Corporate Bond Risk Jumps in Europe on Concern Over U.S. Housing Market

(Bloomberg) -- The risk of owning European company
bonds jumped to the highest in almost three months on concern a
slowing U.S. housing market will hit global corporate earnings
growth, according to traders of credit-default swaps.

Contracts based on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies increased 7,500 euros to 222,000 euros, the highest
since April 5, according to JPMorgan Chase & Co. An increase in
the cost of the contracts, used to bet on a company's ability to
repay debt, shows a deteriorating outlook for credit quality.


Read more at Bloomberg Bonds News

ConocoPhillips Extends Maintenance at U.K. North Sea's J-Block Gas Field

(Bloomberg) -- ConocoPhillips said maintenance at
the J-Block natural-gas fields in the North Sea was continuing
today, beyond its expected completion yesterday.

``The shutdown is ongoing,'' ConocoPhillips spokeswoman
Sandra Ross said today by telephone from Aberdeen, Scotland. ``I
don't have any estimations of when it's back up.''


Read more at Bloomberg Energy News

Japan utilities buy South Africa coal - shipping executive

(Reuters) - A Japanese power generating firm has bought at least one cargo of South African coal for July shipment as it worried over low inventories due to shipment delays from Australia, a shipping executive said on Monday.

The executive, who declined to be named, said the company was sending a vessel to South Africa to fetch coal, while dispatching another ship to Newcastle in Australia. He gave no further details.


Read more at Reuters Africa

GLOBAL MARKETS-Interest rate and credit worries rattle stocks

(Reuters) - European and Asian stocks were lower, tracking Friday's
losses on Wall Street, after a warning from the Bank for
International Settlements about the need for higher interest
rates and continuing concerns about troubled U.S. hedge funds.




Demand for safe-haven government bonds was higher and the
Japanese yen stuck near 4-1/2 year lows against the dollar.


Read more at Reuters.com Bonds News

No relief for yen as carry trades continue

(Reuters) - The comparatively high-yielding New Zealand dollar recovered all the losses it incurred on suspected central bank intervention late on Friday, striking a 22-year high against the dollar and climbing near to a 20-year peak against the yen.




Despite falls in equity markets fueled by rising global interest rates and renewed concern about the U.S. housing market, currency investors continued to put on carry trades, in which they borrowed in low-yielding currencies like the yen to fund purchases of higher-return units.


Read more at Reuters.com Hot Stocks News

French Stocks Decline, Led by France Telecom, Alcatel-Lucent and Unibail

(Bloomberg) -- French stocks declined, led by
France Telecom SA, Alcatel-Lucent and Unibail Holding SA.

The CAC 40 Index lost 47.43, or 0.8 percent, to 5975.82 at
9:06 a.m. in Paris. The SBF 120 Index dropped 0.2 percent.


Read more at Bloomberg Stocks News

Asian stocks sag, yen under pressure

(Reuters) - European shares were seen also tracking U.S. peers lower with financial bookmakers expecting falls of 24 to 33 points for London's FTSE 100 index , 30 to 44 points for Germany's DAX and 25 to 32 points for France's CAC 40 .




Demand for high-yielding currencies kept the yen pinned near an all-time low versus the euro and a 4-1/2-year low against the dollar. The Bank of Japan, unlike other central banks, was seen in no hurry to raise interest rates.


Read more at Reuters.com Hot Stocks News