TREASURIES-Steady in Asia, eyes on subprime, stocks

(Reuters) - "The market has corrected from the sell-off that pushed up
benchmark yields to 5.33 percent and is now waiting for news to
set the next direction," the trader said.




"The subprime mortgage woes are likely to continue for some
time more, so the direction appears to be for yields to test
below 5 percent," he said. "But the strength in stocks remains a
risk factor for such a bullish view."


Read more at Reuters.com Bonds News

Korea Gas Plans to Increase Storage Capacity for LNG by 72 Percent by 2012

(Bloomberg) -- Korea Gas Corp., the world's largest
buyer of liquefied natural gas, plans to increase storage
capacity 72 percent by 2012 to meet higher demand for the fuel
during winter months.

Korea Gas operates three receiving terminals and will add 20
storage tanks to expand capacity by 3.7 million kiloliters, it
said in an e-mailed statement yesterday. The new capacity is
enough to supply the nation's households for about 42 days.


Read more at Bloomberg Energy News

Japanese Stocks Rise on Earnings Expectations; JFE Jumps, Automakers Gain

(Bloomberg) -- Japanese shares advanced, with
steelmakers climbing for a fifth day on speculation they will
report better earnings for the quarter ended June.

Technology companies including Canon Inc. and Toshiba Corp.
advanced as well on expectations their profits will exceed
forecasts. They also gained after earnings from U.S. companies
continued to beat estimates, boosting confidence global growth
will enable domestic businesses to do the same.


Read more at Bloomberg Stocks News

Dollar pauses, stays near record low vs. euro

(Reuters) - Bernanke's testimony to the U.S. Senate Banking Committee supported the market's view that the Fed is unlikely to lower interest rates from 5.25 percent this year.




Minutes from the central bank's June policy meeting were largely in line with market expectations, showing that officials see the housing sector as the biggest risk to growth and that core inflation is "relatively subdued".


Read more at Reuters.com Hot Stocks News

UPDATE 1-American Home Mortgage falls on facility rumor

(Reuters) - But analysts who had spoken with the company's chief
financial officer said the company denied the rumor.




The Melville, New York-based real estate investment trust,
which makes home loans, did not immediately return a call
seeking comment.


Read more at Reuters.com Bonds News

US SEC member criticizes "terrorist" watch list

(Reuters) - Republican Commissioner Paul Atkins said the SEC needs to
fix it if possible or withdraw the Web search tool. "It needs
to be addressed as soon as possible," he told Reuters in an
interview on Wednesday.




Atkins comments come as the SEC faces increasing pressure
from lawmakers of both political parties and business groups to
revamp or remove the online list.


Read more at Reuters.com Government Filings News

Asian Stocks Rise in U.S. Trading; PetroChina, BHP Shares Climb on Oil

(Bloomberg) -- Asian stocks trading in the U.S. gained
for the first day this week as rising oil prices lifted energy
shares including PetroChina Co. and the Australian reported BHP
Billiton isn't interested in buying Alcoa Inc.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, added 1 percent to 172.55,
snapping a three-day, 2.1 percent gain.


Read more at Bloomberg Stocks News

U.S. lawmaker wants proof credit card fees don't harm

(Reuters) - Consumer groups, grocery and drug stores, and other merchants
are increasingly concerned that the payment card industry
dominated by Visa and MasterCard Inc. are raising fees for
card transactions and the system lacks transparency.




At a hearing by the House Judiciary Committee's task force,
merchants complained that Visa and MasterCard are colluding to set
interchange fees much as cartels can fix prices.


Read more at Reuters.com Government Filings News

UPDATE 1-KB Home CEO sees US housing market declining in '08

(Reuters) - The oversupply of existing homes on the market is thwarting
efforts by U.S. home builders to spur demand by cutting prices,
he said, adding that tightened mortgage requirements after the
subprime mortgage crisis were not the chief reason for weakness
in the U.S. housing market.




"The bigger factor to me is how many of the markets have
this huge resale inventory that has to clear and is going to
keep pressure on pricing," Mezger said. "In a lot of the
markets we're in the new median price is below resale."


Read more at Reuters.com Bonds News

Top risk officer for HSBC in United States leaves

(Reuters) - David D. Gibbons, recently elevated as senior executive
vice president of corporate risk and compliance at HSBC North
America Holdings Inc., no longer works at the company,
according to a recent U.S. regulatory filing.




HSBC did not return messages seeking comment.


Read more at Reuters.com Bonds News

EU backs Pfizer HIV drug facing U.S. delay

(Reuters) - NEW YORK, July 19 - The scientific committee of the European Medicines Agency said on Friday it had recommended approval of Pfizer Inc.'s Celsentri, a new type of treatment for HIV whose approval has been delayed in the United States.



The Committee for Medicinal Products said it had recommended marketing approval of Celsentri, known as maraviroc in the United States, for use with other anti-HIV drugs among adult patients infected with the HIV-1 strain of the virus.


Read more at Reuters.com Government Filings News

UPDATE 1-Intuitive Surgical quarterly earnings rise

(Reuters) - For the second quarter, the company earned $30.7 million,
or 79 cents a share, up from $16.7 million, or 44 cents a
share, in the prior-year quarter. Revenue rose 61 percent to
$140.2 million.




Analysts were expecting earnings of 67 cents a share,
excluding items, on revenue of $124.5 million for the quarter,
according to Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 1-Ceridian rebuffs fund's bid to top takeover deal

(Reuters) - BOSTON, July 19 - Ceridian Corp. said on
Thursday that it rejected an offer from hedge fund Pershing
Square, its biggest shareholder, that might have toppled a
previously agreed takeover bid.




The rejection comes one week after Pershing Square manager
William Ackman told the human resources and payroll company he
could come up with a better deal than the proposed $5.3 billion
bid Ceridian's management has hammered out with Thomas H. Lee
Partners LP [THL.UL] and Fidelity National Financial.


Read more at Reuters.com Mergers News

Interwoven posts Q2 revenue below analysts' view

(Reuters) - In a statement, the company said it was not providing other
consolidated financial results due to its ongoing stock option
review.





Read more at Reuters.com Market News

Gilead profit rises on sales of HIV fighters

(Reuters) - The Foster City, California-based maker of Truvada and Atripla, which combine anti-HIV drugs into a single pill, posted net income of $407.9 million, or 42 cents per share, compared to a profit of $265.2 million, or 28 cents per share, a year earlier.



Excluding items, Gilead earned 46 cents, beating analysts' average expectation of 39 cents per share, according to Reuters Estimates.


Read more at Reuters.com Market News

Brazil's Bovespa Gains on Rates, Led by Petrobras; Mexico's ICA Advances

(Bloomberg) -- Brazil's main stock index had its
biggest gain in a week after the central bank cut borrowing costs,
bolstering confidence in company profits.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose 601.36, or 1 percent, to a record 58,157.21. State-
controlled oil company Petroleo Brasileiro SA led the gains.
Mexico's Bolsa index also gained.


Read more at Bloomberg Stocks News

Robin Hood Foundation Will No Longer Invest in Board Members' Hedge Fund

(Bloomberg) -- The Robin Hood Foundation, a poverty-
fighting New York charity that was criticized by lawmakers for
investing in hedge funds run by board members and donors, said it
would stop the practice.

David Saltzman, Robin Hood's executive director, said in a
letter to donors today that the charity had created a contingency
fund that was ``prudent, responsible and in keeping with best
practices.'' The decision to remove assets from hedge funds run
by people connected to the charity was made to avoid ``even the
appearance of any conflict,'' he said.


Read more at Bloomberg Exclusive News

Brazil fixed-rate bond yields rise after bank move

(Reuters) - Brazil sold 548.84 million reais of the same bonds, known
as LTNs, due in October 2008 to yield 10.76 percent compared
with 10.84 percent when the 2008 bond was last sold on June 5.




The central bank's monetary policy committee voted 4-3 to
cut the benchmark Selic lending rate to a record low of 11.5
percent from 12 percent on Wednesday. Analysts said the close
vote may signal policy-makers will probably trim the size of
rate cuts to 25 basis points going forward as they balance the
risk that faster economic growth will stoke inflation.


Read more at Reuters.com Bonds News

AT&T's rating outlook now stable, was negative-S&P

(Reuters) - Net free cash flow after capital expenditures and dividends
totaled more than $5 billion in 2006 and about $4.4 billion for
the first quarter of 2007 on an annualized basis, S&P said.




"These levels of discretionary cash flow provide sufficient
cushion to support expected stock repurchases," S&P said.


Read more at Reuters.com Bonds News

Noble says actively looking to buy assets

(Reuters) - The company also said it had temporarily suspended its
share repurchase program, citing uncertainty about costs
related to a probe of its Nigerian affiliate.




In June, Noble said it is investigating whether its
Nigerian unit made illegal payments to customs agents while
trying to get permits to bring drilling equipment into Nigerian
waters.


Read more at Reuters.com Bonds News

IBM at 5-year high after results beat forecasts

(Reuters) - IBM said on Wednesday that second-quarter net income rose 12 percent as revenue grew 8.6 percent to $23.8 billion, helped by about $5 billion of software-company acquisitions that strengthened the company's most profitable business.




The results, which beat analysts' average forecasts, led IBM to raise its 2007 earnings-per-share growth forecast to 14 percent to 15 percent from a May projection of 13 percent to 14 percent growth.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Argentina June industry output off 0.1 pct-Kirchner

(Reuters) - The decline would be the first month-on-month fall in
industrial output since January, according to previously
released data.




"Despite the stoppages and some of the energy problems we
had, only fell by 0.1 percent in June," Kirchner said
in a televised speech. "Evidently, in July, August, September
... it will continue rising sharply."


Read more at Reuters.com Economic News

UPDATE 1-NY cleans up after asbestos-tainted explosion

(Reuters) - NEW YORK, July 19 - Workers cleaned
asbestos-tainted debris on Thursday from an explosion of a
steam pipe that rocked Manhattan as some New Yorkers questioned
official reassurances that the air was safe to breathe.




An area beside Manhattan's Grand Central Station remained
closed following the blast that shook buildings on Wednesday
evening, creating a towering geyser of debris and sending
people fleeing in scenes reminiscent of the Sept. 11 attacks.


Read more at Reuters.com Bonds News

US STOCKS-Profits push indexes up, led by IBM and Juniper

(Reuters) - NEW YORK, July 19 - U.S. stocks rose on Thursday
as forecast-topping results from multinational companies such
as IBM and Juniper Networks Inc. shifted investor
focus back to corporate profits and away from subprime
mortgage concerns.




Shares of International Business Machines Corp. ,
the world's largest technology services company, rose 4
percent, after it posted a jump in quarterly profit and raised
its 2007 earnings forecast late on Wednesday. For details, see
[ID:nN18415715].


Read more at Reuters.com Bonds News

Mid-Atlantic factory activity slows

(Reuters) - In another report, a forward-looking indicator of economic activity suggested cooler growth in the second half of 2007, an economist for the Conference Board said.




In a survey, the Philadelphia Federal Reserve Bank said its business activity index was at 9.2 in July versus 18.0 in June. Economists polled by Reuters had forecast a reading of 13.3.


Read more at Reuters.com Business News

German state premier backs Continental bid for VDO

(Reuters) - The statements come after U.S. rival TRW and its
dominant shareholder Blackstone were reported by media to
have bid some 12 billion euros for VDO --
roughly a billion more than Continental.




By the end of the week, definitive bids for VDO should be
submitted to Siemens, whose supervisory board will then make a
preliminary decision on Wednesday over whether to list VDO on
the stock exchange or scrap its original plans and negotiate an
outright sale.


Read more at Reuters.com Mergers News

Corn, Soybeans Fall as Rains May Boost Prospects for Crops in U.S. Midwest

(Bloomberg) -- Corn and soybean prices in Chicago
declined for the third day this week after rains fell from
Nebraska to Ohio, easing the threat of damage to U.S. crops
after a two-month dry spell.

The biggest storm of the summer dropped as much as 3
inches of rain (8 centimeters) overnight in some locations,
improving corn and soybean crops before drier conditions and
above-normal temperatures develop next week, said Mike Tannura,
a meteorologist for T-Storm Weather in Champaign, Illinois.


Read more at Bloomberg Commodities News

Canada's Dollar Approaches 30-Year High After Commodity Prices Increase

(Bloomberg) -- Canada's dollar approached the 30-
year high reached yesterday as prices of the nation's main
commodity exports advanced, boosting the currency's appeal.

The currency has gained almost 12 percent this year on a
strengthening economy and higher prices for Canada's commodity
exports including oil. Crude oil prices touched an 11-month high
in New York after Total SA suspended deliveries from the Dalia
field in Angola because of a mechanical failure. Copper, gold
and silver also gained.


Read more at Bloomberg Currencies News

UPDATE 1-Insteel Industries Q3 profit beat Street view

(Reuters) - The steel products maker posted earnings from continuing
operations of $8.3 million, or 46 cents a share, compared to
$9.1 million, or 50 cents a share, a year-ago.




Three analysts on average expected earnings of 39 cents a
share, before items, according to Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 1-Cooper Industries profit doubles

(Reuters) - Earnings jumped 110 percent to $209.2 million, or $1.12 a
share, from $99.5 million, or 53 cents a share, a year
earlier.




Excluding one-time items, Cooper earned 78 cents a share.
On that basis, analysts' average forecast was 77 cents per
share, according to Reuters Estimates.


Read more at Reuters.com Market News

Harley-Davidson U.S. sales disappoint, shares fall

(Reuters) - The company called the U.S. results "disappointing" and acknowledged that dealers had resorted to promotions and price cuts that resulted in some bikes selling below suggested prices. Shares fell to their lowest level in nearly four months.




Harley reported a second-quarter profit of $290.5 million, or $1.14 a share, compared with $243.4 million, or 91 cents a share, a year earlier.


Read more at Reuters.com Hot Stocks News

Bernanke-no magic unemployment rate figure expected

(Reuters) - Bernanke added that while the slump in the housing market
will linger, there is no signs it is spreading broadly into the
economy. "To this point we have not seen significant spillover
to the rest of the economy. That's obviously something we are
very alert to," he said.




Read more at Reuters.com Bonds News

TREASURIES-Bonds fall as jobless dip encourages profit-taking

(Reuters) - NEW YORK, July 19 - U.S. Treasuries eased on
Thursday as a sharper-than-expected drop in weekly jobless
claims offered a convenient excuse for investors to book
profits on a week of gains.




The lower trend in claims for jobless benefits points to a
relatively tight labor market, analysts said. "Inflation
pressures from tight capacity utilization will remain a concern
for the Fed," said T.J. Marta, fixed income strategist at Royal
Bank of Scotland.


Read more at Reuters.com Bonds News

REFILE-S&P slashes "AAA" ratings on some mortgage bonds

(Reuters) - Eight classes of mortgage bonds, including some issued by a
Goldman Sachs Group Inc. trust, were cut to "BBB" from
"AAA" as S&P applied its new assumptions, it said.




Read more at Reuters.com Bonds News

PNC to buy smaller rival Sterling

(Reuters) - PNC said it would pay $19 a share, an 80 percent premium over Sterling's Wednesday closing price of $10.55. Sterling's share price has fallen 53 percent in the last six months.



PNC said the deal will help boost its earnings in 2009. It also said it expects to take a one-time after-tax charge of $28 million for the acquisition.


Read more at Reuters.com Mergers News

Banco do Brasil shareholders mull stake sale

(Reuters) - The offering may be worth as much as 1.3 billion reais
at Banco do Brasil's current share price.




Brazil's national treasury controls Banco do Brasil with a
68.7 percent stake.


Read more at Reuters.com Mergers News

Treasuries Fall as Initial Jobless Claims Drop, Global Equities Strengthen

(Bloomberg) -- Treasuries fell as new claims for
unemployment insurance benefits unexpectedly declined to a two-
month low, a sign a strong labor market is helping the U.S.
economy weather a slump in housing.

The benchmark 10-year note's yield yesterday traded below 5
percent before closing above that level for the third time in
three weeks as investors demanded higher returns. Rising global
stocks suggested yields may rise further to compete with other
investments.


Read more at Bloomberg Bonds News

Clearwire, Foot Locker, OptionsXpress, Regal-Beloit: 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 9:35 a.m. in New York.

Avici Systems Inc. (AVCI US) rose $2.74, or 33 percent, to
$11.16. The maker of equipment that directs Internet traffic said
in a statement sent by Business Wire that second-quarter net
income rose to 82 cents a share from 58 cents a year earlier.
Revenue increased to $29.6 million from $25.3 million.


Read more at Bloomberg Stocks News

Reliance Steel second-quarter profit climbs

(Reuters) - In April, the company said growth in its key segments would
moderate this year, but it still expected record earnings and
sales. For the second quarter, Reliance said it expected
earnings of $1.45 to $1.55 per share.




As a result, analysts raised their estimates and, on
average, were expecting $1.57 in the second quarter, according
to Reuters Estimates.



Read more at Reuters.com Market News

Mozambique offers property to foreign lenders

(Reuters) - Mozambique hopes to use property to pay off about $350 million in foreign debt to Angola and a handful of eastern European nations, freeing up cash for economic development, its finance minister said on Thursday.

In an interview with Reuters, Finance Minister Manuel Chang said Angola had agreed to the idea in principle and that officials from the two former Portuguese colonies were negotiating the details of the property-for-debt swap.


Read more at Reuters Africa

U.S. Stock-Index Futures Rise on Earnings; IBM, Bank of America Advance

(Bloomberg) -- U.S. stock-index futures gained
after Bank of America Corp. and International Business Machines
Corp. reported earnings that topped analysts' forecasts.

Bank of America, the second-largest U.S. bank, rose after
posting 5.2 percent profit growth. IBM, the world's biggest
provider of computer services, climbed after saying software
acquisitions boosted results.


Read more at Bloomberg Stocks News

UPDATE 1-Slot machine maker IGT profit rises

(Reuters) - Net income rose to $136.4 million, or 41 cents a share, up
from $114.1 million, or 33 cents a share, a year earlier.




That beat Wall Street expectations of 39 cents per share,
on average, according to Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 1-Union Pacific profit rises, beats Street view

(Reuters) - The Omaha, Nebraska-based company reported second-quarter
net income of $446 million, or $1.65 a share, compared with
$390 million, or $1.44 a share, a year earlier.




On average Wall Street analysts had expected earnings per
share of $1.62, according to Reuters Estimates.


Read more at Reuters.com Market News

Huntington Bancshares profit falls

(Reuters) - Huntington of Columbus, Ohio, said net income was $80.5 million, or 34 cents a share, compared to $111.6 million, or 46 cents a share, in the year-earlier quarter.






Read more at Reuters.com Bonds News

Algeco parent to buy Williams Scotsman for $1.24 bln

(Reuters) - Including debt, the company said the deal was worth $2.2 billion.




Gerry Holthaus, currently chairman and chief executive of Williams Scotsman, is expected to remain CEO and become chairman and CEO of Ristretto, Algeco's parent company.


Read more at Reuters.com Mergers News

U.K. FTSE 100 Index Climbs; Vodafone, BHP, Rio Tinto Pace the Advance

(Bloomberg) -- U.K. stocks rose for the first time
in four days, paced by Vodafone Group Plc after the world's
largest mobile-phone company said the number of subscribers
increased by 4.1 percent in the fiscal first quarter.

BHP Billiton Ltd. and Rio Tinto Group led shares of mining
companies higher.


Read more at Bloomberg Stocks News

Fifth Third Bancorp 2nd-quarter net income falls

(Reuters) - The Cincinnati-based bank said net income was $376 million, or 69 cents a share, compared with $382 million, or 69 cents a share, in the year-earlier quarter.



Analysts, on average, expected the bank to earn 67 cents a share, according to Reuters Estimates.


Read more at Reuters.com Market News

Alfa Laval Q2 core earnings top consensus

(Reuters) - Earnings before interest, tax and amortisation rose to 1.13 billion Swedish crowns in the second quarter from 706 million a year earlier, topping the mean forecast of 996 million in a Reuters poll of 10 analysts.



Adjusted EBITA is the group's standard measure of its profitability, stripping out items that distort comparisons.


Read more at Reuters.com Market News

Crude Oil Rises 11-Month High After Total Declares Angolan Force Majeure

(Bloomberg) -- Crude oil rose to an 11-month high in
New York after Total SA lost production and declared force majeure
at the Dalia field in Angola.

Total's decision covered half the oil pumped at the field,
which had produced 240,000 barrels a day, said Patricia Marie, a
company spokeswoman. A generator failure caused the problem. Oil
also gained because the U.S. government said gasoline stockpiles
fell last week as imports plunged and demand climbed.


Read more at Bloomberg Energy News

Limco-Piedmont files to increase IPO by 460,000 shares

(Reuters) - The company had earlier filed for an IPO of 4 million
shares.





Read more at Reuters.com Government Filings News

Sanyo Shinpan Bond Risk Falls on Report of Takeover by Japan's Promise

(Bloomberg) -- The perceived risk of owning the
bonds of Sanyo Shinpan Finance Co. fell following a report the
company may be bought by Promise Co., Japan's third-largest
consumer lender by assets.

Promise and Sanyo Shinpan, a consumer lender which operates
mostly in western Japan, are in talks to merge as early as this
year, Kyodo News reported today, without saying where it got the
information. Promise may acquire more than half of Sanyo Shinpan
through a tender offer, according to the report.


Read more at Bloomberg Bonds News

LG Elec swings to biggest profit in 3 years

(Reuters) - LG, the world's No. 5 handset maker, is likely to enjoy an extended recovery at its liquid crystal display joint venture, LG.Philips LCD Co. Ltd. .




But analysts warned the margins in mobile phones could fall on growing low-cost phone sales and a recovery from its loss-making plasma display panel business would be difficult.


Read more at Reuters.com Business News

Dow Jones director Li may face charges in US probe

(Reuters) - Li, who is chairman and chief executive officer of Bank of
East Asia , denied on Thursday any wrongdoing.




"I have broken no laws and deny the apparent allegations
being made by the staff of the Commission. If the Commission
does commence proceedings against me, I will defend myself
vigorously," Li, 68, said in a statement issued by the bank.


Read more at Reuters.com Government Filings News

Whitbread up on talk of Accor bid interest: traders

(Reuters) - Shares in Accor were up 0.8 percent in a strong market. Whitbread's shares were among the top gainers in the FTSE 100 index , which was up 0.8 percent.




By 0830 GMT, more than 1.4 million Whitbread shares were traded, compared with average full-day volume of 3.48 million shares traded over the past 30 days.


Read more at Reuters.com Hot Stocks News

UPDATE 1-BAE's Armor takeover wins U.S. antitrust approval

(Reuters) - "Shareholders of Armor will now vote on this on July 25 and
BAE is optimistic the deal can be completed soon afterwards,"
said a BAE spokesman.




BAE announced the $4.1 billion takeover in May of Armor, a
Florida-headquartered company which makes armoured vehicles and
body armour.


Read more at Reuters.com Government Filings News

U.S. Treasuries Decline After Gains in Stocks, Emerging Market Bonds

(Bloomberg) -- U.S. Treasuries declined as gains in
European and Asian stocks and emerging-market bonds fed
expectations investors are more willing to hold riskier assets.

Notes trimmed gains from yesterday as futures contracts
indicated a slowdown in the U.S. housing market isn't enough to
get the Federal Reserve to reduce interest rates this year.
There's an 11 percent chance the Fed will cut borrowing costs by
the end of the year, according to data compiled by Bloomberg
based on the contracts.


Read more at Bloomberg Bonds News

UPDATE 1-Dairy Crest sales, cost cuts on track

(Reuters) - LONDON, July 19 - Britain's Dairy Crest
said on Thursday that profit for the year would be in line with
its expectations, with sales of its milk, cheese, yoghurt and
butter brands and cost cuts in its milk business on track.




"Dairy Crest has had a strong trading performance in the
first three months of the current financial year. The group's
expectations for the full year ending 31 March 2008 remain
unchanged," the maker of Cathedral City cheeses and Yoplait
yoghurts said in a statement.


Read more at Reuters.com Market News

Switzerland's June Trade Surplus Widens as Decline in Franc Fuels Exports

(Bloomberg) -- Switzerland's trade surplus widened
in June as a decline in the Swiss franc fueled exports of
machines, watches and metals.

The surplus was 1.72 billion Swiss francs ($1.43 billion),
up from 1.04 billion francs in May, the Federal Customs Office in
Bern said today. Economists expected a surplus of 1.15 billion
francs, according to the median of five forecasts in a Bloomberg
survey. Exports rose 1.5 percent from May when adjusted for
inflation and seasonal swings, and imports fell 5.3 percent.


Read more at Bloomberg Currencies News