Asian Stocks Rise; Investors Shrug Off China Slump on U.S. Growth Outlook

(Bloomberg) -- Asian stocks rose to a record, led by
BHP Billiton Ltd. and Sony Corp., after the U.S. Federal Reserve's
prediction that growth will pick up in the world's biggest economy
helped investors shrug off a tumble in Chinese shares.

``The U.S. economy is posing less of a risk to markets than
before,'' said Kim Woo Sik, who manages $210 million at SH Asset
Management Co. in Seoul. ``China's fall wasn't because of
fundamental problems with its economy, so the impact is pretty
much contained within its borders.''


Read more at Bloomberg Stocks News

Stocks rally looks like it's got legs

(Reuters) - The week starts with a report on April U.S. factory orders on Monday. The consensus estimate is for an increase of 0.7 percent, which would be well off the March pace of 3.1 percent. The March increase was the biggest in a year and sharply exceeded expectations.




Tuesday brings a report from the Institute for Supply Management on May activity in the service sector of the economy. The median forecast calls for the services index to decline to 55.3 in May from 56.0 in April.


Read more at Reuters.com Business News

Shareholder urges Dow Jones to seek other buyer

(Reuters) - "The best guarantee of the future editorial independence and unbiased news objectivity of Dow Jones and The Wall Street Journal is an owner who respects their brand name and integrity," Ottaway wrote.




Read more at Reuters.com Mergers News

U.S. Stocks Rise, S&P 500 Hits Record; Wal-Mart, Dow Jones Shares Advance

(Bloomberg) -- U.S. stocks advanced on government
reports that showed an improving economic outlook, crowning the
week with America's equity benchmarks at record levels.

Indexes of commodities, energy, consumer and industrial
shares touched all-time highs after companies hired at almost
twice the pace in May and inflation climbed less than economists
forecast. Wal-Mart Stores Inc., the world's biggest retailer,
rose the most in seven months after saying it will buy back as
much as $15 billion in stock. Dow Jones & Co. shares climbed to
a six-year high on speculation Rupert Murdoch may raise his
takeover bid.


Read more at Bloomberg Stocks News

GLOBAL MARKETS-Stocks set fresh highs on strong US economic data

(Reuters) - NEW YORK, June 1 - U.S. stocks surged to fresh
highs on Friday after a new round of economic data buoyed
investor optimism and lifted the dollar to a seven-week high
against the euro.




In Europe, leading British shares hit their highest close
since September 2000 and a pan-European stock index closed at
its highest level since November 2000 on the strong U.S. jobs
and manufacturing data.


Read more at Reuters.com Bonds News

Wheat Futures Rise to 6-Week High in Kansas City After Rain Delays Harvest

(Bloomberg) -- Wheat futures in Kansas City closed at
a six-week high as rains in the southern Great Plains delay the
harvest and damage the U.S. winter crop.

A storm may drop 1.5 inches (3.8 centimeters) of rain in
parts of Kansas and Oklahoma where four times the normal amount
of precipitation has fallen in the past 30 days, according to
National Weather Service data. Wet weather may cause fungal
diseases such as leaf rust, which cuts yields and grain quality.


Read more at Bloomberg Commodities News

Copper Has First Weekly Gain in a Month After Global Inventories Dwindle

(Bloomberg) -- Copper New York had the first weekly
gain in a month after inventories declined in China, the world's
biggest consumer of the metal.

Stockpiles in Shanghai dropped 3.8 percent this week to
95,254 metric tons, the second-straight decline. Inventories
monitored by the London Metal Exchange have tumbled to the
lowest since Oct. 27. Copper has rallied 18 percent this year on
declining supplies and Chinese demand.


Read more at Bloomberg Commodities News

Russia Postpones Decision on BP License for $18 Billion Siberian Gas Field

(Bloomberg) -- Russia delayed a decision on revoking
a license held by BP Plc's Russian unit to develop an
$18 billion Siberian gas field, indicating that negotiations may
be continuing with the Kremlin.

A Natural Resources Ministry commission postponed the
decision for two weeks because of the ``complexity of the
issue,'' Vladimir Bobylev, a spokesman for BP's venture, TNK-BP,
said by telephone from Moscow, where company officials attended
the commission's meeting today.


Read more at Bloomberg Emerging Markets News

Abbott seeks FDA OK of drug-eluting stent

(Reuters) - An Abbott spokeswomen said Xience, launched in Europe and Asia in October 2006, has captured a share of the market in the low double digits and expects to have market share in the mid-to-high 20 percent range by year end. She said Abbott is predicting similar success in the United States.




But the device will enter the U.S. market during tough times. Drug-coated, or drug-eluting, stents -- which have been very profitable for their manufacturers -- have been a source of controversy during the past year. While many doctors have turned to drug-eluting stents over bare metal stents because they tend to keep vessels clear whereas vessels with conventional bare metal stents often re-clog, the drug-eluting variety can carry a rare but potentially fatal risk for blood clots.


Read more at Reuters.com Business News

Wheat Rises to Three-Month High in Kansas City After Rain Delays Harvest

(Bloomberg) -- Wheat futures in Kansas City rose to
a three-month high as rains in the southern Great Plains delay
the harvest and damage the winter crop.

A storm is expected to drop 1.5 inches (3.8 centimeters) of
rain in parts of Kansas and Oklahoma, which already got as much
as four times the normal amount of precipitation in the past 30
days, according National Weather Service data. Wet weather may
cause fungal diseases such as leaf rust, which cuts yields and
grain quality.


Read more at Bloomberg Commodities News

CME says confident of DOJ approval for CBOT deal

(Reuters) - The U.S. agency is scrutinizing CME's plan to merge with
the parent of the Chicago Board of Trade, in what would create
the world's largest derivatives mart and one that controlled
more than 85 percent of U.S. futures and options-on-futures
volume.




Donohue said it appeared DOJ's deliberations on the
proposed deal were "very advanced."


Read more at Reuters.com Mergers News

TREASURIES-Bond prices down on strong jobs, Fed view

(Reuters) - NEW YORK, June 1 - U.S. government debt prices
slid on Friday, sending benchmark yields to 9-1/2-month highs,
after strong jobs and manufacturing reports all but obliterated
market expectations for a Federal Reserve interest rate cut
this year.




Apart from some weakness in a report on pending home sales,
personal spending, consumer sentiment and most other economic
data released Friday signaled that U.S. economic activity was
reaccelerating in the second quarter, analysts said.


Read more at Reuters.com Bonds News

UPDATE 1-Stelco latest Canadian steelmaker to consider sale

(Reuters) - Stelco, the last large Canadian-owned steelmaker, said it
is considering a merger, strategic partnerships, acquisitions
or a sale of all or part of the company.




"Discussions regarding these alternatives with third
parties are at a very preliminary stage and there have been no
discussions on the material terms of any transaction," the
company said in a statement.


Read more at Reuters.com Mergers News

Court says Internet phones must pay into fund

(Reuters) - The fund subsidizes phone service to rural and low-income areas as well as communications services and Internet access for schools, hospitals and libraries.




Vonage had appealed the decision, arguing that the FCC had exceeded its authority and made mistakes in determining how much the company should pay.


Read more at Reuters.com Government Filings News

Dollar Rises to Four-Month High Against Yen on Signs of Economic Strength

(Bloomberg) -- The dollar rose to a four-month high
versus the yen and strengthened against the euro on signs the
world's largest economy is gaining momentum.

The U.S. currency advanced on reports showing gains in
employment and manufacturing, which may reduce the likelihood of
a cut in borrowing costs by the Federal Reserve later this year.
The central bank said in minutes of its May 9 meeting released
this week that it still expects a pickup in the economy this
year and views inflation as its main concern.


Read more at Bloomberg Currencies News

Sugar Falls for Fourth Day as Brazil's Record Harvest to Swell Surplus

(Bloomberg) -- Sugar futures in New York fell
for a fourth-straight day on speculation a global surplus
will swell with a record crop from Brazil, the world's
largest producer.

Brazil said yesterday that its current sugarcane
harvest will rise 11 percent to 528 million metric tons.
Sugar output will increase 3.6 percent to 31.3 million
tons, the agricultural ministry said.


Read more at Bloomberg Commodities News

US RATE FUTURES-Back to day's lows on solid ISM

(Reuters) - The Institute for Supply Management said its factory index
rose in May to 55.0, above the consensus 54.0 and the highest
level since April 2006.




Read more at Reuters.com Bonds News

US April pending home sales index fell 3.2 pct

(Reuters) - Wall Street analysts polled ahead of the Realtor report
were expecting the April index to be 105.




Read more at Reuters.com Economic News

U.S. Stocks Rise as Hiring Tops Forecasts; Dell, Dow Jones Shares Advance

(Bloomberg) -- U.S. stocks gained after hiring rose
more than expected last month and Dell Inc.'s profit topped
analysts' estimates.

Dell rose to its highest in more than a year after the
second-largest personal computer maker said price increases
helped it boost sales. Dow Jones & Co., publisher of the Wall
Street Journal, surged to a six-year peak after the family that
controls the company said it will meet with Rupert Murdoch to
discuss his $5 billion bid.


Read more at Bloomberg Stocks News

ISE May volume up 14 pct on year to record

(Reuters) - ISE said its share of U.S. equity and index options volume
was 28.8 percent, down from 29.0 percent a year earlier.




Read more at Reuters.com Market News

Canadian Stocks May Rise on U.S. Jobs, Metals; Magna, Kinross May Advance

(Bloomberg) -- Canadian stocks may advance on signs of
a strengthening U.S. economy after a government report showed U.S.
employers boosted hiring in May. Climbing gold and silver prices
also may lift shares of material producers.

The U.S. Labor Department said companies in the U.S., Canada's
biggest trading partner, added 157,000 jobs, following an 80,000
gain in April. Magna International Inc., Canada's biggest car parts
maker, may gain C$3.29 to C$98.31, based on bids already submitted
to the stock exchange.


Read more at Bloomberg Stocks News

Canada dlr to hit parity with USD by end '07-CIBC

(Reuters) - "Between red-hot commodity and energy markets and huge
capital inflows associated with an avalanche of M&A deals, the
Canadian currency has plenty of octane left to take a concerted
run toward parity against the greenback," CIBC World Markets
chief economist Jeff Rubin, said in a statement.




Rubin also said he does not expect the Bank of Canada to
intervene with a rising Canadian dollar and that the central
bank would actually welcome a higher domestic currency.


Read more at Reuters.com Bonds News

Russia Postpones Decision on BP Siberian Gas Unit's License, Interfax Says

(Bloomberg) -- Russian officials postponed a
decision on whether to revoke the license held by BP Plc's
Russian venture to a Siberian field with enough natural gas to
supply Asia for five years, Interfax said.

A Natural Resources Ministry commission delayed making a
decision on the license for the Kovykta field in Siberia for two
weeks because of the ``complexity of the issue,'' Interfax cited
an unidentified person with knowledge of the decision as saying
in Moscow today.


Read more at Bloomberg Emerging Markets News

FACTBOX-Key facts about Russia's Kovykta gas field

(Reuters) -




- The field was discovered in 1987 and holds reserves of
around 2 trillion cubic metres of gas and more than 83 million
tons of gas condensate. It is situated 450 km from
Irkutsk in the northern part of the Irkutsk Region in East
Siberia.


Read more at Reuters.com Mergers News

Dell Shares Gain on Profit, Sales Report as Founder Displays `Magic' Touch

(Bloomberg) -- Dell Inc. shares surged after first-
quarter profit topped analysts' expectations, a sign founder
Michael Dell's return to the helm is making a difference at the
world's second-largest personal-computer maker.

The shares rose as much as 6.8 percent in German trading
from the close in the U.S. yesterday after the Round Rock, Texas-
based company said a 14 percent jump in average selling prices of
its products and lower part costs helped boost first-quarter
revenue and margins.


Read more at Bloomberg Stocks News

FTSE kicks off June on firm footing, US data eyed

(Reuters) - Britain's top share index gained ground in early trade on Friday, as Punch Taverns forged higher, but economic worries put a leash on sentiment ahead of a slew of key U.S. data and after Chinese stocks tumbled.

Topping the FTSE 100 gainers chart, Punch Taverns added 2.5 percent after Goldman Sachs raised its price target.


Read more at Reuters Africa

LME copper rises above $7,500/t on lower inventory

(Reuters) - Copper gained more than 2 percent and rose above the key $7,500 a tonne level on Friday, after stocks in Shanghai warehouses showed a drop, traders said.

By 0710 GMT copper for three-months delivery on the London Metal Exchange was at $7,480 a tonne, up $110 from Thursday and after rising as high as $7,528.75.


Read more at Reuters Africa

Emission Permits in Europe Jump After Bush Calls for Climate Change Target

(Bloomberg) -- European Union carbon-dioxide permits
jumped after President George W. Bush proposed a new round of
talks to set targets for cutting greenhouse gas emissions.

Emission permits for delivery next year rose 1.1 euros, or
5 percent, to 23.25 euros ($31.27) a metric ton, according to
prices from broker Spectron on Bloomberg.


Read more at Bloomberg Energy News