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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UPDATE 1-Waste Management profit beats forecasts, shares up

(Reuters) - Excluding one-time items, the Houston-based company posted
a second-quarter profit of 56 cents per share, up from 45 cents
a year earlier. Analysts on average had expected 52 cents per
share, according to Reuters Estimates.




"The dynamics within this performance were familiar, with a
lower base of revenues more than compensated by much better
margin trends," Deutsche Bank analyst Nigel Coe wrote in a note
to clients.


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Corporate Bond Risk Decreases as Investors Reduce Bets on Subprime Rout

(Bloomberg) -- The risk of owning corporate bonds
fell in Europe and the U.S. as investors pared bets that credit
quality will deteriorate further because of the subprime
mortgage rout, according to traders of credit-default swaps.

Contracts on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies dropped 13,000 euros to 354,000 euros in London,
according to Deutsche Bank AG. The index was at 180,000 euros at
the start of June. The CDX North America Investment Grade Index
dropped $1,250 to $53,750 in New York, Deutsche Bank said.


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Manchester United Postpones Refinancing, Shelves Bonds Backed by Tickets

(Bloomberg) -- Manchester United Plc, the world's
fourth-largest soccer club by revenue, postponed plans to
refinance 660 million pounds ($1.4 billion) of debt as U.S.
subprime mortgage losses roil credit markets.

The English Premier League champions, owned by U.S.
billionaire Malcolm Glazer, called off preliminary talks with
JPMorgan Chase & Co. to refinance debt, according to a person
familiar with the transaction, who declined to be named because
the discussions are private. It also shelved discussions with
Royal Bank of Scotland Group Plc and Deutsche Bank AG to sell
bonds backed by ticket sales, the person said.


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Apple results eyed for iPhone sales

(Reuters) - The iPhone contributed virtually none of the $637 million Apple is forecast to have earned, but investors are eager for the first official word on how many of the combination phone, Web browser, media player devices were sold at launch.




"Perhaps the most significant catalyst from the report will be feedback regarding initial iPhone demand," Deutsche Bank analyst Chris Whitmore said in a research note. "We believe initial iPhone demand is very robust."


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Loan Derivatives Indexes Drop to Record as Debt for Buyouts Hits Snags

(Bloomberg) -- Indexes that allow investors to bet
on the health of the leveraged loan market, which has fueled the
private-equity boom, fell to the lowest since they started
trading as investor demand for the debt wanes.

The LCDX index tied to the loans of 100 companies with
high-yield, high-risk ratings dropped to a record low. The two-
month-old index fell 0.3 to 95 and earlier dropped as low as
94.85 as of 7:38 a.m. in New York, according to Goldman, Sachs &
Co. In Europe, the iTraxx LevX Index of contracts on loans to 35
companies dropped 1 to 96.85, the lowest since it began trading
in October, according to Deutsche Bank AG.


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Corporate Bond Risk Touches Two-Year High in Europe, Default Swaps Show

(Bloomberg) -- The risk of owning European corporate
bonds rose to a two-year high today, according to traders of
credit-default swaps.

Contracts based on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies jumped 14,000 euros to 326,000 at 10:36 a.m. in London,
according to Deutsche Bank AG.


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U.K.'s FTSE 100 Is Little Changed; Mining Shares Advance as Sage Retreats

(Bloomberg) -- U.K.'s mining stocks rose, paced by
Rio Tinto Plc after copper prices climbed in Asia. Kingfisher
Plc advanced after Deutsche Bank AG raised its recommendation on
shares of Europe's biggest home-improvement retailer.

Sage Group Plc, Britain's biggest maker of accounting
software, paced falling shares.


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Alliance Boots Bond Risk Rises as KKR Faces Higher Loan Costs to Fund LBO

(Bloomberg) -- The risk of owning Alliance Boots
Plc's bonds rose on expectations bankers underwriting the
leveraged buyout by Kohlberg Kravis Roberts & Co. will increase
interest margins to raise 9 billion pounds ($18.5 billion).

Credit-default swaps protecting 10 million euros of Boots
debt rose 10,000 euros to a record 420,000 euros today, according
to Societe Generale SA. KKR and bankers led by Deutsche Bank AG
have to close the syndication of the loans today under a
commitment deadline announced July 5. The bankers are likely to
offer improved terms to attract enough investors, said Sonia Van
Dorp, a credit analyst at Societe Generale.


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Swiss Re, Deutsche among Abbey suitors -sources

(Reuters) - Pearl Group and Resolution Plc , both investment
funds that buy insurance assets, are likely to bid against
Deutsche Bank and reinsurer Swiss Re, they said.




Lloyds is selling the unit to raise cash from its insurance
units.


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Corporate Bond Risk Rises in Europe, U.S. After Subprime Index Selloff

(Bloomberg) -- The risk of owning U.S. and European
corporate bonds rose today after indexes of securities linked to
U.S. subprime mortgages slumped to a record low, according to
traders of credit-default swaps.

Contracts based on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Index of 50 European companies
jumped 18,500 euros to 286,000 euros at 1:52 p.m. in London,
according to JPMorgan Chase & Co. The CDX North America
Investment-Grade Index of 125 companies rose $1,750 to an offered
price of $45,750 at 8:50 a.m. in New York, Deutsche Bank AG
prices show. An increase in the indexes suggests deterioration in
the perception of credit quality.


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Hong Kong's Hang Seng Index Gains; Cnooc, PetroChina Gain, Sinopec Falls

(Bloomberg) -- Hong Kong stocks rose for the third
time in four days. Cnooc Ltd. climbed after Deutsche Bank AG
boosted share-price estimates for oil producers and crude traded
near an 11-month high.

``As oil prices continue to increase, it's natural to see
more upgrades of oil companies and gains among oil companies in
the Hong Kong stock market,'' said Anthony Muh, who oversees
about $1 billion at Alliance Trust Plc in Hong Kong.


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U.K. FTSE 100 Benchmark Declines, Paced by BHP; Rolls-Royce, Kelda Slip

(Bloomberg) -- U.K. stocks fell for a second day,
paced by BHP Billiton Ltd. after Deutsche Bank AG downgraded the
shares and metal prices retreated. Anglo American Plc and
Antofagasta Plc also declined.

Rolls-Royce Group Plc, Kelda Group Plc and Schroders Plc
slid as brokerages lowered their recommendations for the
companies' stocks. Reed Elsevier Plc dropped after it agreed to
sell Harcourt Education for $4 billion.


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