Philippine Peso Slips for Fourth Day on Deficit Concern; Korean Won Falls

(Bloomberg) -- The Philippine peso fell for a
fourth day on speculation the nation's budget deficit, which
President Arroyo plans to balance for the first time in a decade
next year, will widen.

The tax agency's revenue goal this year was cut by about 3
percent after missing first-half targets, the Philippine Daily
Inquirer said, citing an unidentified person. The currency has
weakened 0.7 percent since Fitch Ratings said July 24 the
nation's fiscal deficit may be double the government's estimate.


Read more at Bloomberg Currencies News

China's Debt Rating Raised to A1 by Moody's on External Payments, Economy

(Bloomberg) -- China's debt rating was upgraded by
Moody's Investors Service, citing the country's swelling
foreign-currency reserves, surging exports and improvements to
the banking system.

The country's long-term foreign-currency rating jumped to
A1, the fifth-highest ranking, from A2, the ratings company said
in a statement today.


Read more at Bloomberg Bonds News

JGBs slip as Treasuries stabilise, eye on BOJ

(Reuters) - Earlier this year Noda one was of three policymakers
dissenting in favour of a rate increase when the BOJ kept rates
on hold in January. A rate rise came the next month.




The BOJ is seen raising rates to a 12-year high of 0.75
percent from the current 0.5 percent given the economy's steady
expansion and the central bank's view that core consumer prices
will eventually start to rise.


Read more at Reuters.com Bonds News

Dollar Trades Near Two-Week High Against Euro on Accelerating U.S. Growth

(Bloomberg) -- The dollar traded near the strongest
in more than two weeks against the euro on speculation the
world's biggest economy can withstand rising mortgage defaults.

The dollar may extend a rebound from a record low against
the euro and a 26-year low versus the British pound before a
report tomorrow that economists forecast will show the U.S.
economy grew at the fastest pace in more than a year in the
second quarter. The Standard & Poor's 500 Index climbed
yesterday, helped by better-than-expected earnings.


Read more at Bloomberg Currencies News

Stocks gain on profits, energy; Apple up late

(Reuters) - Boeing shares jumped to a record high and led advancers on the Dow, while Internet retailer Amazon.com Inc. paced the Nasdaq with a 24-percent rise after tripling its profit.




U.S. oil prices jumped to $75.88 a barrel after government data showed that crude stocks fell last week. Shares of energy companies followed, with Exxon Mobil Corp. rising 2.2 percent on the day to $92.79.


Read more at Reuters.com Hot Stocks News

Frontier Financial to buy Salem for $68.9 mln

(Reuters) - Frontier Financial said it expects the deal to close in the
fourth quarter and be accretive to its 2008 earnings.





Read more at Reuters.com Mergers News

New Zealand Raises Key Rate to 8.25 Percent, Signals Increase May Be Last

(Bloomberg) -- New Zealand's central bank raised its
benchmark interest rate to a record 8.25 percent, and said its
fourth increase this year may be enough to contain inflation.

``New Zealanders have been showing early signs of moderating
their borrowing,'' Reserve Bank Governor Alan Bollard said in a
statement released in Wellington today. ``Provided they keep this
up, and the pressure on resources continues to ease, we think the
four successive rate increases we have delivered will be sufficient
to contain inflation.''


Read more at Bloomberg Bonds News

UPDATE 1-Conceptus Q2 loss narrows, 2007 outlook disappoints

(Reuters) - The company expects loss of $7.6 million to $10 million for
2007, compared with its previous expectation of a loss of $6.3
million to $7.1 million.




Conceptus cut its sales outlook for the year to a range of
$62 million to $65 million, from a range of $66 million to $68
million.


Read more at Reuters.com Market News

UPDATE 1-Select Comfort second-quarter earnings fall

(Reuters) - "Marketing and sales efforts of the company were not
performing to the expected levels," a company official said by
phone.




The Minneapolis, Minnesota-based company posted
second-quarter earnings of $2.9 million, or 6 cents a share,
compared with $10.7 million, or 19 cents a share, in the
year-ago quarter. Net sales fell 5 percent to $179 million.


Read more at Reuters.com Market News

UPDATE 1-Montreal Exchange to pay div, eyes carbon contract

(Reuters) - TORONTO, July 25 - Second-quarter profit at
derivatives market operator Montreal Exchange Inc.
rose 7 percent, the exchange said on Wednesday, and it declared
a special dividend of 35 Canadian cents a share.




The exchange also said it plans to launch a carbon futures
contract in the fourth quarter, which would be the first
product of its kind in Canada.


Read more at Reuters.com Market News

Mozilo wins even if Countrywide profits plummet

(Reuters) - Mozilo, the son of a butcher who built Countrywide into the largest U.S. mortgage lender, is used to receiving handsome compensation. Over the past five years, Mozilo has received $387 million from pay and stock option gains.




After Wednesday's close, shares of Countrywide were down 12 percent since the mortgage lender reported on Tuesday morning that second-quarter profit tumbled 33 percent. Mozilo blamed a rising wave of homeowners missing loan payments, forcing the company to slash its 2007 forecast.


Read more at Reuters.com Bonds News

RPT-US housing market slide seen bottoming late 2007-economist

(Reuters) - "The key reason for the change in our outlook is the
unanticipated and sudden turmoil we encountered in the subprime
mortgage sector early this year," he said during a
teleconference of his mid-year economic forecast.




"We got at least a couple more quarters of contraction in
front of us, but there are some ultimate supports for housing
demand lying out there, and housing production should do
somewhat better in 2008 than in 2007," he said.


Read more at Reuters.com Bonds News

Dollar May Extend Rebound From Record Low Versus Euro Before Growth Report

(Bloomberg) -- The dollar may extend its rebound
from a record low against the euro and a 26-year low versus the
pound on a government report forecast to show the U.S. economy
is accelerating.

The U.S. currency has lost 1.3 percent versus the euro and
2.2 percent against the pound this month on speculation subprime
mortgage losses will slow the world's biggest economy. The
government is forecast to say tomorrow that second-quarter gross
domestic product increased the most in more than a year.


Read more at Bloomberg Currencies News

Treasuries Little Changed as $18 Billion Two-Year Auction Attracts Bids

(Bloomberg) -- Treasuries were little changed, with
yields on 10-year notes near the lowest in almost eight weeks,
amid continuing concern regarding credit-market risk.

Investors seeking safer investments pushed down yields on
two-year notes, which touched the lowest in 10 weeks after the
government's sale of $18 billion of the securities. The notes
sold at a yield below the forecast in a Bloomberg News survey of
eight of the 21 firms that underwrite the government's debt.


Read more at Bloomberg Bonds News

Gardner Denver posts higher quarterly profit

(Reuters) - In April, Gardner Denver, based in Quincy, Illinois, raised
its full-year profit outlook by 25 cents to a range of $3.00 to
$3.10 a share. It also forecast a second-quarter profit of 80
to 85 cents a share.




The company on Wednesday raised its earnings estimate for
the year to $3.10 to $3.18 per share.


Read more at Reuters.com Market News

Charlotte Russe quarterly earnings jump

(Reuters) - Analysts on average had expected the company to earn 43
cents a share, excluding special items, on revenue of $187.2
million, for the quarter, according to Reuters Estimates.





Read more at Reuters.com Market News

Graco second-quarter earnings rise

(Reuters) - Sales rose 6 percent to $231.4 million.




Analysts on average, had expected the company to earn 61
cents a share, excluding exceptional items, on revenue of
$225.26 million, according to Reuters Estimates.



Read more at Reuters.com Market News

Amazon.com, Boeing, Chubb, Dade, Lennox, Xerox: U.S. Equity Movers Final

(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes in U.S. exchanges. Stock
symbols are in parentheses after company names. Share prices are
as of 4 p.m. in New York.

Aaron Rents Inc. (RNT US) fell the most since February 2001,
losing $3.17, or 12 percent, to $24.05. The office and
residential furniture-rental company cut its 2007 earnings
forecast to a range of $1.50 to $1.60 a share, the company said
in a press release distributed by PRNewswire after U.S. exchanges
closed yesterday. Analysts expect $1.62 a share, according to the
average estimate in a Bloomberg survey.


Read more at Bloomberg Stocks News

Express Scripts profit rises

(Reuters) - Excluding items, earnings were 56 cents per share.







Read more at Reuters.com Market News

Dollar Rises Against Euro as Charts Suggest Currency Is Declining Too Fast

(Bloomberg) -- The dollar rose against the euro as
charts some investors use to predict currency moves suggested
its decline to a record was too rapid.

The U.S. currency gained against all but three of its most
actively traded counterparts as average profit growth for the
second quarter among U.S. firms in the Standard & Poor's 500
Index has so far exceeded analysts' forecasts. The dollar has
fallen 1.2 percent against the euro so far this month on
speculation housing weakness may slow economic growth.


Read more at Bloomberg Currencies News

WRAPUP 5-US stocks mixed amid financing concerns, oil soars

(Reuters) - Shares of aircraft maker Boeing jumped to a record as the
stock led advances on the Dow Jones industrial average, while
Internet retailer Amazon.com shares soared more than 24 percent
to a 7-1/2-year high on Nasdaq.




U.S. stocks erased most of their early gains after news
that Chrysler had postponed a $12 billion auto loan deal.
Chrysler is raising cash to help fund a buyout by Cerberus
Capital Management. For details, see [ID:nN25373257]


Read more at Reuters.com Bonds News

Aaron Rents, Boeing, Ladish, National Oilwell, Xerox: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 2:40 p.m. in New York.

Aaron Rents Inc. (RNT US) fell $2.93, or 11 percent, to
$24.29. The office and residential furniture-rental company cut
its 2007 earnings forecast to a range of $1.50 to $1.60 a share,
the company said in a press release distributed by PRNewswire
after U.S. exchanges closed yesterday. Analysts expect $1.62 a
share, according to the average estimate in a Bloomberg survey.


Read more at Bloomberg Stocks News

Cotton Declines as Corn Slide May Deter U.S. Farmers From Switching Acres

(Bloomberg) -- Cotton fell in New York on
speculation U.S. farmers are less likely to switch acres to
other crops after futures reached a three-year high and a rally
in corn prices lost steam.

Cotton on July 16 climbed to the highest price for a most-
active contract since March 2004 after U.S. farmers cut seeded
acres by 28 percent from last year to 11.06 million. Many
switched to more-profitable corn, which has fallen 27 percent in
Chicago since reaching a 10-year high in February.


Read more at Bloomberg Commodities News

UPDATE 1-Biotech crop sector sets standards, seeks to ease fears

(Reuters) - KANSAS CITY, Mo., July 25 - U.S. biotech crop
companies on Wednesday unveiled a plan for new industry
standards at a time when the sector faces unfavorable court
rulings and concerns that lax government oversight is allowing
contamination of crops used in food and animal feed.




Leaders of the Biotechnology Industry Organization
and executives with Monsanto Co. and DuPont Co. ,
two biotech crop giants, said they hoped the plan, which
includes third-party auditing, will help agricultural players
around the world feel confident that biotech crop development
is subject to stringent safety standards.


Read more at Reuters.com Government Filings News

TREASURIES-Bonds steady after auction, watch stocks

(Reuters) - The fall in equities on credit concerns, sparked by news
that Chrysler Corp. had postponed a $12 billion auto loan deal,
could see bonds attract a flight-to-quality bid, strategists
said.




"It came slightly cheaper than expectations.
Nothing substantial at all. There's some short-term weakness at
the front of the curve over the next 24 hours because we have
5-years on sale later this week," said Adam Brown, head U.S.
Treasury trading Barclays Capital in New York.


Read more at Reuters.com Bonds News

PepsiAmericas posts higher profit, shares rise

(Reuters) - Earnings rose 20 percent to 61 cents a share. Analysts on average were expecting a flat quarter at 50 cents a share, according to Reuters Estimates.




Total sales were up 12.6 percent at $1.20 billion, slightly ahead of analysts' average view of $1.17 billion.


Read more at Reuters.com Business News

U.S. Stocks Decline on Financing Concern; Citigroup, JPMorgan Shares Drop

(Bloomberg) -- Most U.S. stocks fell for a second
day after concern grew that financing for takeovers is drying
up and a drop in metals prices hurt earnings prospects for
miners.

Citigroup Inc. and JPMorgan Chase & Co. led declines in
the Standard & Poor's 500 Index after people with knowledge of
the deals said lenders couldn't find investors to fund the
buyouts of Alliance Boots Plc and Chrysler. Freeport-McMoRan
Copper & Gold Inc. posted its steepest decline in five months
after copper prices plunged.


Read more at Bloomberg Stocks News

Glaxo's $25 bln buyback softens Avandia blow

(Reuters) - By Ben Hirschler, European Pharmaceuticals Correspondent



LONDON, July 25 - GlaxoSmithKline more than doubled its share buyback programme to 12 billion pounds


Read more at Reuters.com Bonds News

Mexico's peso falls sharply on US economy concerns

(Reuters) - The peso was off 0.52 percent at 10.864 per
dollar, while the benchmark IPC stock index slipped 0.70
percent to 31,242 points.




U.S. existing-home sales fell more than expected in June,
bolstering worries about U.S. economic growth. The United
States buys nearly 90 percent of Mexican exports, and trouble
in the U.S. subprime mortgage sector has weighed on equities in
both countries in recent weeks.


Read more at Reuters.com Bonds News

Brazilian Real Falls as Risk Aversion Mounts on Weakness in U.S. Housing

(Bloomberg) -- Brazil's real fell a second straight
day on concern that a housing slump in the U.S. is worsening,
boosting aversion to riskier emerging-market assets.

A decline in sales of existing homes in the U.S. last month
may fuel speculation the world's largest economy will slow,
sapping demand for basic materials such as iron ore and steel.
The Brazilian currency has gained 14.2 percent this year amid
demand for such commodities and for local financial securities.


Read more at Bloomberg Currencies News

Compass, being bought by BBVA, says profit falls

(Reuters) - Revenue fell 1 percent to $466.3 million, as net interest
income declined 3 percent while noninterest income rose 4
percent. Compass set aside $38.3 million for loan losses, up 40
percent from a year earlier.




Adding Compass will give BBVA, Spain's second-largest bank,
415 new U.S. branches, tripling its U.S. branch base. Many of
Compass' branches are in fast-growing southern states with
large Spanish-speaking populations. The transaction is expected
to close later this year.


Read more at Reuters.com Market News

Copper Futures Fall Most in Four Weeks in New York on U.S. Housing Slump

(Bloomberg) -- Copper fell the most in four weeks
in New York as a slowdown in homebuilding damps demand in the
U.S., the world's second-largest consumer of the metal.

Home resales in the U.S. fell for a fourth straight month
in June, a sign that housing remained mired in the worst slump
in 16 years. Copper has fallen 12 percent since reaching a
record high in May 2006 as a decline in U.S. home construction
curbs use of the metal in pipes and wiring.


Read more at Bloomberg Commodities News

Anglo, BHP, Standard Bank pull S.Africa bourse down

(Reuters) - Anglo American led volatile South African shares lower on Wednesday as base metal prices slipped, and the market was further weakened by local interest rate hike concerns and a decline on Wall Street.

The Johannesburg Top-40 index of blue-chip stocks fell 1.77 percent at 26,331.06 points. The broader All-share index dropped 1.64 percent to 29,105.27 points.


Read more at Reuters Africa

Wall Street Analysts Failed to Foresee 28% Rally in Shares of Amazon.com

(Bloomberg) -- Amazon.com Inc.'s second-quarter
profit surprised Wall Street analysts, prompting at least six to
raise their rating on shares of the biggest online retailer.

Shares of Amazon, which climbed as much as 28 percent today,
have more than doubled over the past year. Just eight of the 25
analysts who cover Amazon recommend that investors buy the stock,
according to Bloomberg data.


Read more at Bloomberg Stocks News

Siemens says Continental paid best price for VDO

(Reuters) - U.S. car-parts maker TRW , which is majority owned by
Blackstone , had also been interested in buying the
business.




Earlier, Siemens announced it would sell VDO to Continental
for 11.4 billion euros .


Read more at Reuters.com Mergers News

Morgan Stanley moves reveal Europe focus

(Reuters) - By Joseph A. Giannone



NEW YORK, July 25 - Morgan Stanley , the investment banking giant based in New York, is placing more of its chips on Europe.


Read more at Reuters.com Mergers News

Colgate quarterly profit rises; forecast unchanged

(Reuters) - CHICAGO, July 25 - Colgate-Palmolive Co. posted a better-than-expected rise in quarterly profit on Wednesday, driven by improvements from its ongoing restructuring plan and strong sales growth.



The company, known for its namesake toothpaste, also said it still expects double-digit percentage growth in earnings per share this year.


Read more at Reuters.com Market News

Genzyme 2nd-qtr profit rises; raises 2007 outlook

(Reuters) - BOSTON, July 25 - Genzyme Corp. said on Wednesday that second-quarter earnings rose on higher sales of its drugs for rare and chronic diseases, prompting the biotechnology company to increase its 2007 forecast for the second time this year.



Genzyme's shares rose more than 3 percent in early trading.


Read more at Reuters.com Market News

TREASURIES-Bonds retreat amid stock market rebound

(Reuters) - Benchmark bond yields had hit seven-week lows in offshore
trade but struggled since it became clear that Wall Street
would recoup losses suffered during Tuesday's steep fall.
Double click on [.N] for latest on stocks.




Although housing worries were the driver of Tuesday's stock
market selloff and bond rally, the Treasury market shrugged off
unexpectedly sharp fall in existing home sales during June.
Dealers said investors needed to see signs that the housing
bust was spreading to the broader economy.


Read more at Reuters.com Bonds News

UPDATE 1-Forrester names new CFO; reports Q2 revenue

(Reuters) - Doyle, currently CFO of EasyLink Services Corp. ,
will replace acting CFO George Colony, effective September 24,
the company said in a statement.




The company said it was unable to provide information on
its earnings due to an ongoing probe into options grants.


Read more at Reuters.com Government Filings News

Stocks up on Boeing, Amazon.com; housing eyed

(Reuters) - The drop followed news that DaimlerChrysler had postponed a $12 billion auto loan deal.




The Dow Jones industrial average was down 5.52 points, or 0.04 percent, at 13,711.43. The Standard & Poor's 500 Index was down 2.53 points, or 0.17 percent, at 1,508.51. The Nasdaq Composite Index was down 3.53 points, or 0.13 percent, at 2,636.33.


Read more at Reuters.com Hot Stocks News

UPDATE 1-RESEARCH ALERT-Friedman downgrades 3 mortgage insurers

(Reuters) - The brokerage also lowered its earnings outlook for the
group to reflect expectations for a longer-than-expected
downturn in the credit cycle and more severe losses.




On MGIC, Friedman said the company is likely to suffer from
higher losses in the near term. However, it should be
benefiting from some catalysts over the next few months,
including its slated sale of portions of C-BASS and Sherman
following the closing of the RDN transaction.


Read more at Reuters.com Bonds News

TREASURIES-Bonds still down after existing homes data

(Reuters) - The benchmark 10-year note's price traded down 5/32 for a
yield of 4.93 percent , versus 4.93 percent before
the report and compared with 4.91 percent late on Tuesday. Bond
yields and prices move inversely.




Read more at Reuters.com Bonds News

Continental CDS drop after VDO buy -traders

(Reuters) - "People now believe an LBO is far less likely," a trader
said.




Meanwhile, CDS on Siemens were 2 basis points tighter at 15
basis points, a second trader said.


Read more at Reuters.com Mergers News

Gold Declines in London as Central Banks May Increase Sales; Silver Falls

(Bloomberg) -- Gold fell in London on speculation
European central banks will increase sales of the precious
metal. Silver also dropped.

The European Central Bank said yesterday three members of
the Eurosystem of national banks sold 288 million euros ($397
million) of gold last week, equal to about 18 metric tons and up
from 88 million euros the week before. European central banks
may sell 157.6 tons in the next nine weeks, or an average of
about 18 tons a week, according to World Gold Council figures.


Read more at Bloomberg Commodities News

UPDATE 1-Corning says quarterly profit slips 5 pct

(Reuters) - Second-quarter net income fell to $489 million, or 30 cents
a share, from $514 million, or 32 cents per share a year
earlier. Excluding special charges, Corning, the largest maker
of glass for liquid crystal display televisions, reported
earnings of 34 cents a share.




Analysts on average had forecast Corning to earn 32 cents a
share, according to Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 1-Sealed Air 2nd-quarter profit rises

(Reuters) - Net income rose to $73.9 million, or 40 cents a share,
compared with a year-ago profit of $57.8 million, or 31 cents
per share.




Excluding items, the company's quarterly earnings rose to
41 cents a share, from 35 cents a share, in the year-ago
period.


Read more at Reuters.com Market News

Xerox posts higher quarterly net, lifts outlook

(Reuters) - Xerox, the world's biggest supplier of office printers, copiers and related services, reported second-quarter net income of $266 million, or 28 cents a share, up from $260 million, or 25 cents a share, a year earlier.




Analysts were expecting a profit of 27 cents a share, according to Reuters Estimates.


Read more at Reuters.com Market News

Corporate Bond Risk Decreases as Investors Reduce Bets on Subprime Rout

(Bloomberg) -- The risk of owning corporate bonds
fell in Europe and the U.S. as investors pared bets that credit
quality will deteriorate further because of the subprime
mortgage rout, according to traders of credit-default swaps.

Contracts on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies dropped 13,000 euros to 354,000 euros in London,
according to Deutsche Bank AG. The index was at 180,000 euros at
the start of June. The CDX North America Investment Grade Index
dropped $1,250 to $53,750 in New York, Deutsche Bank said.


Read more at Bloomberg Bonds News

Zimbabwe imports 200,000 tonnes of Tanzania maize

(Reuters) - Zimbabwe is importing 200,000 tonnes of maize from Tanzania as it battles food shortages which critics largely blame on President Robert Mugabe's policies, state television said on Wednesday.

Critics say Mugabe plunged the southern African state into economic crisis by seizing productive white-owned commercial farms and giving them to inexperienced black farmers who have left the country needing to import food since 2000.


Read more at Reuters Africa