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US & World Daily Markets Financial Briefing
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US & World Daily Markets Financial Briefing – US & World Daily Markets Financial Briefing
A daily summary of financial news from the markets in the U.S. and Asia. Includes European outlook,Forex and Commodities data. Click here to receive or daily bulletins. News provided by AFX/Associated Press.

US & World Daily Markets Financial Briefing 11-06-2007

06/11/2007
 ADVFN III World Daily Markets Bulletin  
Daily world financial news from Thomson Financial NewsSupplied by advfn.com
11 Jun 2007 15:15:33
     
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US Stocks at a Glance

Stocks Move Sideways As Yields Rise

NEW YORK - Stocks traded flat Monday as bond yields rose again Monday and as stocks overseas advanced. The yield on the Treasury's 10-year note rote to 5.16 percent Monday from 5.11 percent late Friday. Last week, investors took stubborn inflation to mean that a rate cut by the Fed was unlikely, and they sent stock and bond prices tumbling; since yields move in the opposite direction from bond prices, market interest rates soared. The 10-year Treasury yield climbed above 5 percent for the first time since last summer.
   
The Fed has kept the federal funds rate, the interest banks charge each other for overnight loans, unchanged at 5.25 percent since last summer, following a string of increases over about two years.
   
While U.S. stocks rose sharply Friday, Wall Street still logged its worst week in about three months amid interest rate concerns.
   
In early trading Monday, the Dow Jones industrial average fell 3.66, or 0.03 percent, to 13,420.73.
   
Broader stock indicators were mixed. The Standard & Poor's 500 index rose 0.12, or 0.01 percent, to 1,507.79 and the Nasdaq composite index declined 1.27, or 0.05 percent, to 2,574.81.
   
Stock markets abroad rose after steep declines last week. Britain's FTSE 100 rose 0.57 percent, Germany's DAX index rose 1.09 percent, and France's CAC-40 rose 0.62.
   
Oil prices, which also stirred inflation concerns last week, reboundede Monday after falling sharply Friday. Iran's oil minister said Monday the Organization of Petroleum Exporting Countries doesn't plan to release more oil into the market ahead of its next policy meeting in September. In premarket electronic trading, light, sweet crude rose 39 cents to $65.15 per barrel on the New York Mercantile Exchange.
   
Little economic or earnings data were due for release Monday, so investors will be looking to moves overseas as well as data on inflation later in the week to determine whether last week's sell-off was overdone. On Thursday, the Labor Department releases its producer price index and on Friday the consumer price index is due.
   
Cleveland Fed President Sandra Pianalto, speaking in Germany on Monday, said that while inflation expectations "appear to be well-anchored," spikes in prices, liquidity crises, or fiscal imbalances could upend central banks' notions of how contained inflation might be.
   
Declining issues outnumbered advancers by about 2 to 1 on the New York Stock Exchange, where volume came to 45.4 million shares. The Russell 2000 index of smaller companies fell 3.33, or 0.40 percent, to 831.98.

 
 
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Forex

Pound firms after UK producer prices continues to rise

LONDON - The pound was firmer after the latest producer price figures out of the UK showed prices continued to rise.
   
Producers' raw material costs, or input prices, rose a higher than expected 1.2 pct in May from the previous month and by 1.1 pct year on year, sparking concerns that while manufacturers may have been unable to push through price hikes for now, they will look to do so soon to boost margins.
   
A potential rise in prices would be another cause for concern on inflation for the Bank of England, supporting the case for higher borrowing costs. The BoE is widely expected to raise rates to 5.75 pct by August, having kept them unchanged at 5.50 pct at its rate setting meeting on Thursday.
   
Global Insight's Howard Archer said the producer price figures "may slightly alleviate the Monetary Policy Committee's concerns that firms are finding it easier to push through price hikes".
     
Elsewhere, the dollar was in demand after the Reserve Bank of New Zealand confirmed had sold its own currency in favour of the US dollar. The central bank said its intervention in the foreign exchange market today was in response to "unjustified" gains in the kiwi dollar.
   
The New Zealand dollar has in recent days risen to its highest levels against the dollar since the currency was freely floated in 1985, and was trading at 0.7632 usd before the intervention. Following the announcement the currency has traded as low as 0.7477 usd.
   
The carry trade -- where investors borrow in low yielding currencies to invest in high-yielding ones elsewhere -- has been pushing the kiwi dollar ever higher in recent months on the back of three consecutive interest rate rises by the RBNZ.
   
BNP Paribas said the dollar will likely see another round of renewed demand due to RBNZ's intervention.
   
The euro, meanwhile, was steady at lower levels following weaker-than-expected French industrial output figures for April. Output fell 0.8 pct in April from March, after rising 0.2 pct in March from February; analysts
had forecast a 0.1 pct rise.
   
"All this seems to confirm that growth in activity is nearing a cyclical peak. This would happen as less friendly international economic conditions are starting to harm a bit of activity in the euro zone, with the US having a marked slowdown in Q1 and the past appreciation in the euro biting exports," said Matthieu Kaiser at BNP Paribas.

London 1230 BSTLondon 0908 BST  
   
   
US dollar  
yen 121.73up from121.66
sfr 1.2387up from1.2375
   
Euro  
usd 1.3342down from1.3343
yen 162.44up from162.34
sfr 1.6532up from1.6517
stg 0.6782down from0.6787
   
Sterling  
usd 1.9667up from1.9659
yen 239.46up from239.18
sfr 2.4365up from2.4329
   
Australian dollar  
usd 0.8426down from0.8430
yen 102.58up from102.57
stg 0.4283down from0.4288
Kiwi dollar  
usd 0.7500unchanged0.7500
 
 
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Europe at a Glance

Euroshares continue recovery amid consolidation talk in utility, banking, auto

LONDON - Leading European shares continued to gain momentum midday, recovering from last week's losses and with merger and acquisition talk boosting confidence in the utility, banking and automotive sectors.
   
At 12.18 pm, the Dow Jones STOXX 50 was up 18.96 points at 3,874.22 while the DJ STOXX 600 rose 2.86 points to 387.94. The DJ Euro STOXX 50, which tracks the performance of some of the largest companies in 12 countries using the euro, was up 25.65 points at 4,402.08.
   
Saturday's Cinco Dias reported, citing unnamed sources close to the negotiations, that Iberdrola has considered two possible candidates for acquisition in recent months. It further noted that Iberdrola has denied it is targeting Exelon's Philadelphia Electric. Iberdrola shares gained 1.05 pct.
   
Meanwhile, shares in Suez gained ground, adding 0.94 pct, amid ongoing hopes that the group may take part in sector consolidation and boosted by a bullish note from Credit Suisse which lifted its price target to 46.5 eur.
       
Gazprom was also the centre of attention, falling 0.21 pct, after a newswire report that the company is not planning to take over a British firm, but investors continued to believe in Centrica as a possible target and the shares gained 1.88 pct midday.
   
Merger and acquisition talk continued in the banking sector, which was hit last week amid fears the rising cost of global lending would reduce corporate investment, slow mortgage loan applications and crimp company profits.
  
Shares in Societe Generale climbed 1.3 pct as the French bank continued to be buoyed by market talk that it is looking at taking over its larger French rival BNP Paribas. BNP Paribas shares were up 1.45 pct.
  
The UK's Times newspaper said BNP Paribas is just one of several banks with which SogGen is mulling a possible merger. The Times said Lloyds TSB and Barclays were among eight banks with which Societe Generale Chairman Daniel Bouton had had discussions. Barclays was up 1.87 pct while Lloyds TSB gained 0.70 pct.
     
Staying in M&A, shares in ThyssenKrupp AG rose 3.1 pct as traders pointed to media reports that said the German steel giant may be interested in acquiring either United States Steel Corp or perhaps the Russian steel giant Severstal.
   
"If this were to ever happen, it would make much more sense with a takeover of US Steel," said a local trader, noting a newly-combined entity would benefit from the American steel company's better profit margins. ThyssenKrupp, however, denied it was in talks with either company.
   
Shares in Alcatel-Lucent were up 2.53 pct as the telecom equipment maker's investor conference got underway. The stock could see further gains later this afternoon when the company offers investors an update on its progress in integrating Alcatel and Lucent's operations and its chief financial officer addresses the conference, said a dealer.
         
Shares in DaimlerChrysler added 1.85 pct, while BMW gained 1.75 pct.  Fiat stock, meanwhile, rose 1.75 pct, partially recouping prior-week losses, and after its CEO Sergio Marchionne, who is credited for the turnaround of the company, repeated he is willing to stay at the helm of the group beyond 2010.
   
Finally, private equity firm Alchemy Partners is reportedly lining up a 3 bln stg bid for US car maker Ford Motor Co's luxury brands Jaguar and Land Rover according to London's free paper City A.M.
   
In addition, it said Ford has hired Goldman Sachs and Morgan Stanley to hawk its Premier Automotive Group (PAG), which includes Volvo as well as the two British-based marques, to prospective buyers.
   
Other possible suitors for PAG include Renault SA; Dave Richards, who led a Kuwaiti-backed consortium to buy Aston Martin from Ford in March; and David James, who bought the rights to manufacture Smart from DaimlerChrysler AG, the report said. Shares in Renault added 2.02 pct, while Volvo stock retreated 0.7 pct.
   
Meanwhile, in the airline industry, German flagship carrier Deutsche Lufthansa gained 2.5 pct after after a media report said it is planning to expand intercontinental services to more cities in Germany. A trader noted that the respective flights are high margin opportunities and welcomed the report.
   
Also in the sector, Air France-KLM rose 2.19 pct as investors reacted to comments from the airline's chief executive indicating it could make acquisitions "soon", although dealers cautioned that the gains were more to do with heavy profit-taking last week following the stock's recent record highs.
   
Peer Iberia was unperturbed by a report in Expansion, which stated that the Spanish flagship carrier and British Airways are to split markets between one another in the case that a bid for Iberia succeeds. While Iberia added 0.26 pct, British Airways was trading 0.81 pct higher.

 
 
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Asia at a Glance

Asian shares close mixed; China A-shares up as confidence restored

HONG KONG - Shares across the Asia-Pacific region closed mixed, with China shares boosted as confidence continued to return to the market.
   
Tokyo shares closed off the day's highs after a generally lackluster session marked by uncertainty about the prospects for interest rates globally. The Nikkei 225 Stock Average closed up 55.39 points or 0.31 pct at 17,834.48, off the day's high of 17,932.10. The TOPIX index of all first-section issues gained 4.99 points or 0.28 pct to settle at 1,761.15, off a high of 1,773.58.
   
The release of better-than-expected revised GDP data for the three months to March also encouraged buying even if the figures were mostly in line with market expectations.
   
Before the opening bell, the Cabinet office said January-March GDP grew by a revised 0.8 pct quarter-on-quarter compared to an initial reading of 0.6 pct growth. On an annualized basis, the economy expanded 3.3 pct during the three-month period, better than the preliminary estimate of 2.4 pct.
   
In the Japanese government bond market today, yields stayed high, fueling fears that companies' borrowing costs may rise. The yield of the benchmark 10-year government bond rose to 1.900 pct at the close of trading today from 1.890 pct Friday.
       
Australian markets were closed for a holiday and will reopen tomorrow.
   
Hong Kong shares were higher in afternoon trade, tracking a rebound on Wall Street Friday after a three-day slide there triggered by interest rate worries. Dealers noted that mainland telecom firms were boosted by laggard interest, while local property counters were supported ahead of a government land auction tomorrow. At 3.40 pm the Hang Seng Index was up 106.39 points or 0.52 pct at 20,615.54.
   
In mainland China, A-shares in Shanghai and Shenzhen closed higher, with confidence restored as the weekend passed without further tightening polices being announced.
   
The Shanghai A-share Index was up 87.35 points or 2.13 pct to 4,191.10 and the Shenzhen A-share Index was up 29.59 points or 2.47 pct at 1,227.91. "Share prices continued to rise after the market opened higher on the easing of interest rate hike fears. No tightening policies came out at the weekend as many had expected," said Zhu Liang, an analyst at Dongwu Securities.
   
Seoul shares closed lower in volatile trade, reversing earlier gains, as Doosan Heavy dipped more than nine pct due to an analyst's "sell" call on the stock.
   
Goldman Sachs advised its clients to sell Doosan Heavy, citing the stock as having risen too high, to a level above its fair valuation. The market's reaction eclipsed Wall Street's Friday advance and Japan's upbeat quarterly GDP data, dealers said.
   
The downside was limited, however, as LG Philips LCD led the IT sector's advance on expectations that it may turn into profit as early as the second quarter and its share overhang may be resolved, with its major shareholder Philips reportedly looking for a strategic buyer, they said.
   
The KOSPI index closed down 10.72 points or 0.62 pct at 1,716.56, off a low of 1,709.96 and a high of 1,742.86.
   
Taipei shares closed higher in active trade as investors took their cue from the rebound on Wall Street from a three-day slump, and a considerable pull-back in oil prices on the global markets. The weighted index closed up 38.17 points or 0.46 pct at 8,338.88, after moving between 8,328.61 and 8,359.75, on turnover of 133.91 bln twd.

 
 
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Metals

LONDON - Copper held onto gains made earlier, supported by dwindling stockpiles and fears output from Chile may be threatened.
   
Stocks of the red metal stored in LME warehouses worldwide fell by 900 tonnes to total 120,550 tonnes, said the exchange in a daily report. Inventories have fallen from around 200,000 tonnes at the start of the year to under 130,000 tonnes.
   
Meanwhile, mounting speculation workers might strike at Codelco's mine in Chile sparked supply fears.
   
"Copper is currently up ... on supply worries as stockpiles fall once again and concerns continue that their will be strikes in Chile," noted RBC Capital Markets head of base metals, Alex Heath.
   
At 1.57 pm, LME copper for three-month delivery was up at 7,310 usd a tonne against 7,140 usd at the close Friday.
   
Workers in Chile are reportedly planning to press ahead with a strike after dismissing the company's latest bid to resolve a dispute over pay and conditions. Chile has the largest copper resolves in the world.
   
A union spokesman at the 420,000 tonnes per year Collahuasi copper mine in Chile has indicated that there has been no progress in the contract negotiations, Macquarie said in a weekly report.
   
In other base metals, zinc was up at 3,718 usd a tonne against 3,630 usd, lead was up at 2,340 usd against 2,275 usd, nickel rose to 43,100 usd against 42,300 usd, aluminium climbed up to 2,722 usd against 2,690 usd while tin inched up to 13,975 usd against 13,900 usd.

Gold extended gains made earlier in the session, supported by bargain hunters who took advantage of low prices.
   
Bullion, while higher, was still at levels 3 pct lower than last week and down 6 pct since striking 693 usd late April -- its peak price for the year so far.
   
"Gold rose...as bargain hunters lifted the metal from its lowest level in nearly three months that was hit on Friday," said Alex Heath, RBC Capital Markets analyst.
   
At 1.14 pm, spot gold was up at 651.35 usd against 647.30 usd in late New York trade Friday.
   
Gold had dipped to as low as 643 usd Friday, battered by gains in the US dollar which weakened the yellow metal's appeal as an alternative asset, and as rising treasury yields fuelled risk aversion.
   
Analysts have been calling for the precious metal to strike 700 usd at some point this year for some time year, mainly on forecasts for a weaker dollar. A weak dollar makes gold cheaper for those trading in foreign currencies.
   
"As long as the American economy looks to be gathering momentum a lid is likely to be kept on gold," said Fortis' monthly metals report. "On current prospects 700 usd still looks from here like an uphill slog," added Fortis.
   
Among other precious metals, silver was up at 13.11 usd from 13 usd Friday, platinum was up at 1,286 usd per ounce against 1,279 usd. Palladium dipped to 363 usd from 367 usd.

 
 
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