U.K.'s FTSE 100 Drops for Second Day; Northern Rock, Rolls-Royce Retreat

(Bloomberg) -- U.K. stocks fell for a second day.
Northern Rock Plc, a mortgage lender, and Rolls-Royce Group Plc,
the world's second-biggest aircraft-engine maker, led the
retreat.

The FTSE 100 Index declined 56.2, or 0.9 percent, to 6168.1
at 8:04 a.m. in London.


Read more at Bloomberg Stocks News

US STOCKS-S&P, Nasdaq fall 1 percent on credit worries

(Reuters) - The S&P 500 and the Nasdaq fell more than 1 percent.




The Dow Jones industrial average was down 104.37
points, or 0.78 percent, at 13,358.96. The Standard & Poor's
500 Index was down 19.34 points, or 1.31 percent, at
1,452.86. The Nasdaq Composite Index was down 30.22
points, or 1.17 percent, at 2,545.76.


Read more at Reuters.com Bonds News

China's Purchasing Managers' Activity Slowed in July, Joint Survey Shows

(Bloomberg) -- Manufacturing activity in China
expanded at a slower pace in July, according to a survey of
purchasing managers released today.

The Purchasing Managers' Index fell to 53.3 from 54.5 in
June, the China Federation of Logistics and Purchasing and the
National Bureau of Statistics said in an e-mailed statement.
That was the lowest reading in five months.


Read more at Bloomberg Emerging Markets News

Japan July manufacturer PMI contracts, output weak

(Reuters) - The NTC Research/Nomura/JMMA Purchasing Managers Index, which
gives an early snapshot of the health of manufacturing, declined
to a seasonally adjusted 49.0 in July from 50.4 in June.




A reading above 50 suggests expansion, while a figure below
50 points to a contraction.


Read more at Reuters.com Economic News

U.A.E. Shares Decline, Led by Etisalat and Dubai Islamic Bank: Gulf Stocks

(Bloomberg) -- Shares in the United Arab Emirates
dropped, paced by Emirates Telecommunications Corp., known as
Etisalat, and Dubai Islamic Bank PJSC.

The Abu Dhabi Securities Market Index fell 2.8 percent to
3430.03, the biggest one-day drop since June 7, 2006. The Dubai
Financial Market General Index slipped 0.6 percent to 4226.77,
bringing the two-day decline to 2.4 percent.


Read more at Bloomberg Stocks News

Barclays, HSBC, Beazley, Pearson, EMI Group Plc: U.K., Irish Stock Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from the last market close.

The benchmark FTSE 100 Index dropped 36.00, or 0.6 percent,
to 6215.20. The FTSE All-Share Index declined 18.24, or 0.6
percent, to 3210.69.


Read more at Bloomberg Stocks News

Gol, Sadia, TAM, Vivo and Vale do Rio Doce: Brazil Equity Market Movers

(Bloomberg) -- Brazil's main stock index fell for a
second day, led by mining company Cia. Vale do Rio Doce.

The Bovespa Index of the most-traded stocks on the Sao
Paulo exchange fell 71.66, or 0.1 percent, to 53,821.49 as of
10 a.m. New York time.


Read more at Bloomberg Stocks News

Corporate Bond Risk in Australia Advances to Record, Default Swaps Show

(Bloomberg) -- The risk premium on Australian
corporate bonds surged to a record, according to traders of
credit-default swaps.

Contracts based on $10 million of debt in the iTraxx
Australia Series 7 Index of 25 companies rose $7,000 to $45,000
at 9.40 a.m. in Sydney, according to ABN Amro Holding NV. The
five-year contracts have gained $15,500, or 53 percent, since
July 17, Bloomberg Data shows.


Read more at Bloomberg Bonds News

Yen Strengthens as Slump in Stocks Spurs Investors to Exit of Carry Trades

(Bloomberg) -- The yen rose against all 16 of the
most-active currencies on speculation a slump in stocks will
spur investors to repay loans in Japan used to finance
investment in higher-yielding assets elsewhere.

Japan's currency rose to the strongest in three months
against the dollar and the highest in six weeks versus the euro
as futures traded yesterday in the U.S. indicated Asian stock
markets will drop. The yen's advance was steepest against the
Australian and New Zealand dollars, favorites of the so-called
carry trade, as the Standard & Poor's 500 Index closed yesterday
with a loss of 2.3 percent, the biggest decline since Feb. 27.


Read more at Bloomberg Currencies News

CPFL Energia, Gol, Natura, Tam, Petroleo Brasileiro: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock index fell more
than 3 percent for the second time in three days, led by state-
controlled oil company Petroleo Brasileiro SA.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 2199.94, or 3.9 percent, to 53,801.36 as of 9:36 a.m.
New York time.


Read more at Bloomberg Stocks News

Corporate Bond Risk Soars on Absolute Hedge Fund Loss, Failed Buyout Loans

(Bloomberg) -- The risk of owning corporate bonds
soared after a hedge fund co-owned by ABN Amro Holding NV's
Australian unit suspended withdrawals and investors shunned
buyout debt in the U.S. and Europe, credit-default swaps show.

Contracts on 10 million euros ($13.8 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies rose 36,000 euros to 400,000 euros, according to
JPMorgan Chase & Co. The cost of the credit-default swaps, used
to bet of the ability of companies to repay debt, is the highest
in more than two years. The U.S. benchmark CDX Investment Grade
Index jumped $6,000 to $62,750, Deutsche Bank AG said.


Read more at Bloomberg Bonds News

U.S. Stock-Index Futures Decline; Dow Chemical, 3M Shares Drop in Europe

(Bloomberg) -- U.S. stock-index futures fell before
more than 50 Standard & Poor's 500 Index companies report
earnings today.

Dow Chemical Co., the largest U.S. chemical maker, slid
before posting results. 3M Co., one of two Dow Jones Industrial
Average members due to report quarterly earnings, also retreated.


Read more at Bloomberg Stocks News

France's CAC 40 Slides; Carmakers Peugeot, Renault Pace the Drop

(Bloomberg) -- French stocks fell, paced by PSA
Peugeot Citroen SA and Renault SA.

The CAC 40 Index slid 40.22, or 0.7 percent, to 5867.25 at
4:22 p.m. in Paris. The SBF 120 Index also fell 0.7 percent.


Read more at Bloomberg Stocks News

European Stocks Decline; ARM Holdings, Infineon Technologies, Telenor

(Bloomberg) -- European stocks fell, led by ARM
Holdings Plc and Infineon Technologies AG after Texas Instruments
Inc., the world's largest maker of chips that run mobile phones,
reported lower profit and revenue that missed analysts' estimates.

Europe's Dow Jones Stoxx 600 Index lost 0.1 percent to
394.42 at 8:07 a.m. in London with 15 of 18 industry groups
falling. The Stoxx 50 slid 0.2 percent, while the Euro Stoxx 50,
a measure for the euro region, decreased 0.3 percent.


Read more at Bloomberg Stocks News

CN Rail, Canadian Oil Sands Trust, Canadian Pacific: Canada Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets.
This preview includes news that broke after markets closed.
Symbols are in parentheses after company names and prices are
from the last close.

The Standard & Poor's/TSX Composite Index fell 114.54, or
0.8 percent, to 14,468.33 in Toronto.


Read more at Bloomberg Stocks News

Emerging-Market Bonds Advance as Investors Shrug Off U.S. Subprime Concern

(Bloomberg) -- Emerging-market bonds rose after
gains in U.S. and European stock markets suggested renewed
demand for riskier securities.

Concern about rising subprime mortgage losses last week
prompted investors to reduce their appetite for high risk
assets, including developing nation debt. The Standard & Poor's
500 Index and Dow Jones Industrial Average increased 0.5
percent today, while Europe's Dow Jones Stoxx 600 Index gained
0.3 percent today.


Read more at Bloomberg Emerging Markets News

Cameco, CN Rail and Southwestern Resources May Move: Canada Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets.
This preview includes news that broke after markets closed.
Symbols are in parentheses after company names and prices are
from the last close.

The Standard & Poor's/TSX Composite Index rose 42.89, or 0.3
percent, to 14,582.87.


Read more at Bloomberg Stocks News

Italy's S&P/MIB Index Rises , Paced by UniCredit; Impregilo Shares Gain

(Bloomberg) -- Italy's S&P/MIB Index rebounded from
its largest one-day drop in two months. UniCredit SpA and
Impregilo SpA paced the advance.

The S&P/MIB Index added 135, or 0.3 percent, to 41,608 at
9:11 a.m. in Milan as 28 stocks rose, 11 fell and one was
unchanged. Futures expiring in September climbed 88, or 0.2
percent, to 41,875.


Read more at Bloomberg Stocks News

EDF, Faurecia, Klepierre, PPR, Nexity, Sopra, Vinci: French Equity Preview

(Bloomberg) -- The following stocks may rise or
fall on the Paris stock exchange. Symbols are in parentheses
after company names and prices are from the close on July 20.

August futures on France's benchmark CAC 40 Index added 1.5
to 5977.5 at 8:15 a.m. in Paris.


Read more at Bloomberg Stocks News

South Korea's Kospi Advances, Led by Samsung Electronics, LG Electronics

(Bloomberg) -- South Korea's benchmark stock index,
the Kospi Index, rose 0.50 percent at 9:05 a.m.

The index of 731 companies traded on the Korea Exchange rose
9.66 to 1,947.56. Among the stocks in the index, 407 rose, 121
fell and 203 were unchanged.


Read more at Bloomberg Stocks News