Richards Bay coal prices nudge $60 on tight supply

(Reuters) - Prices of South African coal loading within the next four months rose close to $60.00 a tonne FOB Richards Bay on Wednesday on expectations that tight Asian supply would force consumers to buy from the country, traders and producers said.

A November loading South African panamax cargo traded on Wednesday at $59.40 a tonne in the over-the-counter market.


Read more at Reuters Africa

European shares set to jump as global stocks bounce

(Reuters) - Soaring bond yields had raised concerns that higher borrowing costs would slow takeover activity and profit growth -- two engines of the market's spring rally.




Financial bookmakers expect UK's FTSE 100 index to gain 0.4 percent, Germany's DAX is seen up 0.8 percent and France's CAC is seen rising 0.7 percent.


Read more at Reuters.com Hot Stocks News

Indonesia to Seek Bids for 25,000 Tons of Sugar as Demand Exceeds Supply

(Bloomberg) -- Indonesia, the world's largest sugar
buyer, will seek bids on June 20 to buy 25,000 metric tons of
raw sugar from overseas as local demand exceeds output.

``We will seek from any country, but we prefer raw sugar
from Australia or Brazil,'' Adi Santoso, head of market analysis
at state-run PT Perkebunan Nusantara X, said in a telephone
interview from Surabaya, Indonesia's second-largest city.


Read more at Bloomberg Commodities News

Deutsche Beteiligungs, Fraport and Q-Cells: German Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in German markets.

Germany's X-DAX Index rose 0.6 percent. The index provides
an estimate of the DAX Index, based on trading in DAX futures
after the Xetra electronic market closes. The DAX advanced 2.5
points to 7680.76 on the Xetra electronic-trading system.


Read more at Bloomberg Stocks News

U.K. House Prices Increase at Their Slowest Pace For a Year, RICS Reports

(Bloomberg) -- U.K. house prices rose at the slowest
pace in a year in May, a sign higher interest rates may be
starting to cool Britain's property boom, the Royal Institution of
Chartered Surveyors said.

The number of real-estate agents and surveyors reporting
higher home values in England and Wales outnumbered those showing
declines by 23.9 percentage points in the quarter through May, the
least since April 2006, the organization said. In London, the
balance fell to a three-month low.


Read more at Bloomberg Bonds News

WHO says studying bird flu vaccine insurance policy

(Reuters) - WHO Director-General Dr. Margaret Chan said the
organization had been given more preparation time than it could
have hoped for ahead of an influenza pandemic.




Chan said the WHO was using that time to study various
financing options to allow poor developing nations to receive
vaccines and prevent a pandemic catastrophe that could kill
millions of people.


Read more at Reuters.com Government Filings News

China's Industrial Production Surges, Highlighting Failure to Cool Economy

(Bloomberg) -- China's industrial production grew
at the fastest pace in three months, underscoring the
government's failure to cool the economy.

Output rose 18.1 percent in May from a year earlier, the
National Bureau of Statistics said today, after gaining 17.4
percent in April. That compared with the 17 percent median
estimate of 19 economists surveyed by Bloomberg News.


Read more at Bloomberg Emerging Markets News

Citigroup Raises 270 Billion Yen in Biggest Bond Sale by Foreign Company

(Bloomberg) -- Citigroup Inc., which bought a
controlling stake in Japan's third-largest broker this year,
raised 270 billion yen ($2.2 billion) in the biggest bond sale by
a foreign company in Japan.

The world's largest financial firm sold bonds that pay fixed
interest maturing in three, five, seven and 10 years, according
to Nikko Citigroup Ltd., which handled the sale. The bank also
sold floating-rate bonds that mature in three and five years.


Read more at Bloomberg Bonds News

London Luxury-Home Price Gains May Slow to 20 Percent, Knight Frank Says

(Bloomberg) -- Luxury home prices in London, the
world's most expensive city, may increase at a slower pace this
year as more properties come onto a market with fewer buyers,
real estate broker Knight Frank LLC said.

The average price of London's costliest houses and
apartments probably will climb about 20 percent this year after
an almost 29 percent gain in 2006, Knight Frank estimates. That
would be the smallest gain since the 8.2 percent advance in 2005.


Read more at Bloomberg Bonds News

Tokyo stocks to move higher on Wall Street, softer yen

(Reuters) - "The softer yen will surely help, but investors are unlikely to keep buying today as U.S. stocks could be still volatile depending on bond yield moves," he said.




"Investors are also paying attention to the BOJ governor's speech tomorrow for signs of when the central bank will raise interest rates, though it is highly unlikely it will this time."


Read more at Reuters.com Hot Stocks News

JPMorgan to build bank tower at WTC site: source

(Reuters) - New York State Governor Eliot Spitzer alerted reporters in an advisory that he was holding a news conference on Thursday about a "major economic development announcement."




JPMorgan declined to comment on the agreement to build the tower, initially reported by the Wall Street Journal on its Web site. Officials from Spitzer's offices and the Port Authority could not immediately be reached for comment.


Read more at Reuters.com Bonds News

BHP, Coles, Rio Tinto, Woodside Petroleum: Australian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may rise or fall in Australia. This preview includes
news announced after markets closed yesterday. Prices are from
yesterday's close unless otherwise stated. Stock symbols are in
brackets after the company names.

The S&P/ASX 200 Index futures contract due in June rose 1
percent to 6251 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index added 1.5 percent in New York.


Read more at Bloomberg Stocks News

EL Paso Corp sells $1.275 million in 2 part - source

(Reuters) - Deutsche Bank Securities, Citigroup Global Markets, Morgan
Stanley and RBS Greenwich Capital were the joint lead managers
of the sale.




Read more at Reuters.com Bonds News

SS&C Technologies files for up to $200 mln IPO

(Reuters) - SS&C plans to list its shares on Nasdaq under the symbol
"SSNC" .




Read more at Reuters.com Government Filings News

Beverly Hills Bancorp explores possible sale

(Reuters) - Beverly Hills said on May 9 that first-quarter profit rose
6 percent to $2.64 million, or 14 cents per share, although net
interest margin plummeted to 2.01 percent from 2.70 percent.
Many lenders have struggled with narrowed margins as long- and
short-term interest rates converged. The company ended March
with $1.64 billion of assets.




Beverly Hills shares closed up 1 cent at $7.39 on the
Nasdaq on Monday. They have fallen 10.9 percent this year.


Read more at Reuters.com Government Filings News

WRAPUP 2-Canada mulls why C$ so strong, set to raise rates

(Reuters) - Speaking in the Atlantic province of Newfoundland and
Labrador, Bank of Canada Governor David Dodge admitted the
Canadian dollar had risen further and faster than the central
bank had expected.




But he said inflationary risks were rising too, pushing
inflation above the bank's 2 percent target, and the economy
was growing a full percentage point faster than the central
bank expected.


Read more at Reuters.com Bonds News

U.S. Stocks Surge After Jump in Retail Sales, Bond Rally; Freeport Gains

(Bloomberg) -- U.S. stocks surged, pushing the Dow
Jones Industrial Average to its biggest gain in almost 11
months, after the bond market rallied and a government report on
retail sales exceeded economists' estimates.

Freeport-McMoRan Copper & Gold Inc., the biggest copper
producer, climbed to a record $81.75, enabling the Standard &
Poor's 500 Materials Index to post the steepest advance since
July. Wal-Mart Stores Inc. and Home Depot Inc. helped push the
Dow average to an increase of 1.4 percent, or 187 points.


Read more at Bloomberg Stocks News

Suddenly 30-year fixed mortgages look good -report

(Reuters) - Thirty-year fixed-rate mortgages provide certainty and
security, features that had been of little concern to many
home buyers and owners who tapped initially less expensive
adjustable-rate mortgages during the housing boom of recent
years to buy houses and refinance mortgages.




Now with the housing market in an extended slowdown, in
part because so many adjustable-rate mortgages are in default
as "teaser" interest rates have lapsed and monthly payments
have soared, home buyers and owners are taking a second look
at long-term, fixed-rate debt and are liking what they see,
according to Wharton School Professor Susan Wachter's U.S.
Mortgage Payment Index.


Read more at Reuters.com Bonds News

US STOCKS-Stocks extend gains on lower bond yields, Fed data

(Reuters) - NEW YORK, June 13 - U.S. stocks rose on
Wednesday after a pullback in benchmark bond yields and signs
of strength in the economy triggered a rebound in
interest-rate-sensitive shares, including banks, utilities and
home builders.




Stocks extended their gains, with the Dow up more than 100
points while the S&P 500 and the Nasdaq hit session highs
after the Federal Reserve said that overall wage pressures had
not increased and that economic activity had expanded through
May. The S&P utilities index gained 1.8 percent.


Read more at Reuters.com Bonds News

UPDATE 1-Weatherford International launches $1.5 bln debt

(Reuters) - The offering was increased in size from an initially
planned $1.0 billion, the source added.




The debt will be sold in the Rule 144a private placement
market.


Read more at Reuters.com Bonds News

Lundin reviews Rio Narcea bid in "frothy" market

(Reuters) - Lundin is offering C$5 a share and C$1.04 for each warrant
of Rio Narcea, whose shares traded at C$5.21 on the Toronto
Stock Exchange on Wednesday.




"We're in the process of re-considering and we've extended
out our offer until the 29th of June, which will give us
adequate time to reassess our position," Lundin vice-chairman
Colin Benner told a mining conference in Toronto.


Read more at Reuters.com Mergers News

Fed's Beige Book-economy expanded through May

(Reuters) - The Fed said overall wage pressures had not increased, but added that there were "significant" price increases for energy-related products.




However, districts generally did not indicate an increase in overall price pressures, the U.S. central bank said.


Read more at Reuters.com Bonds News

U.S. Stocks Gain as Treasury Bonds Erase Losses; Target, Exxon Advance

(Bloomberg) -- U.S. stocks gained after retail
sales jumped more than forecast and bond prices rose.

Target Corp., the second-biggest discount chain, and Home
Depot Inc., the largest home-improvement retailer, climbed.
Energy producers led by Exxon Mobil Corp. and ConocoPhillips
contributed the most to the increase in the Standard & Poor's
500 Index after oil prices advanced.


Read more at Bloomberg Stocks News

Fed's Fisher does not address policy, economy

(Reuters) - "Education pays off. There's an irrefutable link between
education and income," Fisher said. "The brain is to the
Knowledge Age what the motor was to the Industrial Age."




Read more at Reuters.com Bonds News

UPDATE 1-M.Stanley eyes growth in France, hotels business

(Reuters) - Morgan Stanley director Charlotte Kalaidjian said the bank
aimed to raise the total assets under management it has in
France to up to 9 billion euros from 2.7 billion
at present.




"We are targeting between 7.7 to 9 billion euros of assets
under management over the next three years. Alternative
investment products will be our main drivers of growth in
France," she told Reuters.


Read more at Reuters.com Mergers News

Alcan says considering all options to Alcoa bid

(Reuters) - Michaud spoke after a press conference in Paris, during which Christel Bories, president and chief executive of Alcan's Engineered Products Group, was quoted by news agencies as saying a counteroffer for Alcoa or tie-up with a big international miner were among credible options.




Alcan has rejected Alcoa's May 7 cash and stock offer, which, based on Alcoa's share price on Wednesday, was worth $75.02 a share. Alcan says Alcoa's bid does not reflect the value of Canadian company's assets, technology and growth prospects.


Read more at Reuters.com Business News

TREASURIES-Bonds rise but yields still near 5-year high

(Reuters) - NEW YORK, June 13 - U.S. Treasury debt prices
rose on Wednesday on short covering, but benchmark yields
stayed near five-year highs as strong economic data raised the
prospect that the Federal Reserve may increase interest rates.




Short-sellers, who bet on falling prices, bought back bonds
and took profits after strong data on consumer spending failed
to push up yields to new multiyear highs, analysts said.


Read more at Reuters.com Bonds News

REFILE-UPDATE1-Biovest: Panel sees no safety concerns on vaccine

(Reuters) - June 13 - Biovest International Inc. , a
majority unit of Accentia Biopharmaceuticals Inc. ,
said an independent panel reviewing its late-stage anti-cancer
vaccine trial found that there were no identifiable safety
concerns related to the therapy.




The Independent Data Monitoring Committee has requested an
interim analysis of all primary and secondary goals of
BiovaxID, the company said in a statement.


Read more at Reuters.com Government Filings News

Platinum, Palladium Decline in New York on Dollar's Rally, Interest Rates

(Bloomberg) -- Platinum fell the most in three
weeks in New York as the dollar strengthened, reducing the
appeal of metals as alternative investments to stocks and bonds.
Palladium also dropped.

The dollar rose for the sixth straight day against the euro
and gained versus the yen after a government report showed U.S.
retail sales increased more than economists had forecast.
Precious metals are traded in dollars and often move in the
opposite direction of the U.S. currency.


Read more at Bloomberg Commodities News

US STOCKS-Futures point up on data, slip in yields

(Reuters) - NEW YORK, June 13 - U.S. stock futures indicated
a higher open on Wednesday as data pointing to strength in
consumer spending boosted optimism about profit growth and as
bond yields backed down from five-year highs.




Even so trading could be volatile, with investors keeping a
close eye on the bond market, where a recent sell-off has
raised concerns about higher benchmark U.S. interest rates.


Read more at Reuters.com Bonds News

US STOCKS-Indexes rise on yield pullback, profit hopes

(Reuters) - NEW YORK, June 13 - U.S. stocks rose on Wednesday
as yields on benchmark bonds retreated from five-year highs and
fresh data pointing to strength in consumer spending boosted
optimism about profits.




Investors snapped up shares in interest-rate-sensitive
issues including utilities and homebuilders that had led
Tuesday's market drop as a surge in bond yields fueled concerns
about the effect of higher interest on economic growth.


Read more at Reuters.com Bonds News

Blockbuster, Lawson, Sapient, United Community Banks: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 9:30 a.m. New York time.

A. Schulman Inc. (SHLM US) fell $2.60, or 11 percent, to
$21.36. The maker of plastics used in steering wheels cut its
2007 forecast, citing unexpected weakness in Europe and North
America. Profit this year will be $17 million to $23 million,
lower than an earlier estimate of as much as $30 million.


Read more at Bloomberg Stocks News

Fresh Del Monte confirms immigration visit at Portland facility

(Reuters) - It will continue to cooperate with ICE in its
investigation, the seller of fresh and prepared fruits and
vegetables said in a statement.





Read more at Reuters.com Government Filings News

UPDATE 1-Canada April factory shipments retreat from high

(Reuters) - Analysts had forecast a 0.2 percent gain in April. Statscan
revised the March increase to 3.0 percent from 2.8 percent.




Motor vehicle shipments plunged 11.1 percent, more than
canceling out the gains of the previous month, while the
aerospace industry fell 6.4 percent. Beyond the transportation
industry, shipment values were mostly up, led by primary metals
products on strong demand from Asia. Excluding autos, shipments
rose 1 percent in April.


Read more at Reuters.com Economic News

TREASURIES-Bonds fall after U.S. retail sales, import prices

(Reuters) - The benchmark 10-year note's price fell 5/32 for a yield of
5.32 percent , versus 5.28 percent before the data
and compared with 5.29 percent late on Tuesday. Bond yields and
prices move inversely.




Read more at Reuters.com Bonds News

U.S. Stock Futures Gain as Treasuries Erase Losses; Merrill Shares Advance

(Bloomberg) -- U.S. stock-index futures gained
after Treasury bonds erased losses following a decline that
earlier pushed yields on 10-year notes to the highest in more
than five years.

Merrill Lynch & Co., the world's biggest brokerage, and
Wachovia Corp., the fourth-biggest U.S. bank, advanced in
trading in Europe.


Read more at Bloomberg Stocks News

US STOCKS-Futures rise as yields ease; data on tap

(Reuters) - NEW YORK, June 13 - U.S. stock futures rose on
Wednesday as bond yields retreated ahead of fresh economic data
seen likely to shed light on the outlook for interest rates.




The yield on the benchmark 10-year Treasury note
backed off to 5.29 percent from 5.31 percent seen
earlier as yields rose to five-year peaks.


Read more at Reuters.com Bonds News

Nickel Trades Near Lowest in Three Months as Use Slows; Copper, Zinc Fall

(Bloomberg) -- Nickel traded close to a three
month-low low in London on speculation swelling stockpiles are a
signal demand from stainless-steel producers is slowing. Copper
and zinc also dropped.

Inventories of nickel tracked by the London Metal Exchange
have risen 36 percent this year to an 11-month high. Stainless
steelmakers consume two-thirds of the world's nickel. Outokumpu
Oyj, the world's third-largest producer, is cutting output
because of slowing demand for the alloy.


Read more at Bloomberg Commodities News

Spectra Energy sees IPO of 10 mln common units at $19-$21/unit

(Reuters) - Spectra Energy Partners said the common units have been
approved for listing on the New York Stock Exchange under the
symbol "SEP."





Read more at Reuters.com Bonds News

Algoma Steel Will Sell $450 Million of Notes: U.S. Corporate Bond Alert

(Bloomberg) -- Algoma Steel Inc., a Canadian maker
of hot-rolled steel sheets, plans to sell $450 million of senior
notes to finance the company's takeover by India's Essar Steel
Ltd., Standard & Poor's Leveraged Commentary & Data said.

Algoma and SLM Corp. are among borrowers seeking to raise
at least $36.6 billion of bonds in the U.S., according to data
compiled by Bloomberg.


Read more at Bloomberg Bonds News

European shares retreat on global rate concerns

(Reuters) - European stocks fell on Wednesday, mirroring losses in U.S. and Asian markets as government bond yields hovered near five-year highs and stoked worries of higher borrowing costs.

Financials including ING and Allianz were among the biggest negative weights in the FTSEurofirst 300 index. Among gainers, British bank Alliance & Leicester added 1.5 percent after it issued an upbeat trading update.


Read more at Reuters Africa

REFILE-ING holding in ABN drops to 3.7 pct

(Reuters) - ING, along with UBS , are among the largest
shareholders in ABN, which is facing competing takeover
proposals from Barclays and a consortium led by Royal
Bank of Scotland .




Much of ING's holdings in ABN are shares that it holds on
behalf of clients, although ING legally owns the shares and can
vote with them.


Read more at Reuters.com Mergers News

European Stocks Fall on Bond Yields; Allianz, British Energy Decline

(Bloomberg) -- European stocks dropped for a second
day on concern rising bond yields will undermine profit growth
and erode demand for equities.

Allianz SE and British Energy Group Plc led declines by
insurers and utilities, among the most sensitive to higher
interest rates. Construction shares fell to the lowest in six
weeks, paced by Bouygues SA and Skanska AB, on speculation
refinancing costs for projects might rise.


Read more at Bloomberg Stocks News

Dollar at 4-1/2 year peak vs yen as U.S. yields rise

(Reuters) - Investors were braced for U.S. retail sales data, the Federal Reserve Beige Book and speeches from Fed officials as markets have dropped expectations of lower U.S. interest rates later this year.




"Now people are focusing on home-grown issues in the U.S., including the mispricing of the Fed cycle -- rate cut are now fully taken out and markets are focusing on tightening next year," said Chris Turner, head of FX strategy at ING.


Read more at Reuters.com Hot Stocks News

U.K.'s FTSE Index Slides, Led by Anglo American; Xstrata Gains on Upgrade

(Bloomberg) -- U.K. stocks fell, led by Anglo
American Plc, the world's second-largest mining company.

BT Group Plc advanced after a brokerage recommendation.


Read more at Bloomberg Stocks News

France's Consumer Prices Increase at an Annual Rate of 1.2 Percent in May

(Bloomberg) -- French annual inflation slowed to
1.2 percent in May, equaling the lowest since November 1999.

Consumer prices rose by 1.2 percent from a year earlier,
down from 1.5 percent the previous month, based on European
Union-harmonized methods, Insee, the national statistics bureau,
reported today in Paris. From a month earlier, prices rose by
0.3 percent, down from 0.5 percent in April.


Read more at Bloomberg Bonds News

Pakistan cement makers seek more S.Africa coal

(Reuters) - Pakistani cement makers say they expect to increase sharply their imports of South African coal during the financial year beginning July because of the shortage of Indonesian material.

The rise in demand is expected to boost already strong prices for South African coal because supply is limited for the rest of this year, producers and traders said.


Read more at Reuters Africa