Glaxo, AstraZeneca, Lloyds TSB and Ryanair: U.K., Irish Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from yesterday's market close.

The benchmark FTSE 100 Index fell 31.3, or 0.5 percent, to
6632.8. The FTSE All-Share Index lost 16.26, or 0.5 percent, to
3442.42. Ireland's ISEQ Index declined 247.45, or 2.5 percent, to
9715.99.


Read more at Bloomberg Stocks News

European Stocks May Drop on Rate Concern; BNP Paribas, ING Might Slide

(Bloomberg) -- European stocks may decline for a
third day on expectations the European Central Bank will raise
interest rates today and signal further increases.

U.S.-traded securities of BNP Paribas SA, France's biggest
bank by value, and ING Groep NV, the largest Dutch financial-
services firm, dropped. Veolia Environnement SA, the world's
largest water company, also fell in the U.S.


Read more at Bloomberg Stocks News

Israel Securities Regulator Demands Board Oversight After CEO Pay Scandals

(Bloomberg) -- Moshe Tery, chairman of Israel's
Securities Authority, said he is using an investigation into
executive bonuses to make directors take a bigger role in
overseeing companies.

Tery, head of the ISA since 2002, has probed executive pay
at Bezeq Ltd., Israel's largest phone company, and at Bank Leumi
Le-Israel Ltd. and Israel Discount Bank Ltd., the country's
second- and third-biggest lenders.


Read more at Bloomberg Emerging Markets News

U.K. Consumer Confidence Reaches 18-Month High in May, Nationwide Says

(Bloomberg) -- U.K. consumer confidence reached the
highest level in 18 months in May as Britons became more
optimistic about their jobs and the economy, a survey by
Nationwide Building Society showed.

An index of sentiment rose 9 points from April to 99,
Britain's third-biggest mortgage lender said in a report today.
The gauge, which increased for a fourth month, is based on
replies from 1,000 people representative of the population
surveyed by Taylor Nelson Sofres Plc between April 23 and May 20.


Read more at Bloomberg Bonds News

Barclays Global ETFs Shunned by Fidelity, Vanguard 401(k) Retirement Plans

(Bloomberg) -- Barclays Global Investors is
struggling to break into the $2.4 trillion 401(k) market because
the biggest U.S. retirement-plan managers won't offer exchange-
traded funds, the company's hottest-selling product.

Barclays Global is the world's largest ETF manager, with
assets increasing an average 86 percent annually in the past six
years to $363 billion. Less than 1 percent of the San Francisco-
based company's exchange-traded funds are in 401(k) retirement
plans.


Read more at Bloomberg Stocks News

Stocks unnerved by U.S. rate woes, twitchy China

(Reuters) - Continued volatility in Shanghai stocks -- which staged a dramatic recovery late on Tuesday after earlier dropping more than 7 percent -- left investors unsure over how steep and how long a correction may be in a market that has nearly tripled in value in the last year.




Bonds were weaker, with U.S. Treasuries extending their fall in the previous session after Bernanke warned inflation was still a risk. That, and data showing strength in the services sector, effectively killed off hopes for a U.S. rate cut this year.


Read more at Reuters.com Hot Stocks News

ANZ National Says Buy New Zealand Dollar on Rate Outlook; Rivals Disagree

(Bloomberg) -- New Zealand's three biggest lenders
are betting the central bank will raise interest rates tomorrow.
Only one of them predicts the currency will gain as a result.

ANZ National Bank Ltd., the nation's largest, predicts the
currency will climb 1.1 percent to 76 U.S. cents tomorrow as the
Reserve Bank of New Zealand may also signal further rate
increases are needed. Bank of New Zealand Ltd., the third-
biggest, predicts a 2.9 percent drop to 73 this month. Westpac
Banking Corp., the No. 2, sees the currency holding around 75.


Read more at Bloomberg Currencies News

Google acquires server computer startup PeakStream

(Reuters) - Terms were not disclosed by Mountain View, California-based Google, according to spokesman Aaron Zamost.




PeakStream's Web site has been shut down. A cached version on Google's search service says PeakStream offers the first commercially available software application platform to help technicians program high performance, multi-core and parallel processing machines.


Read more at Reuters.com Hot Stocks News

Singapore Exchange, Semitech, Soilbuild, YHI: 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 slid 0.2 percent to 3572.90. The
June futures contract fell 0.1 percent to 441.9.


Read more at Bloomberg Stocks News

UPDATE 2-Ecuador reiterates will not pay "illegal" debt

(Reuters) - Minister Ricardo Patino said he would put pressure on
Citigroup Inc. says it's impossible," Patino told reporters,
stopping short of calling for legal action against the U.S.
bank.


Read more at Reuters.com Bonds News

New Zealand Dollar Gains to Post-Float High on Prospect of Rate Increase

(Bloomberg) -- The New Zealand dollar rose to its
highest in at least 22 years as traders bet the central bank will
increase interest rates tomorrow, adding to the appeal of the
nation's higher yielding assets.

The currency, known as the kiwi, has gained 6 percent this
year as the Reserve Bank of New Zealand boosted the official cash
rate twice to a record 7.75 percent. There is a 34 percent chance
the bank will increase borrowing costs when it meets in
Wellington, according to a Credit Suisse index based on overnight
trading of interest rate swaps. It was at 17 percent on May 24.


Read more at Bloomberg Currencies News

Asciano, BHP, 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 fell 0.5
percent to 6373 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index was little changed in New York.


Read more at Bloomberg Stocks News

Valero Energy sells $2.25 bln debt in 2 parts

(Reuters) - The first tranche was $750 million of 6.125 percent 10-year
notes, priced at 99.909 to yield 6.137 percent or 1.15
percentage point more than U.S. Treasuries.




The second part was $1.5 billion of 6.625 percent 30-year
bonds, priced at 99.713 to yield 6.647 percent or 1.55
percentage point more than Treasuries.


Read more at Reuters.com Bonds News

Asustek Computer, Hyundai Heavy, Reliance: Asia Ex-Japan Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in Asian markets, excluding Japan. This preview includes news
that broke after markets closed. Prices are from the local
market's last close. Stock symbols are in parentheses after
company names.

Asustek Computer Inc. (2357 TT): Intel Corp., the world's
largest chipmaker, and Taiwan's Asustek said they jointly
developed a laptop computer that will sell for $199 each. The
computer will be equipped with a processor chip from Intel and
will be run on a Linux operating system from Xandros Inc.,
Asustek President Jerry Shen said. Asustek added 50 cents, or 0.6
percent, to NT$82.


Read more at Bloomberg Stocks News

TREASURIES-Bonds fall, yields hit 5 pct on strong ISM data

(Reuters) - NEW YORK, June 5 - U.S. Treasury debt prices fell
on Tuesday, as data showing unexpected strength in the service
sector supported the view of a rebound in second-quarter
economic growth and sent short-term yields to 5 percent.




A strengthening economy would probably deter the Federal
Reserve from cutting interest rates this year, a growing view
that led to heavy selling of Treasury debt in recent weeks.


Read more at Reuters.com Bonds News

Bon-Ton May same-store sales up 1.2 percent

(Reuters) - The retailer said same-store sales at Carson's, acquired last year from Saks Inc. , rose 4.9 percent for the month of May, while Bon-Ton comparable-store sales fell 5.3 percent.



Weak categories included fashion accessories and furniture, the company said in a statement.


Read more at Reuters.com Market News

UPDATE 1-Mexico May consumer confidence index ticks up

(Reuters) - The index showed more people saw Mexico's economy in a
healthier state a year into the future and considered it
improved from a year earlier than they did in April. People
also felt better able to buy big-ticket durable goods.




But fewer people felt their own family's financial
well-being had improved in the past year or expected it to get
better a year into the future.


Read more at Reuters.com Bonds News

Bet on Korea Won Range Versus Yen for Next Month, JPMorgan's Piron Says

(Bloomberg) -- The South Korean won's rally versus
the yen will stall, leaving the exchange rate in a range for the
next month, as interest-rate differentials are poised to tilt in
the yen's favor, according to JPMorgan Chase Bank.

The won gained the past two months, reaching the strongest
in a decade, as investors boosted holdings of Korean assets.
Demand for the won may start to diminish because the Bank of
Korea will hold its benchmark rate at 4.5 percent this year,
while the Bank of Japan will lift it key rate twice, from 0.5
percent at present, JPMorgan said.


Read more at Bloomberg Currencies News

Investor Burkle eyes bid for Dow Jones: union

(Reuters) - Burkle told the union he is interested in working together to formulate an offer, said Steven Yount, a representative for the Independent Association of Publishers' Employees , which represents 2,000 Dow Jones workers.




The IAPE said on Monday it would search for other bidders, as members of Dow Jones' controlling Bancroft family met for the first time with Murdoch to entertain a possible deal.


Read more at Reuters.com Mergers News

Brown-Forman profit tops estimates

(Reuters) - Profit totaled $66.8 million, or 54 cents a share, in the fourth quarter ended April 30, topping analysts' average expectation of 50 cents a share, as compiled by Reuters Estimates.




The wine and spirit company earned $78.4 million, or 63 cents per share, in the year-earlier fourth quarter.


Read more at Reuters.com Hot Stocks News

Saputo fourth-quarter profit rises 67 pct

(Reuters) - Saputo, one of North America's largest cheese producers, earned C$62.9 million , or 60 Canadian cents a share, up from a profit of C$37.7 million, or 36 Canadian cents a share, in the corresponding period a year earlier.






Read more at Reuters.com Market News

WRAPUP 1-World's top central bankers warn of risks ahead

(Reuters) - In a joint panel discussion, central banks chiefs for the
world's three largest economies, the United States, the euro
zone and Japan, said investors should guard against complacency.




"It's not necessarily the case that the current benign
conditions will continue forever," U.S. Federal Reserve Chairman
Ben Bernanke told the International Monetary Conference here,
via satellite link.


Read more at Reuters.com Bonds News

Ontario gets record C$1.28 bln from liquor sales

(Reuters) - As well as regulating outlets for beer and for Ontario
wine, the LCBO has a monopoly on sales of alcohol in the
Canadian province. It said sales could top $4 billion in
2007-08, with a C$1.33 billion payout to provincial coffers.




LCBO stores, once dark, unfriendly places where buyers had
to put in written requests for their bottles of booze, have
evolved in recent years into spacious superstores offering a
wide range of products.


Read more at Reuters.com Market News

Moody's Says Revenue Growth to Exceed Expectations on Structured Finance

(Bloomberg) -- Moody's Corp., whose founder created
credit ratings, said its revenue will rise faster than expected
this year because of rising demand to rate credit derivatives
and commercial mortgage-backed securities.

Moody's expects revenue growth to be in the ``mid- to high-
teens,'' the New York-based company said today in a statement.
The company had projected ``low-teens percent revenue growth''
for 2007.


Read more at Bloomberg Bonds News

Two-Year U.S. Treasury Yield Touches 5 Percent, the Highest in Nine Months

(Bloomberg) -- The two-year Treasury note's yield
touched 5 percent for the first time since August after an
unexpected gain in a gauge of service industries prompted traders
to undo bets that the Federal Reserve will cut interest rates.

Traders who a month ago were convinced the Fed would lower
its target for the overnight lending rate between banks at least
once by year-end now see almost no chance of that happening,
interest-rate futures yields show. The increase in the Institute
for Supply Management's index of non-manufacturing businesses
follows stronger-than-forecast reports on employment and business
activity in the past week.


Read more at Bloomberg Bonds News

Global output growth jumps to one-year high -report

(Reuters) - The Global Services index also rose sharply to 58.7 from
from 56.4, driven by a surprise spike in U.S. services sector
growth, which hit a 13-high in May, according to the Institude
for Supply Managment.




The European services sector continued to show healthy
growth, as did Britain. Cost inflation across all industry rose
to a nine-month high, with the Total Input Prices index up to
63.8 in May compared with 63.0 in April.


Read more at Reuters.com Economic News

LME nickel dips, lead eases on more supply

(Reuters) - London Metal Exchange lead fell after a partial force majeure was lifted in Britain and nickel prices came under pressure as inventories rose, analysts said.

London Metal Exchange nickel was down by 3.3 percent or $1,600 to a quoted $46,200/46,300 per tonne at the end of the third of four open outcry sessions.


Read more at Reuters Africa

RPT-TREASURIES-Services sink bonds, 2-yrs yielding 5 percent =2

(Reuters) - Nyk yield
Three-month bills 4.826
Six-month bills 4.989
Two-year note 5.000
Five-year note 4.957
10-year note 4.979
30-year bond 5.069




Read more at Reuters.com Bonds News

Chile's Peso Rises on More-Than-Forecast Increases in Growth, Inflation

(Bloomberg) -- Chile's peso rose following reports
showing the economy and inflation rose more than expected,
prompting speculation the central bank will raise lending rates
later this month to slow inflation.

Economic activity, which includes key components of the
gross domestic product, increased 6.6 percent in April from a
year earlier, the central bank reported today on its Web site.
Growth was more than the 6.1 percent forecast from 16 analysts
in a Bloomberg survey. The annual rate of inflation climbed to a
nine-month high of 2.9 percent, the National Statistics
Institute said.


Read more at Bloomberg Currencies News

Usana plans to sell 3rd party contract manufacturing business

(Reuters) - Usana said it sees the sale of the business to be effective
sometime during the third quarter.





Read more at Reuters.com Mergers News

American Woodmark, Feldman Mall, Openwave, Telik: 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.
Shares prices are as of 9:30 a.m. New York time.

American Woodmark Corp. (AMWD US) fell $2.51, or 6.6
percent, to $35.41 and traded as low as $34.73. The maker of
kitchen cabinets said fourth-quarter profit was 40 cents a share.
That's less than the average analyst estimate of 46 cents a share
from a Bloomberg survey.


Read more at Bloomberg Stocks News

Glaxo defends Avandia with full-page newspaper ads

(Reuters) - The ads, which appeared in newspapers such as The New York Times, The Washington Post, USA Today and The Wall Street Journal, take the form of a letter to Avandia patients signed by Ronald Krall, chief medical officer of the world's second-largest drugmaker.




The unusual step comes a day before a scheduled U.S. congressional hearing on the Food and Drug Administrations role in evaluating the safety of Avandia, and a day after the first solid data became available on the medicine's eroding prescription numbers.


Read more at Reuters.com Government Filings News

Copper Drops in New York on Speculation U.S. Manufacturing Demand to Slow

(Bloomberg) -- Copper futures fell in New York,
halting a three-session rally, on speculation that demand from
the manufacturing sector will ease.

Orders placed with U.S. factories rose less than half the
rate economists had estimated, the Commerce Department said
yesterday. Copper used in electronics and industrial machinery
accounts for about one-third of consumption. The metal gained
5 percent in the previous three sessions as global inventories
dwindled.


Read more at Bloomberg Commodities News

Sweden's privatisation drive has momentum-official

(Reuters) - Parliament has already okayed the sale of Sweden's holdings
in three public companies: Nordic telecom operator TeliaSonera
sale of part of the state's
stake in TeliaSonera a successful test for the organisation set
up to handle the process.




"I cannot tell you what the next transaction is, but we have
good momentum," Forseke told a conference on mergers and
acquisitions in Stockholm.


Read more at Reuters.com Mergers News

U.S. Treasuries Decline on Forecasts Report to Show Services Growth in May

(Bloomberg) -- U.S. Treasuries fell before a private-
sector survey that's forecast to show U.S. services expanded last
month at close to the fastest pace since January.

The benchmark 10-year note's yield touched a nine-month high
as signs economic growth is quickening prompt investors to reduce
bets the Federal Reserve will cut interest rates this year.
Treasuries pared their decline after Fed Chairman Ben S. Bernanke
said a housing slump may hurt the broader economy ``for somewhat
longer than previously expected.''


Read more at Bloomberg Bonds News

Portugal Telecom Ends Talks With Some Shareholders of Brazil's Telemar

(Bloomberg) -- Portugal Telecom SGPS SA's talks with
some shareholders of Tele Norte Leste Participacoes SA, Brazil's
biggest phone company, regarding possible business opportunities
have ended, the Lisbon-based company said today in a regulatory
filing.

Portugal Telecom said May 31 that it had agreed to resume
talks with some of Tele Norte's shareholders ``to explore
investment alternatives.'' The company said it hadn't presented
any proposals to buy Tele Norte shares.


Read more at Bloomberg Emerging Markets News

Quark Pharma sets IPO of 5 mln shares at $12-$14 each

(Reuters) - June 5 - Quark Pharmaceuticals Inc., a clinical-stage biopharmaceutical company, on Tuesday filed with U.S. regulators to sell 5 million shares in an initial public offering at an estimated price of $12 to $14 a share.



The company said it would use the net proceeds to fund research and product development activities as well as for general administrative activities and working capital.


Read more at Reuters.com Government Filings News

European Stocks Fall, Led by Ryanair, Air France; BHP Billiton Gains

(Bloomberg) -- European stocks declined, led by
airlines after Ryanair Holdings Plc, the region's biggest low-
fare carrier, forecast losses in the second half of the year. Air
France-KLM Group paced the drop.

Mining shares gained, limiting losses, after Xstrata Plc said
it's prepared to make an acquisition and Citigroup Inc. upgraded
BHP Billiton Ltd., the world's largest mining company. Standard
Life Plc and Old Mutual Plc climbed after Merrill Lynch & Co.
raised its recommendation on both shares.


Read more at Bloomberg Stocks News

Resona deal with Merrill raises eyebrows in Japan

(Reuters) - Resona defended the issuance, which was completed
on Tuesday, as necessary for repaying money owed to the
government and said it had received the blessing of the
Financial Services Agency.




But some FSA officials expressed concern over the timing of
the deal, although they acknowledged it did not raise any
governance issues.


Read more at Reuters.com Bonds News

UPDATE 1-Russia Wimm-Bill-Dann posts record Q1 sales growth

(Reuters) - Group sales rose 40.1 percent from a year earlier to $542.8
million at New York-listed Wimm-Bill-Dann, which is also a major
player on the fruit juice market.




Earnings before interest, taxation, depreciation and
amortisation were up 58.8 percent to $70.4 million and
net income gained 84.8 percent to $32.1 million, Wimm-Bill-Dann
said in a statement.


Read more at Reuters.com Market News

U.S. Stock-Index Futures Are Little Changed; Avaya Rises, Genentech Falls

(Bloomberg) -- U.S. stock-index futures were little
changed before a service-industry report that may help investors
gauge the strength of economic growth and its implications for
Federal Reserve decisions on interest rates.

Avaya Inc. shares advanced in Europe after the company
agreed to be acquired by Silver Lake Partners and TPG Inc. in the
largest leveraged buyout of a computer-networking company.
Genentech Inc. slid after the Wall Street Journal said the
world's largest maker of cancer-fighting drugs is under increased
pressure in Congress and from Medicare to cut the prices it
charges for new drugs.


Read more at Bloomberg Stocks News

Merck KGaA Shares Jump to Record on Erbitux, Possible Entry Into DAX Index

(Bloomberg) -- Shares of Merck KGaA, the German
drugmaker that bought Switzerland's Serono SA this year, rose to
a record, buoyed by a new study on its cancer drug Erbitux and
speculation it may enter Germany's benchmark DAX index.

The stock gained as much as 7.7 percent, reaching the
highest since the family-controlled company first sold shares in
October 1995. It rose 6.06 euros, or 6.1 percent, to 104.87
euros at 10:45 a.m. in Frankfurt.


Read more at Bloomberg Stocks News

European shares rise, helped by China rebound

(Reuters) - At 0810 GMT, the FTSEurofirst 300 index was up 0.1 percent at 1,623.82 points, led by oil and gas producers, which were supported by Brent crude staying above $70 a barrel.




Britain's United Utilities rose 4 percent to lead European gainers after it put its electricity distribution assets up for sale and posted strong results.


Read more at Reuters.com Hot Stocks News

Ruukki Plans $337 Million Share Sale to Fund Further Investment in Russia

(Bloomberg) -- Ruukki Group Oyj, a Finnish investment
company, plans to raise as much as 250 million euros ($337
million) in a share sale to fund pulp and lumber production
investments in Russia.

The company plans to issue 100 million to 130 million new
shares at a subscription price of 1.90 euros to 2.90 euros,
Helsinki-based Ruukki said today in a stock exchange statement.
Shareholders will vote on the proposal at an extraordinary
general meeting on June 12.


Read more at Bloomberg Emerging Markets News

New Zealand, Australian Dollars Reach 15-Year Highs on Yen Carry Trades

(Bloomberg) -- The New Zealand and Australian dollars
reached a more than 15-year high against the yen on speculation
the currencies remained favorites for so-called carry trades.

The two Asia-Pacific currencies led gains among 15 of the 16
most-actively traded currencies versus the yen as investors
borrow at Japan's low interest rates to purchase assets elsewhere
that offer bigger returns. The New Zealand dollar rose to the
highest since it was floated in 1985 against its U.S. counterpart
and the Australian dollar climbed to a five-week high.


Read more at Bloomberg Currencies News

Oil hovers at $70, Middle East cyclone fears ease

(Reuters) - Oil prices steadied on Tuesday with concerns over gasoline supply in the United States keeping crude above the $70 mark even as fears eased that a cyclone in the Middle East would disrupt production.

London Brent crude rose 11 cents to $70.51 a barrel by 0659 GMT, after climbing $1.33 on Monday on concerns the storm could disrupt shipping and output in the energy-rich region.


Read more at Reuters Africa

JGBs futures fall to ten-month low on BOJ worries

(Reuters) - The five-year yield jumped to an eleven-month high while the
benchmark 10-year yield rose to a fresh seven-month high.




"The market is adjusting itself to match expectations that
the BOJ will raise rates in August," said Eiji Dohke, a JGB
strategist at UBS.


Read more at Reuters.com Bonds News