Beneteau, Ciments Francais, Eiffage, GDF, PPR, Suez: French Equity Preview

(Bloomberg) -- Shares of the following companies
may rise or fall on the Paris stock exchange. Stock symbols are
in parentheses and prices are from yesterday's close.

The CAC 40 Index fell 49.49, or 0.8 percent, to 5953.36 in
Paris. The broader SBF 120 Index also dropped 0.8 percent.


Read more at Bloomberg Stocks News

CPM forecasts platinum to average $1,235/oz in '07

(Reuters) - Platinum should average $1,235 an ounce in 2007 with a range of $1,175 to $1,425 an ounce, commodities research and consulting firm CPM Group said on Tuesday.

Jeffrey Christian, CPM's managing director, told Reuters on the sidelines of a presentation of the CPM Platinum Group Metals Yearbook 2007 that the price of platinum had a potential to spike higher in 2007.


Read more at Reuters Africa

Aframax Tanker Rate on Asian Shipping Routes Drops First Time in Six Days

(Bloomberg) -- The cost of shipping 80,000 metric
tons of oil on Asian routes dropped the first time in six days
as most bookings for early July have been concluded. Further
declines may be limited as freights for the rest of the month
are fixed.

The rate of shipping crude or fuel oil on so-called Aframax
tankers to Singapore from Kuwait dropped 0.13 percent to
Worldscale 154.42 yesterday, according to the London-based
Baltic Exchange. Last week, it rose the most since March 30.


Read more at Bloomberg Energy News

Tony Blair Retires as U.K. Prime Minister, Hands Power to Gordon Brown

(Bloomberg) -- Tony Blair retires today as U.K.
prime minister and hands power to Chancellor of the Exchequer
Gordon Brown, who will bid to restore the ruling Labour Party's
flagging popularity and ensure a fourth straight election win.

Blair, 54, was Labour's most successful leader, winning
three elections since 1997. He forced the Conservative opposition
to support the National Health Service and to drop a long-
cherished commitment to tax cuts, then lost support by joining
the invasion of Iraq in 2003. He still defends the decision.


Read more at Bloomberg Currencies News

Durable Goods Orders in U.S. Probably Fell in May on Fewer Plane Bookings

(Bloomberg) -- Orders for U.S. durable goods
probably fell in May for the first time in four months as a drop
in aircraft bookings masked improving demand for business
equipment, economists said before a government report today.

Orders for goods made to last several years fell 1 percent
after a 0.8 percent increase in April, according to the median
of 73 estimates in a Bloomberg News survey of economists.
Bookings excluding transportation rose 0.2 percent, a third
straight gain, based on the survey median.


Read more at Bloomberg Bonds News

RadioShack and Amazon.com Burn Short Sellers With S&P 500's Top Gains

(Bloomberg) -- RadioShack Corp. and Amazon.com Inc.
have defied short sellers and Wall Street analysts this year by
posting the top gains in the Standard & Poor's 500 Index.

Shares of RadioShack, the third-largest U.S. electronics
chain, and Amazon, the world's biggest online retailer, were
among the 10 most-shorted in the S&P 500 as of June 15,
according to data from the New York Stock Exchange and the
Nasdaq Stock Market. Short sellers try to profit from stock
declines by selling borrowed shares and buying them back at a
lower price.


Read more at Bloomberg Stocks News

UPDATE 5-News Corp, DJ board in early editorial pact-source

(Reuters) - NEW YORK, June 26 - Rupert Murdoch's News Corp.
and Dow Jones & Co. Inc. have "basically
agreed" on safeguards to the editorial independence of Dow
Jones' news operations, a source familiar with the matter said
on Tuesday, setting the stage for Dow Jones to accept a $5
billion buyout offer.




The source said Dow Jones' controlling family, the
Bancrofts, would be consulted on the agreement, which was
reached late Monday evening. The Bancroft family must approve
any deal with News Corp., which is controlled by Murdoch.


Read more at Reuters.com Mergers News

Japan Stocks Drop on U.S. Demand Concern; Canon, Honda Fall; Toshiba Gains

(Bloomberg) -- Japanese stocks dropped, with the
Nikkei 225 Stock Average falling for a fourth day, extending the
longest streak of declines since early March.

Canon Inc. and Honda Motor Co. led losses on concern demand
for their products will falter, curbing profit, amid signs the
U.S. housing market is worsening and after the yen strengthened.


Read more at Bloomberg Stocks News

Matsushita says time to review ties with JVC

(Reuters) - Sources told Reuters on Saturday that JVC will likely merge
Kenwood Corp. under a joint holding company as early as
2008. Matsushita, which holds 52.4 percent of JVC, is expected to
sell its shares to the holding company.




Read more at Reuters.com Mergers News

UPDATE 1-SEC's Cox reveals CDO probes, fund valuation review

(Reuters) - WASHINGTON, June 26 - The U.S. Securities and
Exchange Commission has opened 12 investigations into
collateralized debt obligations linked to the sinking
value of subprime mortgages and created a working group to
focus on subprime market problems, the agency said on Tuesday.




SEC Chairman Christopher Cox also told a House Financial
Services Committee hearing that the agency is broadly reviewing
how hedge funds value their various assets.


Read more at Reuters.com Bonds News

Iberia's board most likely to reject bid-source

(Reuters) - After its meeting in Madrid on Thursday, the board is
expected to ask the bidders for a more detailed "industrial
plan," at the same time that it's expected to continue to deny
access to its books, the source said.




Some of Iberia's core shareholders, which include Caja
Madrid, El Corte Ingles and Logista , are willing to
wait for other offers that could surpass TPG and BA's 3.4
billion euro -indicative bid, the source said.


Read more at Reuters.com Mergers News

Exporters, Hanjin Shipping, SK Telecom: South Korea Equity Preview

(Bloomberg) -- The following shares may rise or fall
in South Korea. Prices refer to the previous close. This preview
includes news announced after markets shut yesterday. Stock
symbols are in brackets after the company names.

The Kospi index slid 0.5 percent to 1749.55. The Kosdaq
retreated 2.1 percent to 780.31. Kospi 200 futures expiring in
September were little changed at 223.90, while the underlying
index slipped 0.4 percent to 222.43.


Read more at Bloomberg Stocks News

South Korea's Fuel Oil Exports May Fall 36 Percent in July, Officials Say

(Bloomberg) -- South Korea's fuel-oil exports may
fall 36 percent in July from the previous month as demand from
domestic utilities increases and refiners lose orders to
Venezuelan and Iranian rivals, refinery officials said.

GS-Caltex Corp., S-Oil Corp. and Hyundai Oilbank Co. may
export no more than 225,000 metric tons of high-sulfur fuel oil
in July, down from about 350,000 tons in June, according to four
refinery officials, who asked not to be identified because of
company policies. Almost all July cargoes may be shipped to China,
they said.


Read more at Bloomberg Energy News

N.Z. Dollar Falls From Highest in 22 Years as Consumer Confidence Declines

(Bloomberg) -- New Zealand's dollar dropped from a
22-year high after a survey showed consumer confidence fell for
a second consecutive quarter, adding to signs the central bank
won't raise interest rates again this year.

A Westpac Banking Corp./McDermott Miller consumer sentiment
index dropped 6.3 percent in the second quarter. The Reserve
Bank of New Zealand boosted the cash rate three times this year,
helping the currency gain 9 percent as investors were attracted
to the nation's higher-yielding assets.


Read more at Bloomberg Currencies News

UPDATE 1-US SEC's Cox: Blackstone not investment company

(Reuters) - WASHINGTON, June 26 - Blackstone Group LP
did not have to register as an investment company because it
simply manages funds that invest in other companies, the
chairman of the U.S. Securities and Exchange Commission said on
Tuesday.




Wall Street analysts had expressed concerns, prior to
Blackstone's initial public offering last week, that the
private equity firm may have been on shaky ground in arguing it
was not an investment company in its prospectus.


Read more at Reuters.com Mergers News

RLPC-U.S. Foodservice postpones LBO financing--sources

(Reuters) - U.S. Foodservice was in the process of raising a $3.36
billion bank loan and a $650 million high yield bond offering.




The decision to postpone comes as both the loan and high
yield bond investors forced U.S. Foodservice to change the
terms of the financing a number of times due to the large
amount of debt being assumed by the company. Loan investors
were also slow to commit to the deal as it lacked financial
covenants.


Read more at Reuters.com Bonds News

Treasuries Little Changed After Note Auction, Rebound in Corporate Debt

(Bloomberg) -- Treasuries were little changed, with
yields on two-year notes near their lowest this month, as the
government sold $18 billion of the securities in an auction and
the perceived risk of owning corporate bonds fell.

Two-year notes in particular had benefited from concern a
weak housing market would lead to losses for investors in
mortgage-backed securities. All Treasuries have yields lower than
the Federal Reserve's benchmark lending rate, which the central
bank is expected to leave at 5.25 percent at a two-day meeting
that starts tomorrow.


Read more at Bloomberg Bonds News

UPDATE 1-Pop Milano board balks at Emilia merger

(Reuters) - The two cooperative banks agreed to go ahead a month ago
with the merger, which would have created the country's
sixth-largest bank in the fast-consolidating sector.




But on Tuesday, Pop Milano said in a terse statement that
its board was divided on the plan and had not approved changes
to its statutes that were a necessary step towards the deal.


Read more at Reuters.com Mergers News

Nymex Gas Falls on Forecast for Mild U.S. Weather, Adequate Inventories

(Bloomberg) -- Natural gas in New York fell for the
seventh consecutive trading session to a three month low on
forecasts for mild weather within key consuming regions and
adequate stockpiles.

``Inventories are near record highs and there is no major
heat to kick up demand or a hurricane to cut production,'' said
John Kilduff, vice president of risk management at Man Financial
Inc. in New York.


Read more at Bloomberg Energy News

TREASURIES-Bond rally takes breather, but subprime underpins

(Reuters) - NEW YORK, June 26 - U.S. Treasury debt prices
fell on Tuesday as reinvigorated bond bulls appeared satiated
by two weeks of buying, but analysts said lingering problems in
the housing sector should continue to bolster the market.




Dealers said the collapse of two Bear Stearns hedge funds
due to their dealings in sketchier subprime mortgages was
preventing any wholesale exit from government bonds.


Read more at Reuters.com Bonds News

UPDATE 1-Iran sanctions bill passes first US Congress test

(Reuters) - WASHINGTON, June 26 - President George W. Bush
would be forced to sanction oil and gas companies doing
business with Iran under legislation that cleared a first
hurdle on Tuesday by winning overwhelming approval from a
congressional committee.




The bill was approved 37 to 1 by the U.S. House of
Representatives International Relations Committee.


Read more at Reuters.com Bonds News

Sacyr to appeal watchdog decision on Eiffage

(Reuters) - "Sacyr Vallehermoso states that the AMF's decision does not
indicate nor provide any proof of the existence of an agreement
that would constitute having acted in concert," it said.




"Sacyr still believes that its approach to Eiffage is the
best way to create one of the top construction groups in
Europe," it added.


Read more at Reuters.com Mergers News

Further loan deterioration seen for Alt-A market-S&P

(Reuters) - "Although the vast majority of Alt-A borrowers are making
regular payments on their mortgage loans, there are strong--and
growing--indications of deteriorating performance in the 2006
vintage," S&P said.




The rating agency said the percentage of Alt-A loans that
are 90 or more days delinquent in 2006 is 2.5 times higher than
the previous year's figure and more than 4 times that of 2004.


Read more at Reuters.com Bonds News

Goldman has a 5 percent stake in Invesco - filing

(Reuters) - A Goldman Sachs spokesman declined to comment beyond the
public disclosure of the stake. Invesco
was not immediately available for further comment.




Invesco had assets under management of about $491 billion
as of May 31.


Read more at Reuters.com Mergers News

Brazilian Stocks Rise, Led by Eletrobras; Gerdau Gains on Expansion Plan

(Bloomberg) -- Brazil's main stock index gained for
the first time in three days, led by Centrais Eletricas Brasileiras
SA, as the approval of a nuclear power plant signaled government
support for infrastructure projects that will spur the economy.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose 201.88, or 0.3 percent, to 54,243.45 as of 12:27 p.m.
New York time.


Read more at Bloomberg Stocks News

GE unit invests in N.Y. Noble wind power parks

(Reuters) - The projects represent a $564 million investment in
renewable energy that will bring an estimated $352 million in
new revenue to the regional economies over the next 20 years,
GE said.




GE Energy Financial Services said it would invest the Class
A equity as the non-managing member, and Noble would invest the
Class B equity as the managing member of the wind parks. The
companies did not disclose the financial details of the
transaction, which is subject to federal and state regulatory
approvals.


Read more at Reuters.com Bonds News

May oil output slips at Mexico's Cantarell field

(Reuters) - The figure meant Cantarell accounted for just 51 percent of
Mexico's overall crude oil output last month.




Over the past year, production has dropped at the field
that once produced around 60 percent of state oil monopoly
Pemex's oil output.


Read more at Reuters.com Bonds News

Canadian Stocks Fall, Led by BCE, as Telus Pulls Bid; Gold and Oil Decline

(Bloomberg) -- Canadian stocks fell after Telus Corp.
declined to bid for BCE Inc., sending shares of the country's
biggest phone company on their steepest plunge since November.

Such commodity producers as Barrick Gold Corp. and Suncor
Energy Inc. slid along with prices for gold and crude oil.
Financial companies advanced, led by Royal Bank of Canada, as
investors switched from the more volatile commodity stocks to the
perceived safety of banks and insurance shares.


Read more at Bloomberg Stocks News

Subprime crisis opens banker, broker rift

(Reuters) - Legislation requiring more disclosure by mortgage brokers could be introduced as early as this week and is likely to widen a rift that has opened with heated rhetoric in recent weeks.




At the end of May, Mortgage Bankers Association Chairman John Robbins laid much of the blame for the subprime meltdown at the feet of brokers who he said need more oversight.


Read more at Reuters.com Bonds News

Platinum miners dent South African bourse

(Reuters) - Tumbling platinum miners Anglo Platinum and Impala Platinum helped pushed South Africa's blue chip Top-40 index lower on Tuesday as precious metals prices fell.

The Top-40 index of leading blue chip stocks closed 0.58 percent down at 25,989 points while the broader All-share index also ended 0.58 percent lower at 28,746 points. The Top-40 index has gained nine percent so far this year.


Read more at Reuters Africa

Wheat Futures Soar as Farmers in Canada Shift Acres to Oilseeds After Rain

(Bloomberg) -- Wheat surged in Chicago and Kansas
City after wet weather prompted farmers in Canada to shift
plantings to oilseeds with shorter growing seasons.

Canadian farmers planted 14.8 million acres of spring
wheat in the four western provinces, the fewest reported since
1970, Statistics Canada said today from Ottawa. Plantings were
down 19 percent from 2006 and below the 16.7 million acres
estimated in a survey published on April 24.


Read more at Bloomberg Commodities News

Bond prices mixed ahead of two-year auction

(Reuters) - "The market rallied quite a bit over the last couple of days and these numbers are largely priced into the market. People just started to take some profits," said Frank Hsu, director of global fixed income at Fimat in New York.




Benchmark 10-year Treasury notes were flat in price to yield 5.09 percent, versus 5.09 percent late on Monday.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Telus says it won't bid for rival BCE

(Reuters) - Telus, which said last week it was in talks to explore
buying BCE and trumpeted the benefits of such a union, said in
a statement there were problems with BCE's bid review process.




"The inadequacies of BCE's bid process did not make it
possible for Telus to submit an offer," Vancouver-based Telus,
Canada's No. 2 telecoms firm, said.


Read more at Reuters.com Mergers News

Chile's LAN raises $320 mln through capital increase

(Reuters) - Some 97.5 percent of the new stock was taken up during the
global offer and the remaining 2.5 percent was sold in the
Chilean market on Monday, LAN said.




The company said earlier this year it planned to use the
money to expand its fleet and to help fund $2.6 billion in
investments through to 2011.


Read more at Reuters.com Bonds News

BAE Credit-Default Swaps Surge as U.S. Begins Probe Into Saudi Arms Deals

(Bloomberg) -- The perceived risk of lending to BAE
Systems Plc, Europe's biggest weapons maker, surged by a record
after the U.S. Justice Department began a probe into the London-
based company's arms business in Saudi Arabia.

Credit-default swaps based on 10 million euros ($13 million)
of BAE debt jumped 11,000 euros to 28,000 euros, the biggest-ever
one-day increase, according to Deutsche Bank AG. The contracts
are at an eight-month high, indicating a deterioration in credit
quality.


Read more at Bloomberg Bonds News

U.S. Stocks Gain on Easing Subprime Concern; Freddie Mac, Apple Advance

(Bloomberg) -- U.S. stocks advanced after oil prices
fell and concerns eased that losses tied to subprime mortgages
will hurt financial company earnings.

Freddie Mac, the second-biggest U.S. mortgage finance
company, gained after its treasurer said the subprime slump is
``contained.'' Apple Inc., maker of the iPod music player, and
Google Inc., the world's most popular Internet search engine,
climbed after brokerages recommended buying the shares.


Read more at Bloomberg Stocks News

Oil Drops on Forecasts for Increase in U.S. Petroleum, Fuel Inventories

(Bloomberg) -- Crude oil fell on forecasts that an
Energy Department report will show U.S. oil and fuel inventories
rose last week.

Crude-oil stockpiles increased 1.5 million barrels in the
week ended June 22, according to the median of responses by 13
analysts surveyed by Bloomberg News. Inventories of gasoline and
distillate fuel, a category that includes heating oil and diesel,
also rose, the survey showed.


Read more at Bloomberg Commodities News

UPDATE 2-U.S. home prices fell in April-S&P/Case Shiller

(Reuters) - "A review of the decline in home price returns on a
regional level shows no region is immune to the weakening price
returns," Robert Shiller, chief economist at MacroMarkets LLC,
said in an S&P news release.




The composite month-over-month index of 20 metropolitan
areas fell 0.2 percent to 200.45 in April from March, bringing
the measure down 2.1 percent from April 2006.


Read more at Reuters.com Bonds News

UPDATE 1-Steelcase posts higher profit

(Reuters) - The company said it earned $33.6 million, or 23 cents a
share, in its fiscal first quarter, up from from $18.2 million,
or 12 cents a share, a year earlier. Revenue rose 11.2 percent
to $808.5 million, from $727.3 million a year ago.




The results were better than expected. Analysts on average
expected the Grand Rapids, Michigan-based company to report a
profit of 19 cents a share on revenue of $785.3 million,
according to Reuters Estimates.


Read more at Reuters.com Market News

Marvell says shares to remain listed pending review

(Reuters) - Nasdaq had earlier decided to suspend Marvell's shares from
trading on June 28, if the company did not comply with the
continued listing requirements by June 26.





Read more at Reuters.com Government Filings News

US STOCKS-Futures gain on M&A, steady bond yields

(Reuters) - Ventana Medical Systems Inc. , a tissue-based
diagnostics specialist, received a takeover offer from Swiss
drug maker Roche late on Monday, sending Ventana
shares up 52 percent to $78.75 in electronic composite
trading.




"There have been so many rumors that there will be no more
deals being done. VMSI getting taken out by Roche helps the
market out," said Todd Leone, head of listed trading at Cowen &
Co. in New York.


Read more at Reuters.com Bonds News

UPDATE 1-Altria to move some cigarette production to Europe

(Reuters) - Altria said it plans to consolidate U.S. cigarette
manufacturing in Richmond, Va., and that Philip Morris
International will shift the sourcing of about 57 billion
cigarettes from Cabarrus to Europe by the third quarter of
2008.




The company expects to record an initial pre-tax charge of
about $325 million, or 10 cents a share, in the second quarter
for costs related to the program, with additional estimated
charges of about $50 million for the remainder of 2007.


Read more at Reuters.com Government Filings News

Treasuries Advance on Hedge Fund Concern, Before U.S. Economic Reports

(Bloomberg) -- U.S. 10-year Treasuries gained for a
third day on concern hedge fund losses tied to subprime mortgages
will become more widespread and stoke demand for government debt.

Benchmark debt advanced, sending 10-year yields to the
lowest in a week, as investors shifting out of riskier assets
pushed equity indexes down across Europe. Government securities
may also be buoyed before reports forecast to show consumer
confidence fell to a 10-month low in June and new home sales also
declined.


Read more at Bloomberg Bonds News

US STOCKS-Futures edge up, housing data looms

(Reuters) - Lennar Corp. , the No. 2 U.S. home builder, reported
a quarterly loss and forecast another loss for the third
quarter. Lennar said it continues to see weak and "perhaps
deteriorating market conditions" for the remainder of 2007.




Shares of Lennar traded in Frankfurt fell 2.5
percent.


Read more at Reuters.com Bonds News

Subprime Turmoil Is `Severe But Contained,' Freddie Mac's Bitsberger Says

(Bloomberg) -- Freddie Mac Treasurer Timothy
Bitsberger said the subprime mortgages slump is ``severe but
contained.''

While rising defaults on subprime loans have pushed at least
60 mortgage companies to close or sell their operations and
forced Bear Stearns Cos. to offer a $3.2 billion bailout for one
of two money-losing hedge funds, the number of borrowers
potentially affected is limited, Bitsberger said in a speech in
London today.


Read more at Bloomberg Bonds News

Iberdrola Shares Decline After Its $4.5 Billion Acquisition of Energy East

(Bloomberg) -- Shares of Iberdrola SA, the world's
largest owner of wind-power parks, fell after the company said
it will sell new shares to finance buying U.S. utility Energy
East Corp. for $4.5 billion.

The stock dropped as much as 2.4 percent after Bilbao,
Spain-based Iberdrola agreed yesterday to acquire the
electricity retailer in the U.S. Northeast.


Read more at Bloomberg Energy News

French Stocks Drop; Arcelor Mittal, Renault, BNP Paribas Lead the Slide

(Bloomberg) -- French stocks declined for a fourth
day, led by Arcelor Mittal, Renault SA and BNP Paribas SA.

The CAC 40 Index lost 50.81, or 0.9 percent, to 5952.04 at
10:45 a.m. in Paris. The SBF 120 Index dropped 0.8 percent.


Read more at Bloomberg Stocks News

Court advice boosts Barclays ABN takeover hopes

(Reuters) - By Gilbert Kreijger and Steve Slater



AMSTERDAM/LONDON, June 26 - British bank Barclays's hopes of taking over Dutch rival ABN AMRO won a boost on Tuesday when a court adviser said ABN could sell its U.S. arm without a shareholder vote.


Read more at Reuters.com Mergers News

Hungary's Forint Drops Versus Euro After Central Bank Cuts Interest Rates

(Bloomberg) -- Hungary's forint fell for a second
day against the euro after the central bank unexpectedly cut
interest rates, eroding the attraction of forint-denominated
assets.

The central bank reduced its benchmark lending rate by a
quarter of a percentage point to 7.75 percent yesterday, the
first cut since 2005, after inflation slowed. The decision was
expected by seven of 25 economists polled by Bloomberg News, with
the rest expecting rates to be kept on hold.


Read more at Bloomberg Currencies News

EU clears UTC to buy Rentokil unit

(Reuters) - Rentokil's diversified business includes electronic security
as well as pest control, tropical plant hire and guard
businesses.




The Commission, the European Union's highest antitrust
regulator, said the deal would cause overlaps in the Dutch and
British markets for alarm monitoring and for the installation
and maintenance of electronic security systems.


Read more at Reuters.com Mergers News

US panel to ask SEC about proxy access, hedge funds

(Reuters) - House Financial Services Chairman Barney Frank, a
Massachusetts Democrat, told Reuters he wants to question all
of the commissioners "just to find out what they're saying."




Frank said in an interview he will likely bring up the
investor protection agency's work on Sarbanes-Oxley corporate
reform law compliance, shareholders' proxy access and the SEC's
new enforcement policy.


Read more at Reuters.com Mergers News

Germany's DAX Index Slides; Henkel, Deutsche Bank, Allianz Pace Retreat

(Bloomberg) -- German stocks declined, paced by
Henkel KGaA, Deutsche Bank AG and Allianz SE.

The benchmark DAX Index lost 62.92, or 0.8 percent, to
7867.69 as of 9:07 a.m. in Frankfurt. The HDAX Index of the
country's 110 biggest companies also dropped 0.8 percent.


Read more at Bloomberg Stocks News

Roche says Ventana deal EBIT accretive in 2-3 yrs

(Reuters) - The deal would not impair Roche's "strategic flexibility",
the slides said.




Roche on Monday said it would launch a hostile offer for
Ventana for about $3 billion after its efforts to negotiate a
friendly deal were rebuffed.


Read more at Reuters.com Mergers News