Sowood Funds Lose More Than 50 Percent as Corporate Credit Bets Plunge

(Bloomberg) -- Sowood Capital Management LP lost 50
percent in July, or about $1.5 billion, the biggest hedge-fund
manager to collapse in the meltdown of the corporate bond and
loan markets.

Sowood sold most of its assets to Citadel Investment Group
LLC and will unwind its two funds, Jeff Larson, founder of the
Boston-based firm, told investors in a letter yesterday. Sowood
sought a buyer when it couldn't meet lenders' demands for more
collateral. Terms of the sale to the Chicago-based hedge-fund
manager weren't disclosed.


Read more at Bloomberg Bonds News

Global Equities Rout Is Opportunity to Buy South Korean Stocks, UBS Says

(Bloomberg) -- Investors should buy South Korean
shares after last week's $2.1 trillion global rout as the earnings
outlook at the nation's companies remains robust and as local
investors pour more funds into the stock market, UBS AG said.

The Kospi index rose to a record last week, closing above
2,000 for the first time. The benchmark, which has jumped 34
percent so far this year and is the region's fourth-best
performer, may reach 2,300 in the next 12 months, UBS estimated.


Read more at Bloomberg Stocks News

Alti, Alcatel-Lucent, Danone, Iliad, NRJ, Rhodia: French Equity Preview

(Bloomberg) -- The following stocks may rise or
fall on the Paris stock exchange. Symbols are in parentheses
after company names. Prices are from the last close.

The CAC 40 Index today added 2.4, or less than 0.1 percent,
to 5646.36. The broader SBF 120 Index also rose less than 0.1
percent.


Read more at Bloomberg Stocks News

U.K. Consumers Scrimp on Beer, Shoes as Higher Rates Spark Mortgage Crunch

(Bloomberg) -- Ben Craster says he'll be drinking
less beer this summer, and Christine Baines is cutting back on
clothes and cosmetics. They're among the millions of Britons
preparing for a mortgage crunch.

Craster, a London designer, and Baines, a company director
from Knutsford, England, will have to arrange new home loans as
fixed-rate discounts expire on mortgages they took out two years
ago. The Bank of England has raised borrowing costs five times
during the past year, increasing the average monthly mortgage
payment by about 100 pounds ($200), according to the Council of
Mortgage Lenders.


Read more at Bloomberg Bonds News

Calyon Hires Two Bankers to Expand Its Leveraged Finance Business in Japan

(Bloomberg) -- Calyon, the investment banking unit
of Credit Agricole SA, added two bankers to its leveraged finance
team in Japan to seek more assignments from buyout firms.

Shinichi Kato, 45, joined the French bank this month to
oversee leveraged lending in the world's second-biggest economy
from GE Commercial Finance, said Yuji Kasai, Calyon's head of
human resources in Tokyo. The bank also hired Akira Maruyama, 38,
from a buyout advisory unit of Mizuho Financial Group Inc.


Read more at Bloomberg Bonds News

South Korean July Export Growth Seen Accelerating; Prices Probably Climbed

(Bloomberg) -- South Korea's exports probably rose
at the fastest pace in almost three years in July, stoking
economic growth. Consumer prices likely increased from June.

Overseas shipments surged 21 percent from a year earlier,
according to the median estimate in a Bloomberg News survey of
11 economists. That would be the biggest gain since November
2004. Consumer prices advanced an unadjusted 0.3 percent from
the previous month, the survey showed. Trade will be released at
10 a.m. in Seoul on Aug. 1 and the prices report at 1:30 p.m.


Read more at Bloomberg Emerging Markets News

Sex offenders lurk on Facebook, Conn. official says

(Reuters) - Connecticut Attorney General Richard Blumenthal said in an
interview his office had learned of "at least three" convicted
sex offenders on Facebook's site and that may be the "tip of
the iceberg."




"These individuals are using their real names after
convictions for felony sexual offenses," Blumenthal told
Reuters. "There may be thousands or hundreds of thousands using
aliases or false identities who have never been convicted."


Read more at Reuters.com Government Filings News

Japan's Topix Index Advances, Led by Olympus on Earnings; Nomura Declines

(Bloomberg) -- Japan's Topix index advanced after
profit growth at companies including Olympus Corp. and Shinsei
Bank Ltd. attracted investors.

Gains were limited after earnings at companies including
Kyocera Corp. failed to meet investor expectations.


Read more at Bloomberg Stocks News

Teck Cominco second quarter profit falls

(Reuters) - Teck is in the midst of attempting to acquire copper miner
Aur Resources .




Read more at Reuters.com Mergers News

CapitaLand, Dayen Environmental, Suntec REIT: Singapore's Equity Preview

(Bloomberg) -- The following shares may rise or
fall in Singapore. Stock symbols are in parentheses and prices
are from the previous market close.

The Straits Times Index added 1 percent to 3,526.29. The
August futures contract gained 1.2 percent to 429.5.


Read more at Bloomberg Stocks News

UPDATE 1-Polish TPSA sales fall, year outlook lowered

(Reuters) - TPSA planned to lower capital expenditures and increase
sales from non-regulated businesses as part of a long awaited
three-year strategy.




"Work will continue to ... match the size of investment
expenditures, related to revenues, to typical European levels
for the telecommunications sector," TPSA said.


Read more at Reuters.com Market News

Anadarko Second-Quarter Profit Falls 20 Percent to $652 Million on Costs

(Bloomberg) -- Anadarko Petroleum Corp., a U.S. oil
and natural-gas producer, said second-quarter net income fell 20
percent on higher costs and in the absence of a gain a year
earlier.

Profit dropped to $652 million, or $1.39 a share after
payment of preferred stock dividends, from $815 million, or
$1.76, the company, based in The Woodlands, Texas, said in a
statement on Business Wire. Last year's results included a gain
of 32 cents a share from tax changes. Revenue almost doubled to
$3.31 billion from $1.81 billion.


Read more at Bloomberg Energy News

Crude Oil Trades Little Changed on Signs of Ample U.S. Gasoline Production

(Bloomberg) -- Crude oil was little changed in New
York after stalling near a one-year high yesterday on signs U.S.
fuel production will be sufficient to meet summer demand.

An Energy Department report tomorrow will probably show
gasoline stockpiles rose as refiners increased operating rates
for a sixth week, according to a Bloomberg News survey. Above-
average oil inventories probably fell for a fourth week. Oil, up
20 percent the past two months, reached $77.33 yesterday, the
highest intraday price since Aug. 9.


Read more at Bloomberg Energy News

UPDATE 1-Cytyc quarterly profit rises

(Reuters) - July 30 - Diagnostic-test maker Cytyc Corp. reported a small rise in its second-quarter profit due to higher expenses.



Cytyc's revenue, however, jumped nearly 26 percent, as the company sold more surgical and diagnostic products in both its domestic and international markets. The Marlborough, Massachusetts-based company, which agreed to be acquired by Hologic Inc. for $6.2 billion, reported net income of $33.5 million, or 27 cents a share, compared with $31.7 million, or 27 cents a share, a year ago.


Read more at Reuters.com Market News

UPDATE 1-CB Richard Ellis second-quarter earnings soar

(Reuters) - CB Richard Ellis posted a second-quarter net profit of $141.1
million, or 59 cents per share, compared with $64.3 million, or 27
cents per share, in the year-ago quarter.




Excluding items, the Los Angeles-based company posted a profit
of $157.3 million, or 66 cents per share, ahead of the average of
analysts forecast of 41 cents per share, according to Reuters
Estimates.


Read more at Reuters.com Market News

Venezuelan Bolivar Falls to Lowest in Five Months on Bond-Sale Speculation

(Bloomberg) -- Venezuela's currency fell to the
lowest in almost five months in unregulated trading on
speculation a government dollar-denominated bond sale to local
banks won't be large enough to meet demand for foreign currency.

Venezuela and Argentina plan to sell a dollar bond together
by the end of August, said Ricardo Sanguino, president of the
Venezuelan congressional finance commission, after markets closed
July 27, without revealing how much they would sell. Venezuela's
Finance Minister Rodrigo Cabezas said in May the countries
planned to sell up to $1 billion of dollar and bolivar bonds to
Venezuelan investors by the end of the year.


Read more at Bloomberg Currencies News

GM offers zero-percent financing on pickups

(Reuters) - "We want to be competitive in the marketplace and there has been increasingly heavy spending by our competitors," said John McDonald, GM spokesman.




Sales of full-size pickups, which rely on buyers in industries like construction, have been hurt by weak housing starts and higher gas prices. U.S. sales of full-size pickups have slipped 2.4 percent so far this year.


Read more at Reuters.com Business News

US STOCKS-Profit optimism, financials fuel Wall St's rebound

(Reuters) - NEW YORK, July 30 - U.S. stocks rebounded on
Monday after a global equity sell-off last week, as optimism
about earnings resurfaced and concern about credit conditions
eased.




Financial shares, which have borne the brunt of fallout
from tightening credit markets, bounced back in part after
ratings agency Standard & Poor's upgraded Morgan Stanley's
debt.


Read more at Reuters.com Bonds News

US STOCKS-Indexes end higher in rebound from sell-off

(Reuters) - Based on the latest available data, the Dow Jones
industrial average rose 92.84 points, or 0.70 percent,
to end unofficially at 13,358.31. The Standard & Poor's 500
Index was up 14.96 points, or 1.03 percent, to finish
unofficially at 1,473.91. The Nasdaq Composite Index
was up 21.04 points, or 0.82 percent, to close unofficially at
2,583.28.




Read more at Reuters.com Bonds News

Dollar Declines Most in Three Weeks Versus Euro as Haven Buying Subsides

(Bloomberg) -- The dollar fell the most in almost
three weeks against the euro as a rebound in U.S. stocks reduced
investors' need for haven buying in the currency.

The U.S. currency gained the most last week since January as
subprime losses encouraged investors to avoid riskier assets. The
Standard & Poor's 500 Index rose from its steepest weekly decline
since September 2002. Treasuries fell amid reduced need for the
safety of government debt.


Read more at Bloomberg Currencies News

Treasuries Drop Most in Two Weeks, Signaling Investors Accepting More Risk

(Bloomberg) -- Treasuries declined the most in two
weeks as U.S. stocks rebounded, suggesting investors were
becoming more comfortable with risk after last week's $2.1
trillion global equity sell-off.

A gauge of momentum suggested that a rally that sent yields
to the lowest since May 17 was poised to stall. U.S. government
debt last week posted its biggest weekly advance in 10 months on
speculation the subprime mortgage crisis will slow the economy,
and an index of Treasury market volatility rose to the highest
since March 2005.


Read more at Bloomberg Bonds News

Corporate Bond Risk Falls as Citadel, GMAC News Eases Subprime Concerns

(Bloomberg) -- The risk of owning corporate bonds
fell from the highest in at least three years as Citadel
Investment Group LLC took over the credit holdings of a money
losing hedge fund and GMAC LLC reported a second-quarter profit.

Credit-default swaps based on $10 million in the CDX North
American Investment-Grade Index fell $1,500 to $79,500 after
surging earlier today to $103,000, according to Deutsche Bank AG
prices. A decrease suggests improvement in the perception of
credit quality; an increase signals the opposite.


Read more at Bloomberg Bonds News

US STOCKS-Earnings optimism helps fuel rebound

(Reuters) - NEW YORK, July 30 - U.S. stocks rose on Monday,
as optimism about earnings and M&A activity in the industrial
sector countered the worries about worsening credit conditions
that led to a global equity sell-off last week.




Expectations for quarterly earnings growth by Standard &
Poor's 500 companies were raised to 6.8 percent compared with
the year-ago period from 6.0 percent one week earlier,
according to Reuters Estimates.


Read more at Reuters.com Bonds News

UPDATE 1-American Home Mortgage tumbles on liquidity issues

(Reuters) - NEW YORK, July 30 - American Home Mortgage
Investment Corp shares fell sharply on Monday after the
company delayed its quarterly dividend, announced "major"
write-downs, and said lenders were demanding it put up more
cash.




Shares of American Home were down 39 percent, falling in
premarket trading to $6.39 from Friday's close of $10.47.
Trading was halted for news pending prior to the market open.
The shares on Friday hit their lowest level since April 2003.


Read more at Reuters.com Bonds News

CNA, Dow Jones, MC Shipping, RadioShack, Southwest Gas: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 1:10 p.m. in New York.

Some mortgage lenders fell after American Home Mortgage
Investment Corp. (AHM US) delayed its quarterly dividend and
raised doubts about whether it has enough cash to stay in
business. Shares of American Home were halted.


Read more at Bloomberg Stocks News

As UAW negotiates, Toyota workers eye unionization

(Reuters) - At least some do. Union drives at Toyota's Georgetown, Kentucky, plant have ebbed and flowed since it opened in 1988, with supporters battling to convince doubters that joining the United Auto Workers union will improve their lives.




The specter of crumbling fortunes at General Motors Corp., Ford Motor Co. and Chrysler haunt the union debate at the U.S. arm of Toyota Motor Corp., which is poised to overtake GM as the world's No. 1 automaker this year.


Read more at Reuters.com Business News

TREASURIES-Prices slip as stocks stabilize

(Reuters) - NEW YORK, July 30 - U.S. Treasury debt prices
slipped in morning trade, taking a breather after last week's
record-setting gains as stocks appeared to stabilize.




Benchmark Treasury yields reached two-month lows last week
as bond prices rose on tumbling stocks and investor concerns
over having less access to credit.


Read more at Reuters.com Bonds News

US corporate bond market losing dominance - NY Fed

(Reuters) - U.S issuers followed the trend by relying more on the
Eurobond market for funding, a study titled "Evaluating the
Relative Strength of the U.S. Capital Markets" showed.




"The U.S. bond market has fallen behind the Eurobond market
in terms of the total volume of debt issued, and it is no
longer the first choice for some U.S. debt issuers," the study
said. It was authored by Stavros Peristiani, an assistant vice
president of the banking studies function of the New York Fed.


Read more at Reuters.com Bonds News

Corn Declines on Speculation U.S. Farmers Sowed Record Number of Plants

(Bloomberg) -- Corn fell for the first time in five
sessions in Chicago on speculation that a jump in the number of
viable plants this year will produce the largest-ever crop in the
U.S., the biggest global exporter.

U.S. farmers may harvest a record number of ears per acre,
Bill Nelson, a vice president for A.G. Edwards Inc. in St. Louis,
said in a report to clients today after touring fields across the
Midwest last week. Temperatures as much as 6 degrees Fahrenheit
below normal limited stress in fields that received 25 percent of
normal rain in the last 30 days, Nelson said in the report.


Read more at Bloomberg Commodities News

US STOCKS-Credit woes, good earnings leave indexes flat

(Reuters) - NEW YORK, July 30 - U.S. stocks were little
changed in volatile trading on Monday after Wall Street's worst
week in nearly five years as investors weighed the worsening
credit market with a positive earnings outlook.




Tightening lending standards threatened to slow or halt the
heavy pace of corporate buy-outs, including several major deals
by private equity firms, that have fueled a rally in equities.


Read more at Reuters.com Bonds News

European Chemical Stocks Gain, Led by Imperial Chemicals; UBS, 3i Slide

(Bloomberg) -- European chemical stocks rose after
Imperial Chemical Industries Plc rejected a sweetened bid from
Akzo Nobel NV and Linde AG, the largest maker of industrial
gases, reported earnings that topped analysts' estimates.

UBS AG and 3i Group Plc led declines by financial companies
after IKB Deutsche Industriebank AG of Germany said profit will
be ``significantly'' lower than forecast, hit by the U.S.
subprime mortgage rout.


Read more at Bloomberg Stocks News

Mexican stocks rally, telecom shares lead

(Reuters) - The benchmark IPC stock index of leading shares
surged 1.54 percent to 30,701 points and the peso currency
eased marginally to 10.968 per dollar.




In debt trading, the price of the benchmark government
10-year peso bond rose 0.185 points to bid 101.586,
with a yield of 7.74 percent.


Read more at Reuters.com Bonds News

Swiss Franc Gains on Speculation Investors Are Unwinding Carry Trades

(Bloomberg) -- The Swiss franc advanced on
speculation widening losses on bonds backed by subprime mortgages
prompted investors to unwind so-called carry trades funded by
borrowing in the currency.

The franc gained against 15 of the 16 most-actively traded
currencies after Germany's IKB Deutsche Industriebank AG reported
losses on U.S. subprime mortgages and the risk of holding
corporate debt surged to a record. The Swiss currency rose to the
highest in more than three months against the euro.


Read more at Bloomberg Currencies News

S.African stock market boosted by miners, banks

(Reuters) - South Africa's blue chip top-40 index rose over 1.7 percent on Monday, boosted by resource and banking stocks in late afternoon trade.

At 1452 GMT, the blue-chip index was 1.6 percent stronger, with heavyweight miners Anglo American up 2.07 percent to 402.40 rand and BHP Billiton 3.75 percent higher at 203.60 rand.


Read more at Reuters Africa

European Chemical Stocks Advance, Led by ICI, Linde; UBS, 3i Decline

(Bloomberg) -- European chemical stocks rose after
Imperial Chemical Industries Plc rejected a sweetened bid from
Akzo Nobel NV and Linde AG, the largest maker of industrial
gases, reported earnings that topped analysts' estimates.

UBS AG and 3i Group Plc led declines by financial companies
after IKB Deutsche Industriebank AG of Germany said profit will
be ``significantly'' lower than forecast, hit by the U.S.
subprime mortgage rout.


Read more at Bloomberg Stocks News

Copper Futures Decline in New York as Chilean Production Concerns Ease

(Bloomberg) -- Copper fell in New York after
Chile's state-owned Codelco, the world's biggest producer of the
metal, said it would resume production today at its second-
largest mine, easing supply concerns.

Unions at El Teniente in central Chile will resume work,
Codelco said yesterday. Mining had been halted since July 26
because of protests by striking contract workers. Before today,
copper had gained 24 percent this year, partly because strikes
in Latin America reduced output.


Read more at Bloomberg Commodities News

Pearson says FT in TV distribution talks with CNBC

(Reuters) - "Our FT people are talking to CNBC people. We are interested in other channels of distribution," Scardino told reporters in a briefing following Pearson's first-half results.



"We spend a lot of care and money and journalistic integrity in gathering news and our readers have different tastes at different times."


Read more at Reuters.com Mergers News

Ingersoll-Rand jumps on Bobcat sale price

(Reuters) - The Bobcat division and its utility equipment and attachment units generated $2.6 billion in sales last year, accounting for about 23 percent of Ingersoll-Rand's total 2006 revenue.




The sale price was about 20 percent higher than expected, Wall Street analysts said.


Read more at Reuters.com Hot Stocks News

Pounds Gains Against Dollar on Speculation Bank to Raise Interest Rates

(Bloomberg) -- The pound rose versus the dollar and
pared losses against the euro on speculation the Bank of England
will increase borrowing costs later this year to cool inflation.

The U.K. currency traded at $2.0272 from $2.0242, after
earlier rising to as high as $2.0291. Against the euro, the pound
was at 67.51 pence, from 67.37 pence.


Read more at Bloomberg Currencies News

EXCO to form master limited partnership unit

(Reuters) - The subsidiary will own a substantial portion of EXCO's
mature producing oil and natural-gas properties located in the
Appalachian, East Texas/North Louisiana, Mid-Continent and
Permian Basin areas, it said.





Read more at Reuters.com Government Filings News

TREASURIES-Prices rise on stocks, credit fears

(Reuters) - Benchmark yields reached two-month lows last week on
tumbling stocks and worsening sentiment about the credit
environment.




"It's just the continuation of flight to quality," said
Georges Yared, chief investment officer of Yared Investment
Research in Wayzata, Minnnesota.


Read more at Reuters.com Bonds News

UPDATE 1-Verizon Wireless to buy Rural Cellular

(Reuters) - Verizon Wireless, a venture of Verizon Communications
and Vodafone Group Plc , said Rural Cellular
shareholders would receive $45 per share in cash, a 16 percent
premium to the average closing price for the last 10 trading
days and 41 percent above Friday's close of $31.88.




The deal is worth $2.67 billion including the assumption of
net debt, according to Verizon Wireless. It said it expects
more than $1 billion in savings from reduced roaming fees and
operating expenses as a result of the deal.


Read more at Reuters.com Mergers News

KV Pharma says Vivus gets approval to market menopause spray

(Reuters) - KV Pharma intends to launch the product during the second
half of fiscal 2008.





Read more at Reuters.com Government Filings News

US STOCKS-Futures point lower as credit worries persist

(Reuters) - NEW YORK, July 30 - Wall Street looked set to add
to last week's sharp losses on Monday, reacting to worsening
sentiment about the global credit environment.




Tightening lending standards threaten to slow or halt the
heavy pace of corporate buy-outs that have fueled an rally in
equities.


Read more at Reuters.com Bonds News

UPDATE 1-Humana quarterly revenue rises 19 percent

(Reuters) - Second-quarter revenue rose to $6.43 billion from $5.41
billion.




Net income rose to $216.8 million, or $1.28 per share,
compared with $89.5 million, or 53 cents, a year earlier.


Read more at Reuters.com Market News

Futures turn negative, point to weaker open

(Reuters) - Dow Jones industrial average futures lost 26 points, and Nasdaq 100 futures were down 4.5 points.




Read more at Reuters.com Hot Stocks News

Botswana stock index slightly lower

(Reuters) - Domestic share prices on Botswana's stock exchange ended marginally lower last week, official data showed on Monday.

The Bank of Botswana said the Domestic Company Index (DCI) of the Botswana Stock Exchange fell 0.1 percent in the week to July 27, ending at 9,859.46 points.


Read more at Reuters Africa

U.K. FTSE 100 Rises for First Time in Five Days; HSBC, ICI, BHP Pace Gains

(Bloomberg) -- U.K. stocks including HSBC Holdings
Plc advanced. The world's fourth-largest bank reported profit
that topped analysts' estimates.

Imperial Chemical Industries Plc and BHP Billiton Ltd. also
rose. Vodafone Group Plc, the world's largest mobile-phone
company, fell.


Read more at Bloomberg Stocks News

European Mining Stocks Advance, Led by BHP Billiton; Postbank Slides

(Bloomberg) -- European mining stocks rose, led by
BHP Billiton Ltd. and Rio Tinto Group, as metal prices advanced.

Imperial Chemical Industries Plc jumped the most in more
than a month after it rejected a sweetened bid from Dutch rival
Akzo Nobel NV. Linde AG, the world's largest maker of industrial
gases, gained after reporting earnings that topped analysts'
estimates. Deutsche Postbank AG led banks lower after Germany's
biggest consumer bank by clients posted second-quarter profit
that missed analysts' estimates.


Read more at Bloomberg Stocks News

Germany's DAX Shares Erase Gains; Deutsche Postbank, Hypo Real Estate Drop

(Bloomberg) -- Germany's DAX Index pared earlier
gains, as shares of Deutsche Postbank AG, Hypo Real Estate
Holding AG and DaimlerChrysler AG retreated.

The benchmark DAX lost 9.26, or 0.1 percent, to 7442.42 at
11:07 a.m. in Frankfurt, after rising as much as 0.7 percent.
The HDAX Index of the country's 110 biggest companies was little
changed at 3843.98 percent.


Read more at Bloomberg Stocks News

Asian Stocks Rebound From 1-Month Low; JFE, Nippon Steel Rise, Canon Fall

(Bloomberg) -- Asian stocks rebounded from a one-
month low after higher profits at JFE Holdings Inc. and Nippon
Steel Corp. offset concern U.S. housing investment is dropping.

Canon Inc., the world's largest digital-camera maker, and
Macquarie Bank Ltd., Australia's biggest investment bank, led
declines on speculation the housing slump will slow U.S.
consumer spending and end a global boom in takeovers.


Read more at Bloomberg Stocks News

Glencore Parries Attacks on Secrecy in Commodities as Borrowing Increases

(Bloomberg) -- The two truckloads of metal that
rolled out of Glencore International AG's Mopani Copper Mines in
Zambia in February never made it to their destination at the
Indian Ocean port of Durban, South Africa. Hijackers got to the
trucks first, overcoming both the drivers and the satellite
tracking system designed to disable the vehicles remotely in the
event of an emergency.

``It's a growing problem,'' says Shaun Sinden, general
manager of ESO Trucking in Johannesburg, which has been moving
minerals across Africa for 30 years. Glencore, the world's largest
commodities trader, faces risks ranging from robbery to strikes to
government confiscation. The closely held Baar, Switzerland-based
company operates on six continents and produces and trades
billions of dollars of oil, coal, metals and grain every day.


Read more at Bloomberg Exclusive News

Dollar eases as credit, risk aversion remain focus

(Reuters) - The dollar slipped modestly against a basket of major currencies on Monday, giving back some of last week's gains as investors geared up for a barrage of economic data this week and potentially more credit-driven market volatility.

As traders took stock of last week's rise in risk aversion on deepening concern about a possible credit crunch and a deteriorating U.S. housing market, high-yielding currencies like the Australian and New Zealand dollars lost ground on Monday.


Read more at Reuters Africa

U.K. Stocks Rise for First Time in Five Days; ICI, BHP Billiton Pace Gains

(Bloomberg) -- U.K. stocks rose for the first time
in five days. Imperial Chemical Industries Plc and BHP Billiton
Ltd. paced the advance.

The benchmark FTSE 100 Index added 12.9, or 0.2 percent, to
6228.1 at 8:30 a.m. in London. The FTSE All-Share Index gained
0.3 percent to 3218.95. Ireland's ISEQ Index rallied 0.3 percent
to 8378.62.


Read more at Bloomberg Stocks News

Rubber Rises in Tokyo as Oil Price Gain May Increase Cost of Synthetics

(Bloomberg) -- Natural rubber futures in Tokyo rose
as crude oil traded near a one-year high, prompting speculation
that demand for the commodity will increase as the cost of making
the synthetic alternative climbs.

Crude Oil for September delivery reached $77.24 a barrel in
New York on July 26, the highest intraday price for a front-month
contract since August 9 and just below the record $77.45 a barrel.
The contract rose 2.8 percent on July 27, and traded at $76.64 a
barrel at 12:43 p.m. Singapore time, up 16 percent this year.


Read more at Bloomberg Commodities News

UPDATE 1-India's i-flex Q1 net up, but firm rupee weighs

(Reuters) - BANGALORE, July 30 - India's i-flex solutions
ltd. said on Monday its April-June net profit rose
4.6 percent, as the banking software maker gained from rising
orders, but a strong rupee was a concern.
The company, majority owned by U.S. business software firm
Oracle Corp. , was winning large deals from banks
looking to cut costs, Chief Financial Officer Makarand Padalkar
said.




"The business momentum is very, very strong, both on our
strength and Oracle's. There are number of large engagements
which are in progress," Padalkar told Reuters in a telephone
interview from the company's Mumbai headquarters.


Read more at Reuters.com Market News

Japanese Shares Climb on Earnings Reports, Led by Steelmakers; Canon Drops

(Bloomberg) -- Japanese stocks climbed, led by
steelmakers after companies including JFE Holdings Inc. reported
increased profits and boosted earnings forecasts.

A measure of steel companies in the Topix surged 3.9
percent, the biggest gain among the 33 industry groups included
in the broad gauge.


Read more at Bloomberg Stocks News