Swedish Krona Gains on Signs Growth Is Quickening, Interest Rate Outlook

(Bloomberg) -- Sweden's krona rose on expectations
faster economic growth and further interest-rate increases will
make the Nordic currency more attractive to investors.

The Stockholm-based Riksbank, Sweden's central bank, said in
June it will probably lift its benchmark rate twice more this
year bringing it to 4 percent. Gross domestic product growth
quickened to an annual 3.6 percent in the second quarter from 3
percent in the first, the statistics office said last week.


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Stocks Retreat in Europe; UBS, BNP, Philips, BHP, Lafarge Lead the Drop

(Bloomberg) -- European stocks fell, following
declines in Asia and the U.S., on mounting concern that losses in
the U.S. mortgage market will erode economic growth and raise
financing costs for companies.

UBS AG and BNP Paribas SA led a drop by financial shares.
Royal Philips Electronics NV and Lafarge SA decreased as the
dollar traded near a record low against the euro. BHP Billiton
Ltd. and Rio Tinto Group slipped after copper fell in Shanghai.


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U.S. wants OPEC to pump more oil as inventories fall

(Reuters) - "I'm concerned that we probably are going to need more oil and I'm hopeful that the OPEC ministers at their meeting in about a month from now will agree to that," Bodman said in an interview on




CNBC.


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Fortis wins backing for ABN buy in Brussels

(Reuters) - Fortis is holding the shareholder meetings to secure backing
for its part of a 71 billion euro joint bid for ABN AMRO with
Royal Bank of Scotland and Spain's Santander .




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Sappi Has Third-Quarter Profit on Higher Paper Prices in Europe, Exports

(Bloomberg) -- Sappi Ltd., the world's largest maker
of glossy paper, posted a fiscal third-quarter profit after
raising prices in Europe and lifting exports.

Net income was $53 million, or 23 cents a share, in the
three months through June, compared with a $53 million loss a
year earlier, Johannesburg-based Sappi said in a stock exchange
statement today. Sales gained 6.8 percent to $1.3 billion.


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Germany's DAX Index Falls, Paced by Deutshe Bank, DaimlerChrysler Shares

(Bloomberg) -- German stocks dropped for a second
day, led by Deutsche Bank AG after Merrill Lynch & Co. cut its
price estimate on shares of the country's biggest bank.

Allianz SE and Hypo Real Estate Holding AG paced losses by
financial shares. DaimlerChrysler AG, the world's fifth-largest
carmaker, also declined.


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Munich Re -maximum subprime loss around 100 mln eur

(Reuters) - A slide presentation showed that about 600 million euros of
the company's 179 billion euros of invested assets were exposed
to the subprime market, or about 0.33 percent of the total.




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French Stocks Decline; Axa and Credit Agricole Retreat as Natixis Jumps

(Bloomberg) -- French stocks declined for a
third day in four. Financial companies including Axa SA and
Credit Agricole SA led the retreat.

The benchmark CAC 40 Index dropped 49.23, or 0.9
percent, to 5548.66 as of 10:05 a.m. in Paris, leaving the
measure little changed so far this year. The SBF 120 Index
fell 0.8 percent to 4051.79.


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Dollar hits 15-year low vs basket of currencies

(Reuters) - The dollar fell to a 15-year low against a basket of currencies on Monday, as speculation mounted in financial markets that rising credit market risk and softening U.S. data will force a cut in U.S. interest rates.

The dollar index fell below the psychologically key 80.0 level, while the euro rose to within sight of its record high above $1.3850 struck two weeks ago.


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FTSE 100 Drops, Wiping Out Advance for Year, Led by Northern Rock, Invesco

(Bloomberg) -- U.K. stocks fell for a second day,
wiping out the benchmark FTSE 100 Index's gains for 2007.
Financial companies including Northern Rock Plc, a mortgage
lender, and Invesco Plc, a money manager, led the retreat.

The FTSE 100 Index declined 24.40, or 0.4 percent, to
6199.90 at 8:40 a.m. in London, for a loss this year of 0.3
percent. The FTSE All-Share Index slipped 14.18, or 0.4 percent,
to 3209.66. Ireland's ISEQ Index dropped 157.91, or 1.8 percent,
to 8437.32.


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Munich Re says subprime exposure 600 mln eur

(Reuters) - Of Munich Re's subprime investments, about 42 percent is
rated "AAA," 37 percent is rated "AA," 12 percent is rated "BBB"
and 1 percent is sub-investment grade, the company said.




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Pound Falls Against Euro as Traders Reduce Bets on Interest-Rate Increases

(Bloomberg) -- The pound declined against the euro as
investors cut expectations the Bank of England will raise
interest rates this year for a sixth time.

Traders are betting on one more rate increase on signs
borrowing costs at a six-year high are beginning to slow the
economy. The European Central Bank, by contrast, will raise rates
at least twice more, futures trading shows. Economists predict
U.K. industrial production almost stalled in June, adding to
signs the economy may be losing momentum.


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U.K. Shares Drop for a Second Day; Northern Rock, Rolls-Royce Pace Retreat

(Bloomberg) -- U.K. stocks fell for a second day.
Northern Rock Plc, a mortgage lender, and Rolls-Royce Group Plc,
the world's second-biggest aircraft-engine maker, led the
retreat.

The FTSE 100 Index declined 56.2, or 0.9 percent, to 6168.1
at 8:04 a.m. in London.


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Spain's Abengoa says buys Brazil's Dedini Agro

(Reuters) - Abengoa will assume an additional 281 million euros of debt,
it said, adding it was now the world's only bio-ethanol producer
present in the three biggest markets: Brazil, Europe and the
United States.




As of a year ago, Dedini Agro was Brazil's 16th largest
ethanol producer with around 0.4 percent of national output.


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Wal-Mart, India Bharti set to announce India deal

(Reuters) - "Today's press conference is to announce a joint venture with Wal-Mart for cash-and-carry," a spokesman for Bharti Enterprises said.




A spokeswoman for Wal-Mart said a senior official from Wal-Mart and the head of Bharti Retail Ltd., Rajan Mittal, would address the media.


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European Government Bonds Advance as Asian Stocks Slide on Subprime Losses

(Bloomberg) -- European government bonds rose for a
second day as Asian stocks slid on concern U.S. subprime mortgage
losses will slow economic growth and drive up global financing
costs.

Gains in bunds pushed benchmark 10-year yields to near the
lowest since May as investors sold riskier assets and sought the
relative safety of government debt. Bear Stearns Cos. ousted Co-
President Warren Spector after credit-market losses and eroding
investor confidence.


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UPDATE 1-Buyout group owns 99.54 pct of Endemol after offer

(Reuters) - The group, called Edam Acquisition said in a statement 99.54
percent of Endemol shares have been tendered or committed.




It bought 75 percent of Endemol shares from Spanish telecoms
group Telefonica for 2.63 billion euros
last month and about 6 percent of shares from a Cyrte investment
fund.


Read more at Reuters.com Mergers News