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.


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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.


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GLOBAL MARKETS-Financial markets stabilise after tremble

(Reuters) - LONDON, July 27 - Global financial markets
stabilised on Friday after robust corporate results soothed
credit fears which have triggered a broad and volatile sell-off
in stocks and other risky assets.




Earlier, world stocks hit a 6-week low while credit spreads
and emerging sovereign bond spreads burst wider as fears grew
that a U.S. housing fallout might trigger a global credit
crunch.


Read more at Reuters.com Economic News

Taiwanese Stocks Drop Most in a Year, Hon Hai Falls: World's Biggest Mover

(Bloomberg) -- Taiwan's stocks plunged the most in a
year as mounting concern a U.S. housing slump is worsening
prompted investors to ditch riskier assets such as equities.

The drop wiped out $32.5 billion of market value today,
according to the Taiwan Stock Exchange. Selling by overseas
investors reached a record.


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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.''


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Shanghai Copper Falls as World Stock Markets Tumble; Zinc, Aluminum Down

(Bloomberg) -- Copper futures in Shanghai fell as
stock markets dropped around the world, fueling concern that
economic growth may slow and curb demand for the metal, used in
housing, cars and appliances.

Asian stocks fell the most in four months today, continuing
a rout in global equities, as investors shunned riskier assets
because of a worsening U.S. housing recession. U.S. orders for
durable goods also fell unexpectedly last month, suggesting the
economy will slow in the second half of the year.


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Treasuries Heading for Biggest Weekly Gain in Five Months as Stocks Slump

(Bloomberg) -- U.S. 10-year Treasuries headed for
their biggest weekly gain in almost five months as investors sold
stocks and corporate bonds and sought the relative safety of
government debt.

Benchmark securities headed for a third weekly advance as
Asian stock markets slid today, extending a rout in global
equities on speculation a worsening U.S. housing slump will slow
growth in the world's biggest economy. New home sales fell more
than expected in June, the Commerce Department said yesterday.


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Asia shares dip on tech outlook, bonds firm

(Reuters) - Nervous share trading bolstered save-haven investments, nudging up gold and lifting Japanese government bond futures to another six-week high.




The dollar, dogged by persistent worries about the fall-out from the U.S. housing and mortgage woes, was unable to hold on to Monday's modest gains and dipped to a two-month low against the yen. The firmer Japanese currency began to eat into gains notched up earlier by exporters like Sony Corp. and Canon Inc. .


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Dollar May Resume Drop Against Euro, Pound as U.S. Housing Slump Deepens

(Bloomberg) -- The dollar may reach a record low
against the euro on evidence the U.S. housing sector is heading
into a deeper slump.

The currency may also weaken versus the pound on tomorrow's
National Association of Realtors report forecast by economists
to show U.S. existing-home sales fell last month to the lowest
in four years. Federal Reserve Chairman Ben S. Bernanke
testified before Congress last week that there will be
``significant'' losses on loans to homeowners with poor credit.


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Rinker deal to give Mexico's Cemex US sales boost

(Reuters) - That is well up from an earlier forecast of a 4 percent
decrease, despite a U.S. housing construction slowdown, because
80 percent of Rinker's operations are in the United States.




"Rinker's consolidation during the second half of the year
will have a positive contribution to our volumes in the United
States. As such, we expect our reported cement volume for the
full-year 2007 ... to grow in the mid-single-digit range,"
Hector Medina, Cemex's planning and finance chief, told an
analysts' conference call.


Read more at Reuters.com Market 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."


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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.


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Rand Trades Near Two-Week High Versus Dollar on Concerns About U.S. Growth

(Bloomberg) -- South Africa's rand traded near a
two-week high against the dollar on speculation a slowdown in the
U.S. housing market will spill over to the rest of the economy.

The rand yesterday touched its highest since July 3,
supported by investors seeking out South Africa's 9.5 percent
interest rate in trades funded by borrowing Japanese yen or Swiss
francs more cheaply. The dollar traded near a record low against
the euro today before reports that are expected to show inflation
and home building slowed.


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Dollar Near Record Low Versus Euro Before Reports on Housing, Inflation

(Bloomberg) -- The dollar traded near a record low
versus the euro before U.S. government reports this week that
may show slowing consumer prices and a decline in home building.

The dollar dropped 1.1 percent against the euro last week
on concern that weakness in the U.S. housing market will curb
growth and force the Federal Reserve to lower interest rates.
Fed Chairman Ben S. Bernanke may address the housing slump in
his semi-annual testimony before the House Financial Services
Committee on July 18.


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Treasuries Rise Before Reports on Consumer Price Inflation, Housing Starts

(Bloomberg) -- U.S. Treasuries rose before
government reports this week that economists said will show
consumer prices slowed in June and home building declined.

Notes have risen in the past week as losses tied to subprime
mortgages fed speculation that a cooling in the U.S. housing
market will hurt the world's biggest economy. Federal Reserve
Chairman Ben S. Bernanke may speak about housing during
congressional testimony July 18 and 19.


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US STOCKS-Futures signal flat open after sell-off

(Reuters) - NEW YORK, July 11 - U.S. stocks headed for a flat
to slightly higher open on Wednesday as investors scoured the
market for beaten-down shares after Tuesday's sell-off on
rising concern about the impact from the U.S. housing slump.




A drop in oil prices, broker upgrades and news of large
takeover in the steel industry could help cushion the market,
analysts said. Trading in stock index futures was choppy.


Read more at Reuters.com Bonds News

Emerging-Market Bonds Fall on Concern About U.S. Housing, Subprime Market

(Bloomberg) -- Emerging-market bonds fell on concern
the U.S. housing market slump may curtail growth in the world's
largest economy, reducing demand for the exports of developing
nations.

Home Depot Inc, the world's biggest home-improvement
retailer, cut its profit forecast, as weakness in the housing
industry deepened. The move triggered aversion to riskier assets
such as stocks and emerging-market bonds.


Read more at Bloomberg Emerging Markets News

Ford says ahead of turnaround plan targets

(Reuters) - Ford, which lost $12.6 billion last year, still faces economic "headwinds," including the slump in the U.S. housing market and higher gasoline prices, Fields said.




Overall U.S. vehicle sales, which were off about 1 percent from a year earlier through May, were tracking fairly closely to Ford's expectations, Fields said, adding that the automaker had shown "encouraging progress" in stabilizing its retail market share near 13 percent in recent months.


Read more at Reuters.com Business 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.


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Mexico's Bolsa Has Weekly Decline on Tax Proposal; Cemex, Televisa Slide

(Bloomberg) -- Mexico's main stock index fell for the
second week in three, led by Cemex SAB, on concern President Felipe
Calderon's proposed tax bill will reduce company profits.

The benchmark Bolsa index slid 0.6 percent today to 31,642.26,
for a weekly loss of 1.5 percent. Cemex, North America's largest
cement producer, was also hurt by concern that the U.S. housing
slump will hurt its earnings.


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