Nickel Declines for Fourth Day in London as Steel Mills Cut Production

(Bloomberg) -- Nickel fell for a fourth consecutive
session because stainless-steel mills, the biggest user, are
cutting production, reducing demand for the metal. Copper and
aluminium prices were little changed.

Posco, Asia's third-largest steelmaker, will reduce
stainless-steel output by as much as 100,000 metric tons in the
second half, the company said yesterday. Nickel usage already
lagged behind production by 8,300 tons as of May, Michael Widmer,
head of metals research at Calyon said, citing data from the
International Nickel Study Group.


Read more at Bloomberg Commodities News

Slovak Koruna Declines Versus Euro as Emerging Market Currencies Sell Off

(Bloomberg) -- The Slovak koruna snapped a seven-day
winning run against the euro as investors shunned riskier,
emerging market assets.

The koruna declined along with other emerging market
currencies including the Polish zloty and the Thai baht, falling
from a near a four-month high versus the common European
currency. It gained more than 2 percent over the past month,
making it the third best-performer among emerging market
currencies.


Read more at Bloomberg Currencies News

Swiss Franc Advances to Seven-Month High as Investors Unwind Carry Trades

(Bloomberg) -- The Swiss franc rose to a seven-month
high against the dollar as investors avoided riskier assets and
scaled back so-called carry trades.

Switzerland's currency also gained versus the euro as
investors unwound trades funded by borrowing the franc and the
Japanese yen at their relatively low interest rates. The franc
was also buoyed by a report that showed retail sales in the
Alpine economy rose for a 12 month in May.


Read more at Bloomberg Currencies News

Prospect buys stake in Japan TOC amid takeover bid

(Reuters) - DaVinci plans to buy up to 79 million TOC shares, or 58
percent, at 1,308 yen apiece, and DaVinci President Osamu Kaneko
told Reuters in a recent interview that he was confident his
company would have enough shareholder support.




Prospect Asset Management has been actively lobbying with
asset managers for real estate investment trusts to
improve their share performance. It currently owns 22.65 percent
of Japan Single-Residence Reit Inc. and 25.94 percent of
TGR Investment Inc. .


Read more at Reuters.com Mergers News

Lundin says wins Rio Narcea Gold bid

(Reuters) - "All of the conditions of the offer having now been
satisfied, Lundin .... has taken up all of the Rio Narcea shares
and warrants that were tendered to the offer," the company said
in a statement.




The offer was dependent on Lundin getting acceptances for
not less than 66.6 percent of Rio's shares.


Read more at Reuters.com Mergers News

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.


Read more at Reuters Africa

European Government Bonds Advance for Third Day; Yield Falls to Week-Low

(Bloomberg) -- European government bonds advanced
for a third day in London, pushing 10-year yields down to the
lowest in a week.

The yield on the German 10-year bund, Europe's benchmark,
fell 2 basis points to 4.55 percent by 8:05 a.m. in London. The
price of the 4.25 percent security due July 2017, which moves
inversely to yield, rose 0.14, or 1.4 euros per 1,000-euro
($1,379) face amount, to 97.64. The yield on the two-year
benchmark note was at 4.48 percent.


Read more at Bloomberg Bonds News