Global Stocks Decline on Mortgage Concern, Paced by UBS, BNP, Macquarie

(Bloomberg) -- Stocks in Europe and Asia fell,
following a drop in the U.S. last week, as concern mounted that
losses in the U.S. mortgage market will erode economic growth and
raise financing costs for companies.

UBS AG and BNP Paribas SA led a decline by financial shares
in Europe, while Macquarie Bank Ltd. and Mizuho Financial Group
Inc. paced falling shares in Asia. Royal Philips Electronics NV
and Lafarge SA decreased as the dollar traded near a record low
against the euro. BHP Billiton Ltd. and Rio Tinto Group declined
after copper fell in Shanghai.


Read more at Bloomberg Stocks News

Platinum Futures Fall in Tokyo on Rising Yen, Concern That Demand May Slow

(Bloomberg) -- Platinum futures fell in Tokyo as a
rising Japanese currency reduced the appeal of buying yen-
denominated contracts for the dollar-priced metal, and as
a slump in world stocks raised concern that demand may drop.

The yen rose to 117.19 to the dollar, the highest since
March 29, on signs losses related to U.S. subprime mortgages are
starting to slow growth of the world's largest economy. Asian
stocks fell after the Standard & Poor's 500 Index had its biggest
three-week decline since 2003.


Read more at Bloomberg Commodities News

Asian Currencies Decline on Speculation Investors to Cut Regional Holdings

(Bloomberg) -- Asian currencies declined, led by the
Indonesian rupiah and Philippine peso, on speculation investors
are cutting holdings in the region as signs mount that the U.S.
economy is slowing.

The rupiah fell to a one-year low and the South Korean won
slipped to its weakest in a month, joining declines in stocks, as
reports on Aug. 3 showed U.S. employers added fewer jobs in July
and service industries growth slowed. The U.S. is the second-
biggest buyer of Indonesia's and South Korean exports.


Read more at Bloomberg Currencies News

Korean Won Declines to Near the Lowest in a Month as Investors Reduce Risk

(Bloomberg) -- The South Korean won fell, approaching
the lowest in more than a month, on speculation investors are
cutting investments in Asia as signs mount that the U.S. economy
is slowing.

Korea's currency and the benchmark stock index extended two
weeks of losses as reports Aug. 3 showed U.S. employers added
fewer jobs in July and service industries growth slowed. The Bank
of Korea the same day said it will restrict companies from
borrowing in foreign currencies to stem gains in the won that
threaten exporter's profits.


Read more at Bloomberg Currencies News

Asian Currencies Complete Weekly Decline, Follow Drop in Regional Stocks

(Bloomberg) -- Asian currencies completed a weekly
decline, led by a 0.9 percent drop in the Indonesian rupiah, as
overseas investors reduced holdings in the region's stocks.

Global funds were net sellers of shares in South Korea,
Taiwan and Thailand this week as benchmark stock indexes dropped.
Indonesia's central bank said Aug. 1 it's not worried by the
rupiah's decline and the International Monetary Fund said the
next day the volatility in financial markets poses a risk to
economic growth.


Read more at Bloomberg Currencies News

Asian Banks Face Limited Fallout From U.S. Subprime Crisis, Moody's Says

(Bloomberg) -- The impact of the U.S. subprime
mortgage crisis on Asian banks has been ``limited'' and
``manageable,'' according to global ratings companies Moody's
Investors Service and Standard & Poor's.

``In Asia, Moody's expects the fallout from the U.S.
subprime mortgage market problems to be limited among the
region's internationally active investment and universal banks,''
Moody's said in a statement, citing a preliminary survey.


Read more at Bloomberg Emerging Markets News

South Korea to Act on Currency When Necessary, Finance Minister Kwon Says

(Bloomberg) -- South Korean authorities will take
action to curb gains in the nation's currency when necessary,
Finance Minister Kwon Okyu said.

``We are ready to take any action if there is a speculative
attack on the currency,'' Kwon told CNBC from Sydney today. ``The
currency has appreciated more than 40 percent since 2002 so it has
affected the Korean economy.'' Kwon is in Australia to attend this
week's annual meeting of Asia-Pacific finance ministers.


Read more at Bloomberg Emerging Markets News

China, Singapore, Malaysia, Sri Lanka, Thailand: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: The nation needs to have ``more flexibility'' in its
exchange-rate policy, International Monetary Fund Managing
Director Rodrigo de Rato said. De Rato said he was concerned
there could be a ``reappraisal of risk which would curtail
market access,'' in a speech in Manila yesterday. The central
bank raised the deposit reserve ratio late July 30, requiring
commercial lenders to set aside more money as reserves for a
sixth time this year.


Read more at Bloomberg Bonds News

Asian Stocks Fall in U.S. Trading; Mitsubishi UFJ, Mizuho Pace Declines

(Bloomberg) -- Asian stocks trading in the U.S. fell
after Mitsubishi UFJ Financial Group Inc. and Mizuho Financial
Group Inc., Japan's top lenders, reported a drop in earnings.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, slipped 1 percent to
166.26, finishing the month down 0.7 percent.


Read more at Bloomberg Stocks News

U.S. Stocks Rally on Earnings, M&A Speculation; GM, Dow Jones Shares Gain

(Bloomberg) -- U.S. stocks rose for a second day on
better-than-estimated earnings and renewed takeover speculation.

General Motors Corp., the biggest U.S. automaker, gained on
improved results in Europe and North America. Sun Microsystems
Inc., the world's fourth-largest maker of server computers,
posted its steepest advance since January after component costs
fell. Dow Jones & Co. and Wendy's International Inc. jumped on
expectations they'll be bought. Stocks in Europe and Asia also
extended a recovery from last week's $2.1 trillion global rout.


Read more at Bloomberg Stocks News

Tokyo Electric Cuts Profit Forecast on Nuclear Plant Shutdown After Quake

(Bloomberg) -- Tokyo Electric Power Co., forced to
shut the world's largest nuclear plant after an earthquake this
month, slashed its profit forecast because the utility will need
to burn costlier oil and gas to make up the shortfall.

Tokyo Electric predicted net income of 65 billion yen ($547
million) in the year ending March 31, compared with 310 billion
yen estimated in April, Asia's biggest utility said in a
statement to the stock exchange today. The forecast for pretax
profit was cut to 130 billion yen from 400 billion yen, and the
sales estimate raised to 5.45 trillion yen from 5.4 trillion yen.


Read more at Bloomberg Energy News

Asian Stocks Rebound From Rout in U.S. Trading; HSBC Climbs on Earnings

(Bloomberg) -- Asian stocks trading in the U.S.
rebounded from their biggest weekly drop in more than four months
after HSBC Holdings Plc and PT Telekomunikasi Indonesia reported
higher earnings.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, rose 1.9 percent, the most
since May 11, to 167.96. The measure last week declined 3.8
percent, the most since the period ended March 2.


Read more at Bloomberg Stocks News

ASM Pacific, HSBC, Kookmin, Telekomunikasi: Asia Ex-Japan Stock Preview

(Bloomberg) -- The following stocks may rise or fall
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.

Banking stocks: China ordered banks to set aside larger
reserves for the sixth time this year to curb lending and
investment after the economy grew at the fastest pace since 1994.
Lenders must put aside 12 percent of deposits as reserves
starting Aug. 15, up from 11.5 percent, the People's Bank of
China said yesterday.


Read more at Bloomberg Stocks News

Euro Advances Against Yen, Dollar as Stocks Rise, Investors Return to Risk

(Bloomberg) -- The euro gained the most in six weeks
against the yen as a recovery in stock markets lured investors to
riskier assets.

The euro rose against the dollar as Asian and European
equities rebounded, prompting investors to buy higher-yielding
assets with borrowings in Japan, which has the lowest interest
rate among major economies. The yen also retreated today as a
technical indicator signaled the currency's rally last week was
too fast.


Read more at Bloomberg Currencies News

Asian Stocks Rebound From 1-Month Low; JFE, Nippon Steel Rise, Sony Falls

(Bloomberg) -- Asian stocks rebounded from a one-
month low after higher profits at JFE Holdings Inc. and Nippon
Steel Corp. helped offset concerns of a slump in U.S. housing.

Sony Corp., the maker of Cyber-shot cameras and PlayStation 3
consoles, and James Hardie Industries NV, the biggest supplier of
home siding in the U.S., led declines after a report showed a
decline in U.S. housing investment.


Read more at Bloomberg Stocks News

Gold, Silver Little Changed After Drop on Concern Global Growth May Slow

(Bloomberg) -- Gold was little changed in Asia after
the biggest weekly decline in almost two months on concern that
global economic growth may slow, reducing the metal's appeal as a
hedge against inflation. Silver was also little changed.

Gold fell 3.3 percent last week amid a $2.1 trillion world
stock market rout and concern that U.S. subprime mortgage losses
may slow economic growth, reducing inflation. Investors usually
buy gold at time of rising raw material prices to preserve wealth.


Read more at Bloomberg Commodities News

IMF's Rato - China currency policy constrains all Asia

(Reuters) - If China let its yuan currency find its value more freely, other Asian nations' currencies could appreciate without fear of losing exports, International Monetary Fund chief Rodrigo de Rato said.

In a speech prepared for delivery on Saturday to a bankers' conference in Bangkok, Thailand, Rato suggested that China's managed currency was helping fuel potentially dangerous protectionist sentiments. The text was released in advance in Washington.


Read more at Reuters Africa

US economy, exports driven by global growth-Paulson

(Reuters) - "Now I believe what we're seeing is a strong global
economy. This is the strongest global economy I've seen in 32
years. The growth rate in Europe has doubled. We've got growth
throughout Asia. Japan is now growing, so I think this is being
driven by strong growth outside of the U.S."




The Commerce Department said earlier that U.S. economic
growth rebounded to 3.4 percent during the second quarter, its
strongest pace since the beginning of last year on a surge in
business investment, increased government spending and improved
trade performance. The data marked a big turnaround from anemic
0.6 percent growth in the first quarter, a figure previously
reported as 0.7 percent.


Read more at Reuters.com Economic News

S.Africa's bourse down 2 pct on global sell off

(Reuters) - South Africa's blue chip top 40 index opened more than 2 percent lower on Friday on the back of a global markets sell off.

Asian shares dropped sharply while Japanese government bonds and the yen rose on Friday as investors fled riskier assets, fearing rising costs of corporate credit will damage the U.S. economy. European shares also opened lower.


Read more at Reuters Africa

Asian Shares Slide Most in Four Months, Adding to $1.3 Trillion Sell-Off

(Bloomberg) -- Asian stocks fell the most in four
months, extending a rout that wiped out $1.3 trillion of global
market value yesterday, as investors shun riskier assets because
of a deepening U.S. housing recession.

``You've got an economic impact from lower housing prices
and housing demand,'' said Simon Doyle, a strategist at Schroder
Investment Management Australia Ltd. in Sydney, which manages
the equivalent of $11.4 billion. ``If the U.S. is under question,
there might be a broader contagion.''


Read more at Bloomberg Stocks News