(Bloomberg) -- The U.K. pound may gain on expectations a report today will show that retail sales rose for a third month in April, reinforcing the case for the Bank of England to keep raising interest rates this year.
The pound traded near a two-month low versus the euro and a four-week low against the dollar after inflation slowed last month and the BOE said in a quarterly report two days ago that the outlook for prices is ``unusually uncertain.'' The bank also said it expects ``upside risks'' to inflation.
Read more at Bloomberg Currencies News
Thursday, May 17, 2007
European Mining Stocks May Fall as Copper Drops; Cairn Energy May Rise
(Bloomberg) -- European mining stocks may decline after a retreat in metal prices sent shares of BHP Billiton Ltd. and Rio Tinto Group down in Australia.
Statoil ASA and Royal Dutch Shell Plc might climb after oil rallied yesterday. AstraZeneca may gain after its once-a-day version of its Seroquel anti-psychotic pill won U.S. approval. British Airways Plc may drop after the airline reported a loss.
Read more at Bloomberg Stocks News
Statoil ASA and Royal Dutch Shell Plc might climb after oil rallied yesterday. AstraZeneca may gain after its once-a-day version of its Seroquel anti-psychotic pill won U.S. approval. British Airways Plc may drop after the airline reported a loss.
Read more at Bloomberg Stocks News
Saudi Basic Will Purchase GE Plastics for About $11 Billion, People Say
(Bloomberg) -- Saudi Basic Industries Corp., the world's biggest chemical company by market value, will buy General Electric Co.'s plastics unit for about $11 billion, two people familiar with the process said.
The companies may announce an agreement for the sale as early as today, said one person. Both people requested anonymity because the decision isn't public yet. The price is higher than the $8 billion to $10 billion some investors had estimated.
Read more at Bloomberg Emerging Markets News
The companies may announce an agreement for the sale as early as today, said one person. Both people requested anonymity because the decision isn't public yet. The price is higher than the $8 billion to $10 billion some investors had estimated.
Read more at Bloomberg Emerging Markets News
Tokyo gold retreats after heavy fund sell-off
(Reuters) - Tokyo gold futures recoiled on Thursday after a steep fall in New York, where heavy liquidation by funds helped send gold futures to their lowest finish in two months.
Analysts said further fund selling was likely on any gains, curbing investor appetite in Tokyo. This could reverse a recent rise in open interest, a barometer of liquidity, that signalled a return by investors to the gold market.
Read more at Reuters Africa
Analysts said further fund selling was likely on any gains, curbing investor appetite in Tokyo. This could reverse a recent rise in open interest, a barometer of liquidity, that signalled a return by investors to the gold market.
Read more at Reuters Africa
Naspers says to list in London, leave Nasdaq
(Reuters) - Naspers, Africa's biggest media firm, plans to halt its secondary listing on New York's Nasdaq index and list in London instead due to high costs and stringent regulation in the United States, it said on Thursday.
Naspers, which has its main listing in Johannesburg, said it expected to list in London in the third quarter of 2007. It will convert its American Depositary Receipts (ADRs) so holders can trade them over the counter.
Read more at Reuters Africa
Naspers, which has its main listing in Johannesburg, said it expected to list in London in the third quarter of 2007. It will convert its American Depositary Receipts (ADRs) so holders can trade them over the counter.
Read more at Reuters Africa
Oil spurs FTSE higher, offsets uninspiring BT results
(Reuters) - Britain's FTSE 100 index rose on Thursday as gains in oil stocks, benefiting from rising crude prices, and in British Airways offset the effect of uninspiring results from BT Group.
Oil climbed towards $69 a barrel, supported by refinery closures that are cutting gasoline supplies in top consumer the United States just before the summer driving season.
Read more at Reuters Africa
Oil climbed towards $69 a barrel, supported by refinery closures that are cutting gasoline supplies in top consumer the United States just before the summer driving season.
Read more at Reuters Africa
Zambia's Konkola Copper to make up 4,000 T lost output
(Reuters) - Zambia's Konkola Copper Mines (KCM) will shore up production to recover the 4,000 tonnes of finished copper it lost in April after shutting down its Nkana smelter, a company official said on Thursday.
"The smelter has resumed full production on schedule and it is now operating at full capacity. We are going to speed up production until we eventually catch up later in the year," Sam Equamo, KCM's communications advisor, told Reuters.
Read more at Reuters Africa
"The smelter has resumed full production on schedule and it is now operating at full capacity. We are going to speed up production until we eventually catch up later in the year," Sam Equamo, KCM's communications advisor, told Reuters.
Read more at Reuters Africa
Rand softer as US data cheers dollar
(Reuters) - South Africa's rand weakened more than 1.3 percent against the dollar on Thursday as the greenback pushed higher in the wake of U.S. data which showed a surprisingly strong employment picture.
The rand was at 7.0480 versus the dollar at 1510 GMT after falling to 7.06/dollar earlier -- it's lowest trading level since May 11 and down from a New York close of 6.9675 on Wednesday.
Read more at Reuters Africa
The rand was at 7.0480 versus the dollar at 1510 GMT after falling to 7.06/dollar earlier -- it's lowest trading level since May 11 and down from a New York close of 6.9675 on Wednesday.
Read more at Reuters Africa
Japan's Government Bonds Fall on Concern Recent Yield Drop Was Excessive
(Bloomberg) -- Japan's government bonds fell on concern 10-year yields near the lowest in more than two weeks are unattractive given the outlook for higher interest rates.
Ten-year bonds ended two days of gains after Bank of Japan Governor Toshihiko Fukui yesterday said policy makers can raise borrowing costs as long as they are confident about the performance of the economy. Fukui's comments suggest the bank may raise rates as early as July, said Norihisa Takao, a fund manager at Daiwa Asset Management Co.
Read more at Bloomberg Bonds News
Ten-year bonds ended two days of gains after Bank of Japan Governor Toshihiko Fukui yesterday said policy makers can raise borrowing costs as long as they are confident about the performance of the economy. Fukui's comments suggest the bank may raise rates as early as July, said Norihisa Takao, a fund manager at Daiwa Asset Management Co.
Read more at Bloomberg Bonds News
New Zealand Dollar Poised for Fourth Weekly Drop as Yield Spread Shrinks
(Bloomberg) -- The New Zealand dollar headed for a fourth weekly decline as the yield advantage on the nation's debt over the U.S. shrank to near a one-month low.
The spread between New Zealand's two-year debt and similar- maturity U.S. Treasuries held near the lowest since April 13 as traders reduced bets for an interest-rate cut in the U.S. New Zealand's currency, or kiwi, has gained 17 percent over the past year, supported by borrowing costs that are 2.5 percentage points more than the 5.25 percent in the U.S.
Read more at Bloomberg Currencies News
The spread between New Zealand's two-year debt and similar- maturity U.S. Treasuries held near the lowest since April 13 as traders reduced bets for an interest-rate cut in the U.S. New Zealand's currency, or kiwi, has gained 17 percent over the past year, supported by borrowing costs that are 2.5 percentage points more than the 5.25 percent in the U.S.
Read more at Bloomberg Currencies News
Brazil's Real, Mexican and Argentine Peso: Latin American Currency Preview
(Bloomberg) -- The following events and economic reports may influence trading in Latin American currencies today. Exchange rates are from the previous session.
Argentine peso: Industrial production probably rose 7 percent in April from a year earlier, matching March's rate, according to the median forecast of seven economists in a Bloomberg survey.
Read more at Bloomberg Currencies News
Argentine peso: Industrial production probably rose 7 percent in April from a year earlier, matching March's rate, according to the median forecast of seven economists in a Bloomberg survey.
Read more at Bloomberg Currencies News
Deryng Elite Fund Stays With Value Stocks in Thailand, Worst Asian Market
(Bloomberg) -- Petri Deryng arrived in Thailand from his native Finland in 1998, less than a year after a 45 percent plunge in the Thai baht triggered a regional financial crisis and the worst recession in 30 years. He started buying stocks.
He set up PYN Fund Management Ltd. with about 200,000 euros ($272,000) in capital and focused on companies with relatively low share prices or relatively high dividends. Last year his Elite Fund returned 21 percent, compared with a 0.3 percent decline for the benchmark SET Index.
Read more at Bloomberg Exclusive News
He set up PYN Fund Management Ltd. with about 200,000 euros ($272,000) in capital and focused on companies with relatively low share prices or relatively high dividends. Last year his Elite Fund returned 21 percent, compared with a 0.3 percent decline for the benchmark SET Index.
Read more at Bloomberg Exclusive News
Acxiom Option Trading Surged in Advance of $2.24 Billion Silver Lake Deal
(Bloomberg) -- Trading in options to buy shares of Acxiom Corp. rose 10-fold in the week before yesterday's announcement that two buyout firms will acquire the provider of computer and database services for $2.24 billion.
The number of call options traded in Acxiom jumped to 1,400 on May 10, the most in any day since October and more than 10 times the average of 135 in the preceding 20 days. More than 1,300 contracts traded on May 14 and each of the next two days.
Read more at Bloomberg Exclusive News
The number of call options traded in Acxiom jumped to 1,400 on May 10, the most in any day since October and more than 10 times the average of 135 in the preceding 20 days. More than 1,300 contracts traded on May 14 and each of the next two days.
Read more at Bloomberg Exclusive News
Korea Western Power Buys 60,000 Metric Tons of Fuel Oil for June Delivery
(Bloomberg) -- Korea Western Power Co., one of the six generating units of Korea Electric Power Corp., bought 60,000 metric tons of medium-sulfur fuel oil in two lots for delivery in June.
Korea Western purchased the cargoes from SK Corp. and Hyundai Oilbank Co. Ltd., said a company official who asked not to be identified.
Read more at Bloomberg Energy News
Korea Western purchased the cargoes from SK Corp. and Hyundai Oilbank Co. Ltd., said a company official who asked not to be identified.
Read more at Bloomberg Energy News
Japan's Shares Slide, Led by Steelmakers on Forecasts; Credit Saison Falls
(Bloomberg) -- Japanese stocks slipped, led by steelmakers, after Tokyo Tekko Co. forecast a drop in net income in the current financial year.
Nippon Steel Corp., the world's No. 2 maker of the alloy, lost 3.1 percent and was the biggest contributor to a decline by the Topix index. Tokyo Tekko, a producer of steel bars, fell to the lowest since January 2006. Nippon Steel forecast on Apr. 27 net income will slip 0.3 percent this year.
Read more at Bloomberg Stocks News
Nippon Steel Corp., the world's No. 2 maker of the alloy, lost 3.1 percent and was the biggest contributor to a decline by the Topix index. Tokyo Tekko, a producer of steel bars, fell to the lowest since January 2006. Nippon Steel forecast on Apr. 27 net income will slip 0.3 percent this year.
Read more at Bloomberg Stocks News
Mexican Bolsa Index Gains on Signs of U.S. Growth: Latin American Equity
(Bloomberg) -- Mexico's Bolsa index rose to a record for a second day as signs of U.S. growth and improved prospects for manufacturing boosted shares.
The Bolsa advanced 137.12, or 0.5 percent, to 30,478.37. Brazil's Bovespa index of most-traded shares on the Sao Paulo exchange fell 106.09, or 0.2 percent, to 51,631.47.
Read more at Bloomberg Stocks News
The Bolsa advanced 137.12, or 0.5 percent, to 30,478.37. Brazil's Bovespa index of most-traded shares on the Sao Paulo exchange fell 106.09, or 0.2 percent, to 51,631.47.
Read more at Bloomberg Stocks News
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