Europe shares down by midday; credit outweighs M&A

(Reuters) - European shares traded down by midday on Monday, led by financial stocks as they bore the brunt of concerns over credit markets and by oil shares, which tracked a fall in crude.

At 1035 GMT, the FTSEurofirst 300 index of top European shares was down 0.4 percent, heading for its eighth day of losses in the last 10 sessions and off 7.7 percent from a 6-1/2 year high of 1,635.58 on July 13.


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FTSE dips, tracking Wall St. on credit concerns

(Reuters) - Britain's top share index dipped early on Monday on fresh concerns over global credit markets after Bear Stearns said it was weathering the worst storm in financial markets in more than 20 years.

At 0738 GMT, the FTSE 100 was down 21.1 points, or 0.34 percent, at 6,203.2, having closed 1.2 percent lower on Friday.


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Markets drop as worries grow

(Reuters) - "The outlook for today does not look good. On top of the worries about the exposure of funds to credit markets, now we've worries about weak U.S. economic data," said Choo Hee-yeop, deputy general manager of asset management strategy at Korea Investment and Securities.




At 0025 GMT, Tokyo's Nikkei average had slid 1.6 percent with exporters such as Canon Inc., electronics components maker Kyocera and chip-tester maker Advantest Corp. further hit by a firmer yen.


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Miners, banks push S.Africa Top-40 index 1 pct up

(Reuters) - South Africa's blue chip Top-40 index gained over one percent in early trade on Friday, boosted by mining and bank stocks as global stock markets recovered.

The Top-40 index rose as much as 1.28 percent to 25,518 points. By 0748 GMT, the index was 0.97 percent firmer at 25,493 points.


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Rand holds onto overnight gains, in range

(Reuters) - South Africa's rand held onto overnight gains on Tuesday, taking a breather after sharp losses racked up over the past week and shrugging off a wider trade deficit.

The domestic currency was trading at 7.0990 to the dollar at 1530 GMT, virtually unchanged from its close in New York on Monday, when it rebounded from a one-month low of 7.1999.


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Japan anti-monopoly watchdog probes steel firms

(Reuters) - Japanese media reports saying the FTC had launched an
investigation into possible price-fixing in these markets sent
shares of Nippon Steel down 2.9 percent to 891 yen and shares of
JFE Holdings down 2.6 percent to 8,140 yen as of 0456 GMT.




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European shares bounce back, carmakers rally

(Reuters) - European shares reversed early sharp losses on Friday to rise nearly 0.7 percent on the day as robust corporate results from car makers helped offset worries over the credit market and the health of the U.S. economy.

At 0901 GMT, the pan-European FTSEurofirst 300 index was up 0.58 percent, at 1,536.49 points, after falling more than 1 percent in early trade. It dropped 2.8 percent on Thursday on signs of deteriorating conditions for corporate buyouts and further weakness in the U.S. housing market.


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Oil holds firm above $75, eyes tight global supply

(Reuters) - London Brent crude gained 41 cents to $75.59 a barrel by 0340 GMT, after ending $1.14 lower on Thursday. U.S. crude rose 43 cents to $75.38, after a loss of 93 cents the previous day, when it rallied more than $1 midsession to trade at a premium to Brent.




Traders saw an opportunity to buy after Thursday's dip, felt across commodity markets, which came as weak U.S. housing data revived worries about the economy of the world's biggest oil consumer and sparked a flight from risky assets.


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Metals steady but vulnerable on firm dollar, stocks

(Reuters) - Copper steadied on Thursday but analysts saw more downside risk as the dollar held on to gains and inventories rose, while nickel prices were volatile.

Copper for delivery in three months on the London Metal Exchange was at $7,820 a tonne at 0903 GMT, $42 up from Wednesday when it fell 2.4 percent on dollar strength.


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Stock futures point to upbeat techs after Apple

(Reuters) - Thursday's busy results calendar includes earnings from top oil producer Exxon Mobil Corp , conglomerate 3M , Amgen Inc. , Bristol-Myers Squibb , Dow Chemical Co. and Aetna Inc. .




By 0902 GMT September Nasdaq 100 futures were up 0.1 percent, while Standard & Poor's 500 and Dow Jones futures were both down 0.2 percent.


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Gold hits 11-week high on record low dollar

(Reuters) - Gold hit an 11-week peak and silver rose to its highest in seven weeks on Tuesday, powered by the dollar that plunged to a new historic low against the euro.

Gold has gained about seven percent, or nearly $50, since a trough at the end of June. By 1403 GMT, spot gold stood at $684.05/684.65 a troy ounce after rising as high as $687.10, against $681.00/$681.80 in New York late on Monday.


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Kenya shilling eases vs dollar due end of month demand

(Reuters) - The Kenyan shilling weakened slightly against the dollar on Tuesday due to end-of-month demand mainly from the energy sector, dealers said.

At 0845 GMT, commercial banks traded the Kenyan unit at 67.50/60 against the dollar compared with Monday's close of 67.45/55.


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GM's Allison unit buyout faces hurdle: report

(Reuters) - The firms will now try to distribute the loan among a small group of banks, the paper said.




GM agreed in June to sell the Allison Transmission unit for $5.6 billion to private equity firms Carlyle Group and Onex Corp..


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Dollar losses keep gold near 10-week high

(Reuters) - Spot gold stood at $683.05/683.65 a troy ounce at 1008 GMT compared with $682.90/$683.70 late in New York on Friday when it touched $686, the highest since May 9 and a gain of more than $20 since last Monday.




"All the indicators look positive, the weaker dollar against the euro and steady oil," said Robin Bhar, analyst at UBS.


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Oil falls, OPEC concern on world economy

(Reuters) - London Brent crude currently seen as more representative of the world market, slid 36 cents to $77.28 a barrel by 0444 GMT, after easing 3 cents on Friday. U.S. crude for September traded 22 cents lower at $75.57.




The Organization of the Petroleum Exporting Countries is concerned about the potential impact of near-record oil prices on the world's economy, but has seen little sign that growth has been hit by higher energy costs, the group's president said on Sunday.


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European shares slip in early trade, oils weigh

(Reuters) - European stocks slipped early on Tuesday, led lower by oil shares, as investors continued to worry about the U.S. economy and hunkered down for key inflation data releases that could provide clues on interest rates.

At 0723 GMT, the FTSEurofirst 300 index of top European shares was down 0.4 percent at 1,623.67 points.


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Stocks set for steady open, earnings in focus

(Reuters) - London Brent hit a fresh 11-month high of $78.12 -- just 53 cents away a record high of $78.65 last August.




By 0955 GMT, Dow futures were up 0.05 percent and both S&P and Nasdaq futures ticked up 0.1 percent.


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Oil steady near 11-month high above $76 as funds buy

(Reuters) - Oil held near an 11-month high above $76 a barrel on Friday, with news of recovering refinery operations in the United States threatening to cap a two-week influx of investment fund capital into the complex.

London Brent crude shed 15 cents to $76.25 a barrel by 0400 GMT, holding on to a near $1 gain the past session and still within sight of last August's all-time high of $78.65 after gaining more than $6 since near the end of the second quarter.


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GM no longer on review for downgrade - Fitch

(Reuters) - NEW YORK, July 12 - Fitch Ratings on Thursday said General Motors Corp. is no longer on review for a downgrade because a new labor contract with its key supplier Delphi Corp has reduced the risk of a work stoppage.



Fitch affirmed GM's issuer rating at "B," the fifth-highest junk rating. The outlook is negative, however, indicating the rating could still be downgraded over the long term.


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Rand seen softer as risk aversion prevails

(Reuters) - South Africa's rand was a touch softer against the dollar early on Wednesday and looked vulnerable to heightened caution in global markets about investment in higher-yielding assets.

At 0635 GMT the rand was trading at 7.0260 per dollar, only slightly off Tuesday's New York close of 7.0240.


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