(Reuters) - In the European Union, sales fell 1.2 percent in the quarter to 3.85 million and 1.0 percent in March to 1.68 million.
Tabulated data is available on the website: www.acea.be
Read more at Reuters.com Economic News
Thursday, April 12, 2007
Brazil, Chile, Colombia and Mexico, Peru: Latin America Local Bond Preview
(Bloomberg) -- The following events and economic reports may influence trading in Latin American local bonds today. Bond yields are from the previous session.
Brazil: President Luiz Inacio Lula da Silva's government approval rating fell in April from December, pollster Ibope said. Forty-nine percent of the 2,002 Brazilians interviewed rated the government as good or excellent, down from 57 percent in December, the poll showed. Ibope interviewed Brazilians 16 or older in 140 municipalities between March 28 and April 2. The margin of error for the poll was plus or minus 2 percentage points.
Read more at Bloomberg Bonds News
Brazil: President Luiz Inacio Lula da Silva's government approval rating fell in April from December, pollster Ibope said. Forty-nine percent of the 2,002 Brazilians interviewed rated the government as good or excellent, down from 57 percent in December, the poll showed. Ibope interviewed Brazilians 16 or older in 140 municipalities between March 28 and April 2. The margin of error for the poll was plus or minus 2 percentage points.
Read more at Bloomberg Bonds News
Club Mediterranee, L'Oreal, Vivendi Shares: European Equity Preview
(Bloomberg) -- The following stocks may rise or fall in European markets. Prices are from the last close.
The Dow Jones Stoxx 600 fell 0.4 percent to 380.79. The Dow Jones Stoxx 50 Index dropped 0.3 percent to 3777.22. The Euro Stoxx 50 Index, a benchmark for the 13 nations using the euro, declined 0.3 percent to 4280.02.
Read more at Bloomberg Stocks News
The Dow Jones Stoxx 600 fell 0.4 percent to 380.79. The Dow Jones Stoxx 50 Index dropped 0.3 percent to 3777.22. The Euro Stoxx 50 Index, a benchmark for the 13 nations using the euro, declined 0.3 percent to 4280.02.
Read more at Bloomberg Stocks News
US panel rejects Merck's proposed Vioxx successor
(Reuters) - The Food and Drug Administration's panel of outside experts voted 20-1 against recommending clearance for the drug, called Arcoxia.
) Keywords: MERCK ARCOXIA/VOTE
Read more at Reuters.com Government Filings News
) Keywords: MERCK ARCOXIA/VOTE
Read more at Reuters.com Government Filings News
US CFOs upbeat about company profits - survey
(Reuters) - The survey, which polled 134 chief financial officers at public and private U.S. companies, showed executives were nearly twice as likely to believe financial prospects would improve at their own firms this year than they were to expect improvements in the U.S. economy overall.
The executives also weighed in on various corporate governance issues, with the majority saying they felt shareholders deserved greater access to proxy statements and companies should say more about why their auditors resign.
Read more at Reuters.com Government Filings News
The executives also weighed in on various corporate governance issues, with the majority saying they felt shareholders deserved greater access to proxy statements and companies should say more about why their auditors resign.
Read more at Reuters.com Government Filings News
Crude Oil Climbs After IEA Says OPEC Has Cut Production to Two-Year Low
(Bloomberg) -- Crude oil rose more than $1.50 a barrel in New York, the biggest gain in two weeks, after the International Energy Agency said OPEC reduced supplies to a two- year low to cut world stockpiles.
March oil output by the Organization of Petroleum Exporting Countries, source of 41 percent of world supplies, fell by 165,000 barrels to 30.1 million barrels a day, the lowest since January 2005, according to the IEA, adviser to 26 fuel consuming nations. A report yesterday showed that U.S. gasoline supplies dropped and crude inventories rose on reduced refinery output.
Read more at Bloomberg Commodities News
March oil output by the Organization of Petroleum Exporting Countries, source of 41 percent of world supplies, fell by 165,000 barrels to 30.1 million barrels a day, the lowest since January 2005, according to the IEA, adviser to 26 fuel consuming nations. A report yesterday showed that U.S. gasoline supplies dropped and crude inventories rose on reduced refinery output.
Read more at Bloomberg Commodities News
UPDATE 1-Alcan says to sell stake in India's Utkal venture
(Reuters) - Established in 1992, the joint venture involves development of a new bauxite mine and alumina refinery in the Indian state of Orissa.
"We have carefully weighed the opportunity and risk presented by the Utkal project and, given constraints within the governance structure that limit Alcan's ability to participate in key decisions, believe that we have acted in the best interests of all our stakeholders," Jacynthe Cote, president and chief executive of Alcan's bauxite and alumina unit, said in a statement.
Read more at Reuters.com Mergers News
"We have carefully weighed the opportunity and risk presented by the Utkal project and, given constraints within the governance structure that limit Alcan's ability to participate in key decisions, believe that we have acted in the best interests of all our stakeholders," Jacynthe Cote, president and chief executive of Alcan's bauxite and alumina unit, said in a statement.
Read more at Reuters.com Mergers News
UPDATE 1-Ecuador Congressmen flee after tear-gas attack
(Reuters) - "The government planned this," lawmaker Luis Almeida told Ecuadorean television, blaming a bodyguard of legislators loyal to Correa for the late morning tear-gas attack.
Congress security officials said the canister exploded in a room next to the main chamber and that they had detained a suspect who had tried to fling it into the chamber.
Read more at Reuters.com Bonds News
Congress security officials said the canister exploded in a room next to the main chamber and that they had detained a suspect who had tried to fling it into the chamber.
Read more at Reuters.com Bonds News
Goldcorp says focused on internal growth, costs
(Reuters) - TORONTO, April 12 - Goldcorp Inc. which has been struggling to increase profit in the wake of recent acquisitions, plans to ratchet down expenses and avoid more costly acquisitions as it tries to build reserves.
At a presentation for investors on Thursday, company officials said they planned to "invest through the drillbit", as they shift gears from a recent acquisition spree that was capped off last year with the $7.5 billion takeover of Glamis Gold.
Read more at Reuters.com Mergers News
At a presentation for investors on Thursday, company officials said they planned to "invest through the drillbit", as they shift gears from a recent acquisition spree that was capped off last year with the $7.5 billion takeover of Glamis Gold.
Read more at Reuters.com Mergers News
Ethanol Climbs to Seven-Month High on Expectations of Growing U.S. Demand
(Bloomberg) -- Ethanol in Chicago climbed a fourth consecutive day to a seven-month high on concerns of higher- priced gasoline and increased demand during the U.S. summer driving season.
Denatured ethanol for May delivery gained 4.3 cents, or about 1.9 percent, to $2.28 a gallon at 1:13 p.m. on the Chicago Board of Trade. Fifteen contracts, each representing 29,000 gallons, traded.
Read more at Bloomberg Energy News
Denatured ethanol for May delivery gained 4.3 cents, or about 1.9 percent, to $2.28 a gallon at 1:13 p.m. on the Chicago Board of Trade. Fifteen contracts, each representing 29,000 gallons, traded.
Read more at Bloomberg Energy News
S&P raises Reynolds senior debt rating to high-grade
(Reuters) - S&P raised its senior secured debt rating on the company's senior notes to 'BBB-minus,' the lowest investment-grade rating, from 'BB.' The company acquired Conwood, the No. 2 smokeless tobacco company last year.
"The outlook revision is due to RAI's improved operating performance following the acquisition of Conwood in May 2006, its continued margin expansion, moderating volume and market share declines, and a more favorable legal environment," Standard & Poor's credit analyst Rick Joy wrote.
Read more at Reuters.com Bonds News
"The outlook revision is due to RAI's improved operating performance following the acquisition of Conwood in May 2006, its continued margin expansion, moderating volume and market share declines, and a more favorable legal environment," Standard & Poor's credit analyst Rick Joy wrote.
Read more at Reuters.com Bonds News
U.S. small business spirits fade in March
(Reuters) - "It appears that expectations for growth have softened, leading to less inventory investment and no pickup in capital spending that most observers were expecting," William Dunkelberg, NFIB chief economist, said in a statement.
During the next three months, 13 percent of owners polled said they plan to create new jobs.
Read more at Reuters.com Economic News
During the next three months, 13 percent of owners polled said they plan to create new jobs.
Read more at Reuters.com Economic News
Treasuries Are Little Changed After Auction of Inflation-Protected Notes
(Bloomberg) -- U.S. Treasuries were little changed after a government auction of $6 billion worth of inflation- protected 10-year notes.
The sale, which was a so-called reopening of securities sold in January, drew the lowest percentage of bids from indirect bidders since at least 2003 when the government began releasing the data. Indirect bidders include foreign central banks.
Read more at Bloomberg Bonds News
The sale, which was a so-called reopening of securities sold in January, drew the lowest percentage of bids from indirect bidders since at least 2003 when the government began releasing the data. Indirect bidders include foreign central banks.
Read more at Bloomberg Bonds News
CDW, Jos. A. Bank, NovaStar, Raser, Vonage Holdings: U.S. Equity Movers
(Bloomberg) -- The following is a list of companies whose shares are having unusual price changes in U.S. exchanges today. Stock symbols are in parentheses after company names. Share prices are as of 1:10 p.m. New York time.
Abercrombie & Fitch Co. (ANF US) rose $2.98, or 3.8 percent, to $80.66 and traded as high as $80.67. The casual clothing retailer for teens and college students said March sales climbed 29 percent. Same-store sales gained 7 percent.
Read more at Bloomberg Stocks News
Abercrombie & Fitch Co. (ANF US) rose $2.98, or 3.8 percent, to $80.66 and traded as high as $80.67. The casual clothing retailer for teens and college students said March sales climbed 29 percent. Same-store sales gained 7 percent.
Read more at Bloomberg Stocks News
Gold Falls on Speculation Five-Week Rally Overdone; Silver Drops on Copper
(Bloomberg) -- Gold in New York fell on speculation a rally to six-week highs was overdone. Silver also fell.
Before this week, gold had climbed 5.4 percent in five consecutive weekly gains. The metal reached $686.80 on April 10, the highest price in six weeks.
Read more at Bloomberg Commodities News
Before this week, gold had climbed 5.4 percent in five consecutive weekly gains. The metal reached $686.80 on April 10, the highest price in six weeks.
Read more at Bloomberg Commodities News
FACTBOX-Facts about Ecuador's proposed assembly
(Reuters) - Here are some details of Correa's proposed assembly:
* If Ecuadoreans back setting up the assembly in Sunday's referendum, they will choose its 130 members in an election later this year, most likely in September or October.
Read more at Reuters.com Bonds News
* If Ecuadoreans back setting up the assembly in Sunday's referendum, they will choose its 130 members in an election later this year, most likely in September or October.
Read more at Reuters.com Bonds News
TREASURIES-Bonds flat on inflation, jobless data dichotomy
(Reuters) - Inflation was a predominant theme for traders, as the market braced for a $6 billion auction of 10-year Treasury Inflation Protected Securities at 1 p.m. .Persistently high inflation readings have put back bond investors' expectations for Federal Reserve interest rate cuts and last week helped push benchmark yields to their highest levels since February.
Over the near term, an indecisive Treasury market seemed likely to range trade, analysts said.
Read more at Reuters.com Bonds News
Over the near term, an indecisive Treasury market seemed likely to range trade, analysts said.
Read more at Reuters.com Bonds News
U.S. offical: Wall St. should help build NYC subway
(Reuters) - However, Gov. Eliot Spitzer reacted noncommittally. Asked if New York should follow the public-private partnership approach like the one Texas is using, Spitzer told reporters, "Nobody is talking about that for the New York City subway ."
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
Venezuela Bonds to Rally as Oil Prices Rebound, CreditSights' Stracke Says
(Bloomberg) -- Venezuelan government bonds are attractive because of their high returns and rebounding oil prices, according to CreditSights Inc.
CreditSights, a New York-based bond research company, raised its recommendation on Venezuelan debt to ``overweight'' from ``neutral.'' The company is maintaining its ``neutral'' stance on most emerging market debt.
Read more at Bloomberg Bonds News
CreditSights, a New York-based bond research company, raised its recommendation on Venezuelan debt to ``overweight'' from ``neutral.'' The company is maintaining its ``neutral'' stance on most emerging market debt.
Read more at Bloomberg Bonds News
Ipsco in talks that could lead to sale of company
(Reuters) - TORONTO, April 12 - Ipsco Inc. said on Thursday it has entered into discussions that could lead to a sale of the company, but the maker of steel pipe gave no assurance that a deal will occur.
The comments from Ipsco follow a report that said Russian steel firm Evraz Group is in talks with Ipsco about a possible takeover.
Read more at Reuters.com Mergers News
The comments from Ipsco follow a report that said Russian steel firm Evraz Group is in talks with Ipsco about a possible takeover.
Read more at Reuters.com Mergers News
UPDATE 1-"I made a mistake," Wolfowitz says of promotion
(Reuters) - WASHINGTON, April 12 - World Bank President Paul Wolfowitz said on Thursday he made "a mistake for which I am sorry" over his handling of the promotion and pay increase of a staff member, Shaha Riza, whom he is dating.
"I proposed to the board that they establish some mechanism to judge whether the agreement reached was a reasonable outcome," Wolfowitz said in a statement handed out before his news conference ahead of the upcoming meetings of finance ministers in Washington this weekend.
Read more at Reuters.com Bonds News
"I proposed to the board that they establish some mechanism to judge whether the agreement reached was a reasonable outcome," Wolfowitz said in a statement handed out before his news conference ahead of the upcoming meetings of finance ministers in Washington this weekend.
Read more at Reuters.com Bonds News
UPDATE 1-U.S. March retail sales, without autos, gain modestly
(Reuters) - NEW YORK, April 12 - An early Easter and strong demand for clothing boosted U.S. retail sales in March, but rising gasoline prices and a soft housing market cast doubts about spending in coming months, according to data published on Thursday by SpendingPulse.
Consumer spending outside the auto sector rose 0.3 percent last month on a seasonally adjust basis, a touch higher than a 0.2 percent gain in February, said SpendingPulse, the retail data service of MasterCard Advisors, an arm of MasterCard Worldwide .
Read more at Reuters.com Bonds News
Consumer spending outside the auto sector rose 0.3 percent last month on a seasonally adjust basis, a touch higher than a 0.2 percent gain in February, said SpendingPulse, the retail data service of MasterCard Advisors, an arm of MasterCard Worldwide .
Read more at Reuters.com Bonds News
Vonage's CEO Snyder steps down
(Reuters) - It gave a preliminary estimate for revenue of $195 million for the quarter ended March 31.
Read more at Reuters.com Business News
Read more at Reuters.com Business News
Vonage CEO steps down
(Reuters) - Vonage did not say how many jobs would be eliminated, but it plans to reduce its general administrative expenses by $30 million through the rest of 2007 by cutting its workforce and consolidating operations.
It plans to reduce marketing expenses by $110 million, resulting in marketing expenditure of about $310 million for 2007.
Read more at Reuters.com Business News
It plans to reduce marketing expenses by $110 million, resulting in marketing expenditure of about $310 million for 2007.
Read more at Reuters.com Business News
OHL Brasil, Petrobras, Telemar and Vale do Rio Doce: Brazil Equity Movers
(Bloomberg) -- Brazil's main stock index fell for a second day, led by Cia. Vale do Rio Doce, the world's biggest iron- ore and nickel producer
The Bovespa Index of the most-traded stocks on the Sao Paulo exchange fell 418.82, or 0.9 percent, to 46,520.37 as of 9:54 a.m. New York time.
Read more at Bloomberg Stocks News
The Bovespa Index of the most-traded stocks on the Sao Paulo exchange fell 418.82, or 0.9 percent, to 46,520.37 as of 9:54 a.m. New York time.
Read more at Bloomberg Stocks News
U.S. Stocks Fall for a Second Day on Gains in Crude Oil and Import Prices
(Bloomberg) -- U.S. stocks retreated for a second day after oil prices jumped and import prices in March climbed the most in 10 months, reviving concern inflation is accelerating.
Shares of General Motors Corp. and Citigroup Inc. led the Dow Jones Industrial Average lower. Research In Motion Ltd., the maker of the BlackBerry e-mail phone, tumbled the most in three months after its sales trailed analysts' estimates and the company disclosed a regulatory probe.
Read more at Bloomberg Stocks News
Shares of General Motors Corp. and Citigroup Inc. led the Dow Jones Industrial Average lower. Research In Motion Ltd., the maker of the BlackBerry e-mail phone, tumbled the most in three months after its sales trailed analysts' estimates and the company disclosed a regulatory probe.
Read more at Bloomberg Stocks News
Gap March same-store sales rise 6 percent
(Reuters) - NEW YORK, April 12 - Apparel retailer Gap Inc. said on Thursday March sales at stores open at least a year rose 6 percent, topping analysts' expectations.
Analysts, on average, had been expecting the San Francisco-based clothing retailer to post a same-store sales decrease of 1 percent, according to a Reuters survey.
Read more at Reuters.com Market News
Analysts, on average, had been expecting the San Francisco-based clothing retailer to post a same-store sales decrease of 1 percent, according to a Reuters survey.
Read more at Reuters.com Market News
S.Africa credit not immediately inflationary - c.bank
(Reuters) - South Africa's central bank Governor Tito Mboweni said on Thursday the country's household spending and credit were not immediately inflationary but warned that bank lending remained "uncomfortably high".
"The thing about household credit and spending is not so much that immediately that's inflationary ... but this level that we are talking about is clearly very high," Mboweni told a televised press conference to announce the bank's decision on interest rates.
Read more at Reuters Africa
"The thing about household credit and spending is not so much that immediately that's inflationary ... but this level that we are talking about is clearly very high," Mboweni told a televised press conference to announce the bank's decision on interest rates.
Read more at Reuters Africa
Rating agencies defend U.S. utility ratings
(Reuters) - The Illinois attorney general's office has been investigating the relationships between the agencies and the state's major utilities to determine if they are working together to influence rate decisions.
The controversy spread to Missouri on Friday when two members of that state's Public Service Commission issued a subpoena to Ameren Corp.'s utility unit AmerenUE seeking copies of its communications with rating agencies.
Read more at Reuters.com Bonds News
The controversy spread to Missouri on Friday when two members of that state's Public Service Commission issued a subpoena to Ameren Corp.'s utility unit AmerenUE seeking copies of its communications with rating agencies.
Read more at Reuters.com Bonds News
Shrimpers in Kentucky? Sounds like a fish tale
(Reuters) - "Since I was a little kid, I was involved in tobacco. My grandfather and father both raised it, and I had my own crop in high school," says Moreland fondly, before shrugging. "But once the buyout came, I got tired of fooling with it."
It's a cold April morning in Kentucky tobacco country, and Moreland is heading two hours south to collect 40,000 prawn hatchlings, which he hopes will grow through the summer into a bumper harvest of 1,700 pounds of genuine Kentucky seafood.
Read more at Reuters.com Bonds News
It's a cold April morning in Kentucky tobacco country, and Moreland is heading two hours south to collect 40,000 prawn hatchlings, which he hopes will grow through the summer into a bumper harvest of 1,700 pounds of genuine Kentucky seafood.
Read more at Reuters.com Bonds News
Countrywide mortgages in foreclosure nearly double
(Reuters) - NEW YORK, April 12 - Countrywide Financial Corp. , the largest U.S. mortgage lender, said on Thursday the amount of mortgages in its portfolio that are in foreclosure nearly doubled, amid a difficult U.S. housing market.
The Calabasas, California-based company said the rate of pending foreclosures, as a percentage of unpaid principal balances, rose to 0.83 percent in March from 0.44 percent a year earlier and 0.80 percent in February.
Read more at Reuters.com Bonds News
The Calabasas, California-based company said the rate of pending foreclosures, as a percentage of unpaid principal balances, rose to 0.83 percent in March from 0.44 percent a year earlier and 0.80 percent in February.
Read more at Reuters.com Bonds News
Cato cuts Q1 earns view on slower March same-store sales growth
(Reuters) - For the five weeks ended April 7, the company reported total sales of $95.1 million, compared with $83.8 million for the five-week period ended April 1, 2006.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
TJX March same-store sales rise 6 percent
(Reuters) - Framingham, Massachusetts-based TJX, whose chains include T.J. Maxx and Marshalls, said its total sales for the five weeks ended April 7 were $1.7 billion, up 11 percent from the year-ago period.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Wal-Mart March same-store sales beat expectations
(Reuters) - NEW YORK, April 12 - Wal-Mart Stores Inc. on Thursday reported a stronger-than-expected rise in March sales at U.S. stores open at least a year, helped by demand for Easter merchandise and food.
But the world's largest retailer said that meeting its quarterly earnings forecast would be a challenge, given the tough sales outlook for April.
Read more at Reuters.com Market News
But the world's largest retailer said that meeting its quarterly earnings forecast would be a challenge, given the tough sales outlook for April.
Read more at Reuters.com Market News
Federated March same-store sales rise 2.3 pct
(Reuters) - Cincinnati, Ohio-based Federated said total sales were $2.29 billion for the five weeks ended April 7, up 1.5 percent from the year-ago period.
Analysts on average had expected a rise of 3.6 percent, according to a Reuters poll. Federated had forecast March and April same-store sales would rise from 2.5 percent to 4 percent.
Read more at Reuters.com Market News
Analysts on average had expected a rise of 3.6 percent, according to a Reuters poll. Federated had forecast March and April same-store sales would rise from 2.5 percent to 4 percent.
Read more at Reuters.com Market News
UPDATE 1-Sharper Image March same-store sales fall 29 pct
(Reuters) - Two analysts, on average, had expected the San Francisco, California-based company to post a same-store sales decrease of 20.8 percent, according to estimates gathered by Reuters.
For the month ended March 31, total company sales fell 45 percent to $22.1 million from $40 million in the previous year.
Read more at Reuters.com Market News
For the month ended March 31, total company sales fell 45 percent to $22.1 million from $40 million in the previous year.
Read more at Reuters.com Market News
UPDATE 2-Pier 1 loss widens and sales slide
(Reuters) - NEW YORK, April 12 - Home furnishings retailer Pier 1 Imports Inc. on Thursday reported a larger quarterly loss on lower sales as customers gave a cool reception to its revamped product selection.
The net loss widened to $58.7 million, or 67 cents per share, in the fourth quarter ended on March 3, from $9.98 million, or 11 cents a share, a year earlier.
Read more at Reuters.com Market News
The net loss widened to $58.7 million, or 67 cents per share, in the fourth quarter ended on March 3, from $9.98 million, or 11 cents a share, a year earlier.
Read more at Reuters.com Market News
UPDATE 1-Cato cuts Q1 earns view on slower March sales growth
(Reuters) - "March sales were below expectations due to the negative impact of record cold weather the week of Easter," Chief Executive John Cato said in a statement.
For the first quarter, Cato now expects earnings of 70 cents to 72 cents a share. In March, it had forecast earnings of 77 cents to 79 cents a share. It expects same-store sales to be in the range of down 1 percent to down 4 percent for the quarter.
Read more at Reuters.com Market News
For the first quarter, Cato now expects earnings of 70 cents to 72 cents a share. In March, it had forecast earnings of 77 cents to 79 cents a share. It expects same-store sales to be in the range of down 1 percent to down 4 percent for the quarter.
Read more at Reuters.com Market News
U.S. Treasuries Rise After Initial Jobless Claims Unexpectedly Increase
(Bloomberg) -- U.S. Treasuries rose as traders said yields close to the highest levels in almost two months attracted investors skeptical of the Federal Reserve's forecast that additional interest-rate increases may ``prove necessary.''
An unexpected increase in the number of Americans filing new claims for unemployment insurance benefits last week bolstered the view that job creation may slow as a slump in residential real estate ripples through the economy. Treasury prices climbed even as dealers prepared to underwrite an auction of inflation- protected 10-year notes.
Read more at Bloomberg Bonds News
An unexpected increase in the number of Americans filing new claims for unemployment insurance benefits last week bolstered the view that job creation may slow as a slump in residential real estate ripples through the economy. Treasury prices climbed even as dealers prepared to underwrite an auction of inflation- protected 10-year notes.
Read more at Bloomberg Bonds News
U.S. Stock-Index Futures Decline Before Import Prices Report
(Bloomberg) -- U.S. stock-index futures fell before a government report that will probably show import prices in March rose at the fastest pace this year, reviving concern inflation is accelerating.
``There is inflationary pressure and the market anticipates now that the Federal Reserve will not cut interest rates that quickly,'' said Juergen Lukasser, who helps manage $20 billion as head of equities at Constantia Privatbank AG in Vienna. ``There might be no rate cut at all this year.''
Read more at Bloomberg Stocks News
``There is inflationary pressure and the market anticipates now that the Federal Reserve will not cut interest rates that quickly,'' said Juergen Lukasser, who helps manage $20 billion as head of equities at Constantia Privatbank AG in Vienna. ``There might be no rate cut at all this year.''
Read more at Bloomberg Stocks News
Stocks seen lower on inflation, growth worries
(Reuters) - U.S. stocks tumbled overnight as minutes from last month's Federal Reserve meeting hinted at the need for more rate increases, adding to worries over rising fuel prices and the weak housing market.
"This whole rally was predicated on the mistaken belief that interest rates were going to be heading down soon," said Steve Previs at Jefferies International.
Read more at Reuters.com Hot Stocks News
"This whole rally was predicated on the mistaken belief that interest rates were going to be heading down soon," said Steve Previs at Jefferies International.
Read more at Reuters.com Hot Stocks News
US stocks seen lower on inflation, growth worries
(Reuters) - U.S. stocks tumbled overnight as minutes from last month's Federal Reserve meeting hinted at the need for more rate increases, adding to worries over rising fuel prices and the weak housing market.
"This whole rally was predicated on the mistaken belief that interest rates were going to be heading down soon," said Steve Previs at Jefferies International.
Read more at Reuters.com Bonds News
"This whole rally was predicated on the mistaken belief that interest rates were going to be heading down soon," said Steve Previs at Jefferies International.
Read more at Reuters.com Bonds News
India's GSPC to call bids for stake sale - source
(Reuters) - "This is going to be a formal invitation of bids," he said. "The situation has changed as we explore more and people are keen to know about the wells."
The block in India's prolific Krishna Godavari basin is expected to hold reserves of about 20 trillion cubic feet of gas. The company has also found oil in it.
Read more at Reuters.com Mergers News
The block in India's prolific Krishna Godavari basin is expected to hold reserves of about 20 trillion cubic feet of gas. The company has also found oil in it.
Read more at Reuters.com Mergers News
Japan Bonds Fall as Nikkei Report Suggests Prices to Accelerate This Year
(Bloomberg) -- Japan's bonds fell after a Nikkei newspaper report said inflation will accelerate this fiscal year, suggesting the Bank of Japan may raise interest rates sooner than some investors expect.
The central bank's semi-annual report on the outlook for the economy on April 27 may paint a brighter picture from Governor Toshihiko Fukui on inflation, said Katsutoshi Inadome, a debt strategist at Mitsubishi UFJ Securities Co. The Nikkei reported consumer prices will rise as much as 0.3 percent this year, after they dropped in February for the first time in 10 months.
Read more at Bloomberg Bonds News
The central bank's semi-annual report on the outlook for the economy on April 27 may paint a brighter picture from Governor Toshihiko Fukui on inflation, said Katsutoshi Inadome, a debt strategist at Mitsubishi UFJ Securities Co. The Nikkei reported consumer prices will rise as much as 0.3 percent this year, after they dropped in February for the first time in 10 months.
Read more at Bloomberg Bonds News
UPDATE 1-China's forex reserves stage record quarterly jump
(Reuters) - BEIJING, April 12 - China's foreign exchange reserves, the biggest stash in the world, surged to $1.202 trillion in the first quarter as money supply growth slowed modestly in response to a government tightening campaign.
The central bank said on Thursday that the reserves had swelled by $135.7 billion between January and March, more than half the nation's $247.3 billion reserves accumulation for the whole of 2006.
Read more at Reuters.com Bonds News
The central bank said on Thursday that the reserves had swelled by $135.7 billion between January and March, more than half the nation's $247.3 billion reserves accumulation for the whole of 2006.
Read more at Reuters.com Bonds News
South African Stocks Rise, Including SABMiller, Anglo American Declines
(Bloomberg) -- South African shares rose, paced by SABMiller Plc after the brewer said annual beer sales, excluding the effects of acquisitions, climbed 10 percent.
Anglo American Plc, which accounts for 15 percent of the benchmark stock index by weighting, declined for a second day.
Read more at Bloomberg Emerging Markets News
Anglo American Plc, which accounts for 15 percent of the benchmark stock index by weighting, declined for a second day.
Read more at Bloomberg Emerging Markets News
Pound Pares Gains Against Dollar, Euro on Wider-Than-Expected Trade Gap
(Bloomberg) -- The U.K. pound pared gains after a government report showing the trade deficit widened more than expected.
The U.K. currency rose earlier for a third day against the dollar on speculation the Bank of England will keep raising borrowing costs to tame inflation after a report showed house- price increases accelerated last month. The pound gained 12 percent against the dollar and the yen in the past year on the view that faster growth and quickening inflation will push interest rates higher.
Read more at Bloomberg Currencies News
The U.K. currency rose earlier for a third day against the dollar on speculation the Bank of England will keep raising borrowing costs to tame inflation after a report showed house- price increases accelerated last month. The pound gained 12 percent against the dollar and the yen in the past year on the view that faster growth and quickening inflation will push interest rates higher.
Read more at Bloomberg Currencies News
Gold Gains in London on Demand for Alternative to Dollar; Silver Advances
(Bloomberg) -- Gold gained on speculation a drop in the dollar against the euro will increase demand for the metal as an alternative investment. Silver, platinum and palladium rose.
Gold has climbed 6.7 percent this year as the dollar dropped about 2 percent against the euro on speculation Europe will raise interest rates to curb inflation. Holdings in StreetTracks Gold Trust, the world's biggest fund offering investors direct exposure to gold, have climbed 2.2 percent this month, figures from the World Gold Council show.
Read more at Bloomberg Commodities News
Gold has climbed 6.7 percent this year as the dollar dropped about 2 percent against the euro on speculation Europe will raise interest rates to curb inflation. Holdings in StreetTracks Gold Trust, the world's biggest fund offering investors direct exposure to gold, have climbed 2.2 percent this month, figures from the World Gold Council show.
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Japan Government Bonds Fall as Report Signals Central Bank to Raise Rates
(Bloomberg) -- Japan's government bonds declined on speculation the central bank will raise interest rates by the end of this year as the global economy is forecast to withstand a U.S. economic slowdown.
The Bank of Japan will maintain its stance to gradually increase borrowing costs, the Nikkei newspaper said today, before the release of the bank's semiannual report for inflation and economy on April 27. The International Monetary Fund yesterday said the world economy will grow 4.9 percent this year and the next, absorbing a worse-than-forecast slowdown in the U.S.
Read more at Bloomberg Bonds News
The Bank of Japan will maintain its stance to gradually increase borrowing costs, the Nikkei newspaper said today, before the release of the bank's semiannual report for inflation and economy on April 27. The International Monetary Fund yesterday said the world economy will grow 4.9 percent this year and the next, absorbing a worse-than-forecast slowdown in the U.S.
Read more at Bloomberg Bonds News
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