Japan's Topix Index Falls, Led by Sompo, Insurers; Trading Companies Gain

(Bloomberg) -- Japan's Topix index declined, paced
by insurers after companies such as Sompo Japan Insurance Inc.
and Mitsui Sumitomo Insurance Co. reported their profits fell.

Limiting losses, Japan Tobacco Inc., the world's third-
largest traded cigarette maker, jumped the most in five months
after Merrill Lynch & Co. raised its recommendation on the stock.
Itochu Corp. climbed 4.1 percent after Mizuho Securities Co.
lifted its recommendation on Japan's five largest trading houses.


Read more at Bloomberg Stocks News

Shanghai Copper Rises as Global Stockpiles Fall; Talk of Strike in Peru

(Bloomberg) -- Shanghai copper prices gained for the
first day in three following a drop in global stockpiles of the
metal to their lowest in more than six months and amid
speculation about disruptions to supplies from South America.

Inventories of copper monitored by the London Metal Exchange
dropped by 0.6 percent to 137,575 metric tons, the lowest since
Nov. 1, the exchange said yesterday. Still, Shanghai stockpiles
have risen to their highest in three years as imports surged this
year and domestic output reached a record in April.


Read more at Bloomberg Commodities News

China Needs Bigger Rate Increases, Too Late to Use Yuan as Tool, CLSA Says

(Bloomberg) -- China needs to ``shock'' the economy
with more interest rate increases because it's too late to use a
stronger yuan to cool growth, said Jim Walker, chief economist
at CLSA Asia-Pacific Markets.

The Chinese government is too concerned about derailing
export growth as the U.S. economy slows to let the yuan rise
faster, Hong Kong-based Walker said. Higher borrowing costs
would prevent the flood of cheap credit from spurring a stock-
market bubble and excessive investment.


Read more at Bloomberg Emerging Markets News

China shares slip after Greenspan bubble warning

(Reuters) - Greenspan told a teleconference in Madrid on Wednesday that China's equities bull run, which has more than tripled the index since the start of last year, could not last. The warning hurt stock markets in New York and Asia.




Analysts in Shanghai said Greenspan's comments helped to spur selling in the Chinese market on Thursday because some local investors were increasingly worried about a bubble.


Read more at Reuters.com Hot Stocks News

UPDATE 3-U.S. FDA to monitor toothpaste from China

(Reuters) - WASHINGTON, May 23 - U.S. health officials are
beginning to check all shipments of toothpaste coming from
China, following reports of tainted products in other
countries, a government spokesman said on Wednesday.




The Food and Drug Administration has no evidence that
contaminated toothpaste has made its way into the United States
but is taking the step as a precaution, agency spokesman Doug
Arbesfeld said.


Read more at Reuters.com Government Filings News

China Stocks Advance, Led by China Vanke, Shanghai Development Bank

(Bloomberg) -- China's benchmark stock index, the CSI
300 Index, rose 0.35 percent at 9:35 a.m.

The index of 298 companies traded on the Shanghai Stock
Exchange rose 13.61 to 3,952.55. Among the stocks in the index,
146 rose, 118 fell and 34 were unchanged.


Read more at Bloomberg Stocks News

Koch Industries Unit Restarts Cumene Production at Corpus Christi Refinery

(Bloomberg) -- A Koch Industries Inc. unit is
restarting production of the chemical cumene at its refinery in
Corpus Christi, Texas.

Flint Hills Resources LP reported the restart of the cumene
unit to Texas environmental regulators, after production was
halted for routine maintenance May 11. Cumene is an aromatic
hydrocarbon used to make substances including acetone, aspirin
and penicillin and is used as a paint thinner.


Read more at Bloomberg Energy News

Japan's Nikkei 225 Average, Topix Fall; Mitsubishi UFJ, Komatsu Lead Drop

(Bloomberg) -- Japan's Nikkei 225 Stock Average
fell 34.13, or 0.2 percent, to 17,670.99 at 9:02 a.m. in Tokyo.
The broader Topix index dropped 6.08, or 0.4 percent, to
1734.00.

Mitsubishi UFJ Financial Group Inc. and Komatsu Ltd. led
the declines.


Read more at Bloomberg Stocks News

China Needs Bigger Rate Increases, Too Late for Yuan, CLSA's Walker Says

(Bloomberg) -- China needs to ``shock'' the economy
with more interest rate increases because it's too late to use a
stronger yuan to cool growth, said Jim Walker, chief economist at
CLSA Asia-Pacific Markets.

The Chinese government is too concerned about derailing
export growth as the U.S. economy slows to let the yuan rise
faster, Hong Kong-based Walker said. Higher borrowing costs would
prevent the flood of cheap credit from spurring a stock-market
bubble and excessive investment.


Read more at Bloomberg Currencies News

BHP Billiton, Qantas, Westfield, James Hardie: 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 0.2
percent to 6368 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index rose 0.8 percent in New York.


Read more at Bloomberg Stocks News

Japan's Government May Set a Coupon of 2.1 Percent at 20-Year Debt Auction

(Bloomberg) -- Japan's Ministry of Finance may set a
coupon of 2.1 percent on its sale of 20-year bonds today, the same
payout as the previous auction last month, according to a
Bloomberg News survey.

All five analysts and investors surveyed said the ministry
would set the coupon on the 800 billion yen ($6.6 billion) of
securities at 2.1 percent. The previous sale on April 24 drew bids
for 3.63 times the amount of debt on offer, the highest since
December.


Read more at Bloomberg Bonds News

EOG hikes credit line to $1 bln from $600 mln

(Reuters) - A spokeswoman with the Houston-based company was not
available to comment on why the changes were made.




Shares of EOG closed down 1 cent at $77.52 on the New York
Stock Exchange.


Read more at Reuters.com Bonds News

DCP Midstream Partners to acquire equity interests for $270 mln

(Reuters) - In a statement, the company said it plans to finance the
purchase with a combination of debt and equity.





Read more at Reuters.com Mergers News

UPDATE 1-Hot Topic quarterly loss narrows; sees Q2 loss

(Reuters) - Hot Topic, which sells rock 'n' roll-inspired clothing,
accessories and music in its mall-based stores, forecast a
second-quarter loss of 2 cents to 4 cents a share based on a
same-store sales decline of mid-single digits.




The outlook includes a charge of 2 cents to 3 cents a share
for Hot Topic stores scheduled to be remodeled or relocated in
fiscal 2007, the company said in a statement.


Read more at Reuters.com Market News

Abercrombie & Fitch quarterly profit rises

(Reuters) - The New Albany, Ohio-based retailer said quarterly net sales rose 13 percent to $742.4 million.




Abercrombie's net income was in line with Wall Street's expectations, but its sales measure fell short of the average analyst forecast.


Read more at Reuters.com Business News

BJ's Wholesale to buy back $100 mln more shares

(Reuters) - The company had about 65.4 million shares outstanding as of
May 5.





Read more at Reuters.com Mergers News

Imperium Renewables files for $345 mln IPO

(Reuters) - It is seeking a Nasdaq listing under the symbol "IMPR."




Read more at Reuters.com Bonds News

Chinese Stocks Retreat in U.S. Trading After Greenspan Comments on Stocks

(Bloomberg) -- Chinese stocks fell in U.S. trading
after Former Federal Reserve Chairman Alan Greenspan said he was
concerned that equities in China might undergo a ``dramatic
contraction.'' China Petroleum & Chemical Corp. led the retreat.

The Bank of New York Co.'s China ADR Index, tracking the
nation's American depositary receipts, slid 0.6 percent to 370.96
as of 3:50 p.m. in New York. The index earlier rose as much as 1
percent.


Read more at Bloomberg Stocks News

Chilean Stocks Rise as Economic Growth Quickens; Brazil's Usiminas Falls

(Bloomberg) -- Chile's stocks rose, pushing the
benchmark index to its biggest gain in three months, after a report
showed first quarter economic growth was the fastest in two years.

Chile's IPSA index rose 2.1 percent, the most since Feb. 28,
to 3179.92 at 2:44 p.m. New York time. Retailer Cencosud SA and
electricity holding company Enersis SA led the advance. Brazil's
main stock index fell for a second day.


Read more at Bloomberg Stocks News

UPDATE 2-Foreign investment in Mexico up 66 pct in 1st qtr

(Reuters) - MEXICO CITY, May 23 - Foreign direct investment
in Mexico rose to $6.554 billion in the first quarter of the
year, up 66.4 percent from the same period in 2006, the
government said on Wednesday.




"We have seen important inflows in extractive industries
and trade," said Gregorio Canales, who tracks foreign
investment at the economy ministry.


Read more at Reuters.com Bonds News

Vitamin Shoppe files for $150 million IPO

(Reuters) - The retailer and direct marketer sells vitamins, minerals,
herbs, supplements, sports nutrition and other health and
wellness products.




It is seeking a New York Stock Exchange listing under the
symbol "VSI."


Read more at Reuters.com Government Filings News

Brazil May Sell More Dollar-, Real-Denominated Bonds Abroad, Godoy Says

(Bloomberg) -- Brazil may sell more dollar- and
real-denominated bonds in international markets this year after
Standard & Poor's and Fitch Ratings raised the country's credit
rating, Treasury Secretary Tarcisio Godoy said.

``Brazil's economic fundamentals show more credibility,''
Godoy said in an interview in Brasilia. ``We're looking for
windows of opportunity.''


Read more at Bloomberg Bonds News

Bristow shares jump on strong quarterly results

(Reuters) - The company, which provides helicopter transportation services for offshore petroleum workers and equipment, said revenue rose 13.6 percent driven by a favorable change in mix of aircraft operating, improved pricing and the addition of new aircraft.




Quarterly earnings were 91 cents a share, including certain gains. Analysts were expecting earnings of 62 cents a share, according to Reuters Estimates.


Read more at Reuters.com Hot Stocks News

Moody's boosts credit support levels on CMBS deals

(Reuters) - In April, Moody's said it would shore up subordination or
financial protection for holders of CMBS, to head off any
potential deterioration in the solid commercial real estate
market as loose underwriting standards and slower property
appreciation posed risks.




Record high leverage, a rise in interest-only loans and
fewer investment-grade loans used in deals were among the
factors pointing to growing risks to CMBS deals, which echoed
those in place before the subprime mortgage crisis.


Read more at Reuters.com Bonds News

Oil Is Little Changed After Report of Increased Gasoline Supply, Demand

(Bloomberg) -- Crude oil was little changed after a
government report showed that U.S. gasoline inventories and
consumption increased last week.

U.S. gasoline supplies rose 1.43 million barrels last week,
an Energy Department report showed today. Gasoline use averaged
9.36 million barrels a day in the past four weeks, up 1.2 percent
from a year ago, the department said. Refineries operated at the
highest rate since Jan. 5. Prices also rose after UN inspectors
said they were learning less about Iran's nuclear program.


Read more at Bloomberg Energy News

Treasury Yields Rise to Three-Month High on Outlook for Fed Rate Reduction

(Bloomberg) -- Treasury yields rose to the highest
level in more than three months as traders reduced the odds of
an interest rate cut by the Federal Reserve this year.

Ten-year yields have risen more than 15 basis points over
the past two weeks on signs of resilience in the U.S. economy.
Richmond Fed President Jeffrey Lacker said yesterday it's the
central bank's responsibility to curb inflation and it would be
a mistake to rely on slower growth to stem price increases.


Read more at Bloomberg Bonds News

Treasuries Drop to Three-Month Low on Outlook for Federal Reserve Rate Cut

(Bloomberg) -- Treasuries declined to the lowest
level in more than three months as traders reduced the odds of
an interest rate cut by the Federal Reserve this year.

Ten-year yields have risen more than 15 basis points over
the past two weeks on signs of resilience in the U.S. economy.
Richmond Fed President Jeffrey Lacker said yesterday it's the
central bank's responsibility to curb inflation and it would be
a mistake to rely on slower growth to stem price increases.


Read more at Bloomberg Bonds News

Gold, Silver Futures Climb in New York After Euro Rebounds Against Dollar

(Bloomberg) -- Gold and silver prices in New York
rose as a decline in the value of the dollar boosted the appeal
of the precious metals as alternative investments.

Gold generally moves in tandem with the euro, which
rebounded against the dollar on speculation interest rates will
rise faster in Europe than the U.S. Before today, gold gained
3.4 percent this year as the euro climbed 1.9 percent against
the dollar.


Read more at Bloomberg Commodities News

MRI-enhancing agents need warning-U.S. FDA

(Reuters) - WASHINGTON, May 23 - Contrast agents used to make magnetic resonance imaging, or MRI, scans easier to see should carry new, strong warnings, the U.S. Food and Drug Administration said on Wednesday.



The warning -- a "black box" -- would alert patients with certain kidney and liver conditions that they are at risk for a potentially fatal skin disease called nephrogenic systemic fibrosis, the agency said in a statement.


Read more at Reuters.com Government Filings News

Rand gains versus dollar as gold firms

(Reuters) - South Africa's rand was slightly firmer against the dollar late on Wednesday, capping a Johannesburg session in which it traded sideways in line with the greenback's performance abroad and the gold price.

At 1520 the rand was at 7.0410 versus the dollar, off an earlier high of 7.0291 but recovering from a session low of 7.0940. It was up 0.55 percent from Tuesday's close of 7.08 in New York.


Read more at Reuters Africa

Nymex Natural Gas Prices Rise, Following New York Crude-Oil Futures Higher

(Bloomberg) -- Natural gas in New York rose, erasing
an earlier decline, as crude oil rallied.

``The bounce in natural gas prices coincided with the bounce
in crude,'' said Bob Yawger, a broker at Man Financial Inc. in
New York. ``Gas is taking its lead from the barrel.''


Read more at Bloomberg Energy News

Paris Club Pledges to Avoid Selling Debtor Claims to Distressed Debt Funds

(Bloomberg) -- Paris Club members, a group of
creditor nations including France, Canada, Germany and Italy,
will avoid selling claims on debt owed by poor countries to so-
called vulture investors who sue to recover larger payouts.

``These actions freeride on the debt cancellation granted by
other creditors and thus divert resources from poverty reduction
expenditures in the debtor country,'' the organization said in a
statement yesterday. The informal grou, formed in 1956, meets
monthly with debtor nations on the restructuring of obligations.


Read more at Bloomberg Emerging Markets News

Target CFO reiterates full-year profit forecast

(Reuters) - Scovanner made the same comment in February.




Also on the conference call, CEO Robert Ulrich said the
retailer does not see any near-term economic indications that
give it an undue amount of concern.


Read more at Reuters.com Market News

Fannie Mae, Freddie Mac Mortgage Portfolios Decrease as Premiums Shrink

(Bloomberg) -- Freddie Mac, the mortgage finance
company that overtook Fannie Mae this year to become the largest
provider of funds for U.S. home loans based on portfolio size,
said its mortgage assets fell back behind its rival last month.

Freddie Mac's portfolio contracted $5.2 billion in April to
$709.2 billion, while Fannie Mae's holdings fell $2.2 billion to
$710.6 billion, the companies said in releases today. In March,
Freddie Mac's assets surpassed Fannie Mae's for the first time,
rising to $714.5 billion, or $1.7 billion more than its rival.


Read more at Bloomberg Bonds News

N.Y. gov to announce WTC-related regulatory pact

(Reuters) - He declined to provide additional details ahead of the news conference scheduled for 2:30 p.m. EDT. .




In February, Spitzer approved the construction of a $3 billion building known as the Freedom Tower on the World Trade Center site.


Read more at Reuters.com Government Filings News

UPDATE 1-Zhou says more yuan flexibility will be gradual

(Reuters) - WASHINGTON, May 23 - The head of China's central
bank said on Wednesday that China plans to stick to a policy of
increasing the flexibility of its yuan currency only
gradually.




"We're also following the three principles to further
increase the flexibility of the yuan's exchange rate," People's
Bank of China governor Zhou Xiaochuan told reporters, repeating
China's longstanding position that it will exercise
self-initiative, gradualism and control in reforming the yuan
exchange rate.


Read more at Reuters.com Bonds News

Crude Oil Is Little Changed Amid Signs U.S. Gasoline Supplies Increased

(Bloomberg) -- Crude oil was little changed in New
York after plunging 2 percent yesterday on speculation a
government report will show U.S. gasoline supplies increased.

Inventories of gasoline rose 1.2 million barrels last week,
according to the median of 17 responses in a Bloomberg survey.
Refineries operated at 90 percent of capacity, up 0.5 percentage
point from the week before, the survey showed. Workers at
Nigerian National Petroleum Co. will strike at midnight unless an
agreement is reached to save jobs after the sale of a refinery.


Read more at Bloomberg Commodities News

UPDATE 1-Canada leading indicator rises in April

(Reuters) - "Household spending slowed from its recent torrid pace,
while manufacturing continued to recover from a prolonged
slump," Statscan said in a report.




The indicator rose 0.4 percent in March and 0.6 percent in
February, according to the agency's revised figures.


Read more at Reuters.com Economic News

Lazard to buy 50 percent stake in Argentina firm

(Reuters) - Terms were not disclosed. New York-based Lazard said it planned to rebrand the acquired entity MBA Lazard. It said the acquisition, together with the Brazilian joint venture Signatura Lazard, would give it coverage in all major financial markets in Central and South America.



Buenos Aires-based MBA also has offices in Uruguay and Panada, and since last year has had a joint venture, Altis-MBA, in Chile. Lazard said the MBA acquisition was subject to approval by the Central Bank of Argentina.


Read more at Reuters.com Mergers News

Fannie Mae's portfolio declines 3.7 pct in April

(Reuters) - The portfolio shrank by 0.4 percent for all of 2006, ending
last year at $724.4 billion.




Read more at Reuters.com Bonds News

Consortium keeping options open on ABN: Fortis

(Reuters) - "We are still deliberating our position," Maurice Lippens told the annual shareholders meeting of Fortis last month for Dutch bank ABN AMRO, but not made a formal offer.


Read more at Reuters.com Mergers News

Target reports higher profit

(Reuters) - Analysts, on average, were expecting it to earn 71 cents per share, according to Reuters Estimates




In recent quarters, Target's sales gains at stores open at least a year have outpaced those at Wal-Mart, boosted by its trendy but inexpensive designer merchandise, like its Isaac Mizrahi home decor and clothing. It is also increasing its selection of food to bring shoppers to its stores more often.


Read more at Reuters.com Business News

CORRECTED - GLOBAL MARKETS-Economic confidence drives stocks to record highs

(Reuters) - By Lincoln Feast




LONDON, May 23 - Global stocks hit a record high
on Wednesday as investors, confident in the economic outlook,
continued to seek riskier assets, while the dollar rose as
expectations of U.S. interest rate cuts diminished.


Read more at Reuters.com Bonds News

Dick's Sporting first-quarter profit rises

(Reuters) - Net sales rose 28 percent to $823.6 million.




For the latest first quarter, analysts on average expected the company to earn 37 cents a share, on revenue of $851.8 million, according to Reuters Estimates.


Read more at Reuters.com Market News

Russian Indexes Drop Amid Political Concern, IPOs: World's Biggest Mover

(Bloomberg) -- Russian stocks fell after the country
said it won't extradite a murder suspect to Britain, raising
concern that increasing political tensions will discourage
foreign investment.

OAO Gazprom and OAO Unified Energy System led today's
decline. Russia's equity market has also been hurt as initial
public offerings drained investors' cash, according to traders.


Read more at Bloomberg Stocks News

UPDATE 1-US mortgage applications, rates rise last week-MBA

(Reuters) - The Mortgage Bankers Association said its mortgage
application index rose 1.6 percent to a seasonally adjusted
686.2 in the week ended May 18.




It was the highest reading since 690.5 in the March 9 week
and well above 552.6 in the same week a year earlier.


Read more at Reuters.com Bonds News

IndyMac Bancorp offers $500 mln in preferred stock

(Reuters) - Moody's Investors Service rated the debt "Ba1," its highest
"junk" grade and two notches below IndyMac's "Baa2" senior
unsecured rating, an investment grade. Perpetual preferred
stock has no maturity date.




Goldman Sachs & Co. and Morgan Stanley arranged the
offering, with assistance from Citigroup Global Markets Inc.,
Deutsche Bank Securities Inc., Lehman Brothers Inc. and RBC
Dain Rauscher Inc., IndyMac said.


Read more at Reuters.com Bonds News

Chicago Corn Futures Gain on Crop Weather Concerns; Soybeans, Wheat Up

(Bloomberg) -- Corn futures on the Chicago Board of
Trade rose on speculation hot and dry weather this summer may
damage U.S. crop yields. Soybean and wheat futures also gained.

Farmers had planted about 92 percent of the corn crop as of
May 20, up from 78 percent a week earlier, the U.S. Department of
Agriculture said May 21. A year ago the figure was 91 percent and
the five-year average is 86 percent. From now, any unfavorable
weather development will damage yields.


Read more at Bloomberg Commodities News

Tate & Lyle, Clariant: European Credit-Default Swap Market Movers Today

(Bloomberg) -- The risk of owning European corporate
bonds fell today, according to traders in the credit-default
swaps market.

Contracts based on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Series 7 Index fell 2,500 euros
to 190,500 euros, according to JPMorgan Chase & Co.


Read more at Bloomberg Bonds News

U.K. Pound Climbs as Bank of England Minutes Signal Further Rate Increase

(Bloomberg) -- The pound advanced after minutes from
the Bank of England's last rate-setting meeting showed policy
makers voted unanimously to increase interest rates by a quarter
point this month.

The U.K. currency rebounded against the dollar and climbed
to a two-week high versus the euro as Monetary Policy Committee
members said in the minutes borrowing costs may need to rise
again. The central bank hinted at higher rates in its quarterly
inflation report last week as it seeks to get the pace of price
increases back toward its 2 percent target.


Read more at Bloomberg Currencies News