Gold Little Changed in Asia as Dollar Weakness Boosts Appeal; Silver Rises

(Bloomberg) -- Gold in Asia was little changed near a
one-week high, supported by investors demand for the precious
metal as an alternative asset after the dollar weakened on signs
the U.S. economy might slow. Silver rose.

Gold usually moves in the opposite direction to the dollar,
which fell to a four-month low against the Japanese yen and also
traded near a record low against the euro today. Speculation that
a slowing U.S. economy may keep the Federal Reserve from raising
interest rates also weakened the dollar and boosted the appeal of
the precious metal as alternative investment.


Read more at Bloomberg Commodities News

Brazil stocks, currency slide on US credit worries

(Reuters) - The benchmark Bovespa index of the Sao Paulo Stock
Exchange slid 3.37 percent to close at 52,846.38 points, its
worst one-day decline since July 26 when the index lost 3.76
percent amid similar concerns about the U.S. credit market.




Brazil's currency, the real , weakened 1.4 percent to
close at 1.902 per U.S. dollar.


Read more at Reuters.com Bonds News

Mexican markets slip on weak U.S. jobs data

(Reuters) - The benchmark IPC stock index fell 0.81 percent to
30,145 points, while the peso currency slipped
0.10 percent to 10.9680 per dollar.




The price of the benchmark 10-year peso bond fell 0.124 points to bid 101.088 points, with a yield of 7.82
percent.


Read more at Reuters.com Bonds News

Gold, Silver Rise as Lack of Higher U.S. Interest Rates May Erode Dollar

(Bloomberg) -- Gold and silver rose in New York on
speculation a slowing U.S. economy may keep the Federal Reserve
from raising interest rates, weakening the dollar and boosting
the appeal of precious metals as alternative investments.

Five of the past six bear markets for the dollar have
resulted in a higher gold price. The metal is up 6.7 percent
this year as the dollar has declined to a record low against the
euro. Investment in StreetTracks Gold Trust, an exchange-traded
fund backed by bullion, reached a record 507 tons on Aug. 1.


Read more at Bloomberg Commodities News

`Uncle Ted' Stevens's Corruption Probe Imperils Federal Dollars for Alaska

(Bloomberg) -- The federal corruption investigation
of U.S. Senator Ted Stevens not only threatens the career of the
longest-serving Republican in Senate history, it also puts at
risk the billions of dollars that ``Uncle Ted'' steers to
Alaska.

``Republicans, Democrats, everybody still hopes that
nothing has gone wrong here, since he's so important to the
state,'' said Republican State Representative Ralph Samuels, the
majority leader in Alaska's House.


Read more at Bloomberg Exclusive News

Australian, New Zealand Dollars Rise as U.S. Stock Gain Lifts Carry Trade

(Bloomberg) -- The Australian and New Zealand
dollars gained for a second day against the yen as a rally in
U.S. stocks attracted investors to higher-yielding assets funded
by loans from Japan.

The two currencies headed for weekly gains, recovering from
two-month lows, as the Dow Jones Industrial Average had the
first two-day gain in two weeks. New Zealand's 7.75 percentage
point and Australia's 5.75 point interest-rate premium over
Japan make the currencies favorites for so-called carry trades.


Read more at Bloomberg Currencies News

Japan's Topix Gains as Earnings Ease U.S. Growth Concern; Konica Advances

(Bloomberg) -- Japan's Topix index advanced after
better-than-forecast earnings in the U.S. lifted indexes there
and eased investor concern that the subprime loan problem will
derail growth in Japan's largest export market.

Exporters also got a boost after the yen weakened against
the dollar and companies including Konica Minolta Holdings Inc.
reported rising profits. Konica jumped the most in three weeks.


Read more at Bloomberg Stocks News

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.


Read more at Reuters Africa

Pound Gains as Traders Add to Bets on Higher Rates After Bond Risk Falls

(Bloomberg) -- The pound rose against the dollar
and euro as traders increased bets that the Bank of England will
increase interest rates again this year.

The U.K. currency headed for its second month of gains
versus the dollar as interest-rate futures show investors are
betting on borrowing costs rising at least once more this year.
The Bank of England's benchmark rate of 5.75 percent is the
highest among Group of Seven nations.


Read more at Bloomberg Currencies News

Currency Fund Returns Reach Record in June on Carry Trades, Parker FX Says

(Bloomberg) -- Cumulative returns on currency funds
rose to a record in June as managers profited from declines in
the yen and the dollar, according to Parker Global Strategies.

The yen slid against the euro and the pound last month as
investors borrowed Japan's currency at the lowest interest rate
in the industrialized world to fund purchases of higher-yielding
assets, known as carry trades, Parker Global said. The dollar
fell against major currencies in June as slowing inflation and
consumer spending prompted traders to pare bets on a U.S. rate
increase, Parker Global said.


Read more at Bloomberg Currencies News

UPDATE 3-Shell applies to build C$27 bln oil sands plant

(Reuters) - CALGARY, Alberta, July 30 - Royal Dutch Shell Plc
plans to build an oil sands upgrading complex at its
Edmonton, Alberta, refinery that could cost as much as C$27
billion , putting it among Canada's costliest
projects, it said on Monday.




Shell said its proposed Upgrader 2 would be built in four
100,000 barrel a day stages, processing tar-like bitumen from
its Athabasca Oil Sands Project -- which is already undergoing
a multibillion-dollar expansion -- as well as its steam-driven
oil sands projects in the same region.


Read more at Reuters.com Government Filings News

Mexican stocks extend recovery, end up 2.20 percent

(Reuters) - The benchmark IPC stock index surged 665.51 points
to 30,900.68 points. The peso currency firmed just 0.09
percent to close at 10.95 to the dollar.




In debt trading, the price of the benchmark government
10-year peso bond rose 0.310 points to bid 101.71,
with a yield of 7.72 percent.


Read more at Reuters.com Bonds News

U.S. gold futures bounce early, dollar falls vs euro

(Reuters) - At 10:26 a.m. EDT , most-active gold for December delivery on the COMEX division of the New York Mercantile Exchange was up $2.40 at $674.70 an ounce, dealing in a narrow range between $671.80 and $675.20.




A precious metal dealer in New York said that bullion would look for trading cues from the currency market, as a steadily weakening dollar had sent gold to rally $40 before the tumultuous sell-off began on Thursday.


Read more at Reuters.com Hot Stocks News

Pound Rises on Speculation Floods Strengthen Case for Increase in Rates

(Bloomberg) -- The pound rose against the dollar,
snapping three days of losses, on speculation the worst floods in
60 years will cause inflation to accelerate, strengthening the
case for higher interest rates.

The Centre for Economic and Business Research yesterday said
the floods could add 0.5 percent to the inflation rate later this
year, forcing it to quicken to a decade-high, rather than decline
as forecast by the Bank of England. Policy makers will raise
borrowing costs to 6 percent by year-end after holding them at
5.75 percent at their Aug. 2 meeting, according to a Bloomberg
News survey.


Read more at Bloomberg Currencies News

M'bishi Motors swings to first Q1 profit in 5 yrs

(Reuters) - Net loss nearly halved to 8.23 billion from 15.11 billion yen, as revenue jumped 30 percent to 630.79 billion yen, aided by a 6-yen rise in the dollar and 18-yen rise in the euro.



But the Tokyo-based automaker kept its interim and annual forecasts unchanged citing risks from rising commodity prices and other unknowns.


Read more at Reuters.com Market News

Yen May Rise to 116 Per Dollar; Abe Remains Prime Minister, Deutsche Says

(Bloomberg) -- The yen may rise to a four-month high
of 116 per dollar as Japanese Prime Minister Shinzo Abe will
remain in office after his ruling coalition lost its majority in
upper house elections, according to Deutsche Securities.

Abe's decision to retain his post lessens political
instability that may have forced the Bank of Japan to delay an
interest-rate increase next month. The government is likely to
avoid raising sales taxes and close the income gap to appease
opposition parties, supporting consumer spending and the currency.


Read more at Bloomberg Currencies News

Rupee rise may hurt Indian tea exports - minister

(Reuters) - Indian tea exports are likely to be hurt by the rupee's strength against the dollar, the junior trade minister said on Saturday.

"Indian tea exports have undoubtedly come under pressure due to the appreciation of the rupee," Jairam Ramesh told reporters in Kolkata.


Read more at Reuters Africa

Pound Snaps Six-Week Rally Versus Dollar as Investors Avoid Global Risks

(Bloomberg) -- The pound fell versus the dollar,
snapping a six-week rally, as global stocks slumped and investors
pared so-called carry trades on concern U.S. subprime mortgage
defaults will slow growth.

The U.K. currency slid from a 26-year high this week as
investors unwound purchases of assets funded by borrowing in
Japan and Switzerland, which have the lowest rates among major
economies. The pound fell almost 4 percent against the yen, the
biggest weekly decline in almost five months.


Read more at Bloomberg Currencies News

U.K. Pound Falls Most in Five Months as Investors Unwind Carry Trades

(Bloomberg) -- The pound fell the most against the
dollar in almost five months as global stocks slumped and
investors pared so-called carry trades on concern U.S. subprime
mortgage defaults will slow growth.

The U.K. currency dropped more than 1 percent against the
dollar today, falling from near a 26-year high, as investors
unwound purchases of assets funded by borrowing in Japan and
Switzerland, which have the lowest rates among major economies.
The pound this week fell 3 percent against the yen, its biggest
decline since March.


Read more at Bloomberg Currencies News

UPDATE 1-Banco Azteca gets preliminary nod to open in Brazil

(Reuters) - Banco Azteca has grown rapidly since it was launched by
Elektra in 2002 to offer loans and other services
to working class Mexicans.




The bank doles out credit to customers who want to buy
products in Elektra stores and also takes deposits and handles
dollar remittances sent home by Latinos working in the United
States.


Read more at Reuters.com Market News