Intel, Cisco, J&J, Growth Stocks Lure Value Funds as Price Ratios Converge

(Bloomberg) -- Intel Corp., Cisco Systems Inc. and
Johnson & Johnson, perennial favorites of money managers seeking
U.S. stocks with the fastest profit growth, are becoming staples
for so-called value investors.

Shares of growth companies in the Standard & Poor's 500
Index trade at an average 16.3 times estimated earnings, while
value stocks, those priced at a discount to the market or their
historical average, trade at 14 times profits. The gap between
them, now 2.3 points, has narrowed from 25.5 at the beginning of
the decade, data compiled by Bloomberg show.


Read more at Bloomberg Stocks News

Germany's DAX Index Falls, Paced by DaimlerChrysler, Fresenius Medical

(Bloomberg) -- German stocks declined for a second
day, led by DaimlerChrysler AG, Fresenius Medical Care AG and
Allianz SE.

The benchmark DAX Index lost 37.04, or 0.5 percent, to
7398.63 as of 9:04 a.m. in Frankfurt. The HDAX Index of the
country's 110 biggest companies fell 0.6 percent.


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

U.S. Stocks Tumble a Third Week on Lending Crisis; Bear Stearns Declines

(Bloomberg) -- U.S. stocks fell, pushing the Standard
& Poor's 500 Index to its steepest three-week skid since 2003, on
deepening concern that mortgage losses will hurt bank earnings
and reduce the pace of takeovers.

Bear Stearns Cos., the manager of two hedge funds that
collapsed last month because of rising defaults in home loans,
tumbled the most since September 2001. Shares of the largest U.S.
mortgage lender, Countrywide Financial Corp., had the biggest
loss in almost three years.


Read more at Bloomberg Stocks 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

Lehman Brothers to launch new muni bond swaps

(Reuters) - The new product, called the Lehman Brothers Municipal Index
Swap, is a forward-starting agreement allowing investors to
take positions on the yield of new five and 10-year swap
indexes, the firm said in a primer.




The new swap product is a response to the rapid expansion
of municipal structured products in the past few years and
increased penetration of foreign investors into the $2.4
trillion U.S. tax-exempt market.


Read more at Reuters.com Bonds News

US STOCKS-Indexes pare gains after news from home lender

(Reuters) - The Dow Jones industrial average was up 33.73
points, or 0.25 percent, at 13,392.04. The Standard & Poor's
500 Index was up 3.38 points, or 0.23 percent, at
1,477.29. The Nasdaq Composite Index was down 2.86
points, or 0.11 percent, at 2,580.42.




Read more at Reuters.com Bonds News

US STOCKS-Wall St trims gains, Nasdaq dips

(Reuters) - A rise in oil prices to a 12-month high also added to
nervousness.




The Dow Jones industrial average was up 47.63
points, or 0.36 percent, at 13,405.94. The Standard & Poor's
500 Index was up 3.33 points, or 0.23 percent, at
1,477.24. The Nasdaq Composite Index was up 0.06
points, or 0.00 percent, at 2,583.34.


Read more at Reuters.com Bonds News

Home prices fell in May: S&P/Case Shiller

(Reuters) - The composite month-over-month Standard & Poor's/Case-Shiller Home Price Index of 20 metro areas also showed a 0.2 percent drop, to a 200.04 reading, or a 2.8 percent year-over-year loss.




"At a national level, declines in annual home price returns are showing no signs of a slowdown or turnaround," Robert J. Shiller, chief economist at MacroMarkets LLC, said in the release.


Read more at Reuters.com Bonds News

UPDATE 1-U.S. Q2 employment costs up, benefits climb

(Reuters) - The department's Employment Cost Index, a broad gauge of
what employers pay in wages, salaries and benefits, rose 0.9
percent during the April-June second quarter. That was in line
with Wall Street economists' forecasts and ahead of the first
quarter's 0.8 percent increase.




Wages and salaries rose 0.8 percent during the second
quarter, down from the 1.1 percent gain posted during the first
quarter. But benefit costs jumped by 1.3 percent after barely
edging up by 0.1 percent in the first quarter.


Read more at Reuters.com Economic News

Philippine Peso Gains as Stocks Recovery Spurs Emerging Markets Demand

(Bloomberg) -- The Philippine peso rose for a
second day on speculation gains in global stocks will encourage
investors to buy back holdings of emerging market assets.

U.S. stocks yesterday rebounded from the worst two-day
decline since 2003, suggesting the rout in global equities is
over. The peso last week had its first weekly decline in four as
the Standard & Poor's 500 Index had its biggest five-day drop in
4 1/2 years as concern about weakness in the U.S. housing market
prompted investors to flee riskier assets.


Read more at Bloomberg Currencies News

Australia's S&P/ASX 200 Index Climbs, Led by BHP Billiton, Macquarie Bank

(Bloomberg) -- Australia's benchmark stock index,
the S&P/ASX 200 Index, rose 0.32 percent at 10:05 a.m.

The index of 201 companies traded on the Australian Stock
Exchange rose 19.40 to 6,128.20. Among the stocks in the index,
90 rose, 25 fell and 86 were unchanged.


Read more at Bloomberg Stocks 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.


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US STOCKS-S&P, Nasdaq gain 1 pct as financials, energy advance

(Reuters) - The Dow Jones industrial average was up 124.78
points, or 0.94 percent, at 13,390.25. The Standard & Poor's
500 Index was up 18.22 points, or 1.25 percent, at
1,477.17. The Nasdaq Composite Index was up 28.54
points, or 1.11 percent, at 2,590.78.




Read more at Reuters.com Bonds News

French Stocks Including Michelin Gain; Societe Generale and Dexia Decline

(Bloomberg) -- French stocks including Michelin &
Cie. rose while lenders such as Societe Generale SA and Dexia SA
declined.

The CAC 40 Index added 12.06, or 0.2 percent, to 5656.02 at
3 p.m. in Paris. The SBF 120 Index rose 0.2 percent. The CAC
sank 5.3 percent last week for its biggest weekly loss since the
five days ending March 28, 2003.


Read more at Bloomberg Stocks News

Lehman Strategist Bennett Says Corporate Bond Risk `Only For The Brave'

(Bloomberg) -- Ben Bennett, a credit strategist at
Lehman Brothers Holdings Inc. in London, comments on today's
increase in corporate bond risk.

Contracts on 10 million euros ($13.8 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies increased by 28,000 euros to 474,000 euros, according
to JPMorgan Chase & Co. Earlier the index rose as high as
504,000 euros.


Read more at Bloomberg Bonds News

Cameco, Canfor, Connors Bros., Teck Cominco: Canadian Stock Market Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets
today. This preview includes news that broke after markets closed
on July 27. Symbols are in parentheses after company names and
prices are from the last close.

The Standard & Poor's/TSX Composite Index fell 96.07, or 0.7
percent, to 13,748.53 on July 27 in Toronto.


Read more at Bloomberg Stocks News

French Stocks Including Michelin Gain; Suez and Societe Generale Decline

(Bloomberg) -- French stocks including Michelin &
Cie. and France Telecom SA rose while Suez SA and Societe
Generale SA fell.

The CAC 40 Index slipped 1, or less than 0.1 percent, to
5642.96 at 10:54 a.m. in Paris. The SBF 120 Index added 0.1
percent. The CAC sank 5.3 percent last week for its biggest
weekly loss since the five days ending March 28, 2003.


Read more at Bloomberg Stocks News

Atos, Danone, Euler Hermes, Lectra and Natixis: 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 last close.

The benchmark CAC 40 Index lost 31.09, or 0.6 percent, to
5643.96. The broader SBF 120 Index also fell 0.6 percent.


Read more at Bloomberg Stocks News

US STOCKS-Wall St slips at open as credit jitters remain

(Reuters) - The Dow Jones industrial average was down 1.54
points, or 0.01 percent, at 13,472.03. The Standard & Poor's
500 Index was down 1.49 points, or 0.10 percent, at
1,481.17. The Nasdaq Composite Index was down 5.27
points, or 0.20 percent, at 2,594.07.




Read more at Reuters.com Bonds News