Yen Falls to Record Low Against Euro on Differing Interest Rate Outlook

(Bloomberg) -- The yen fell to a record low against
the euro on speculation rising interest rates will increase the
appeal of European assets to Japanese investors.

The yen fell to a record low of 167.06 per euro at 7:08 a.m.
in London from 166.77 late yesterday in New York. Against the
dollar, it traded at 122.58 from 122.42.


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Gold steady, Tokyo up but firmer yen caps gains

(Reuters) - Gold was steady on Tuesday after rising more than 1 percent the previous day on a weaker dollar and security concerns, while Tokyo futures rose to its highest in a week though a firmer yen curbed gains.

Trading was likely to be subdued ahead of the Independence Day holiday on Wednesday, when U.S. financial markets will be closed, players said.


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Japan Shares Gain, Led by Honda, on U.S. Manufacturing Report; Sony Drops

(Bloomberg) -- Japanese stocks advanced, paced by
automakers such as Honda Motor Co., after manufacturing in the
U.S. unexpectedly climbed to a 14-month high, boosting
confidence Japan's largest export market will weather a weak
housing market.

JFE Holdings Inc. led declines by steel companies on
concern higher costs and overproduction will erode profits. The
Bank of Japan's quarterly Tankan survey that was released
yesterday showed sentiment among steelmakers slid to 38 points
from 46 at the last survey.


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UPDATE 1-India's Patni says buys Europe's Logan-Orviss

(Reuters) - The deal included an upfront cash payment upon completion,
along with performance-linked incentive payments on achieving
financial targets spread over three years, Patni said in a
statement but gave no details.




Patni said the acquisition of Logan-Orviss, which reported
revenues of 11.8 million euros in 2006, would
strengthen Patni's presence in media and communications
business.


Read more at Reuters.com Mergers News

Gold Little Changed in Asia After Gaining on Dollar's Decline Against Euro

(Bloomberg) -- Gold was little changed in Asia after
gaining on the dollar's decline to near a record low against the
euro. Silver was unchanged.

Gold usually moves in the opposite direction to the dollar
as the U.S. currency's fall makes dollar-priced gold cheaper to
investors with other currencies. The precious metal was also
supported yesterday by oil's rise to a 10-month high.


Read more at Bloomberg Commodities News

U.S. Factory Orders Probably Dropped for First Time in Four Months in May

(Bloomberg) -- Orders placed with American factories
fell for the first time in four months in May, led by a drop in
bookings for aircraft and machinery, economists said before a
government report today.

The Commerce Department will report bookings fell 1.2
percent after a 0.3 percent gain in April, according to the
median forecast in a Bloomberg survey of 67 economists. An
industry report on pending home sales may show a gain for the
first time in three months.


Read more at Bloomberg Currencies News

Federal Reserve Will `Panic,' Cut Interest Rate This Year, Marc Faber Says

(Bloomberg) -- The U.S. Federal Reserve ``will
panic'' and cut rates this year to bolster the economy as
subprime mortgage defaults climb, Marc Faber said.

``My concern is that in the second half of the year, unlike
everyone expects, the U.S. economy will not recover,'' Faber, an
investor who predicted the stock market crash in 1987, said in
an interview today in Hong Kong.


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