South Korea's Stocks Fall on U.S. Housing Concern; Hyundai Heavy Declines

(Bloomberg) -- South Korean stocks fell for the
third day. Kookmin Bank led declines on concern a deepening U.S.
housing slump will damp the world's biggest economy and prompt
investors to shun riskier assets.

The Kospi index dropped 17.86, or 1 percent, to 1,865.36 as
of 9:25 a.m. in Seoul. Stocks plunged on July 27 by the most in
more than three years, wiping out $46 billion in market value.


Read more at Bloomberg Stocks News

New Zealand June Home-Building Approvals Surge 15.8 Percent on Apartments

(Bloomberg) -- New Zealand's home-building
approvals posted the biggest gain in more than 18 months in June,
buoyed by consents for apartments, as record-high interest rates
failed to curb demand for new property.

Approvals to build new houses and apartments increased 15.8
percent from May, according to seasonally adjusted figures
released by Statistics New Zealand in Wellington today. The
increase was the most since December 2005. The number of
approvals was the highest since March 2005.


Read more at Bloomberg Bonds News

Bank ratings intact despite LBO funding jam -S&P

(Reuters) - Turmoil in the global credit markets has left banks unable
to syndicate funding for a string of high-profile leveraged
buyouts, including those of British health and beauty chain
Alliance Boots [AB.UL] and U.S. carmaker Chrysler.




The funding, often with aggressive terms, was committed to
when the credit-market sky was clear and investors seemed to
have an unquenchable thirst for debt.


Read more at Reuters.com Bonds News

India, Indonesia, Malaysia, Singapore, Sri Lanka: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: China Development Bank, a state-owned lender, will
sell 20 billion yuan ($2.64 billion) of 10-year bonds on Aug. 1.
China will maintain a tight monetary policy to prevent the
economy from ``overheating,'' Xinhua News Agency reported July
27. The government will apply ``moderate and tight monetary
policies to cool the growth pace in the economy and improve
quality and efficiency of the growth,'' Xinhua said, citing a
statement by the Chinese Communist Party's Political Bureau.


Read more at Bloomberg Bonds News

Yen Advances to Three-Month High Versus Euro on Reduced Appetite for Risk

(Bloomberg) -- The yen climbed to a three-month
high against the euro on speculation a defeat for Japan's Prime
Minister Shinzo Abe's led ruling coalition will push down stocks
and spur investors to exit so-called carry trades.

The yen reached 160.67 against the euro, the highest since
April 24, before trading at 161.02 at 7:46 a.m. in Tokyo from
161.67 late in New York yesterday. It also rose to 118.26 per
dollar from 118.63, after climbing to 118.03.


Read more at Bloomberg Currencies News

Valero's Port Arthur Refinery Releases Odorous Vapor From Faulty Oil Tank

(Bloomberg) -- Valero Energy Corp., the largest
U.S. refiner, said a faulty storage tank at its Port Arthur,
Texas, refinery, yesterday released smelly vapors.

``Due to a mechanical problem with a roof of a storage tank
at the Valero Port Arthur Refinery on Saturday, there was a
release of vapors that caused a noxious odor,'' spokesman Bill
Day said. ``Refinery officials notified the proper authorities
and immediately began efforts to halt the release.''


Read more at Bloomberg Energy News

Gold May Rebound on Investment Demand for Dollar Alternative, Analysts Say

(Bloomberg) -- Gold may rebound on speculation that
the dollar will resume a slide against the euro, boosting the
appeal of the precious metal as an alternative investment.

Fourteen of 27 traders, investors and analysts surveyed by
Bloomberg from Sydney to Chicago on July 26 and July 27 advised
buying gold, which fell 1.8 percent last week to $672.30 an ounce
on the Comex division of the New York Mercantile Exchange. Nine
said to sell, and four were neutral.


Read more at Bloomberg Commodities News