Copper Futures Rise Most in a Week in New York on Strike by Mexico Workers

(Bloomberg) -- Copper futures in New York jumped
the most in more than a week after Southern Copper Corp. workers
went on strike at three mines in Mexico.

Employees began a work stoppage at Cananea, Mexico's
largest copper mine, and the Taxco and San Martin zinc mines, a
union spokeswoman said yesterday. Copper has gained 10 percent
since May 30 as labor unrest hampered production in Latin
American countries.


Read more at Bloomberg Commodities News

RPT-US Midwest business grows more slowly in July

(Reuters) - The National Association of Purchasing Management-Chicago
business barometer fell to 53.4 from 60.2 in June. Economists
had forecast the index at 58.0. A reading above 50 indicates
expansion.




The employment component of the index jumped to 61.6 from
52.7 last month. Prices paid rose to 73.1 from 68.1 and new
orders dropped to 53.4 from 65.7.


Read more at Reuters.com Bonds News

UPDATE 1-Cost to insure GM bonds falls on profit news

(Reuters) - The cost to insure GM's bonds with credit default swaps
fell about 75 basis points to 615 basis points, which means it
costs $615,000 annually to protect $10 million of debt for five
years.




GM's 8.375 percent bonds maturing in 2033 rose almost 4
cents on the dollar to 85.19 cents, according to MarketAxess.


Read more at Reuters.com Bonds News

US STOCKS-Wall St. rises on data, GM earnings

(Reuters) - NEW YORK, July 31 - U.S. stocks climbed on
Tuesday after General Motors Corp. added to optimism
about corporate earnings and a key inflation indicator showed a
smaller-than-expected rise.




GM shares jumped 6 percent to $34.56 after the blue-chip
automaker swung to a profit in the second quarter and handily
topped Wall Street's expectations. For details, see
[ID:nN30442082].


Read more at Reuters.com Bonds News

UPDATE 1-RESEARCH ALERT-Bear Stearns cuts MGIC to peer perform

(Reuters) - Analyst David Hochstim, in a note to investors, estimated
the write-off of Credit-Based Asset Servicing and
Securitization LLC , MGIC's joint venture with Radian
Group Inc. , to generate a third-quarter loss of $3.30
per share for MGIC.




He said the write-down could limit MGIC's ability to
repurchase shares following the completion of its planned
merger with Radian, expected in a few months.


Read more at Reuters.com Bonds News

US STOCKS-Wall St trims gains, Nasdaq dips

(Reuters) - A rise in oil prices to a 12-month high also added to
nervousness.




The Dow Jones industrial average was up 47.63
points, or 0.36 percent, at 13,405.94. The Standard & Poor's
500 Index was up 3.33 points, or 0.23 percent, at
1,477.24. The Nasdaq Composite Index was up 0.06
points, or 0.00 percent, at 2,583.34.


Read more at Reuters.com Bonds News

S.Africa credit points to rate hike, trade gap up

(Reuters) - Demand for credit by South Africa's private sector grew at a faster pace in June, hardening the case for higher interest rates to curb spending, while a wider trade deficit pointed to continued pressure on the current account.

The Reserve Bank has raised its repo rate by 250 basis points to 9.5 percent since mid-2006 to tame inflation and robust consumer demand, but spending, driven by credit, remains high.


Read more at Reuters Africa