Asian Stocks Fall on Lower Metals, U.S. Earnings Concern; Toyota Declines

(Bloomberg) -- Asian stocks fell for the first time
in three days after metals prices dropped and earnings reports in
the U.S. suggested demand is cooling in the region's biggest
export market.

Toyota Motor Corp., the world's largest automaker by market
value, and James Hardie Industries NV, the No. 1 supplier of home
siding in the U.S., led declines on concern a housing slump is
harming growth in the world's biggest economy. BHP Billiton Ltd.,
the largest mining company, was set for its biggest slide in
almost two months.


Read more at Bloomberg Stocks News

Spain's Telefonica Raises 30 Billion Yen in Its First Samurai Bond Sale

(Bloomberg) -- Telefonica SA, Spain's biggest
telephone company, raised 30 billion yen ($247 million) selling
yen-denominated bonds in Japan for the first time.

Telefonica, based in Madrid, sold 15 billion yen of five-year
bonds which will pay interest of 2.11 percent, according to data
compiled by Bloomberg. The company also sold 15 billion yen of
floating-rate notes with the same maturity.


Read more at Bloomberg Bonds News

Yen Retreats From One-Month High; Speculation Japanese Individuals Selling

(Bloomberg) -- The yen retreated from a one-month
high against the dollar as Japanese individual investors took
advantage of a 1.4 percent rally yesterday to sell the currency
and buy higher-yielding assets.

The Japanese yen also pared gains against the Canadian
dollar on speculation the Bank of Japan will keep its overnight
lending rate at 0.5 percent tomorrow, encouraging so-called
carry trades. The yen surged yesterday as U.S. stocks slumped,
raising concern global fund managers will pare riskier holdings.


Read more at Bloomberg Currencies News

JGB futures surge, tracking rally in Treasuries

(Reuters) - Standard & Poor's fanned these fears, saying it might cut its
ratings on $12.1 billion of subprime mortgage-related debt on
expectations of an 8 percent drop in U.S. home prices and more
mortgage defaults, rattling financial markets.




Traders also said that after five sessions of selling, yield
levels appear to be attracting investors to buy.


Read more at Reuters.com Bonds News

Oil Trades Near 10-Month High After Gaining on Higher U.S. Gasoline Price

(Bloomberg) -- Crude oil was little changed in New
York, after rising yesterday as gasoline prices climbed on
speculation U.S. output of the fuel may slow due to unplanned
refinery shutdowns.

BP Plc closed the largest of three crude units at its
refinery in Whiting, Indiana, a person familiar with the plant
said July 9. The refinery, the biggest in the Midwest, supplies
consumers in the Chicago area. Refineries in Texas and Kansas
shut units last week. Refinery operating rates rose to 90 percent
of capacity in the week ended June 29 to meet demand.


Read more at Bloomberg Energy News

Australian Stocks Slide, Led by BHP, James Hardie on Metals, U.S. Concerns

(Bloomberg) -- Australian stocks fell for a second
day. BHP Billiton Ltd. led mining shares lower along with prices
of metals including copper and nickel.

James Hardie Industries NV led declines among companies with
U.S. earnings on increasing evidence a housing slump is depressing
profits in the world's largest economy.


Read more at Bloomberg Stocks News

UPDATE 2-Compuware says qtr only break even, shares slide

(Reuters) - LOS ANGELES, July 10 - Compuware Corp.'s
chief said on Tuesday he was "extremely disappointed" by its
break-even results in the latest quarter and that it would cut
costs further, sending the company's shares down 18 percent.




The business software developer said it expects to report a
break-even first quarter on sales of about $278 million. Wall
Street analysts, on average, had forecast a net profit of 12
cents on revenue of $301.6 million, according to Reuters
Estimates.


Read more at Reuters.com Market News