Hungary's Forint Posts Weekly Drop Versus Euro as Investors Avoid Risk

(Bloomberg) -- The Hungarian forint posted its
biggest weekly drop against the euro in 10 months as tumbling
global stocks and concern about U.S. subprime mortgage losses
prompted investors to shun emerging markets.

The forint was the worst performer against the euro over the
past five days, sliding more than 2 percent, as the NTX Index of
stocks in central Europe's 30 largest companies declined the most
in a week since March. Investors reversed trades where they'd
bought the forint to take advantage of Hungary's 7.75 percent
interest rate, also sending the currency tumbling.


Read more at Bloomberg Currencies News

European Bond Yields Hold Near Lowest in Two Months as Stocks Decline

(Bloomberg) -- European bond yields held near the
lowest in two months as stock markets across the region fell and
corporate-debt risk surged to a record

Bunds reversed earlier losses on speculation investors
switched to the safety of government securities. Benchmark 10-
year yields rose earlier after data showing consumer-price
inflation accelerated in Germany in July, adding to the case for
the European Central Bank to keep raising interest rates.


Read more at Bloomberg Bonds News

Gold Heads for Weekly Decline in New York on Dollar Rebound; Silver Drops

(Bloomberg) -- Gold fell in New York, heading for
the biggest weekly decline in seven weeks, on speculation a
strengthening dollar will reduce the precious metal's appeal as
an alternative investment. Silver also dropped.

The dollar rallied to a two-week high against the euro
today after a U.S. Commerce Department report showed the economy
grew last quarter at the fastest pace in more than a year. Gold,
sold in the U.S. currency, rose to a three-month high of $695.40
an ounce on July 25, a day after the dollar touched a record low
of $1.3852 against the euro.


Read more at Bloomberg Commodities News

UPDATE 2-Novartis to supply Zelnorm for U.S. restricted use

(Reuters) - ZURICH, July 27 - Swiss drugmaker Novartis
said on Friday it would make bowel drug Zelnorm
available to U.S. patients on a restricted basis after pulling
the product from the market at the request of regulators.




Novartis said it had established a restricted access
programme for Zelnorm in cooperation with U.S. regulators so
that patients in need of the drug can be considered for
treatment.


Read more at Reuters.com Government Filings News

Sudan assigns Chinese CNPC offshore oil block

(Reuters) - Sudan has signed a deal with Chinese state oil firm China National Petroleum Corp. (CNPC) to take a majority stake in its Block 13 exploration site, off the coast of the Red Sea, a senior Sudanese oil official said on Friday.

CNPC has a 40 percent stake, 15 percent for both Indonesian state firm and Sudanese state oil firm Sudapet.


Read more at Reuters Africa

US RATE FUTURES-Boost gains on GDP, inflation data

(Reuters) - Futures show an 82 percent chance the Fed will ease by
year-end , up from 76 percent overnight. Before
Thursday's rally prospects for a Fed cut this year were below
50 percent.




U.S. second-quarter real GDP growth was reported at 3.4
percent against the consensus Wall Street forecast of 3.2
percent.


Read more at Reuters.com Bonds News

UPDATE 1-Thursday share buybacks most since 9/11-TrimTabs

(Reuters) - Over the past week, 54 buybacks totaling $20.1 billion were
announced, the 14th week of the past 15 that new stock buybacks
exceeded $10 billion, TrimTabs Investment Research of Santa
Rosa, California, said late on Thursday.




"Corporate America is sure not acting as if it sees trouble
ahead. Indeed, corporate America is doing what it has always
done when stocks sell-off: they start buying," said Charles
Biderman, chief executive of TrimTabs, in a statement.


Read more at Reuters.com Bonds News