Yen gains as carry trades reversed on stock slide

(Reuters) - The yen jumped on Friday, pulling away from a three-month low against the dollar struck earlier in the week, as investors reversed short positions in the Japanese currency amid a drop in regional stock markets.

Japan's broad TOPIX share index fell 1.4 percent and other Asian markets lost nearly 1 percent following a pull-back in Wall Street shares, stirring worries about a rise in financial market volatility that hurts carry trades.


Read more at Reuters Africa

Asian Equities Retreat on U.S. Economic Reports; Toyota, BHP Billiton Drop

(Bloomberg) -- Asian stocks fell the most in five
weeks after U.S. home sales unexpectedly surged, damping
speculation the Federal Reserve will cut interest rates in the
region's biggest export market.

Toyota Motor Corp., the world's second-largest automaker,
declined the most in two weeks, while BHP Billiton Ltd., the No. 1
mining company, slid on concern demand for their products will
drop. Miners also declined with metals prices.


Read more at Bloomberg Stocks News

U.S. Stocks Fall, Pushing Dow Average Lower for Fourth Day; Utilities Drop

(Bloomberg) -- The two-week surge in bond yields,
prompted by unexpected signs of growth in the economy, unraveled
the stock market and sent the Dow Jones Industrial Average to
its longest losing streak since February.

Exelon Corp., the largest operator of U.S. nuclear plants,
and Edison International, owner of California's second-biggest
utility, led declines on concern higher bond yields make their
dividends less attractive. Network Appliance Inc. triggered the
worst drop in technology shares since March 13 after the maker
of data-storage computers said profit may trail estimates.


Read more at Bloomberg Stocks News

Zapatero's Support Dips After Spanish Opposition Plays on Terrorism Issue

(Bloomberg) -- Spain's People's Party, unseated by
fallout from the 2004 Madrid train bombing, has closed the gap
with the ruling Socialist Party by branding Prime Minister Jose
Luis Rodriguez Zapatero a traitor whose policy on terrorism
threatens to tear the country apart.

The PP heads into the May 27 local elections, the biggest
test of strength before national voting next year, in a
statistical dead heat with Zapatero's Socialists. Political
violence is on the rise and relations between the parties are at
their worst since Spain's return to democracy three decades ago.


Read more at Bloomberg Currencies News

Berlian Laju May Acquire Shipping Company in Europe to Expand Tanker Fleet

(Bloomberg) -- PT Berlian Laju Tanker, Indonesia's
biggest shipping company by market value, may acquire a company
in Europe to expand its fleet and move into markets outside Asia.

Berlian will raise about $50 million, or 5 percent of its
equity, selling new shares to help finance expansion, said Kevin
Wong, the company's finance director. He didn't say which
companies Jakarta-based Berlian is interested in buying or how
much an acquisition will cost.


Read more at Bloomberg Emerging Markets News

Crude Oil Rises From One-Week Low on Concerns Over U.S. Gasoline Supplies

(Bloomberg) -- Crude oil rose from a one-week low in
New York on speculation U.S. refiners will have to increase fuel
production to restore stockpiles and meet peak summer demand.

Gasoline futures jumped 2 percent yesterday after Valero
Energy Corp. and ConocoPhillips cut production at plants in
Louisiana and Texas. Motor-fuel stockpiles in the U.S., the
world's biggest oil consumer, climbed to 196.7 million barrels
last week, 7 percent less than the seasonal average.


Read more at Bloomberg Commodities News

Existing-Home Sales in U.S. Were Probably Unchanged, a Sign Slump May Ease

(Bloomberg) -- Sales of previously owned homes in
the U.S. were probably unchanged last month after posting the
biggest drop in 18 years, a sign the housing market may have
touched bottom, economists said before an industry report today.

The National Association of Realtors may say existing homes
were sold at a 6.12 million annual rate in April, according to
the median forecast of 70 economists in a Bloomberg News survey.
Sales dropped 8.4 percent in March, the most since January 1989.


Read more at Bloomberg Bonds News

GLOBAL MARKETS-Housing data boosts dollar, hits bonds

(Reuters) - NEW YORK, May 24 - The dollar rose and government
bond prices fell on Thursday after data showed sales of new
U.S. homes climbed at their fastest pace in 14 years, boosting
optimism about future economic growth.




U.S. stocks initially rallied but later shed gains as
losses in technology shares offset the strong housing data.


Read more at Reuters.com Bonds News

Soybeans Rise to 35-Month High on Demand for Animal Feed, Vegetable Oils

(Bloomberg) -- Soybean futures in Chicago rose to a
35-month high as government reports showed increased demand for
animal feed and vegetable oils.

U.S. demand for soybeans from processors including Bunge
Ltd. rose 6.9 percent last month from a year earlier, the Census
Bureau said, on increased purchases of feed by livestock and
dairy producers. Malaysian palm oil futures gained the most in
three weeks on speculation that supply may lag behind demand for
fuels made from vegetable oils including palm oil and soybeans.


Read more at Bloomberg Commodities News

UPDATE 1-US FDA warns Enzon on fungal drug promotion

(Reuters) - "The flash card is misleading because it presents
unsubstantiated superiority claims and overstates the efficacy
of Abelcet," the Food and Drug Administration said in a letter
to the company posted on the agency Web site.




Abelcet is an injectable form of the anti-fungal drug
amphotericin B. It is approved the treatment of invasive fungal
infections in patients who do not respond to or cannot tolerate
conventional amphotericin B.


Read more at Reuters.com Government Filings News

Germany's DAX Index Declines; Shares of TUI, Metro, RWE Pace the Retreat

(Bloomberg) -- Germany's benchmark DAX Index fell
for the first time in six days. TUI AG paced the decline after
Europe's largest travel company said it will issue as much as
715 million euros ($962 million) of convertible bonds.

Metro AG and RWE AG retreated after analysts lowered their
recommendations on the stocks.


Read more at Bloomberg Stocks News

Coffee Rises to Five-Week High in New York on Brazilian Supply Concerns

(Bloomberg) -- Coffee futures in New York climbed to
the highest in five weeks on concern that Brazil's crop, the
world's largest, will decline, tightening supplies.

The country's May 10 forecast for a 2007 harvest of 36.7
million bags was less than traders forecast, said Jaime Menahem,
a trader with Alaron Trading Corp. in Miami. The output from the
harvest running through October was trimmed from earlier
government forecasts.


Read more at Bloomberg Commodities News

US court upholds bulk of verdict in Adelphia case

(Reuters) - The U.S. Court of Appeals for the Second Circuit affirmed
the convictions except for the guilty verdict on one count of
bank fraud apiece.




"We reverse defendants' conviction on and we
remand for an entry of a judgment of acquittal on this count
and for resentencing," the court said.


Read more at Reuters.com Bonds News

Gold, Silver Fall in New York on Reduced Demand for Alternatives to Dollar

(Bloomberg) -- Gold and silver fell in New York as a
gain in the value of the dollar reduced demand for the precious
metals as alternative investments.

Investment in the StreetTracks Gold Trust, an exchange-
traded fund backed by bullion, has fallen 6.3 percent to 469
metric tons from a record on April 17. Before today, gold had
gained 3.9 percent this year as the euro climbed 1.9 percent
against the dollar.


Read more at Bloomberg Commodities News

Advanced Medical says interested in Bausch & Lomb

(Reuters) - "We believe that the current transaction with Warburg Pincus undervalues Bausch & Lomb, and we plan to enter the go-shop process with the intention of exploring a superior offer for the company," Advanced Medical said in a statement.



Bausch & Lomb agreed last week to be acquired by Warburg Pincus for about $3.67 billion. Bausch & Lomb, however, had the right to solicit other offers during the next 50 days.


Read more at Reuters.com Mergers News

Chile Peso Drops on Expectations Pension Funds Will Boost Foreign Holdings

(Bloomberg) -- Chile's peso weakened as investors
expected to see money outflows from pension funds selling local
assets to buy international stocks and bonds.

President Michelle Bachelet this week announced that
pension funds would be allowed to hold 45 percent of their
assets in foreign holdings, up from 30 percent.


Read more at Bloomberg Currencies News

US stock indexes open flat; business data offsets jobless

(Reuters) - U.S. stocks opened little changed on Thursday after signs of strength in business investment offset higher-than-expected jobless claims data.

The Dow Jones industrial average was up 14.14 points, or 0.10 percent, at 13,539.79. The Standard & Poor's 500 Index


Read more at Reuters Africa

Mylan posts loss on acquisition charge, shares fall

(Reuters) - Not including the generic Norvasc contribution "will be viewed as a disappointment," Cowen & Co. analyst Ken Cacciatore said in a research note.




Mylan's shares slipped nearly 3 percent early, despite the fact that the company's results beat its prior forecast.


Read more at Reuters.com Hot Stocks News

Lan Airlines, D&S and SACI Falabella Shares Advance: Chilean Equity Movers

(Bloomberg) -- Chile's main stock index rose for the
fifth time in six days, led by Lan Airlines SA, the country's
biggest carrier.

Chile's IPSA index of 40 stocks advanced 6.17, or 0.2 percent,
to 3,168.98 at 9:35 a.m. New York time, after gaining 1.5 percent
yesterday.


Read more at Bloomberg Stocks News

Higher yields boost hopes for S.Africa maize

(Reuters) - South Africa raised its forecast for the 2006/07 maize crop by 90,000 tonnes to 7.05 million tonnes on Thursday, citing better yields from the Free State province.

Despite the Crop Estimates Committee's more upbeat assessment, South Africa could still struggle to meet its food requirements this year and might have to import the staple white maize for the first time in several years, traders say.


Read more at Reuters Africa

Nymex Natural Gas Is Little Changed Before Weekly U.S. Inventory Report

(Bloomberg) -- Natural gas in New York was little
changed before today's government supply report that analysts
predict will top the average increase for this time of year.

Gas supplies held in underground caverns last week may have
jumped 96 billion cubic feet, based on the median of 22 estimates
in a Bloomberg survey of analysts.


Read more at Bloomberg Energy News

Treasury 10-Year Yield Near Highest in Almost Four Months After Durables

(Bloomberg) -- Treasuries were little changed, with
the 10-year yield near the highest since January, after a
government report showed orders for durable goods excluding
transportation rose in April more than economists forecast.

Ten-year yields increased yesterday as traders reduced the
odds of an interest rate cut by the Federal Reserve this year.
The Fed kept its target rate at 5.25 percent earlier this month,
saying inflation remains the ``predominant'' concern.


Read more at Bloomberg Bonds News

India's NTPC inks deal with Nigeria for LNG import

(Reuters) - Indian state-run power firm NTPC Ltd. has signed a memorandum of understanding with Nigeria to buy up to 3 million tonnes of liquefied natural gas (LNG) per year on a long-term basis, the utility said on Thursday.

NTPC, which signed the preliminary agreement on Tuesday, has also agreed to build either on its own or through a joint venture two power projects in Nigeria after the LNG deal is sealed, Director R.K. Jain said.


Read more at Reuters Africa

New York Times Upgraded at JPMorgan on Improving Ad Growth, Share Buybacks

(Bloomberg) -- New York Times Co. was upgraded to
``neutral'' from ``underweight'' at JPMorgan Securities Inc. on
the prospect of improving advertising growth and accelerating
share repurchases.

``The New York Times should continue to outperform peers'
newspaper ad growth in the near term with less exposure to the
deteriorating classified advertising category,'' analyst
Frederick Searby wrote in a note to investors. Classified ads
represent 28 percent of New York Times' ad business, below the 40
percent of rival newspapers, he wrote.


Read more at Bloomberg Stocks News

Sciele Pharma to buy stake in UK biotech firm Plethora

(Reuters) - Plethora is expected to begin a late-stage study on the
treatment in the second half of 2007.




Under the deal, Plethora will receive payments upon
achievement of regulatory and sales milestones, and royalty
payments on product sales.


Read more at Reuters.com Mergers News

Treasuries Little Changed as Durable Goods Orders Report Trails Forecast

(Bloomberg) -- Treasuries were little changed after
a government report showed orders for durable goods rose in
April less than economists forecast.

Ten-year yields increased yesterday to the highest level
since January as traders reduced the odds of an interest rate
cut by the Federal Reserve this year. The central bank kept its
target rate at 5.25 percent earlier this month, saying inflation
remains the ``predominant'' concern.


Read more at Bloomberg Bonds News

Nissen, Crusading King of Hearts, Makes and Breaks Drugs for Glaxo, Merck

(Bloomberg) -- The news on Avandia shaved $13.7
billion from GlaxoSmithKline Plc's market value this week.
Doctors scurried to answer patient queries about the safety of
their diabetes drug. U.S. lawmakers demanded an investigation.

Chalk it all up to Steven Nissen. A study by Nissen, one of
the top U.S. heart researchers, revealed that Glaxo's popular
diabetes drug may raise heart attack risks. While the last word
on the product's safety isn't in, Nissen's pivotal role in
uncovering and publicizing the side effects of this and several
other drugs, including Merck & Co.'s Vioxx, is clear.


Read more at Bloomberg Exclusive News

Mercantile Bancorp to sell Missouri bank stake for $6.8 mln

(Reuters) - Mercantile Bancorp said it sees a gain of about $2.1
million on the sale in the fourth quarter.





Read more at Reuters.com Mergers News

Hormel posts slight rise in quarterly profit

(Reuters) - Analysts, on average, were expecting earnings of 51 cents
per share, according to Reuters Estimates.




Read more at Reuters.com Market News

Russian Stocks Have Largest 2-Day Drop Since March: World's Biggest Mover

(Bloomberg) -- Russian stocks fell, putting the
Micex Index on course for its biggest two-day decline in more
than 2 1/2 months. Evraz Group SA slid following a deadly blast
at one of the steelmaker's Siberian coal mines.

OAO Unified Energy System and OAO Sberbank also dropped.


Read more at Bloomberg Emerging Markets News

Global economy on a roll, but inflation lurks: OECD

(Reuters) - Unemployment is falling and central banks need to remain on guard as inflation risks mount due to increases in the cost of food, commodities and shipping, the Paris-based OECD said in a twice-yearly report on international economic prospects.




"The current economic situation is in many ways better than what we have experienced in years," chief economic Jean-Philippe Cotis said.


Read more at Reuters.com Business News

Helicos Biosciences amends IPO filing, sees offer price $9/shr

(Reuters) - UBS Investment Bank, JPMorgan, Leerink Swann & Co. and
Pacific Growth Equities LLC are underwriting the offering.





Read more at Reuters.com Bonds News

Platinum Drops in London as Dollar Gains May Slow Demand; Palladium Drops

(Bloomberg) -- Platinum fell in London on speculation
that declines in the euro against the dollar may curb demand from
European manufacturers for the dollar-denominated metal.
Palladium also dropped.

Europe was the fastest-growing market for platinum last
year, paced by a 10 percent rise in demand from manufacturers of
car catalysts to reduce pollution, a report last week by London-
based manufacturer Johnson Matthey Plc showed. The euro fell 0.1
percent against the dollar today, adding to its 1.5 percent
decline this month.


Read more at Bloomberg Commodities News

European Stocks Fall on China Concern; BHP Billiton, Arcelor Shares Slip

(Bloomberg) -- European stocks declined for the first
time in three days after former Federal Reserve Chairman Alan
Greenspan said shares in China, the world's fastest growing major
economy, could face a ``dramatic contraction.''

BHP Billiton Ltd. and Arcelor Mittal paced a drop by
companies most affected by slowing demand from China. Volvo AB
fell after saying vehicle sales slid. GlaxoSmithKline Plc
decreased for a fourth day after a study linked its Avandia
diabetes drug to an increased risk of heart attacks.


Read more at Bloomberg Stocks News

North Sea Brent Crude Oil Extends Gains on Reduced June Cargo Availability

(Bloomberg) -- North Sea dated Brent crude extended
gains because of reduced cargo availability in June.

So-called dated Brent for loading within 15 days rose to a
premium of 50 cents above cargoes for loading in July. That
works out at $71.67 a barrel compared with $71.05 last night,
according to Bloomberg calculations from PVM data.


Read more at Bloomberg Energy News