(Bloomberg) -- European stocks may rise, following gains in Asian equities. Roche Holding AG and Allianz SE might advance after their U.S. traded-securities ended higher than their close in Europe.
BASF AG, the world's largest chemical company, will probably lead an advance by chemical makers as oil declined for a sixth day. ABN Amro Holding NV may be active after a Royal Bank of Scotland Group Plc-led group's bid for the Dutch company's LaSalle Bank unit was rejected.
Read more at Bloomberg Stocks News
Sunday, May 6, 2007
Highlights-Officials' remarks on currencies, imbalances at ADB
(Reuters) - Finance ministers from the Association of South East Asian Nations plus China, Japan and South Korea agreed on Saturday to pool foreign reserves as part of a regionwide effort to help avoid any future financial crisis. They met on the sidelines of the May 4-7 ADB meeting in Kyoto, western Japan.
Following are officials' remarks on global imbalances and currencies at these meetings:
Read more at Reuters.com Bonds News
Following are officials' remarks on global imbalances and currencies at these meetings:
Read more at Reuters.com Bonds News
Switzerland's Unemployment Falls in April, Keeping Rate at a One-Year Low
(Bloomberg) -- The number of people unemployed in Switzerland declined last month, keeping the jobless rate at a one-year low, suggesting consumer spending will help support economic growth this year.
The number of jobless dropped by 636 to 112,762, keeping the unemployment rate at 2.9 percent, the State Secretariat for Economic Affairs in Bern said today. Economists expected the rate to decline to 2.8 percent, according to the median of 17 estimates in a Bloomberg News survey.
Read more at Bloomberg Currencies News
The number of jobless dropped by 636 to 112,762, keeping the unemployment rate at 2.9 percent, the State Secretariat for Economic Affairs in Bern said today. Economists expected the rate to decline to 2.8 percent, according to the median of 17 estimates in a Bloomberg News survey.
Read more at Bloomberg Currencies News
Bouygues, Ciments Francais, Euler Hermes, Publicis: French Equity Preview
(Bloomberg) -- The following stocks may rise or fall on the Paris stock exchange tomorrow. Symbols are in parentheses after company names. Prices are from the May 4 close.
The CAC 40 Index gained 64.55, or 1.1 percent, to 6068.83 in Paris, reaching the highest in more than six years. Thirty- five stocks climbed, three fell and one was unchanged. The broader SBF 120 Index also increased 1.1 percent.
Read more at Bloomberg Stocks News
The CAC 40 Index gained 64.55, or 1.1 percent, to 6068.83 in Paris, reaching the highest in more than six years. Thirty- five stocks climbed, three fell and one was unchanged. The broader SBF 120 Index also increased 1.1 percent.
Read more at Bloomberg Stocks News
Japan's Hiroshima Bank, Jupiter Gain After Shares Included in MSCI Indexes
(Bloomberg) -- Shares of Hiroshima Bank Ltd. and Nomura Real Estate Holdings Inc. climbed after they were among nine companies selected to join MSCI Barra's equity benchmarks, according to an annual review announcement on the index provider's Web site on May 3. Japan's markets were closed for a holiday on May 4.
Uniden Corp. led declines among the nine companies scheduled to be deleted from the gauges.
Read more at Bloomberg Stocks News
Uniden Corp. led declines among the nine companies scheduled to be deleted from the gauges.
Read more at Bloomberg Stocks News
Indonesian Rupiah Rises to One-Year High on Inflows; Asian Currencies Gain
(Bloomberg) -- Indonesia's rupiah climbed to the strongest in almost a year, the biggest fluctuation of any currency today, after buying by foreign investors drove the benchmark stock index to a record.
The rupiah rose for a fifth day as the central bank may cut interest rates tomorrow to boost economic growth. The rupiah also appreciated after a U.S. government report on May 4 showed employers added the fewest jobs in more than two years.
Read more at Bloomberg Currencies News
The rupiah rose for a fifth day as the central bank may cut interest rates tomorrow to boost economic growth. The rupiah also appreciated after a U.S. government report on May 4 showed employers added the fewest jobs in more than two years.
Read more at Bloomberg Currencies News
Malaysia Palm Oil Falls on Concern Losses in Other Oils May Curb Demand
(Bloomberg) -- Palm oil futures fell for a second day amid concern that a drop in prices of rival vegetable oils may curb demand.
Soybean oil fell 1.4 percent from a three-year high in Chicago on May 4 on speculation that prices will curb demand for the commodity to make into fuel, while canola oil, traded on the Winnipeg Commodities Exchange, fell 0.8 percent. Vegetable oil prices usually move in lockstep.
Read more at Bloomberg Commodities News
Soybean oil fell 1.4 percent from a three-year high in Chicago on May 4 on speculation that prices will curb demand for the commodity to make into fuel, while canola oil, traded on the Winnipeg Commodities Exchange, fell 0.8 percent. Vegetable oil prices usually move in lockstep.
Read more at Bloomberg Commodities News
Chairman Bernanke May Be Too Slow to Cut Interest Rates as Growth Stalls
(Bloomberg) -- Ben S. Bernanke may be too slow on the trigger.
That's the conclusion some economists are drawing as the Federal Reserve chairman and fellow policy makers prepare for their May 9 meeting, likely to be the seventh in a row without a change in interest rates.
Read more at Bloomberg Currencies News
That's the conclusion some economists are drawing as the Federal Reserve chairman and fellow policy makers prepare for their May 9 meeting, likely to be the seventh in a row without a change in interest rates.
Read more at Bloomberg Currencies News
BAE in final talks to buy Armor Holdings -WSJ
(Reuters) - The deal would give Armor shareholders about $88 a share, about a 7 percent premium to the company's stock price on Friday on the New York Stock Exchange, the paper said.
A BAE spokesman declined to comment. Armor could not immediately be reached for comment.
Read more at Reuters.com Mergers News
A BAE spokesman declined to comment. Armor could not immediately be reached for comment.
Read more at Reuters.com Mergers News
Platinum Futures Jump to Record as U.S. Demand May Be Better Than Expected
(Bloomberg) -- Platinum futures rose by the daily limit in Tokyo, reaching a record for the most-active contract, as some traders said U.S. demand for the metal may be better than some had anticipated.
A shallower-than-expected recession in the U.S. may cut demand for cars less than some forecasts, Jonathan Barratt, managing director of Commodity Broking Services in Sydney, said by phone today. Platinum is used in vehicles to filter emissions.
Read more at Bloomberg Commodities News
A shallower-than-expected recession in the U.S. may cut demand for cars less than some forecasts, Jonathan Barratt, managing director of Commodity Broking Services in Sydney, said by phone today. Platinum is used in vehicles to filter emissions.
Read more at Bloomberg Commodities News
Ping An, China Overseas Land May Join Benchmark Hong Kong Hang Seng Index
(Bloomberg) -- Ping An Insurance (Group) Co., China's second-biggest insurer, may join Hong Kong's Hang Seng Index after a quarterly review of the stock benchmark, Nomura Holdings Inc. and Core Pacific-Yamaichi International (H.K.) Ltd. said.
China Overseas Land & Investment Ltd., a Hong Kong-based developer controlled by China's construction ministry, also may be added, said Kent Yau, deputy head of research at Core Pacific- Yamaichi in Hong Kong. HSI Services Ltd., which compiles Hong Kong's stock indexes, will announce the changes May 11, according to its Web site.
Read more at Bloomberg Emerging Markets News
China Overseas Land & Investment Ltd., a Hong Kong-based developer controlled by China's construction ministry, also may be added, said Kent Yau, deputy head of research at Core Pacific- Yamaichi in Hong Kong. HSI Services Ltd., which compiles Hong Kong's stock indexes, will announce the changes May 11, according to its Web site.
Read more at Bloomberg Emerging Markets News
Japanese investors get Vietnam fever
(Reuters) - Okimoto is on a tour to Vietnam's budding financial center organized by a Japanese travel agency that brings Japanese retail investors to Vietnam to open share trading accounts. The tour is so popular with Japanese wanting to take advantage of a burgeoning stock market that it runs almost every working day.
"In many countries, the stock market is mature and goes up and down a lot. But in Vietnam, the stock is very new so the chart is going up all the time. In two or three years' time, we will receive a lot of money from our investment," Okimoto, 41, said.
Read more at Reuters.com Business News
"In many countries, the stock market is mature and goes up and down a lot. But in Vietnam, the stock is very new so the chart is going up all the time. In two or three years' time, we will receive a lot of money from our investment," Okimoto, 41, said.
Read more at Reuters.com Business News
Oil Declines for a Sixth Day on Ample U.S. Stocks, Restarting Refineries
(Bloomberg) -- Crude oil fell for a sixth day, extending a 6.8 percent drop last week because of ample U.S. supplies and signs gasoline output is rising as refiners return plants from maintenance.
Inventories in the world's largest oil consumer rose to 335.6 million barrels on April 27, 4.8 percent more than the five-year average for the period, the Energy Department said on May 2. Gasoline fell 1.9 percent last week as rising production and plant restarts by refiners including Exxon Mobil Corp. and Citgo Petroleum Corp. eased summer supply concerns.
Read more at Bloomberg Commodities News
Inventories in the world's largest oil consumer rose to 335.6 million barrels on April 27, 4.8 percent more than the five-year average for the period, the Energy Department said on May 2. Gasoline fell 1.9 percent last week as rising production and plant restarts by refiners including Exxon Mobil Corp. and Citgo Petroleum Corp. eased summer supply concerns.
Read more at Bloomberg Commodities News
Macquarie Bids for Alinta, Rivaling $6.1 Billion Babcock & Brown Proposal
(Bloomberg) -- Macquarie Bank Ltd., Australia's largest securities firm, made a new takeover bid for Alinta Ltd. to trump an agreed A$7.4 billion ($6.1 billion) bid by Babcock & Brown Ltd. and Singapore Power Ltd.
The proposal from Macquarie is ``confidential and conditional'' and Alinta is seeking further information on the terms, Perth-based Alinta, Australia's biggest energy transmission company, said today in a statement. Macquarie's offer includes three options, including an all-cash bid, the Sydney-based bank said in a separate statement.
Read more at Bloomberg Energy News
The proposal from Macquarie is ``confidential and conditional'' and Alinta is seeking further information on the terms, Perth-based Alinta, Australia's biggest energy transmission company, said today in a statement. Macquarie's offer includes three options, including an all-cash bid, the Sydney-based bank said in a separate statement.
Read more at Bloomberg Energy News
News Corp sells 7.5 pct stake in Fairfax
(Reuters) - A parcel of 75 million shares was sold to institutional investors by Goldman Sachs JBWere earlier Monday at A$5.07 per share.
Read more at Reuters.com Business News
Read more at Reuters.com Business News
Australian Shares Extend Record, Led by BHP, Minara; Incitec Pivot Jumps
(Bloomberg) -- Australian stocks rose, extending a record. BHP Billiton Ltd. and Minara Resources Ltd. led gains after copper prices climbed and nickel jumped to a record high.
``Mining companies will eventually get re-rated by the market if metals prices manage to stay close to these levels because it will demonstrate that their earnings are more sustainable than the market has been giving them credit for,'' said Adnan Kucukalic, a Sydney-based strategist at Credit Suisse Group.
Read more at Bloomberg Stocks News
``Mining companies will eventually get re-rated by the market if metals prices manage to stay close to these levels because it will demonstrate that their earnings are more sustainable than the market has been giving them credit for,'' said Adnan Kucukalic, a Sydney-based strategist at Credit Suisse Group.
Read more at Bloomberg Stocks News
Japan's Stocks Climb, Led by Canon, on U.S. Interest Rate Cut Expectations
(Bloomberg) -- Japanese stocks advanced, led by exporters including Canon Inc., on speculation that slowing U.S. jobs growth and wage increases will prompt the Federal Reserve to cut borrowing costs in Japan's biggest overseas market.
U.S. stocks climbed for a fifth straight week, the longest advance since October.
Read more at Bloomberg Stocks News
U.S. stocks climbed for a fifth straight week, the longest advance since October.
Read more at Bloomberg Stocks News
Australia's S&P/ASX 200 Index Gains, Led by BHP Billiton on Higher Metals
(Bloomberg) -- Australia's S&P/ASX 200 Index rose 13.9 points to 6318.8 as of 10:01 a.m. in Sydney. BHP Billiton Ltd. climbed.
To contact the reporter for this story: Stuart Kelly in Sydney skelly22@bloomberg.net
Read more at Bloomberg Stocks News
To contact the reporter for this story: Stuart Kelly in Sydney skelly22@bloomberg.net
Read more at Bloomberg Stocks News
Weak Dollar? U.S. Currency, at Lowest in 10 Years, Has Further to Decline
(Bloomberg) -- Anyone who says the dollar is weak after it fetched a record-low $1.3681 against the euro and the fewest pence against the pound in 25 years is expressing a euphemism.
The currency may decline at least another 10 percent by the end of 2008, say Jay Bryson, an economist at Wachovia Corp., and Kenneth Rogoff, the former chief economist at the International Monetary Fund. The dollar has only fallen 3.4 percent in the past two years to a 10-year low, according to a Federal Reserve index that weighs trade with 38 countries including China, Mexico, Canada and countries in Europe. It tumbled 30 percent in the three years ended 1988.
Read more at Bloomberg Currencies News
The currency may decline at least another 10 percent by the end of 2008, say Jay Bryson, an economist at Wachovia Corp., and Kenneth Rogoff, the former chief economist at the International Monetary Fund. The dollar has only fallen 3.4 percent in the past two years to a 10-year low, according to a Federal Reserve index that weighs trade with 38 countries including China, Mexico, Canada and countries in Europe. It tumbled 30 percent in the three years ended 1988.
Read more at Bloomberg Currencies News
Amorepacific, Korea Exchange Bank, Shinhan: South Korea Equity Preview
(Bloomberg) -- The following shares may rise or fall in South Korea. Prices refer to the May 4 close. This preview includes news announced after markets shut. Stock symbols are in brackets after the company names.
The Kospi index added 0.5 percent to a record 1567.74. The Kosdaq gained 1 percent to 693.44. Kospi 200 futures expiring in June climbed 0.2 percent to 202.60, while the underlying index rose 0.4 percent to 201.56.
Read more at Bloomberg Stocks News
The Kospi index added 0.5 percent to a record 1567.74. The Kosdaq gained 1 percent to 693.44. Kospi 200 futures expiring in June climbed 0.2 percent to 202.60, while the underlying index rose 0.4 percent to 201.56.
Read more at Bloomberg Stocks News
Brilliance, Globe Telecom, PetroChina, Shimao: Asia Ex-Japan Stock Preview
(Bloomberg) -- The following stocks may rise or fall today in Asian markets, excluding Japan. This preview includes news that broke after markets closed. Prices are from the local market's last close. Stock symbols are in parentheses after company names.
Markets in China remain shut for the weeklong Labor Day holiday.
Read more at Bloomberg Stocks News
Markets in China remain shut for the weeklong Labor Day holiday.
Read more at Bloomberg Stocks News
Japan's Economy Probably Cooled in First Quarter as Companies Spend Less
(Bloomberg) -- Japan's economic growth probably cooled in the first quarter from the fastest expansion in three years as companies and consumers spent less.
The world's second-largest economy grew at an annual 2.7 percent rate in the three months ended March 31, according to the median forecast of 20 economists surveyed by Bloomberg News, slowing from 5.5 percent in the fourth quarter. The report is due May 17 in Tokyo.
Read more at Bloomberg Bonds News
The world's second-largest economy grew at an annual 2.7 percent rate in the three months ended March 31, according to the median forecast of 20 economists surveyed by Bloomberg News, slowing from 5.5 percent in the fourth quarter. The report is due May 17 in Tokyo.
Read more at Bloomberg Bonds News
Buffett wants to buy huge business
(Reuters) - Charlie Munger, Buffett's second-in-command, added: "If it happens, I think we'll recognize it."
Omaha, Nebraska-based Berkshire has long said it would like to make a $5 billion to $20 billion acquisition. The company ended March with $46.03 billion of cash, and nearly $90 billion of cash and fixed-income securities on its balance sheet.
Read more at Reuters.com Mergers News
Omaha, Nebraska-based Berkshire has long said it would like to make a $5 billion to $20 billion acquisition. The company ended March with $46.03 billion of cash, and nearly $90 billion of cash and fixed-income securities on its balance sheet.
Read more at Reuters.com Mergers News
Delta shares could rise next 6 months: report
(Reuters) - Looking further ahead, two Morgan Stanley analysts may well be right when they say "buy on material weakness" and project a price of $27 to $29 per share, the report said.
The U.S. airline has a reasonable route structure and still dominates its local hub airport with an operation considered one of the industry's most valuable assets, said Barron's.
Read more at Reuters.com Hot Stocks News
The U.S. airline has a reasonable route structure and still dominates its local hub airport with an operation considered one of the industry's most valuable assets, said Barron's.
Read more at Reuters.com Hot Stocks News
Gold May Extend Gain on Demand for Dollar Alternative as Rates Stay Steady
(Bloomberg) -- Gold may rise for a second straight week on speculation the Federal Reserve won't raise U.S. interest rates anytime soon, weakening the dollar and boosting the appeal of the precious metal as an alternative.
Seventeen of the 27 traders, investors and analysts surveyed by Bloomberg from Sydney to Chicago on May 3 and May 4 advised buying gold, which rose 1.2 percent to $689.70 an ounce last week on the Comex division of the New York Mercantile Exchange. Five said to sell and five were neutral.
Read more at Bloomberg Commodities News
Seventeen of the 27 traders, investors and analysts surveyed by Bloomberg from Sydney to Chicago on May 3 and May 4 advised buying gold, which rose 1.2 percent to $689.70 an ounce last week on the Comex division of the New York Mercantile Exchange. Five said to sell and five were neutral.
Read more at Bloomberg Commodities News
Argentina cen bank-Commodity prices inflation risk
(Reuters) - "Clearly what we have to be very strongly aware of is second-round effects," he said.
Redrado said the growth outlook for emerging market economies had improved since the last meeting in March and that Latin America as a region could grow by around 4.5 percent this year.
Read more at Reuters.com Bonds News
Redrado said the growth outlook for emerging market economies had improved since the last meeting in March and that Latin America as a region could grow by around 4.5 percent this year.
Read more at Reuters.com Bonds News
UPDATE 1-Inflation concerns in Asia, Europe -Chile cen bank
(Reuters) - "We are observing an extremely favourable world economy," bank Governor Vittorio Corbo told reporters on the sidelines of meetings at the Bank of International Settlements in the Swiss city of Basel.
"We are seeing that the slowdown in the U.S. economy is well balanced, with substantial dynamism away from the U.S., especially in emerging Asia but also in Europe," Corbo said.
Read more at Reuters.com Bonds News
"We are seeing that the slowdown in the U.S. economy is well balanced, with substantial dynamism away from the U.S., especially in emerging Asia but also in Europe," Corbo said.
Read more at Reuters.com Bonds News
Magan only interested bidder for Chrysler -paper
(Reuters) - Investment bankers are intentionally leaking talks with private equity firms Cerberus [CBS.UL] and Blackstone [BG.UL] but these are being held "only for tactical reasons".
A decision is expected to be made this month, with a sale to Magna slated to conclude in two months.
Read more at Reuters.com Mergers News
A decision is expected to be made this month, with a sale to Magna slated to conclude in two months.
Read more at Reuters.com Mergers News
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