v Asian stocks fell for a fourth day as HSBC Holdings Plc cut its outlook for China’s economy, South
Korean consumer
confidence dropped and German Chancellor
Angela Merkel hardened her resistance to euro-area debt sharing
before European leaders meet this week. Copper
and corn rallied.
v
Banco
Santander SA (SAN) and Banco Bilbao
Vizcaya Argentaria SA (BBVA), Spain’s largest lenders,
were downgraded by Moody’s Investors Service because of the country’s sovereign
debt and souring real-estate loans.
v
Consumer
morale in Germany
unexpectedly edged up going into July on improving income expectations, but
worries over the euro zone crisis risk hurting consumption in the months ahead,
a survey by GfK market research group showed on Tuesday.
v
The
biggest U.S. banks are extending less credit amid a
faltering economic recovery as regional lenders step in to fill the gap.
v
China
can achieve a 10 percent gain in exports and
imports this year if the world economy doesn’t worsen further, spokesman Shen
Danyang said at a briefing in Beijing today. Trade growth had “sound momentum”
in June, Shen said.
v Gold held steady above $1,580 an ounce on Tuesday after rising in the previous session as
growing uncertainty on whether a key European Union summit this week will be
able to resolve the region's debt crisis supported the precious metal.
v
Indian
Demand gold week , Physical buying from India, one
of the world's top bullion consumer, failed to rebound despite a recovery in
the rupee from last week's record lows versus the dollar, dealers said.
v
Oil
fell for a second day in New York amid speculation
a meeting of European leaders this week will fail to halt a debt crisis that
threatens to slow the economy and curb fuel demand.
v
Saudi Arabia won’t reduce
output in the coming three months even if oil prices continue to
drop, Asharq al-Awsat newspaper reported yesterday, citing unidentified people
with knowledge of the country’s plans.
v South Korea
became the first major Asian consumer of Iranian crude to announce a halt to
imports after the government said they would be suspended from July 1 due to a
European Union ban on insuring tankers carrying Iranian oil.
v
London
copper rose on Monday for the first time in four days
and New York prices also firmed, with sellers silenced at the start of the week
by signs of buying in China and improved demand prospects in the
United States.
v
Japanese
government bonds were steady to firmer on
Tuesday, supported by continuing concern about Europe's debt crisis as
investors expected an uneventful sale of two-year notes and the passage of a
plan to increase Japan's sales tax.
v
Treasuries
Beat Rest of Bonds as Mortgages Show 1% Growth,
Treasuries are beating all other U.S. fixed-income securities for the first
time in three quarters as investors around the world seek the safest assets.
v
Hedge
funds, which were underperforming the S&P 500
for the month as of June 20, have been cutting their exposure to the stock
market while bidding up gold, according to a Bank of America/Merrill Lynch analysis.
v
Quest
Software Inc has received an improved bid from Dell Inc to buy the maker of
enterprise management software for about $2.32 billion, a source close to the
matter said on Monday
v
Research In
Motion Ltd. (RIM), the struggling maker of the
BlackBerry Smartphone, fell the most since May after Morgan
Stanley (MS) downgraded the stock, citing “rapidly deteriorating
fundamentals.
v
Microsoft
Corp. (MSFT) agreed to buy
corporate social-network operator Yammer Inc. for $1.2 billion in cash to help
it woo businesses with Face book-like tools that help employees collaborate in
the workplace.
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