Most U.S. stocks fell for a second day as share sales at Ford Motor Co., U.S. Bancorp and Anadarko Petroleum Corp. heightened concern that earnings will be diluted by capital-raising efforts. The World Health Organization is investigating an Australian researcher’s claim that the swine flu virus circling the globe may have been created as a result of human error.
TOP STORIES/MOST READ ON BLOOMBERG
Home Prices in U.S. Drop Most on Record in Quarter
Home prices in the U.S. dropped the most on record in the first quarter from a year earlier, led by California and Florida, as banks sold foreclosed properties.
Aston Martin Owner Is First to Default on Gulf Sukuk
Investment Dar Co., the owner of half of Aston Martin Lagonda Ltd., missed a payment on $100 million of debt, becoming the first Persian Gulf company to default on Islamic bonds.
Swine Flu May Be Human Error, Scientist Says; WHO Probes Claim
The World Health Organization is investigating an Australian researcher’s claim that the swine flu virus circling the globe may have been created as a result of human error.
Greenspan Sees ‘Seeds of a Bottoming’ in U.S. Housing
Former Federal Reserve Chairman Alan Greenspan said that the U.S. housing market may be on the verge of recovery and that it’s “very easy to see” financial markets continuing to improve.
MAIN ECONOMIC RELEASES TODAY NZ Central Bank Chief Bollard Speaks at 9 a.m. Wellington Time Japan Current Account Surplus Seen Narrowing on Export Slump Japan Bank Lending Figures for April Released by Central Bank China Industrial Production Growth Seen Accelerating to 8.6% China Retail Sales Seen Rising 14.5% in April From Year Earlier Australian Consumer Sentiment Index Released Japan Corporate Bankruptcies May Rise in April From Year Ago South Korea’s April Unemployment Rate Is Released Japan Merchant Confidence May Rise for Fourth Month in April
MAIN ANALYST UPGRADES/DOWNGRADES *MITSUI OSK CUT TO ‘NEUTRAL’ FROM ‘BUY’ AT NOMURA *WOORI FINANCE RAISED TO ‘HOLD’ AT BNP PARIBAS *NIKON RAISED TO ‘OVERWEIGHT’ AT JPMORGAN *SECOM CUT TO ‘HOLD’ FROM ‘BUY’ AT KBC *SINO-FOREST RAISED TO ‘OUTPERFORM’ AT RBC *DAIICHI SANKYO CUT TO ‘NEUTRAL’ AT CREDIT SUISSE *SUMITOMO OSAKA CEMENT CUT TO ‘NEUTRAL’ AT CREDIT SUISSE *CTRIP RAISED TO ‘NEUTRAL’ FROM ‘SELL’ AT GOLDMAN SACHS
ASIAN MARKETS
The Nikkei 225 futures contract due in June fell 25 points to 9,290. The Hang Seng Index futures for May gained 378 to 17,188. The S&P/ASX 200 Index futures contract due in June rose 20 to 3,889 at 6:59 a.m. in Sydney.
Most U.S. Stocks Decline as Share Sales Raise Dilution Concern
Most U.S. stocks fell for a second day as share sales at Ford Motor Co., U.S. Bancorp and Anadarko Petroleum Corp. heightened concern that earnings will be diluted by capital- raising efforts.
Treasuries Little Changed as Stocks Fluctuate, Fed Buys Debt
Treasury notes were little changed as stocks fluctuated and the Federal Reserve bought U.S. debt for the second time this week.
Dollar Slides Beyond $1.37 Versus Euro on Pared Safety Demand
The dollar slid beyond $1.37 against the euro for the first time since March as evidence the worst of the global economic slump may be over pared demand for safety.
European Stocks Fall for Second Day; ThyssenKrupp, EADS Decline
European stocks declined for a second day as some investors speculated further gains in equities are not justified by the outlook for economic growth and corporate earnings.
European Bonds Decline as Netherlands and Finland Issue Debt
European bonds dropped after the Netherlands and Finland sold 4 billion euros ($5.5 billion) of debt and a government report showed German inflation accelerated more than forecast in April.
Gold, Silver Rise as Dollar’s Drop Boosts Appeal of Commodities
Gold and silver prices rose for the first time in three sessions in New York as speculation that the economy may resume growing soon and the dollar’s decline boosted the appeal of the precious metals as hedges against inflation.
Crude Oil Rises to a 6-Month High as Chinese Imports Surge
Oil rose to a six-month high after China, the world’s second-biggest energy-consuming country, increased crude imports by 14 percent in April.
HIGHLIGHTS FROM NEWSPAPERS
South Korean President May Meet With Japan Leader, Nikkei Says
President Lee Myung Bak of South Korea may visit Japan in late June and meet with Japanese Prime Minister Taro Aso, Nikkei English News reported without specifying how it obtained the information.
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