European Oil Stocks May Climb, Led by Shell; Rio Tinto May Decline

(Bloomberg) -- European energy stocks may climb,
paced by Royal Dutch Shell Plc and Total SA, after crude oil
climbed for a second today.

Rio Tinto Group, the world's third-largest mining company,
may decline after copper prices dropped in Asia. Vodafone Group
Plc will probably rise after the company received a letter from a
shareholder asking it to submit a number of resolutions regarding
the restructuring of the company.


Read more at Bloomberg Stocks News

Hedge funds slam Bear over subprime losses: WSJ

(Reuters) - Hedge funds that had sold short such securities made profits when an index tied to a basket of subprime bonds was falling. But the index has recovered in recent weeks, leading to howls of protest from hedge funds, according to the report.




The chief critic, John Paulson of Paulson & Co., a $12 billion fund, says Bear Stearns wanted to prop up faltering mortgages-backed securities by purchasing individual mortgages that were rapidly losing value to avoid doling out billions in swap payments, the Journal reported.


Read more at Reuters.com Business News

Kyushu Oil to Raise Processing Capacity at Japan Refinery by 26 Percent

(Bloomberg) -- Kyushu Oil Co., a closely-held
Japanese petroleum refiner, plans to increase the capacity of a
crude distillation unit by 26 percent to 24,000 barrels a day at
its Oita refinery on Japan's western Kyushu Island.

The boost to the unit's output will cost 2 billion yen
($16.5 million) and will increase the refinery's total processing
capacity to 160,000 barrels a day from 155,000 barrels a day,
Kazuki Nakai, a spokesman for the company, said by phone today.


Read more at Bloomberg Energy News

Hong Kong Stocks Fall on Interest Rate Concern; Henderson, Li & Fung Drop

(Bloomberg) -- Hong Kong stocks fell on speculation
U.S. interest rates may be raised to tame inflation, a move that
would likely drive local borrowing costs higher.

Henderson Land Development Co., Hong Kong's fourth-largest
developer by value, declined on concern customers will delay
housing purchases. Li & Fung Ltd., which sells goods to Wal-Mart
Stores Inc., dropped as traders bet U.S. demand will cool.


Read more at Bloomberg Stocks News

DynCorp, Greif, SAIC, Monster, SAIC, Spectrum Brands: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names.

ADC Telecommunications Inc. (ADCT US) rose 56 cents, or 3.2
percent, to $17.85 in trading after the official close of U.S.
exchanges yesterday. The maker of phone-networking gear said
second-quarter profit quadrupled from a year earlier. Earnings
excluding some items were 35 cents a share, topping the 23 cent
average estimate from analysts in a Bloomberg survey.


Read more at Bloomberg Stocks News

JGB futures hit 10-month low on BOJ rate worries

(Reuters) - Selling resumed after traders confirmed prices were top-heavy
despite favourable external factors, with trend-following CTA
funds seen unwinding long JGB positions and Japanese megabanks
holding off from boosting JGB holdings on the rise in yields.




Traders also said some were seen hedging against the 500
billion yen offer of inflation-linked 10-year
JGBs this session. Concerns about a 2 trillion yen sale in
five-year JGBs next week further weighed on prices, traders said.


Read more at Reuters.com Bonds News

China's Trade Surplus May Stoke U.S. Tension Over Yuan, Dangerous Exports

(Bloomberg) -- China's trade surplus probably grew
50 percent in May from a year earlier, fueling tension with the
U.S. over claims that the yuan is undervalued.

The gap swelled to $19.5 billion from $13 billion a year
earlier, according to the median estimate of 18 economists
surveyed by Bloomberg News. That would bring the surplus for the
first five months to $82.8 billion, up 78 percent from the same
period a year earlier.


Read more at Bloomberg Emerging Markets News