Treasury's Paulson- subprime woes likely contained

(Reuters) - "I don't see imposing a serious problem. I think it's going to be largely contained," he added.




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Europe's Bond Trading System Will Draw Up Plan to Give Hedge Funds Access

(Bloomberg) -- A plan to allow hedge funds to join Europe's main government bond trading system will be drawn up by the board of MTS SpA, which operates the network.

MTS will vote on the proposals at its next board meeting, it said in a statement today. Man Group Plc, the world's largest hedge-fund manager, 3i Group Plc, Citadel Investment Group LLC and Vega Asset Management are among the firms who want to trade on MTS, which is currently restricted to banks.


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US STOCKS-Shares rally as earnings beat estimates

(Reuters) - Dow component Caterpillar, a manufacturer of heavy construction and mining equipment, also raised its outlook and said growth outside North America was offsetting weakness in the U.S. housing and truck engine markets. For more see [ID:nN19299226].

A jump in crude oil prices boosted shares of energy companies including Exxon Mobil Corp. , aiding the rally.


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Lifting the Lid: Tax concerns come to light in US earnings

(Reuters) - Now as the first-quarter earnings season gets under way, a new accounting rule, known as FIN 48, is giving investors a clearer picture than ever about what lurks in that second set of books.

With just a few companies adopting the rule so far, some have disclosed multimillion dollar charges to shareholder's equity -- or the book value of a company -- while others cautioned that changes in tax assumptions could affect their overall tax rate.


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Fed's Mishkin - current policy to lower inflation

(Reuters) - "However I continue to believe that the current stance of monetary policy is likely to foster sustainable economic expansion and a gradual ebbing in core inflation," he said. A text of his speech was distributed in Washington.




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European Government Bonds Post Weekly Gain as Investors Shun Risky Assets

(Bloomberg) -- European government bonds posted a weekly advance, snapping a four-week losing streak, as a decline in equity markets this week stoked demand for the safety of fixed income securities.

Benchmark 10-year bunds have risen this week as yields near their highest in more than 2 1/2 years lured investors exiting riskier assets. Debt also gained as the euro strengthened against the dollar for a fourth straight week stoking concern about growth in the $10.4 trillion euro-region economy.


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U.S. Treasury refunding queries show uncertainty

(Reuters) - "Given your assessments of budget projections and the economic outlook, please discuss the suitability of Treasury's current financing schedule given your expectations of financing needs going forward," the Treasury asks in the questionnaire.




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