Crude Oil Falls a Second Day on OPEC Output Boost, Concern Demand Abating

(Bloomberg) -- Crude oil fell in New York, heading
for its biggest two-day decline since July 24, after OPEC
increased output and on concern losses in the U.S. mortgage
market will slow economic growth.

Members of the Organization of Petroleum Exporting
Countries, excluding Angola, raised production last month by the
most since September 2004, a Bloomberg News survey showed.
Prices of commodities including copper in Shanghai and platinum
in Tokyo declined, and stocks in Asia fell, extending a global
slump, on speculation waning growth will slow demand.


Read more at Bloomberg Energy News

Oil Falls, Heading for Biggest 2-Day Decline Since June, on OPEC, Economy

(Bloomberg) -- Crude oil fell in New York, heading
for its biggest two-day decline since June, after OPEC increased
output and on signs U.S. economic growth will slow, reducing fuel
demand.

Members of the Organization of Petroleum Exporting Countries,
excluding Angola, raised production last month by the most since
September 2004, a Bloomberg News survey showed. Asian stocks
dropped on renewed concern losses in the U.S. mortgage market
will trim growth in the world's biggest economy.


Read more at Bloomberg Energy News

Japanese Stocks May Drop, Led by Exporters on U.S. Economy Concern, Yen

(Bloomberg) -- Japanese stocks may decline, led by
exporters such as Sony Corp., on concern losses in the U.S.
mortgage market may slow the world's biggest economy.

Exporters may also decline after the yen strengthened to a
four-month high against the dollar, eroding the value of their
dollar-denominated sales.


Read more at Bloomberg Stocks News

Japan's Nikkei 225 Average, Topix Falls; Exporters Drop on U.S. Earnings

(Bloomberg) -- Japanese shares dropped, paced by
companies that rely on the U.S. market, after Caterpillar Inc.
said its profit dropped on lower North American sales. Exporters
such as Honda Motor Co. and Komatsu Ltd. declined.

Investors also refrained from betting heavily on stocks
before the upper house election, which will be held on July 29.
The Nikkei newspaper reported yesterday Japan's ruling coalition
may lose its majority in the election, citing its own poll.


Read more at Bloomberg Stocks News

Crude Oil Rises to 11-Month High on Signs U.S. Refinery Demand Is Rising

(Bloomberg) -- Crude oil rose to an 11-month high in
New York on higher demand after OPEC ministers said the group
should maintain its restrictions on production.

The Organization of Petroleum Exporting Countries yesterday
raised a forecast for demand for its crude by 100,000 barrels to
31.1 million barrels a day in the fourth quarter. The U.S. Energy
Department will probably report tomorrow that crude-oil supplies
fell 700,000 barrels in the week to July 13, according to analysts
surveyed by Bloomberg News.


Read more at Bloomberg Energy News

Egypt's Alcotexa sells 2,546 T of cotton in week

(Reuters) - The Alexandria Cotton Exporters' Association (Alcotexa) said on Sunday it had committed to sell 2,546 tonnes of cotton in the week ended July 14.

An Alcotexa official gave a breakdown of the sales as 196 tonne of Giza 70, 50 tonnes of Giza 88, 1,800 tonnes of Giza 86, 450 tonnes of Giza 80 and 50 tonnes of export type.


Read more at Reuters Africa

Australian Dollar Trades Near 18-Year High as Prices of Commodities Gain

(Bloomberg) -- The Australian dollar traded near an
18-year high against the U.S. currency and the most in 16 years
versus the yen as prices rose for the metals the country exports.

The local dollar is the second-best performer among the 16
most traded currencies in the past five years as commodity
prices have surged. Exports of raw materials such as copper and
gold contribute about 14 percent to Australia's gross domestic
product. A measure of six metals traded on the London Metal
Exchange yesterday gained 0.5 percent to a one-month high.


Read more at Bloomberg Currencies News

Indian Sugar Exports May Double in 2008 Amid Global Surplus, Minister Says

(Bloomberg) -- Sugar exports from India, the world's
second-largest producer, may double in 2008 because of a
domestic surplus, adding further pressure to prices that have
plunged 44 percent in the past year.

The country may export as much as 3 million tons next year,
Akhilesh Prasad Singh, India's minister of state for agriculture,
consumer affairs, food and public distribution said today.
Exports may be 1.5 million tons this year, he told reporters at
the 9th World Beet and Cane Growers Conference in Brisbane.


Read more at Bloomberg Emerging Markets News

South Korea's Export Growth Accelerates, Economy May Be Picking Up Pace

(Bloomberg) -- South Korea's export growth
accelerated and the nation's finance minister said improving
overseas sales will help drive a faster expansion of Asia's
third-largest economy in the next six months.

Exports climbed 15.9 percent in June from a year earlier
after rising a revised 11.4 percent in May, the commerce
ministry said in Gwacheon. That beat the 12 percent median
estimate in a Bloomberg News survey of 11 economists.


Read more at Bloomberg Emerging Markets News

"Near-recessionary" growth until '08: report

(Reuters) - Exports, business investment and wealthy consumers will
help propel the recovery from below-trend growth through the
first quarter of next year, according to the outlook by the
UCLA Anderson Forecast unit.




The economic forecasting unit sees the Federal Reserve as
hesitant to lower interest rates despite the first quarter's
weak growth and an outlook for "continued softness" this year
while core inflation holds above its "comfort zone."


Read more at Reuters.com Economic News

'Near-recessionary' U.S. growth until '08-report

(Reuters) - Exports, business investment and wealthy consumers will
help propel the recovery from below-trend growth through the
first quarter of next year, according to the outlook by the
UCLA Anderson Forecast unit.




The economic forecasting unit sees the Federal Reserve as
hesitant to lower interest rates despite the first quarter's
weak growth and an outlook for "continued softness" this year
while core inflation holds above its "comfort zone."


Read more at Reuters.com Bonds News

Oil Trades Near Nine-Month High on U.S. Refinery Slowdowns, Iran Concern

(Bloomberg) -- Crude oil traded near a nine-month
high in New York after a drop in U.S. refining raised concern
that fuel supplies may remain below average.

Maintenance at refineries last week cut processing rates to
a six-week low, prompting oil companies to produce less diesel
and heating oil in an effort to boost gasoline stockpiles. Oil
also rose after Iran, the second-largest producer in the
Organization of Petroleum Exporting Countries, rejected United
Nations demands to suspend its uranium enrichment.


Read more at Bloomberg Energy News