Telecom Italia, Valeo, Corus: European Credit-Default Swap Market Movers

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

The cost of a credit-default swap based on a 10 million- euro ($13 million) contract on the iTraxx Crossover Series 7 Index, which includes 50 companies with investment-grade and non-investment grade ratings, rose 2,000 euros to 202,000 euros, according to JPMorgan Chase & Co.


Read more at Bloomberg Bonds News

Oil Climbs in New York on Expected Demand Boost; Refineries Raise Output

(Bloomberg) -- Crude oil rose as some analysts expect U.S. refineries to raise fuel production to meet growing demand ahead of the summer driving season.

A government report tomorrow may show U.S. gasoline supplies fell the least in 10 weeks as refining reached a 14-week high, according to a Bloomberg News survey. Gasoline reached an eight- month high on April 13, after refinery breakdowns and above- average demand cut U.S. fuel stockpiles by 12 percent. Gasoline futures fell 2.9 percent yesterday.


Read more at Bloomberg Energy News

FTSE slips as retail numbers mixed; data eyed

(Reuters) - The FTSE 100 of Britain's leading shares edged down 0.3 percent on Tuesday after the Nikkei ended down 0.57 percent and investors held back ahead of a raft of economic data.

Britain's biggest retailer, Tesco climbed 2.1 percent after it met forecasts with a 13 percent rise in annual underlying profit and said it planned to free up at least 3 billion pounds from property assets for investors.


Read more at Reuters Africa

European Stocks Retreat From 6 1/2-Year High; Debenhams, Pirelli Slump

(Bloomberg) -- European stocks fell on concern a rally that has sent indexes to 6 1/2-year highs overstates prospects for earnings growth.

Debenhams Plc had its biggest slump in almost a year after Britain's second-largest department-store company said full-year earnings will be below analysts' estimates. Pirelli & C. SpA slid after AT&T Inc. retracted a bid to buy a stake in Telecom Italia SpA's controlling shareholder.


Read more at Bloomberg Stocks News

UPDATE 2-Prodi wants Telecom Italian, Mexicans weigh options

(Reuters) - TOKYO/MILAN, April 17 - Italian Prime Minister Romano Prodi said he hoped Telecom Italia would stay Italian after his government scuppered American interest in Italy's largest telecoms company, which still lacks a chairman.

Prodi, speaking on a trip to Japan, said there could be other players, possibly from Europe, after U.S. phone giant AT&T pulled out of talks with Pirelli to buy a majority stake in Olimpia, which controls Telecom Italia.


Read more at Reuters.com Bonds News

D.Telekom will not sell Magyar Telekom -Econ Min

(Reuters) - His comments came after German media reported last month that Russian conglomerate Sistema and Deutsche were in talks over an asset swap deal in which Sistema would yield its stake in U.S.-listed MTS for Deutsche's stake in Magyar.

Magyar Telekom CEO Christopher Mattheisen earlier dismissed reports of a Russian takeover at the Hungarian telecom operator as pure speculation.


Read more at Reuters.com Mergers News

Tata Consultancy's Ramadorai Says Rupee's Rise to 9-Year High Curbs Profit

(Bloomberg) -- Tata Consultancy Services Ltd., India's largest computer-services provider, said the rupee's appreciation against the dollar will erode earnings as almost all of the company's sales are generated overseas.

``We're very concerned,'' Chief Executive Officer S. Ramadorai said in an interview today in Mumbai, where the company is based. ``The way the rupee drastically appreciated in the last couple of days is definitely of concern.''


Read more at Bloomberg Emerging Markets News