit jumps, but shares underperform

(Reuters) - TORONTO, July 30 - Cameco Corp.'s
second-quarter profit jumped 37 percent on higher uranium sales
and prices, but its shares continued to struggle as the results
did little to lift the recent cloud of bad news shadowing the
company.




The world's top uranium producer said on Monday it earned
C$205 million , or 55 Canadian cents a share,
in the quarter ended June 30, up sharply from C$150 million, or
40 Canadian cents a share, a year earlier.


Read more at Reuters.com Market News

Corporate Bond Risk Falls in Japan From Highest in More Than Two Years

(Bloomberg) -- Japanese corporate bond risk fell
from the highest in more than two years, credit-default swaps
show.

Contracts based on 1 billion yen ($8.4 million) of debt
included in the iTraxx Japan Series 7 Index of 50 investment-
grade Japanese companies declined to 3.7 million yen today in
Tokyo from 4.1 million yen yesterday, according to prices from
JPMorgan Chase & Co.


Read more at Bloomberg Bonds News

Rent-A-Center profit up, outlook cut

(Reuters) - Total revenue was $724.2 million, a 24.1 percent increase from the previous year.




Same-store sales, at outlets open at least a year, rose 2.7 percent.


Read more at Reuters.com Market News

South Korea's Kospi Index Rises; Samsung, Posco, Doosan Infracore Gain

(Bloomberg) -- South Korea's benchmark stock index,
the Kospi Index, rose 0.46 percent at 9:05 a.m.

The index of 732 companies traded on the Korea Exchange rose
8.80 to 1,915.51. Among the stocks in the index, 415 rose, 134
fell and 183 were unchanged.


Read more at Bloomberg Stocks News

UPDATE 2-Peltz gives Wendy's Wednesday deadline

(Reuters) - LOS ANGELES, July 30 - Billionaire Nelson Peltz
said on Monday his Triarc Cos. Inc. could offer up to
$41 a share for Wendy's International Inc. , but would
consider other alternatives if the struggling hamburger chain
did not sign his confidentiality agreement by Wednesday.




In a letter to Wendy's Chairman James Pickett, Peltz said
Arby's parent Triarc would be willing to pay between $37 and
$41 a share for Wendy's -- a roughly 10 to 20 percent premium
to the company's closing share price of $33.69 on Monday.


Read more at Reuters.com Bonds News

Manitowoc second-quarter profit rises

(Reuters) - Net sales were $1.02 billion, compared with $746.2 million
a year ago.





Read more at Reuters.com Market News

UPDATE 1-Triarc could offer $37 to $41/share for Wendy's

(Reuters) - But Peltz said if Wendy's did not agree to a confidentiality
agreement that he proposed by the end of the day on Wednesday,
Triarc would consider other alternatives.




Wendy's shares closed at $33.69 on Monday, and Peltz' offer
represents a roughly 10 percent to 22 percent premium to that
price.


Read more at Reuters.com Mergers News

Canadian Stocks Rise, Rebounding From Rout; Barrick Gold Shares Advance

(Bloomberg) -- Canadian stocks rose after investors
speculated that the biggest weekly sell-off in almost six years
was overdone given that demand for commodities may keep boosting
prices and earnings and trigger more takeovers.

Barrick Gold Corp. and Petro-Canada paced gains in raw-
material and energy shares, which had among the biggest declines
last week, on higher prices for bullion and natural gas.


Read more at Bloomberg Stocks News

S&P raises 31 classes of Bear Stearns issued ABS

(Reuters) - "The upgrades affecting the 2002 to 2004 vintage deals
reflect low cumulative losses, low delinquencies, and credit
enhancement percentages that are more than sufficient to
support the higher ratings," S&P said in a statement.




S&P also affirmed its ratings on 553 classes of
mortgage-backed debt sold between 2000 and 2007. It also cut
its rating on one class of a deal sold in 2001.


Read more at Reuters.com Bonds News

UPDATE 1-U.S. credit markets rally after earlier weakness

(Reuters) - The main index of investment-grade credit default swaps is
about 8 basis points tighter on the day, at around 72.75 basis
points, after widening to around 100 basis points earlier. A
high-volatility index is now 20 basis points tighter on the day
at 172.5 basis points, after widening earlier to 210 basis
points.




It's "a complete roller-coaster," said Mirko Mikelic,
portfolio manager at Fifth Third Asset Management in Grand
Rapids, Michigan. "People are attributing to the
Morgan Stanley upgrade."


Read more at Reuters.com Bonds News

UPDATE 1-Community Health 2nd-qtr profit up pct

(Reuters) - Second-quarter profit increased to $53.8 million, or 57
cents per share, from $52.4 million, or 54 cents per share, a
year earlier.




The latest result matched the average analyst estimate of
57 cents per share, according to Reuters Estimates.


Read more at Reuters.com Mergers News

Dow Jones, Graham, Ingersoll and Rural Cellular: U.S. Equity Movers Final

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

Some mortgage lenders fell after American Home Mortgage
Investment Corp. (AHM US) delayed its quarterly dividend and
raised doubts about whether it has enough cash to stay in
business. Shares of American Home were halted.


Read more at Bloomberg Stocks News

B&G Foods posts higher quarterly profit

(Reuters) - Earnings per share of Class A common stock rose to 17
cents, from 14 cents, a year ago.




The Parsippany, New Jersey-based company's net sales rose
12.3 percent to $118.2 million.


Read more at Reuters.com Market News

UPDATE 1-Union ratifies deal in Goodyear unit sale

(Reuters) - United Steelworkers members at four plants approved the
contract last week and the central union resolved remaining
issues with Carlyle over the weekend related to establishing a
secure trust for retiree health care.




Goodyear, the largest U.S. tire maker, agreed to sell the
unit to Carlyle for $1.48 billion earlier this year. Goodyear
has said it expects to complete the sale in the third quarter.
The sale was contingent on the new union contract.


Read more at Reuters.com Mergers News

UPDATE 1-US corporate bond market losing dominance - NY Fed

(Reuters) - Corporate bond issuance in the Eurobond market exceeded
those of the U.S. bond market in 2006.




U.S issuers followed the trend by relying more on the
Eurobond market for funding, a study titled "Evaluating the
Relative Strength of the U.S. Capital Markets" showed.


Read more at Reuters.com Bonds News

Dollar Declines Against the Euro as Safe-Haven Buying Subsides on Risks

(Bloomberg) -- The dollar fell the most in almost
three weeks against the euro as a rebound in U.S. stocks reduced
investors' need for safe-haven buying in the currency.

The U.S. currency gained the most last week since January as
subprime losses encouraged investors to avoid riskier assets and
seek haven in the dollar. The Standard & Poor's 500 Index rose
from its steepest weekly decline since September 2002. Treasuries
declined amid reduced need for the safety of government debt.


Read more at Bloomberg Currencies News

Alberto-Culver profit falls, still eyeing deals

(Reuters) - The company, which makes such products as Alberto VO5 shampoo, is still looking for acquisitions, particularly in skin care and possibly beauty care, Chief Executive V. James Marino told Reuters.




Alberto-Culver is a smaller company focused on consumer products after spinning off Sally Beauty Holdings Inc. , its retail arm and the larger of its two businesses, in November. The company announced a restructuring plan in December.


Read more at Reuters.com Market News

TREASURIES-Bonds slip to session lows as stocks rise

(Reuters) - The Dow Jones industrial average rose 0.4 percent.




Read more at Reuters.com Bonds News

US STOCKS-Indexes gain on profit hopes in seesaw trading

(Reuters) - The Dow Jones industrial average was up 57.72
points, or 0.44 percent, at 13,323.19. The Standard & Poor's
500 Index was up 7.79 points, or 0.53 percent, at
1,466.74. The Nasdaq Composite Index was up 12.69
points, or 0.50 percent, at 2,574.93.




Read more at Reuters.com Bonds News

U.S. Stocks Rebound on Earnings; Ingersoll-Rand, Home Depot Shares Advance

(Bloomberg) -- U.S. stocks rebounded from a $2.1
trillion global sell-off after better-than-forecast earnings
and takeovers eased concern that the housing slump will curb
profits.

Ingersoll-Rand Co. jumped the most in six weeks after
agreeing to sell its Bobcat machinery unit. Home Depot Inc.
jumped after Barron's said shares of the world's largest home-
improvement retailer could double in the next three years.


Read more at Bloomberg Stocks News

Loews profit up despite investment losses

(Reuters) - CNA suffered $91 million of investment losses, up from $64 million a year earlier, hurt by rising interest rates and a $20 million writedown related to subprime debt. This contributed to a 9 percent decline in quarterly profit. Most of the losses appeared in results of Loews, which owns 89 percent of CNA.




Loews shares fell as much as 8.7 percent, and CNA as much as 12.3 percent.


Read more at Reuters.com Hot Stocks News

Deripaska company says not bidding for Ford brands

(Reuters) - "There is no interest from my company or from our subsidiary
Gaz in any of these brands," said a spokesman for Russian
Machines, the engineering and automotive arm of Deripaska's
Basic Element group, on Monday.




The comment came as some potential bidders that had
expressed interest in the units earlier in July start several
weeks of due diligence.


Read more at Reuters.com Mergers News

Union ratifies deal needed for Goodyear unit sale

(Reuters) - The union said local members at four plants accepted the agreement last week and the main union resolved remaining issues with Carlyle over the weekend related to establishing a secure trust for retiree health care.



The contract runs five years and is similar to a deal the union reached with Goodyear before the tiremaker agreed to sell the unit to Carlyle for $1.48 billion. Goodyear has said it expects to complete the sale in the third quarter.


Read more at Reuters.com Mergers News

S.African stocks firmer, led by resources and banks

(Reuters) - Heavyweight miners Anglo American and BHP Billiton and bank shares led South Africa's bourse higher on Monday after sliding over 3 percent last Friday, spooked by a global market sell-off.

A Johannesburg-based trader said both Anglo and Billiton were recovering from being oversold last week, along with other resource stocks and banks.


Read more at Reuters Africa

European Carbon Emissions Permits Climb After Rise in German Power Prices

(Bloomberg) -- European Union carbon dioxide
permits rose to the highest in almost three weeks, following
rising energy prices including German electricity.

Permits for December 2008 gained for a fifth day, climbing
as much as 50 cents, or 2.5 percent, to 20.80 euros ($28.43) a
metric ton on the European Climate Exchange in Amsterdam. They
traded at 20.65 euros at 3:23 p.m. local time.


Read more at Bloomberg Energy News

Treasuries Fall as Yields Near Lowest in Two Months Fail to Attract Buyers

(Bloomberg) -- Treasuries declined as 10-year note
yields near the lowest level in more than two months failed to
attract buyers.

A gauge of momentum shows 10-year yields are poised to rise
after dropping more than half a percentage point since peaking
at 5.327 percent on June 13. U.S. government debt rose last week
for a third straight week on bets rising defaults on home loans
to people with poor credit histories will hurt the economy.


Read more at Bloomberg Bonds News

S.Africa biofuel subsidy unlikely, says minister

(Reuters) - South Africa is unlikely to introduce subsidies to support a biofuels programme that has been billed as a lifeline for the struggling farming sector, a cabinet minister said on Monday.

The Southern African Biofuels Association says it needs between 2 billion rand and five billion rand a year from the government to get a capital intensive industry off the ground.


Read more at Reuters Africa

New York Mortgage confirms trust preferred dividend payment

(Reuters) - The real estate investment trust said it has no outstanding warehouse lines, and it exited the mortgage lending business in March.



On July 3, the company had said it will not pay a dividend in the second quarter.


Read more at Reuters.com Bonds News

Foot Locker sees loss in 2nd quarter

(Reuters) - The company also confirmed that it retained Lehman Brothers to advise on strategic alternatives, including inquiries received from private-equity firms.



The largest retailer of athletic shoes and apparel now expects to post a loss of 17 cents to 20 cents a share, compared with its earlier outlook for a profit of 15 cents to 20 cents a share.


Read more at Reuters.com Mergers News

UPDATE 1-Lone Star extends tender offer for Accredited Home

(Reuters) - The date has been extended till Aug. 14 because Accredited
Home had not obtained regulatory approvals required to close
the tender offer by the previous deadline of July 27, Lone Star
said.




About 33 percent of the total outstanding shares of
Accredited Home's common stock had been tendered as of Friday.


Read more at Reuters.com Government Filings News

CORRECTED - UPDATE 1-CV Therapeutics hires banker to explore options

(Reuters) - CV Therapeutics, whose key product is chronic angina drug
Ranexa, did not elaborate further on the range of options it
will consider. Angina typically refers to chest pain caused by
reduced flow of blood to the heart muscle.




In May, Palo Alto, California-based CV Therapeutics
announced a plan to cut jobs and reduce the number of sales
territories to lower operating expenses, and said it was
looking for a partner.


Read more at Reuters.com Mergers News

Loews profit climbs 15 pct

(Reuters) - Profit attributable to Loews shareholders rose to $511.7 million, or 95 cents per share, from $474.9 million, or 85 cents a share.




Excluding investment losses, profit attributable to shareholders was $599.2 million, or about $1.11 per share, based on reported shares outstanding.


Read more at Reuters.com Market News

UPDATE 1-US credit default swaps open 20 bps wider- Barclays

(Reuters) - The main index of investment-grade credit default swaps was
20 basis points wider at 98 basis points, while the
high-volatility index was also 20 basis points wider at 210.




Subprime mortgage concerns last week caused the credit
default swap index to widen by 26 basis points, or about 50
percent, the biggest weekly percentage move in the history of
the index, research firm Credit Derivatives Research said on
Friday.


Read more at Reuters.com Bonds News

UPDATE 1-Sierra Pacific quarterly earnings slip

(Reuters) - Net income was $25.8 million, or 12 cents a share, compared
with $27.8 million, or 14 cents, a year ago.




Analysts had on average expected the company to post
earnings of 16 cents per share, according to Reuters Estimates,
although it was not immediately clear whether the two figures
were comparable.


Read more at Reuters.com Market News

Germany's DAX Index Falls, Led by Allianz, Deutsche Bank; IKB Plummets

(Bloomberg) -- Germany's benchmark DAX Index
declined for a fifth day, led by financial shares after IKB
Deutsche Industriebank AG, which invested in U.S. subprime
mortgages, cut its profit forecast.

Linde AG paced rising shares after reporting earnings that
beat analysts' estimates. Volkswagen AG gained after analysts
raised their price estimates on the stock.


Read more at Bloomberg Stocks News

ADM quarterly profit rises, ethanol volume down

(Reuters) - The largest U.S. food processor and ethanol producer, ADM said earnings rose to $954.8 million, or $1.47 per share, in the fiscal fourth quarter ended June 30, from $410.3 million, or 62 cents per share, a year earlier.




The quarter included after-tax gains on asset sales of $616 million. Part of the gain was $440 million for the exchange of stakes in certain Chinese joint ventures for shares in Wilmar International Ltd. , the largest agriculture processing business in Asia.


Read more at Reuters.com Business News

REFILE-UPDATE 1-Jarden Corp. second-quarter profit rises

(Reuters) - The Rye, New York-based company, which sells brands such as
Mr. Coffee, Sunbeam, Crock-Pot and Coleman, said net income
rose to $16.7 million or 23 cents a share, from $13.3 million,
or 20 cents a share, a year earlier.




Net sales rose 9 percent to $1.05 billion.


Read more at Reuters.com Market News

Monster profit falls, announces restructuring

(Reuters) - The company said net income was $28.6 million, or 21 cents per share, compared with $39.6 million, or 30 cents per share, a year earlier.






Read more at Reuters.com Market News

French Stocks Including Societe Generale and Dexia Drop as Michelin Gains

(Bloomberg) -- French stocks including lenders such
as Societe Generale SA and Dexia SA fell while Michelin & Cie.
rose.

The CAC 40 Index added 8.36, or 0.15 percent, to 5652.32 at
1:04 p.m. in Paris. The SBF 120 Index rose 0.1 percent. The CAC
sank 5.3 percent last week for its biggest weekly loss since the
five days ending March 28, 2003.


Read more at Bloomberg Stocks News

Dollar Falls Against Euro, Yen After Gauge of Corporate Bond Risk Surges

(Bloomberg) -- The dollar fell against the euro and
yen as a gauge of corporate bond risk rose, fueling speculation
losses on securities backed by subprime mortgages will worsen.

The U.S. currency declined to $1.3669 against the euro as
of 11:43 a.m. in London, from $1.3636 late on July 27. It traded
at 118.13 yen, from 118.63.


Read more at Bloomberg Currencies News

Morgan Stanley, Banks Agree on Loan Derivative Trading Rules, ISDA Says

(Bloomberg) -- Banks including Morgan Stanley,
JPMorgan Chase & Co. and Goldman Sachs Group Inc. published
rules for credit-default swaps on loans in Europe, ending an
impasse that reduced trading for the past nine months.

The contracts, used to speculate on the ability of
companies to repay their loans, will follow U.S. guidelines and
transfer to new debt when a company refinances, the
International Swaps & Derivatives Association said today in an
e-mailed statement. The buyer and seller can still agree to
follow current rules in Europe instead, and allow the loan
credit-default swaps to be canceled when the reference company
refinances, ISDA said.


Read more at Bloomberg Bonds News

Copper Rises in London on Stockpile Drop, `Tight' Supply; Zinc, Tin Gain

(Bloomberg) -- Copper rose for the first time in
six days in London on falling stockpiles and speculation that a
lack of new mine supply and a shortage of ore will curb
production of the metal this year. Zinc and tin also advanced.

Stockpiles of copper monitored by the London Metal Exchange
fell 1 percent to 101,800 metric tons, the exchange said today
in a daily report. Demand for the metal used in pipes beat
production by 265,000 tons in the first four months of the year,
the International Copper Study Group said earlier this month.


Read more at Bloomberg Commodities News

UPDATE 2-NEC Electronics Q1 loss shrinks, keeps outlook

(Reuters) - TOKYO, July 30 - Troubled chip maker NEC
Electronics Corp. reported a smaller quarterly loss on
Monday on cost cuts and sales of microchips for game consoles,
cars and large displays, but kept its full-year outlook.




NEC Electronics, 70 percent owned by NEC Corp. , is
closing outdated production lines and cutting salaries, while
its third-biggest shareholder, U.S. investment fund Perry
Capital, is putting pressure on parent NEC to cede majority
control of the loss-making unit.


Read more at Reuters.com Market News

Fitch withdraws SovRisc rating as deal postponed

(Reuters) - Fitch said ABN AMRO, the originator of the transaction,
expected the next issue from the programme to be launched in the
fourth quarter and that the size of the underlying portfolio
would be "significantly larger".




The export credit agencies involved in the deal are Eximbank
of the United States, the ECGD of the UK, Euler Hermes of
Germany and Coface of France.


Read more at Reuters.com Bonds News

Raw, Refined Sugar Futures May Fall for Second Straight Week, Survey Shows

(Bloomberg) -- Raw and refined sugar futures may
fall for a second consecutive week, a survey showed.

Seven of 10 traders, analysts and brokers surveyed July 27
forecast a decline in raw sugar traded in New York. Two predicted
the price will rise and one said futures will be unchanged. Raw
sugar dropped 0.31 cent, or 3 percent, to 9.99 cents a pound last
week and has dropped 33 percent in the past year.


Read more at Bloomberg Commodities News

Europe Government Bonds Slide on Speculation ECB to Indicate Higher Rates

(Bloomberg) -- European bonds fell on speculation
the European Central Bank will this week reiterate its preference
for higher interest rates as economic growth in the region
maintains momentum.

Ten-year German bunds, Europe's benchmark, declined for the
first day in five on speculation policy makers will leave rates
at a six-year high of 4 percent at their Aug. 3 meeting and
signal increases are likely by year-end. Debt also slid on views
the longest weekly rally since March last week drove yields too
low for the outlook for borrowing costs.


Read more at Bloomberg Bonds News

Komatsu lifts outlook, outdoes rival Caterpillar

(Reuters) - It now expected net profit to come in at 198 billion yen for the year to the end of March, 8 percent higher than its earlier estimate and 20 percent more than its previous year's result.




The upbeat projection comes after Komatsu booked a 65 percent jump in April-June net income to 56.5 billion yen on a 26 percent climb in sales.


Read more at Reuters.com Business News

Oil falls on profit taking after closing near record

(Reuters) - Oil fell on Monday, as investors took profit after U.S. crude prices leapt more than $2 to their second-highest close on record, fuelled by upbeat signals on the U.S. economy and nagging supply worries.

U.S. crude for September delivery fell 31 cents to $76.71 a barrel in Globex electronic trading by 0733 GMT, trimming Friday's $2.07, or 2.76 percent, surge that took oil to just a cent shy of its record-high settlement price of $77.03, marked on July 14, 2006.


Read more at Reuters Africa

European Mining Stocks Advance, Led by BHP Billiton, Rio; IKB Tumbles

(Bloomberg) -- European mining stocks rose, led by
BHP Billiton Ltd. and Rio Tinto Group, as copper increased.

IKB Deutsche Industriebank AG tumbled 18 percent after the
German lender that invested in U.S. subprime mortgages said
profit will be ``significantly'' lower than forecast.


Read more at Bloomberg Stocks News

Pound May Decline for Fourth Day Before Bank of England Mortgage Report

(Bloomberg) -- The pound may decline against the
dollar before a report that will probably add to evidence the
housing market is slowing after five interest-rate increases in a
year.

The currency may fall for a fourth day from near a 26-year
high versus the dollar before the Bank of England's mortgage
lending report, which is forecast to show approvals of loans for
home purchases dropped. The pound last week had its biggest
weekly decline against the yen since March as concern U.S.
subprime mortgage defaults will hamper global growth prompted
investors to sell higher-yielding assets.


Read more at Bloomberg Currencies News