TREASURIES-Prices mixed after jobless claims data

(Reuters) - NEW YORK, June 21 - U.S. government debt prices
were mixed on Thursday after data suggesting less tightness in
the labor market offset downward pressure from worries over
rising global interest rates.




A larger-than-expected 10,000 rise in weekly data for
jobless claims benefits fueled hopes that the Federal Reserve
would trim interest rates later this year, lifting
shorter-dated Treasuries which are more sensitive to the
market's outlook on Fed policy.


Read more at Reuters.com Bonds News

RPT-MasterCard, FIFA settle World Cup sponsor fight

(Reuters) - Financial terms of the settlement were not immediately
disclosed.




Read more at Reuters.com Bonds News

Starbucks CFO says high end of '07 view "very challenging"

(Reuters) - Starbucks has forecast 2007 earnings of 87 to 89 cents per share, while analysts, on average, expect it to earn 89 cents per share, according to Reuters Estimates.




Read more at Reuters.com Market News

Treasury Two-Year Notes Rise on Concern Losses at Hedge Funds May Widen

(Bloomberg) -- Treasury two-year notes rose as
investors sought refuge in the safest debt on concern losses at
hedge funds run by Bear Stearns Cos. may widen.

The difference in yields between two-year notes, which
typically gain more in times of turmoil, and benchmark 10-year
yields increased to the most since May 2006. The perceived risk
of owning corporate bonds jumped to the highest in nine months.


Read more at Bloomberg Bonds News

WTO Talks in Germany Break Down Over U.S., European Farm Aid, Brazil Says

(Bloomberg) -- Negotiations among four key World
Trade Organization governments over a new global agreement
collapsed today, with India and Brazil blaming U.S. and European
unwillingness to cut farm aid.

Trade and farm ministers from the U.S., the European Union,
India and Brazil have been meeting since June 19 in Potsdam,
Germany, aiming to reach a breakthrough on cutting agriculture
subsidies and lowering hurdles for goods crossing borders.
Discussions were supposed to continue through the weekend and
today's collapse may spell the end of the Doha Round of talks.


Read more at Bloomberg Emerging Markets News

European Stocks Drop; Air France, DaimlerChrysler, Nokia Lead the Decline

(Bloomberg) -- European stocks fell the most in two
weeks as rising oil prices pushed airlines, automakers and
chemical producers lower and Goldman, Sachs & Co. downgraded
shares of Nokia Oyj.

Air France-KLM Group, the region's largest carrier, carmaker
DaimlerChrysler AG and chemical company BASF AG led a retreat by
companies most sensitive to increasing energy costs. Nokia, the
world's biggest maker of mobile phones, had its biggest drop in
five months.


Read more at Bloomberg Stocks News

Canada's Dollar Tumbles as April Retail Sales Increase Less Than Forecast

(Bloomberg) -- The Canadian dollar declined the
most in more than a week as retail sales grew at a slower pace
than economists expected.

The Canadian currency traded 0.41 percent lower at 93.40
U.S. cents at 8:59 a.m. in Toronto, compared with 93.78 cents
yesterday. It was the largest decline since June 12. One U.S.
dollar buys C$1.0707.


Read more at Bloomberg Currencies News

Cocoa Declines in London as Pound's Rally Boosts Costs for Foreign Buyers

(Bloomberg) -- Cocoa fell in London after the U.K.
pound rose to the highest in four months against the euro,
making the ingredient used to make chocolate more expensive for
investors holding other currencies.

The pound gained on speculation the Bank of England, the
U.K.'s central bank, will add to four interest-rate increases
since August 2006 to contain inflation in Europe's second-
largest economy. The London cocoa contract, traded on the
Euronext.liffe exchange, is denominated in the U.K. currency.


Read more at Bloomberg Commodities News

UPDATE 1-ICE urges CBOT members to vote against CME deal

(Reuters) - Energy exchange ICE, which has been pursuing the parent of
the Chicago Board of Trade, told CBOT shareholders and members
in a letter that the CBOT board has "endorsed a deal with CME
that undervalued the CBOT from the outset."




ICE Chief Executive Officer Jeffrey Sprecher said in the
letter that CBOT's board has agreed to a "bargain-basement
sale" in a transaction that would leave $1.3 billion of
shareholders' money on the table, and urged them to vote
against the deal.


Read more at Reuters.com Mergers News

American Greetings profit doubles

(Reuters) - Analysts on average were expecting 34 cents per share, according to Reuters Estimates.




Net sales rose over 3 percent to $418 million, beating analysts' average estimate of $393.9 million.


Read more at Reuters.com Business News

European Government Bonds Gain; 10-Year Bund Yield Falls to 4.61 Percent

(Bloomberg) -- European government bonds advanced
in London, reversing earlier declines.

The yield on the 10-year bund fell 3 basis points to 4.61
percent by 1:38 p.m. in London. The price of the 4.25 percent
bond due July 2017 gained 0.21, or 2.1 euros per 1,000-euro
($1,343) face amount, to 97.13. Bond yields move inversely to
prices.


Read more at Bloomberg Bonds News

Dollar Little Changed as Jobless Claims Are More Than Forecast in the U.S.

(Bloomberg) -- The dollar was little changed against
the euro and yen after a U.S. government report showed initial
jobless claims exceeded economists' forecasts last week.

The number of Americans filing first-time claims for
unemployment benefits gained to 324,000 in the period ended June
16, from a revised 314,000 during the prior week. The median
forecast of 41 economists surveyed by Bloomberg News was for a
total of 311,000. So far this year, weekly claims have averaged
319,000 compared with 313,000 for all of last year.


Read more at Bloomberg Currencies News

Cardinal completes initial tender offer for Viasys

(Reuters) - Cardinal, one of the top three U.S. drug distributors, said more than 80 percent of the outstanding shares of Viasys have been tendered. The Dublin, Ohio-based company said in May it would pay about $1.42 billion to acquire Viasys, which makes medical products for respiratory care and other uses.



Cardinal said it expects to acquire the remaining shares and complete the acquisition by June 30.


Read more at Reuters.com Bonds News

Advanced Micro, Cheesecake Factory, H&R Block, Nvidia: 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. Share prices are as of 8:15 a.m. New York time.

Advanced Micro Devices Inc.(AMD US) gained 23 cents, or 1.7
percent, to $13.87 before the official open of U.S. exchanges.
The second-largest maker of personal-computer processors after
Intel Corp. (INTC US) was upgraded to ``short-term trading buy''
from ``hold'' by Stifel Nicolaus analyst Cody Acree, who wrote
that the company may have increased market share by ``at least a
couple of percentage points'' while second-quarter revenue may
exceed analysts' forecasts.


Read more at Bloomberg Stocks News

Prices mixed amid global rate worries

(Reuters) - Rate jitters triggered a fresh wave of selling by mortgage investors to pare their rate risk exposure, although that was tempered by falling stock markets in Europe and worries about deteriorating credit conditions, analysts and traders said.




"The market is looking at survival," said Thomas di Galoma, head of Treasury trading at Jefferies & Co. in New York.


Read more at Reuters.com Hot Stocks News

IDM Pharma to raise $23.5 mln in net proceeds from offering

(Reuters) - The shares and warrants will be purchased at a negotiated
price of $3.50 per unit, the company said in a statement.





Read more at Reuters.com Mergers News

UPDATE 1-Superior Bancorp sees charge from security redemption

(Reuters) - The bank holding company said it will refinance about $16
million of its trust preferred securities during the quarter by
privately placing up to $22 million of such new securities.




The company also said its board authorized a buyback of up
to 1 million common shares.


Read more at Reuters.com Mergers News

Treasuries Little Changed Before Fed Report Expected to Show Factory Gain

(Bloomberg) -- Treasuries were little changed
before a Federal Reserve report forecast by economists to show a
pickup in manufacturing that may trigger faster inflation.

Benchmark 10-year notes have underperformed two-year debt,
signaling investors expect higher consumer prices. About $27
billion of U.S. corporate bond sales so far this week by
companies including Home Depot Inc. and First Data Corp. also
weighed on Treasuries.


Read more at Bloomberg Bonds News

U.K. Index Drops, Paced by Shares of Segro, Land Securities, DSG, Tesco

(Bloomberg) -- U.K. stocks fell for a fourth day,
led by Segro Plc and Land Securities Group Plc among companies
that are most sensitive to higher interest rates. DSG
International Plc and Tesco Plc paced retailers lower.

Bradford & Bingley Plc led a decline by banks, while Vedanta
Resources Plc and Antofagasta Plc fell with the price of copper.


Read more at Bloomberg Stocks News

Futures lower on rising oil, rate worries

(Reuters) - Concerns that higher borrowing costs could cut into corporate profits and slow the pace of takeovers fanned Wednesday's market drop. The yield on the 10-year Treasury note was up at 5.16 percent from the 5.13 percent seen late on Wednesday.




London benchmark Brent crude was up 0.8 percent at $70.96 a barrel after dropping $1.42 on Wednesday.


Read more at Reuters.com Hot Stocks News

U.S. Stock-Index Futures Fall on Rising Yields, Oil; Home Depot Declines

(Bloomberg) -- U.S. stock-index futures fell after
bond yields climbed for a second day and the price of crude oil
approached $70 a barrel.

Home Depot Inc., the world's largest home-improvement
chain, and Nokia Oyj, the biggest maker of mobile phones,
dropped after analysts cut their recommendations on the shares.


Read more at Bloomberg Stocks News

Lone Star offers 11.3 pct of S.Korea's KEB: sources

(Reuters) - Lone Star saw its $7.3 billion agreement to sell KEB to the country's biggest lender, Kookmin Bank , aborted in November last year due to a legal dispute over its $1.2 billion purchase of KEB in 2003.




The Dallas-based fund is offering 73.09 million shares in KEB, or an 11.3 percent stake, at between 13,150 won and 13,750 won per share, said a source, who declined to be named.


Read more at Reuters.com Mergers News

FACTBOX-Who owns Borsa Italiana

(Reuters) - Borsa Italiana is due to hold a board meeting from 1300 GMT.




Below is a list of Borsa Italiana's shareholders:


Read more at Reuters.com Mergers News

CORRECTED - UPDATE 1-AES posts quarterly loss due to Venezuela sale

(Reuters) - AES posted a loss of $455 million, or 67 cents per share,
compared with a year-earlier profit of $348 million, or $52
cents per share, which was restated because of problems with
the company's reporting controls.




Excluding special charges, earnings from continued
operations were 24 cents per share, which included a charge of
3 cents for an adverse court ruling in Kazakhstan, the
Arlington, Virginia-based company said.


Read more at Reuters.com Mergers News

G4 trade partners struggle to save Doha round

(Reuters) - Trade powers struggled on Thursday to salvage world trade talks, but gave few clues of how close they were to a breakthrough on agriculture and other sensitive concerns.

Without an agreement soon between the United States, the European Union, India and Brazil, the Doha round of talks could fail or go into the deep freeze for years.


Read more at Reuters Africa

J.M. Smucker quarterly profit up

(Reuters) - JOS. A. BANK CLOTHIERS INC.



Percent change


Read more at Reuters.com Market News

Goldman Sachs Recommends Buying Apple Call `Spreads' Before IPhone Release

(Bloomberg) -- Investors should buy call options on
Apple Inc. while creating and selling separate ones with a
higher exercise price to benefit from moderate gains in the
shares before sales of iPhone begin, Goldman, Sachs & Co. said.

The New York-based brokerage recommended buying the so-
called call spreads because ``options are already pricing in
more volatility than they were a couple of months ago,''
according to a note dated June 20. Buying and selling call
options with different exercise prices on the same security is a
bet that the underlying stock will make a limited increase.


Read more at Bloomberg Stocks News

Futures flat as oil, bond yields weigh

(Reuters) - Concerns that higher borrowing costs could cut into corporate profits and slow the pace of takeovers fanned Wednesday's market drop. The yield on the 10-year Treasury note was up at 5.15 percent from the 5.13 percent seen late on Wednesday.




London benchmark Brent crude was up 0.8 percent at $70.96 a barrel after dropping $1.42 on Wednesday.


Read more at Reuters.com Business News

Oil Rises, Approaches $70, as Nigerian Strike Spreads to Export Terminals

(Bloomberg) -- Crude oil rose after Nigerian oil
workers left the country's export terminals, amid a nationwide
general strike in Africa's largest crude producer.

Nigerian unions increased pressure on the government in the
second day of the strike, protesting increases in taxes and fuel
prices. The Petroleum & Natural Gas Senior Staff Association of
Nigeria, or Pengassan, will hold more talks with the government
today, said Lumumba Okugbawa, a spokesman for the group.


Read more at Bloomberg Energy News

UPDATE 1-S.Africa court to rule on police joining strike

(Reuters) - JOHANNESBURG, June 21 - South Africa's labour
court was expected to rule on Thursday on whether police,
prisons and traffic officers could join an already crippling
three-week public sector strike.




The court issued an interim interdict last Friday
prohibiting members of the Police and Prisons Civil Rights Union
from taking part in the mass action, billed by unions
as the largest public strike in post-apartheid South Africa.


Read more at Reuters.com Bonds News

AES posts quarterly loss due to Venezuelan sale

(Reuters) - AES earlier this year agreed to sell its 82 percent stake
in a 2,600 megawatt generation plant in Caracas for $740
million to the government of Venezuela as part of President
Hugo Chavez's drive to nationalize the country's electricity
and telecommunication companies.




Read more at Reuters.com Market News

Hong Kong's Hang Seng Index Advances for Fifth Day: World's Biggest Mover

(Bloomberg) -- Hong Kong's stocks rose for a fifth
day, the longest run of gains in two months, after China's
government said it will allow mainland brokerages to buy
overseas shares for the first time. China Mobile Ltd. led gains.

``The impact is going to be huge as more money will be
coming to Hong Kong,'' said Renault Kam, a director of Atlantis
Investment Management Ltd., which oversees $3 billion in Asia.
Mainland companies listed in the city are likely to benefit the
most, as investors would ``rather buy shares of companies with
backgrounds they know about.''


Read more at Bloomberg Stocks News

China says will act to reduce Iraq debt

(Reuters) - "We will reduce or forgive Iraq's debt on a large scale, and help it to train people in the fields of economics, electrical power, diplomacy and management," Qin said, adding that Chinese companies were also willing to participate in the rebuilding.




He did not elaborate on debt figures.


Read more at Reuters.com Bonds News

UPDATE 1-Unibail secures merger with Rodamco Europe

(Reuters) - "The combination between Unibail and Rodamco is therefore
unconditional and shall be effective on the date of settlement,
being 25 June 2007," French Unibail Holding S.A. and
Dutch Rodamco Europe N.V. said in a statement.




The deadline for tendering shares was Wednesday.


Read more at Reuters.com Mergers News

Pakistan to Set Monetary Policy Based on July Inflation Data, Akhtar Says

(Bloomberg) -- State Bank of Pakistan Governor
Shamshad Akhtar said July inflation data will be vital for
deciding her monetary policy guidance over the next six months.

``Data of July 2007 will be critical for us to determine
whether our current monetary policy stance is appropriate,''
Akhtar said in an interview in London, before the policy review
at the end of next month. ``Clearly, we have to keep the
monetary policy in its existing, current tight phase.''


Read more at Bloomberg Bonds News

Man IPO pricing values U.S. arm at up to $5 bln

(Reuters) - Man, which unveiled plans in March to demerge the unit, said on Thursday that it had set the range for the initial public offering at $36 to $39 a share.




Michael Long, an analyst at Keefe, Bruyette & Woods, told Reuters the valuation was slightly above his expectations.


Read more at Reuters.com Mergers News

Blackstone IPO draws high non-U.S. demand: report

(Reuters) - The flotation on the New York Stock Exchange, worth up to $4.75 billion and underwritten by Morgan Stanley and Citigroup, is set to be priced later on Thursday. Blackstone earlier said it expects to sell 133.3 million common units at $29 to $31 each.




The banks will be permitted to sell an additional 20 million shares to meet excess demand.


Read more at Reuters.com Business News

Gold May Fall in London as Dollar Gains on U.S. Growth; Silver Declines

(Bloomberg) -- Gold may fall as expectations of U.S.
economic growth buoy the dollar, reducing demand for the precious
metal as an alternative investment. Silver declined for a second day.

Gold dropped the most since June 8 yesterday on speculation
higher U.S. bond yields will boost the dollar. The dollar gained
for a second day today before U.S. reports on manufacturing and
the future direction of the economy that are expected to signal
growth, Bloomberg surveys of economists show.


Read more at Bloomberg Commodities News

South Africa's First-Quarter Current Account Deficit Narrows to 7% of GDP

(Bloomberg) -- South Africa's current account
deficit narrowed less than expected in the first quarter,
reaching 7 percent of gross domestic product, threatening to
undermine the rand.

The shortfall in the trade of goods and services abroad
narrowed from 7.8 percent of GDP in the fourth quarter, the
Pretoria-based central bank said in its Quarterly Bulletin
today. The gap was expected to reach 6.6 percent, according to
the median estimate of 12 economists surveyed by Bloomberg.


Read more at Bloomberg Emerging Markets News

European Government Bonds Drop on Concern Global Inflation Is Quickening

(Bloomberg) -- European government bonds fell for a
second day as central banks in the U.K. and Sweden indicated they
will raise interest rates further, adding to concern global
inflation is quickening.

Debt's slide sent 10-year yields to near a five-year high as
investors reassess the outlook for global borrowing costs.
Interest-rate futures suggest the European Central Bank will keep
raising lending rates this year, while Sweden's Riksbank said
yesterday it'll lift rates twice more and minutes of the Bank of
England's last rate-setting meeting showed more policy makers
backed higher borrowing costs than forecast.


Read more at Bloomberg Bonds News

UPDATE 1-Japan Fujii:Currencies should reflect fundamentals

(Reuters) - The yen hit a 4-1/2-year low against the U.S. dollar
on Thursday, hurt by Japan's low interest rates.




Fujii also said tax revenue for the fiscal year that ended
March 31 is likely to fall short of the 50.47 trillion yen
the government was expecting to collect after
its 2006/07 supplementary budget.


Read more at Reuters.com Bonds News

JGBs fall on overseas bond slide, weak auction

(Reuters) - Bonds extended their losses after an auction of 20-year JGBs
by the Ministry of Finance met with slightly weak demand as
investors remained wary that yields will continue to rise.




"Upward pressure on U.S. and European yields is continuing,
so it's also difficult to buy JGBs," said Akihiko Inoue, a market
analyst at Mizuho Investors Securities.


Read more at Reuters.com Bonds News

Goldman's O'Neill Says BOJ Should Increase Rates Regardless of Inflation

(Bloomberg) -- The Bank of Japan should raise
interest rates gradually even if there is no sign of inflation,
said Jim O'Neill, head of global economic research at Goldman,
Sachs Group Inc.

Yields on benchmark 10-year Japanese bonds have climbed more
than a quarter-percentage point since May 17, when BOJ Governor
Toshihiko Fukui said the bank can raise rates even if consumer
prices are falling, as long as it's confident about the outlook
for the economy. A report last week showed growth expanded more
than the government's initial estimate in the first quarter.


Read more at Bloomberg Bonds News

Asian stocks brush off U.S. fall, oil steady

(Reuters) - The yen bounced along near recent lows against the euro and the dollar and some traders say the low-yielding currency will continue to drift lower.




At the other end of the spectrum, the New Zealand dollar rose to a 22-year-high against the U.S. currency.


Read more at Reuters.com Hot Stocks News

S.Africa unit labour costs at 5.9 pct in Q4 - c.bank

(Reuters) - South Africa's unit labour costs increased by 5.9 percent year-on-year in the fourth quarter of 2006 compared to a revised 5.2 percent in the previous quarter, the central bank said on Thursday.

Changes in nominal labour costs normally precede or coincide with changes in consumer price inflation, where the main CPIX gauge targeted by the Reserve Bank accelerated to an annualised 6.3 percent in April, breaching a 3-6 percent target.


Read more at Reuters Africa

LSE board to discuss Borsa deal - sources

(Reuters) - LONDON/MILAN, June 21 - The London Stock Exchange board of directors was due to meet on Thursday morning to discuss the terms of a possible deal with Borsa Italiana, sources close to the situation told Reuters.



Among the issues being reviewed is how much of a stake Borsa Italiana would have in a combined company, the sources said.


Read more at Reuters.com Mergers News

Asian Currencies Drop as Yield Advantage Narrows; Taiwan Dollar Advances

(Bloomberg) -- Southeast Asian currencies, including
the Indonesian rupiah and the Philippine peso, dropped because
investors cut holdings of emerging-market assets as U.S. bonds
extended declines.

The rupiah and the peso had their biggest slide in a week as
rising Treasury yields narrowed the premium investors receive for
holding emerging-market debt. Fund managers get 3.62 percentage
points more by keeping Indonesian 10-year bonds instead of
similar-maturity U.S. Treasuries, down from 3.85 percentage
points at the beginning of June.


Read more at Bloomberg Currencies News

U.K. Stocks Decline, Paced by Persimmon, British Land, Tesco on Rates

(Bloomberg) -- U.K. stocks fell, paced by Persimmon
Plc and British Land Plc, among the companies most sensitive to
higher interest rates. Tesco Plc led retailers lower.

London Stock Exchange Plc retreated after the bourse said it
is in takeover talks with Borsa Italiana SpA.


Read more at Bloomberg Stocks News

Germany's DAX Index Retreats, Led Lower by RWE, Deutsche Boerse Shares

(Bloomberg) -- German stocks declined, paced by RWE
AG, the country's second-largest utility, and Deutsche Boerse
AG, the operator of the Frankfurt stock exchange.

The benchmark DAX Index lost 65.15, or 0.8 percent, to
8025.34 at 9:47 a.m. in Frankfurt. DAX futures expiring in
September fell 0.9 percent to 8109. The HDAX Index of the
country's 110 biggest companies decreased 0.7 percent.


Read more at Bloomberg Stocks News

European 10-Year Bonds Drop for Second Day Before German Confidence Report

(Bloomberg) -- European bonds fell for a second day
before a report that's expected to show business optimism in the
region's largest economy is buoyant, underpinning the case for
the European Central Bank to keep lifting interest rates.

The drop in debt pushed 10-year yields to near a five-year
high as investors reassess the outlook for global borrowing
costs. An index tomorrow is likely to show German business
confidence held near the highest on record this month. Futures
show traders are adding to bets the ECB will raise rates twice
more this year.


Read more at Bloomberg Bonds News