U.K. Pound May Decline Before Reports on Manufacturing, Consumer Prices

(Bloomberg) -- The pound may drop before reports that
will probably show manufacturing and consumer prices slowed last
month, quelling the need for further interest-rate increases.

The pound slumped versus the dollar last week as the Bank of
England kept borrowing costs unchanged at a six-year high of 5.5
percent, and amid a global sell-off in bonds that led the dollar
to rise versus the most traded currencies. Price reports today and
tomorrow are expected to supply evidence that four interest-rate
increases in the U.K. are starting to take effect.


Read more at Bloomberg Currencies News

French Stocks Gain, Led by BNP Paribas, Societe Generale, Vallourec, Suez

(Bloomberg) -- French stocks advanced, paced by BNP
Paribas SA and Societe Generale SA.

Vallourec SA gained on takeover speculation while Suez SA
increased after Credit Suisse Group raised its share-price
estimate.


Read more at Bloomberg Stocks News

TREASURIES-Resume slide in Asia as investors trim losses

(Reuters) - Investors in Asia such as Japanese banks took the gains as a
good opportunity to sell to get out of positions and limit
losses as the sell-offs over the past week had been very sharp,
traders said.




"Prices are falling in Asia and I assume it's due to selling
by Japanese investors who had not been able to liquidate their
positions as the sell-off had been very steep and speedy," said
a dealer at a big Japanese bank.


Read more at Reuters.com Bonds News

BW Group Hires Morgan Stanley and HSBC for Its First Dollar Bond Offering

(Bloomberg) -- BW Group Ltd., a global maritime
company, hired Morgan Stanley and HSBC Holdings Plc to sell
dollar-denominated bonds for the first time, according to an e-
mail sent to investors.

The company, whose clients include Exxon Mobil Corp., is
selling debt maturing in 10 years, the e-mail, which was sent by
one of the banks, shows. BW Group officials plan to meet
investors in Hong Kong, Singapore, London, Los Angeles, New York
and Boston to market the securities, the e-mail said.


Read more at Bloomberg Bonds News

Treasury Bulls Routed as Primary Dealers See Rising Yields, No Rate Cut

(Bloomberg) -- The biggest rout in the Treasury
bond market in three years is making Wall Street's bond bulls
more bearish.

Investors are ``throwing in the towel,'' said Robert
Auwaerter, who oversees about $350 billion as head of fixed-
income investments at Vanguard Group in Malvern, Pennsylvania.


Read more at Bloomberg Bonds News

Bank of America creates credit card for wealthy

(Reuters) - Holders may redeem points for such things as luxury vacations, cooking lessons with top chefs, and access to airport lounges, and may use "concierges" to track down hard-to-get concert tickets or dinner reservations. Customers may also redeem 250,000 points each year for a $2,500 charitable donation that the bank would match.




"We're striving to reward clients who make use of the full range of capabilities we offer," said John Bahnken, president of Bank of America's global wealth and investment management products group, in an interview. "This card is a relationship product, to strengthen and deepen relationships."


Read more at Reuters.com Business News

Copper Price Declines in China as Local Stockpiles Fall Less Than Expected

(Bloomberg) -- Copper prices in Shanghai extended a
three-day slump on concern that demand in China, the world's
biggest consumer of the metal, may be slowing as domestic
inventories dropped less than expected.

Shanghai copper stockpiles fell 1,461 tons, or 1.5 percent,
to 93,793 metric tons last week, the third straight weekly
decline from a three-year high, the exchange said in a report on
June 8. A 3,000 ton decline was expected, Yuan Fang, a metals
futures trader at Shanghai East Asia Futures Co., said June 5.


Read more at Bloomberg Commodities News