Corporate Bond Risk Declines in Europe, Credit-Default Swaps Market Shows

(Bloomberg) -- The risk of owning European corporate
bonds fell, according to traders of credit-default swaps.

Contracts based on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies decreased 3,500 euros to 241,000 euros at 7:42 a.m. in
London, according to JPMorgan Chase & Co.


Read more at Bloomberg Bonds News

Dollar May Advance to 125 Yen According to Technical Charts, Shinko Says

(Bloomberg) -- The dollar may rise to a 4 1/2-year
high of 125 yen next week should it sustain gains above 123.67,
said Kengo Suzuki, currency strategist at Shinko Securities Co.
in Tokyo, citing the technical analysis of its price chart.

The level of 123.67 yen is a parabolic stop and reversal
point. A rise above this price signals traders should close bets
for dollar weakness. The width between the dollar's upper and
lower Bollinger band is narrowing, suggesting the currency will
prolong its rally started July 3. Resistance at 125 is near the
U.S. currency's Dec. 6, 2002 high of 125.50.


Read more at Bloomberg Currencies News

Yen Drops as Advance in Asian Stock Markets Spurs Increase in Carry Trades

(Bloomberg) -- The yen fell to a record low against
the euro and dropped for a fifth day versus the dollar as a rally
in Asian stocks gave investors more confidence to buy higher-
yielding assets with money borrowed in Japan.

The currency also slid to a 16-year low against the
Australian dollar, taking losses in the past year to 13 percent,
as investors increased so-called carry trades. A stronger-than-
expected U.S. employment report added to optimism global economic
growth will be sustained, increasing the appetite of fund
managers for riskier assets.


Read more at Bloomberg Currencies News

Gold ticks up on oil, TOCOM jumps 1 percent

(Reuters) - Gold crawled higher on Monday on bullish energy prices and slight falls in the dollar, while the benchmark futures on the Tokyo Commodity Exchange jumped 1 percent to the highest since June 20.

By 0640 GMT, cash gold was trading at $654.50/655.20 an ounce, slightly up from $653.80/654.60 late in New York on Friday, when it rose more than $4 an ounce.


Read more at Reuters Africa

Russia's Mordashov eyes Power Machines buy -media

(Reuters) - Germany's Siemens holds 25 percent plus one share
in Power Machines and had sought to buy control in the firm, but
Russian authorities blocked the deal citing national security
reasons.




Russia's former power monopoly UES also holds 25
percent in Power Machines, which has market value of $1.2
billion.


Read more at Reuters.com Mergers News

Taiwan UMC's June sales fall 0.44 pct from yr ago

(Reuters) - Sales at United Microelectronics Corp. were T$8.745 billion last month, lower than T$8.784 billion in the same month last year, the company said on its Web site . UMC had sales of T$8.220 billion in May.



Sector leader Taiwan Semiconductor Manufacturing Co. Ltd.


Read more at Reuters.com Market 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