U.K. Stocks Retreat, Paced by Antofagasta, BHP; Marks & Spencer Rallies

(Bloomberg) -- U.K. stocks fell, paced by
Antofagasta Plc, Xstrata Plc and BHP Billiton Ltd. as copper
prices reversed earlier gains in Asia.

Marks & Spencer Group Plc limited declines after the company
beat analysts' estimates. Next Plc also advanced. Unilever
climbed amid takeovers in the food industry. Wolseley Plc slipped
after U.S.-based Home Depot Inc. lowered its profit forecast.


Read more at Bloomberg Stocks News

European Government Bonds Gain on Signs German, French Growth Is Slowing

(Bloomberg) -- European government bonds advanced
for a second day as signs of slowing growth in the euro region's
two biggest economies prompted investors to pare bets the
European Central Bank will raise interest rates again this year.

Ten-year bonds rose, pushing yields down from near a five-
year high, as reports showed German wholesale prices grew at the
slowest pace for two years in June and French manufacturing
declined in May for the first time in six months. Bonds were also
buoyed by speculation yields already reflect the prospects of
further rate increases by the ECB.


Read more at Bloomberg Bonds News

Where's the recovery, Japan's small firms ask

(Reuters) - "I hear that Toyota's profits exceeded 2 trillion yen last
year. I wonder if we live in the same country," he said.




Japan's steady economic recovery over the past five years has
hardly helped small firms, which make up more than 99 percent of
its businesses. Their profit margins have been squeezed by rising
raw material costs and customers' requests for price cuts.


Read more at Reuters.com Economic News

China June trade surplus hits record $26.9 bln

(Reuters) - The result, which easily surpassed economists' expectations of a $24.0 billion gap, was much higher than the previous monthly record of $23.8 billion, set last October.




Economists said the surge was largely due to firms seeking to fill orders before July 1, when value-added tax rebates on a swathe of products were either reduced or scrapped.


Read more at Reuters.com Business News

Copper Falls, Reversing Earlier Gains as China Imports More Than Expected

(Bloomberg) -- Copper prices fell in Asia, reversing
earlier gains after China imported more than expected in June,
fueling concern that the world's biggest consumer of the metal
may take time to absorb the supply.

China's imports of copper and copper products rose 52.3
percent to 1.51 million metric tons in the first half of this
year, compared with a year earlier, the Beijing-based customs
office said today, citing preliminary data. June's imports were
212,471 tons, up from 172,794 tons a year ago.


Read more at Bloomberg Commodities News

EU Struggling to Find Candidate for Top IMF Post; Poland Nominates Belka

(Bloomberg) -- European finance ministers struggled
to find a candidate for the top post at the International
Monetary Fund, as Poland nominated a former prime minister and
Britain called for an ``open'' selection process.

Poland today put forward Marek Belka, 55, prime minister in
2004 and 2005. Belka became the second declared candidate after
former French Finance Minister Dominique Strauss-Kahn, who
picked up Luxembourg's and Belgium's backing yesterday.


Read more at Bloomberg Currencies News

UPDATE 1-Telefonica in 3 bln euro Vivo offer-FT

(Reuters) - Telefonica also does not rule out taking control of Telecom
Italia , Italy's largest telecoms company, the
newspaper reported.




Telefonica has told Portugal Telecom to respond to its offer
by August, Telefonica Chairman Cesar Alierta told the newspaper
in an interview.


Read more at Reuters.com Mergers News