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Ghana's ruling party reclaims parliamentary seat in by-election

July 08, 2015 - reuters.com

By Kwasi Kpodo ACCRA, July 8 (Reuters) - Ghana's ruling party reclaimed a parliamentary seat from the main opposition on Tuesday in a closely contested by-election seen by both parties as a referendum on President John Mahama's rule ahead of a national election in 2016. The ruling National Democratic Congress (NDC) will view its victory in the rural Talensi seat in Upper East region as evidence that it remains viable heading into the December 2016 election season after a series of setbacks. Mahama's government won election in 2012 but is facing power shortages that cause prolonged electricity blackouts that have angered voters and hurt businesses. It has also been forced into an aid programme with the International Monetary Fund in an attempt to restore fiscal stability and jumpstart rapid GDP growth. ID:nL8N0ZG42S Growth has slowed sharply since 2014 due to a fall in global commodity prices for the country's exports of gold, oil and cocoa and a fiscal crisis viewed by many as the result of government mismanagement of the macro-economy. ID:nL8N0ZJ38H In addition, severe flooding and a fire in June in the capital led to the deaths of 150 people. The disaster was the worst in the West African country in decades and exposed infrastructure problems in what was until 2014 one of Africa's fastest-growing economies. The next election, when Mahama is set to take on opposition leader Nana Akufo-Addo, will be a repeat of 2012, and analysts say it will be closely contested. Ghana has one of the most stable democracies in a region that experiences regular changes of power. The NDC's Benson Tongo Baba won 42.3 percent of the vote in Talensi to beat the New Patriotic Party's Wuni Thomas Buanab who obtained 27.9 percent, the Electoral Commission said. Six other contestants from smaller political parties won the rest. Turnout was 64.2 percent. The by-election will not change the balance of power in parliament where the ruling party now holds a majority of about 27 seats. The seat became vacant after the opposition representative resigned to become a chief. Chiefs are an integral part of Ghana's system of authority, and the law bars them from engaging in partisan politics. The by-election was peaceful, except for sporadic clashes between loyalists of the two rival parties that drew intervention by the police and army, poll observers said. (Editing by Matthew Mpoke Bigg and Ken Wills) ((kwasi.kpodo@thomsonreuters.com ; +233244696990; Reuters Messaging: Kwasi.Kpodo.thomsonreuters.com@reuters.net)) Keywords: GHANA ELECTION/

Australian dollar hits six-year low as China worries mount

July 08, 2015 - reuters.com

SYDNEY, July 8 (Reuters) - The Australian dollar skidded to a fresh six-year low against the greenback on Wednesday and hit a three-month trough on the yen as the slumping Chinese stock market showed no signs of stabilising. The Aussie, often used as a China proxy, fell as far as $0.7390 AUD=D4 , reaching a low not seen since May 2009. It dropped more than 1 percent against the safe-haven yen towards 90.20 AUDJPY=R . (Reporting by Ian Chua; Editing by Kim Coghill) ((ian.chua@thomsonreuters.com; +612 9321 8174; Reuters Messaging: ian.chua.thomsonreuters.com@reuters.net)) Keywords: AUSTRALIA DOLLAR/

PRESS DIGEST- British Business - July 8

July 08, 2015 - reuters.com

July 8 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times ENERGY GIANTS FACE PRICE CAP FOR OVERCHARGING BY 1.2 BLN STG United Kingdom Prime Minister David Cameron is prepared to consider placing a temporary cap on the most expensive electricity bills after a watchdog concluded that customers were being overcharged by 1.2 billion pounds ($1.86 billion) a year, his office said. (http://thetim.es/1H8Xg6t) SUNDAY TRADING SHAKE-UP SPLITS THE SUPERMARKETS Britain supermarket industry's Big Four were divided yesterday over the prospect of the biggest shake-up in Sunday trading laws in 20 years, but small businesses reacted with horror. (http://thetim.es/1HeqL9i) The Guardian AVERAGE SHOP PRICES FALL 1.3 PCT AS LOWER COSTS TURN INTO HEAVY DISCOUNTS Heavy discounting by food and furniture retailers helped shop prices fall for the 26th consecutive month in June, according to an industry survey. (http://bit.ly/1TjSZoi) BBC AND ITV BATTLE TO KEEP TOURNAMENT OUT OF SKY'S HANDS The BBC and ITV have formed an unlikely alliance in a bid to gazump Sky and keep the Six Nations on terrestrial television with an offer worth 50 million pounds a year. The tournament organiser says an announcement on the new broadcasting contract is imminent and the most financially lucrative competition in the sport outside the World Cup is expected to remain available to all viewers. (http://bit.ly/1LVBBFg) The Telegraph GVC MAKES 900 MLN STG BET ON BWIN GVC Holdings Plc GVC.L , the online betting firm, has made a 900 million pound move for Bwin.Party BPTY.L in a bid to see off rival bidder 888 Holdings Plc 888.L . (http://bit.ly/1HdgvuS) AN EXTRA 150,000 BANKERS TO BE MONITORED BY UK WATCHDOG Thousands more financial traders will be monitored by banks and the Financial Conduct Authority under the certification regime, the City watchdog has announced, as it cracks down on the wholesale markets following the forex manipulation scandal. (http://bit.ly/1S5YSDc) Sky News UK BUDGET TO SLOW PACE OF WELFARE CUTS The UK budget will reveal the timetable for 12 billion pounds welfare cuts by 2017/18 has been extended by at least a year, Sky News said. (http://bit.ly/1CmtOgt) UK's OSBORNE TO RELAUNCH FINANCE PROMOTION BOARD British finance minister George Osborne will announce on Wednesday the relaunch of a Treasury-led body charged with promoting the UK's financial services industry, even as he comes under intense pressure to reform the structure of taxes affecting the sector. (http://bit.ly/1TjTWNm) The Independent NEW ROLLS-ROYCE BOSS BEGINS HIS REIGN WITH PROFIT WARNING Warren East's reign as chief executive of Rolls-Royce Holdings Plc RR.L got off to an eventful start as he unveiled the company's third profit warning in less than 18 months. (http://ind.pn/1eE99cP) BOVIS HOMES BANKS ON MORE OF THE SAME FROM THE BUDGET The housebuilder Bovis Homes Group Plc BVS.L predicted the UK Chancellor would continue his support for first-time buyers in Wednesday's budget as it reported record sales for the first half of the year. (http://ind.pn/1NOdiHq) ($1 = 0.6467 pounds) (Compiled by Aurindom Mukherjee; Editing by Lisa Shumaker) ((aurindom.mukherjee@thomsonreuters.com; within U.S.+1 646 223 8780; outside U.S. +91 80 6749 4755; Reuters Messaging: aurindom.mukherjee.thomsonreuters.com@reuters.net)) Keywords: BRITAIN PRESS/BUSINESS

FOREX-Euro resilient as hopes of Greek aid deal persist

July 08, 2015 - reuters.com

* Euro back above $1.10 after bouncing off five-week low * No Greek deal yet but new EU summit set for Sunday * Aussie shaky but off six-year low of $0.7398 By Ian Chua SYDNEY, July 8 (Reuters) - The euro steadied early on Wednesday, having climbed off a five-week trough in line with a rebound in risk assets as the latest emergency meeting of European leaders ended with a sliver of hope still left for Greece. The common currency, which fell as far as $1.0916 EUR= on Tuesday, last stood at $1.1013. The turnaround was also evident in other currencies. The Australian dollar, usually sold off in times of heightened risk aversion, bounced to $0.7452 AUD=D4 , from a six-year trough of $0.7398. U.S. stocks ended higher after a choppy session, while safe-haven Treasuries trimmed gains. Investors are also watching if China can successfully stem the slide in its stock market. ID:nL8N0ZN03P Hopes of a deal were initially dashed after the new Greek finance minister brought no new proposals and left EU leaders with nothing concrete to discuss at Tuesday's emergency meeting. But euro zone members have given Greece until the end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of the currency bloc. ID:nL8N0ZN0LW Analysts at BNP Paribas said there was no reason to be particularly optimistic at this stage and warned that even a full resolution of Greek stress would still leave the door open for renewed euro weakness. However, "price action does suggest scope for more short-covering if markets begin to anticipate a deal," they wrote in a note to clients. Against the yen, the euro was just a touch softer at 134.905 EURJPY=R , having survived a drop to a six-week trough of 133.520. The partial recovery in risk appetite took the shine off the safe-haven yen, allowing the dollar to drift back to 122.53 JPY= from 122.01. Even the Canadian dollar, which slumped to a three-month low on disappointing trade data, managed to regain a bit of ground. It last traded at C$1.2722 per U.S. dollar CAD=D4 , after falling as deep as C$1.2780. Data on Wednesday showed Canada's trade deficit widened to its second largest on record in May as non-energy exports fell, fuelling expectations for a cut in interest rates. ID:nL1N0ZN1HZ There is little to speak of in terms of market-moving economic data in Asia on Wednesday, leaving Greece and China in the spotlight. ((ian.chua@thomsonreuters.com; +61 2 9321 8174; RM: ian.chua.thomsonreuters.com@reuters.net)) Keywords: MARKETS FOREX/

CANADA STOCKS-TSX ends up in volatile trade; energy and utilities jump

July 08, 2015 - reuters.com

(Adds portfolio manager comment, updates prices to close) * TSX ends up 30.93 points, or 0.21 percent, at 14,624.50 * Nine of the TSX's 10 main groups rise * Energy group gains 1.4 pct, utilities rise 2.1 pct By Alastair Sharp TORONTO, July 7 (Reuters) - Canada's main stock index erased a sharp fall to end in positive territory on Tuesday, with energy stocks rebounding with oil prices and utilities gaining on bets the Bank of Canada could cut rates next week to stimulate a struggling economy. The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 30.93 points, or 0.21 percent, at 14,624.50. It had fallen as low as 14,389.10 as investors fretted over Greece, China and a widening trade deficit. "With crude oil today, it was approaching $50.50 and now it's at $52.80," said Elvis Picardo, strategist at Global Securities in Vancouver. "There's an undercurrent of bullishness and big dips will be met with some buying." Energy stocks gained 1.4 percent after hitting lows not seen since mid-January. Suncor Energy Inc SU.TO added 2.3 percent to C$34.95 and pipeline operator Enbridge Inc ENB.TO rose 2 percent to C$58.67. Crude prices, which plunged as much as 8 percent on Monday, pared those losses on Tuesday, settling slightly lower. O/R Utilities, typically dividend-focused and therefore sensitive to changes in the interest rate outlook, gained 2.1 percent as investors priced in a more than 50 percent chance Canada's central bank cuts rates next week. Supporting the view that a rate cut may be imminent, Canada's trade deficit for May widened to its second-largest on record as non-energy exports fell. Lower rates would depress the loonie and thus could bolster exports. ID:nL1N0ZN1HZ The materials group, home to mining companies, was the lone decliner among the index's ten main groups, off 2.9 percent to its lowest level since December. The group suffered as gold and silver fell to multi-month lows and copper crashed to a six-year low due to instability created by the Greek debt crisis and a stock market rout in China despite Beijing's efforts to support equities. ID:nL8N0ZN03P "Greece is hogging the headlines but from a TSX perspective certainly we have to be more concerned about what's happening in China," Picardo said. Silver Wheaton Corp SLW.TO plunged 11.7 percent to C$19.62 after the mining finance company said it may face additional tax payments. ID:nL3N0ZN4FR Barrick Gold Corp ABX.TO lost 4.6 percent to C$13.10 and First Quantum Minerals FM.TO gave up 5.2 percent to C$15.02. "It's tough to get excited about the commodities, with Canada having so many of them, given what's going on with China, Greece," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier. Advancing issues outnumbered decliners by 143 to 99, with four companies posting new 52-week highs and 17 hitting new lows. (Additional reporting by Solarina Ho; Editing by Chizu Nomiyama and Christian Plumb) ((alastair.sharp@reuters.com; +1 416 941 8118; Reuters Messaging: alastair.sharp.thomsonreuters.com@reuters.net))

Keywords: MARKETS STOCKS/CANADA

BRIEF-OceanaGold announces drill results from exploration within Macraes goldfield

July 07, 2015 - reuters.com

July 8 (Reuters) - OceanaGold Corp OGC.AX : * announces encouraging drill results from exploration within the Macraes goldfield in New Zealand * "discovered new zone of gold mineralization north of the existing coronation pit" * Changes to macro-economic conditions such as weaker New Zealand dollar have "resulted in significant benefits to our New Zealand operations" * Source text for Eikon ID:nNZW7whT5M * ((For more news, please click here OGC.AX )) ((Bengaluru Newsroom; +91 80 6749 1130))

Polish PM says ready to present bill to help mortgage holders

July 07, 2015 - reuters.com

WARSAW, July 7 (Reuters) - Poland's ruling party Civic Platform will present on Wednesday a draft law designed to help people having difficulty paying back their mortgages, including Swiss-franc loans, Prime Minister Ewa Kopacz said. About 550,000 Poles hold Swiss franc mortgages, accounting for about 40 percent of all mortgage lending. Most were taken out before the 2008 global financial crisis to benefit from low Swiss interest rates. These have become much more expensive to service since the Swiss National Bank scrapped its cap on the franc's exchange rate in January, allowing the franc to surge in value against most of its peers. "We will solve the problems of Swiss-franc borrowers. We want to help not only those who took out Swiss franc or euro loans, but also those who are in a difficult situation and took loans in zloty," Kopacz told public television on Tuesday. Her centre-right party, in power since 2007, is lagging behind the main opposition Law and Justice party ahead of an October parliamentary election. Law and Justice's candidate Andrzej Duda was the surprise winner of a May presidential election. The draft law setting out proposed solutions will be presented in the parliament on Wednesday. The proposals will not include converting Swiss-franc loans into zlotys, Kopacz said. The prime minister said the issue of Poland joining the euro zone should be widely discussed but not necessarily put to a referendum, an idea suggested by the foreign affairs adviser to Duda, who will be sworn in as president next month. ID:nL8N0ZM2K8 Poland will definitely not join the euro in the next five years, she said, adding: "Today the euro zone requires improvement and some reform." (Reporting by Anna Koper; Writing by Agnieszka Barteczko; Editing by Gareth Jones) ((agnieszka.barteczko@thomsonreuters.com; +48226539700; Reuters Messaging: agnieszka.barteczko.reuters.com@thomsonreuters.net)) Keywords: POLAND BANKS/MORTGAGES PRIMEMINISTER

FOREX-Euro sinks to five-week low vs dollar; commodity currencies slump

July 07, 2015 - reuters.com

(Adds comment, updates prices) * Euro drops below $1.10, dollar index at one-month high * Lower German Bund yields also weigh on euro * Commodity currencies sell off By Gertrude Chavez-Dreyfuss NEW YORK, July 7 (Reuters) - The euro dropped to a five-week low against a buoyant U.S. dollar on Tuesday, after the European Central Bank tightened lending conditions for Greek banks, raising concerns the lenders could run out of cash. The ECB left emergency liquidity aid for Greek banks at current levels but increased the haircuts on the collateral it demands. That fueled fears Greece's problems will spread to other southern European countries as well. German 10-year Bund yields DE10YT=RR fell to their lowest since early June and rate differentials moved against the euro, which also fell to a six-week trough against the yen. Traders said the next few days could be crucial. Euro-area leaders and finance ministers met in Brussels to discuss Greece and there has been no resolution so far. With Greek banks down to their last few days of cash and the ECB tightening the noose on their funding, Greek Prime Minister Alexis Tsipras tried to convince the euro group to authorize a new loan swiftly. ID:nL8N0ZN0LW "I'd like to think both sides can find a compromise, but I'm not sure they can," said Randy Warren, chief investment officer at Warren Financial Service, in Exton, Pennsylvania. "I think the austerity that's being asked, which is really necessary is probably too much for Greece. Greece simply cannot pay its bills. So I'm not sure this ends well." Since Athens missed a debt payment to its creditors and Greek voters rejected tough conditions for further bailouts, the euro has retreated from mid-June highs of $1.14, but there has been no panic selling. One reason is the expectation the ECB will take action to stabilize the market. Against the dollar, the euro fell 0.7 percent to $1.0978 EUR= , after sliding to a five-week low of $1.0917, while the dollar index .DXY rose 0.6 percent to 96.846, after earlier hitting a one-month high. The euro was last down 0.8 percent against the yen to 134.40 yen EURJPY= , after earlier dropping to a five-year trough. Meanwhile, commodity currencies fell sharply, with the Australian dollar hitting a six-year low as Chinese stock markets went into a tailspin. The Australian dollar, which is a proxy for Chinese investments, fell 0.7 percent to US$0.7440 AUD=D4 , with a drop in iron ore prices also weighing. The New Zealand dollar plunged as well, falling to a five-year low against the greenback. It was last down 0.5 percent at US$0.6645 NZD=D4 . The Canadian dollar, meanwhile, hit a three-month low of C$1.2732 against its U.S. counterpart CAD=D4 . (Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Anirban Nag in London; Editing by Meredith Mazzilli and Christian Plumb) ((gertrude.chavez@thomsonreuters.com; 646-223-6322; Reuters Messaging: rm://gertrude.chavez.reuters.com@reuters.net)) Keywords: MARKETS FOREX/

UPDATE 1-Russia says new BRICS bank a good stimulus for member states

July 07, 2015 - reuters.com

(Adds detail, quotes) MOSCOW, July 7 (Reuters) - The development bank being set up by the BRICS emerging nations is a good stimulus for building infrastructure in member states and projects undertaken by large Russian firms such as Rosneft ROSN.MM could get funding, Russia's finance minister said. Moscow has been pressing for the BRICS bank, with $50 billion in initial capital, to become an alternative to Western financial institutions, which have cut back on lending to Russia due to sanctions over the Ukraine crisis. ID:nL8N0ZJ19E Anton Siluanov, speaking to journalists on Tuesday ahead of a meeting of leaders from Brazil, Russia, India, China and South Africa in the Russian city of Ufa later this week, said the first projects "will appear by the end of the year". Siluanov said he hoped international rating agencies would rate the new bank's debt "soon" - a necessary condition for it to begin operations. "We agreed that we need to act quickly, effectively. Competition between international banks is rather high, it is necessary to carve out a niche," he said. Other BRICS members are also keen for their New Development Bank to begin operations, worried that other new lending institutions, such as the China-led Asian Infrastructure Investment Bank, could diminish its significance. Russia now needs to draw up a list of projects that could receive funding from the BRICS lender, complete with an economic basis for their selection, Siluanov said. "I think that Rosneft projects will clearly be interesting for the financial development institutions that are created," he said, in response to a question from journalists about whether the state oil giant could receive funding. Separately, Siluanov said the International Monetary Fund and the European Union should have acted sooner to tackle Greece's debt problems. "But in any case Greece needs to work on getting its liabilities in line with the possibilities of its economy," he added, repeating that Russia had not looked into the question of providing loans to Greece since Athens had not asked for help. Russia does not plan to borrow in yuan to finance its budget deficit, Siluanov said. (Reporting by Alexander Winning, Darya Korsunskaya and Elena Fabrichnaya; Writing by Lidia Kelly and Alexander Winning; editing by Gareth Jones) ((lidia.kelly@thomsonreuters.com; +7 495 775 1242; Reuters Messaging: lidia.kelly.reuters.com@reuters.net)) Keywords: EMERGING BRICS/RUSSIA BANK

UPDATE 2-Kenya central bank announces surprise rate hike to 11.5 percent

July 07, 2015 - reuters.com

(Adds analyst comment, details from MPC statement) By Duncan Miriri NAIROBI, July 7 (Reuters) - Kenya's central bank announced a surprise 150 basis point rise in its benchmark lending rate KECBIR=ECI to 11.50 percent on Tuesday, saying a weaker shilling could push up prices. Although the hike could curb economic growth, analysts said the central bank needed to tackle strong demand and credit growth that was contributing to a weakening exchange rate. After a 150 basis point increase last month to 10.0 percent at a special policy meeting, most analysts polled by Reuters had forecast rates would stay on hold at this week's meeting. ID:nL3N0ZJ3XE The shilling KES= has weakened to a three-and-a-half year low of more than 100 to the dollar this week, hurt by global dollar strength and a widening current account deficit. It is inching towards the all-time low of about 107 recorded in October 2011. The Monetary Policy Committee "noted elevated risks to the inflation outlook mainly attributed to pressures on the exchange rate over the last few months", it said in a statement after its meeting, the first chaired by the new governor, Patrick Njoroge. Njoroge, who was confirmed in his post last month, has said he would work to curb inflation, which is now around 7 percent, near the top of the bank's target range of 2.5 to 7.5 percent. "He is nailing his colours to the mast," said analyst and independent trader Aly Khan Satchu. "The economy is not firing on all cylinders and a further interest rate hike transmitted through the economy is going to slow down things." Razia Khan of Standard Chartered Bank said the move "established the hawkish credentials" of Njoroge. "We expect the latest measures to benefit the shilling in the near term," she said, citing the need to tackle strong demand and credit growth. In its statement, the bank said growth in credit to the private sector was above target in May. The bank also said it was introducing a three-day repurchase agreement, or repo, to help it manage liquidity in the market. The shilling was little changed in after-hours trading at 100.50/70, compared with the official close of 100.55/65. Growth in the first quarter of 2015 compared with the same period a year ago was 4.9 percent, slightly lower than the 5.3 percent reported for 2014. The government has said it expects the economy to expand 6.5-7.0 percent this year. ID:nL8N0ZH2NG (Reporting by Duncan Miriri; Editing by Edmund Blair and Digby Lidstone) ((duncan.miriri@thomsonreuters.com; Tel: +254 20 4991239; Reuters Messaging: duncan.miriri.thomsonreuters.com@reuters.net)) Keywords: KENYA RATES/

S.Africa gold producers say wage demands "unaffordable"

July 07, 2015 - reuters.com

JOHANNESBURG, July 7 (Reuters) - South African gold producers said on Tuesday that union wage demands were "unaffordable" and could add 16.5 billion rand ($1.3 billion) to the sector's wage bill. The producers, which include AngloGold Ashanti ANGJ.J , Sibanye Gold SGLJ.J and Harmony Gold HARJ.J , said in a statement that the industry's total wage bill in 2014 was 23.5 billion rand. "Acceding to these demands would threaten the sustainability of our industry, and would jeopardise almost all current jobs," the companies said. ($1 = 12.5135 rand) (Reporting by Ed Stoddard; Editing by Ed Cropley) ((Edward.Stoddard@thomsonreuters.com; +27 11 775 3160; Reuters Messaging: edward.stoddard.thomsonreuters.com@reuters.net)) Keywords: SAFRICA GOLD/WAGES

S.Africa's rand hits 4-week low as Greek woes boost dollar

July 07, 2015 - reuters.com

JOHANNESBURG, July 7 (Reuters) - South Africa's rand slipped over one percent versus the greenback on Tuesday to its weakest in over four weeks as the dollar rose sharply, buoyed by a euro EUR= laid low by the worsening Greek crisis. By 1550 GMT the unit had weakened around one percent to 12.5090 per dollar ZAR=D3 , after earlier hitting a four-week low, as emerging market assets felt the pain of a global market rout fuelled by Greece's debt crisis. Mexico's peso MXN= lead the slide as it dropped to an all-time low against the dollar, while Russia's rouble RUB= and Brazil's lira BRL= both shed over one percent versus. ID:nL1N0ZN0ZQ The dollar rose to a five-week high against the euro after the European Central Bank increased the haircuts on the collateral it demands from Greek banks, stoking concerns that banks there could run out of cash soon. ID:nL1N0ZN0R7 The rand is expected to remain under pressure with May mining and manufacturing data due on Thursday and wage negotiations in the gold sector also posing downside risk. ECONZA "The rand retains a high degree of fragility and indications that the gold sector talks will likely drag on will not endear the ZAR to foreign investors," economists at ETM Analytics said in a note. Government bonds edged firmer, with the paper due in 2026 ZAR186= shedding 2 basis points to 8.265 percent. (Reporting by Mfuneko Toyana; Editing by Ed Stoddard) ((mfuneko.toyana@thomsonreuters.com; +27117753153; Reuters Messaging: mfuneko.toyana.thomsonreuters.com@reuters.net)) Keywords: MARKETS SAFRICA/CURRENCY

CANADA STOCKS-Hefty losses in key TSX sectors over commodities, global fears

July 07, 2015 - reuters.com

(Updates throughout with commentary, market reaction, details) * TSX down 186.32 points, or 1.28 percent, to 14,407.25 * All of the TSX's 10 main groups declined By Solarina Ho TORONTO, July 7 (Reuters) - Canada's main stock index tumbled more than 1 percent on Tuesday to levels not seen since January, as worries at home and abroad drove miners, oil and gas companies, and banks sharply lower. The three sectors make up some two thirds of the index's weight. Nine of the index's 10 heaviest drags belonged to the three groups. First Quantum Minerals FM.TO plunged 12 percent to C$13.94, while Toronto-Dominion Bank TD.TO declined 1.1 percent to C$52.15. Materials, home to mining companies, sank 4.0 percent, to their lowest level since December, while the financials sector fell 1.3 percent to its weakest level since March. Gold and copper prices fell to multi-month lows due to instability created by the Greek debt crisis and a stock market rout in China. "It's tough to get excited about the commodities, with Canada having so many of them, given what's going on with China, Greece," said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier. "Commodities depend on robust world wide demand, and we don't have that right now...It's affecting things like Canadian banks, which I always view as a reflection of what's going on with the economy and the spill-over effects." At 11:12 a.m. EDT (1512 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 186.32 points, or 1.28 percent, at 14,407.25. All of the index's 10 main groups were mired in red. Domestically, Canada's trade deficit widened in May to its second-largest on record as exports fell for the fifth month in a row, the latest in a string of disappointing data that points to an economy struggling to cope with the impact of cheap crude prices. ECONCA ID:L1N0ZN0PJ Energy stocks slid 1.6 percent to levels not seen since mid-January. Canadian Natural Resources CNQ.TO fell 1.1 percent to C$32.96. Crude prices, which plunged as much as 8 percent on Monday, extended those losses on Tuesday, falling some 3 percent. O/R Gold futures GCc1 fell 1.9 percent to $1,151 an ounce. Copper prices CMCU3 declined 5.2 percent to $5,297 a tonne. GOL/ MET/L Also weighing on the materials group was Silver Wheaton Corp's SLW.TO 9.3 percent slide to C$20.15 after the mining finance company said it may face tax payments of more than $200 million following a reassessment "proposal" from Canada's tax authority. ID:nL3N0ZN4FR Declining issues outnumbered advancing ones on the TSX by 219 to 26, for a 8.42-to-1 ratio on the downside. The index was posting 2 new 52-week highs and 16 new lows. (Reporting by Solarina Ho; Editing by Chizu Nomiyama) ((solarina.ho@thomsonreuters.com; 1-416-941-8067; Reuters Messaging: solarina.ho.thomsonreuters.com@reuters.net; Twitter: @shtweet))

Keywords: MARKETS STOCKS/CANADA

UPDATE 1-Russia central bank says BRICS FX pool won't shrink Russian reserves - yet

July 07, 2015 - reuters.com

(Adds details, quotes, context) MOSCOW, July 7 (Reuters) - Russia's contribution of $18 billion to a BRICS currency reserves pool will not reduce the country's official reserves until a member state applies for help, the head of the Russian central bank said on Tuesday. The central banks of Brazil, Russia, India, China and South Africa signed an agreement on the BRICS pool of currency reserves earlier on Tuesday. It is intended to ensure the central banks of BRICS members can provide U.S. dollars to each other in case of dollar liquidity problems. Elvira Nabiullina, the Russian central bank's governor, described the pool being created by the group of emerging economies as an "insurance instrument" that members could draw on if they experienced problems with their balance of payments. The pool is worth $100 billion in total, of which China will contribute $41 billion, Russia's central bank said in a statement. Brazil, India and Russia will contribute $18 billion each and South Africa will contribute $5 billion. "Eighteen billion dollars from our gold and forex reserves is a very small amount," Nabiullina told a news conference. "We aren't making any initial contributions ... That money will stay in our reserves". Russia's gold and foreign exchange reserves stood at $362 billion as of the end of June, according to the central bank data. Member states' official reserves would only shrink if a member state applied for help, Nabiullina said. In that case, BRICS states would contribute proportionally from their reserves to provide forex liquidity to the applicant, she said. Nabiullina also said she saw no need for Russia to draw foreign exchange from the reserves pool in the near future and added that other countries were not supposed to join the scheme. (Reporting by Elena Fabrichnaya; Writing by Alexander Winning and Polina Devitt; Editing by Jack Stubbs and Larry King) ((alexander.winning@thomsonreuters.com; +7 495 775 1242; Reuters Messaging: alexander.winning.thomsonreuters.com@reuters.net)) Keywords: EMERGING BRICS/RUSSIA CENBANK

Sterling skids to 4-week low vs surging dollar

July 07, 2015 - reuters.com

By Jemima Kelly and Patrick Graham LONDON, July 7 (Reuters) - Sterling skidded to a four-week low against the dollar on Tuesday, suffering along with other European currencies from a jump in the greenback's value as interest rate differentials moved in its favour. The pound fell along with the euro as yields on safe-haven German bond yields - the benchmark for European borrowing costs - hit a five week low after the European Central Bank tightened the noose on funding for Greek banks, keeping alive fears they will soon run out of cash and that Greece's problems will spread to other southern European countries. DE10YT=RR ID:nL8N0ZN0LW As the gap between Bund yields and the equivalent 10-year U.S. Treasury yields US10YT=RR widened to around 1.5 percent, the dollar rallied across the board, hitting a one-month high against a basket of major currencies. .DXY Mixed data on UK industrial and manufacturing output earlier in the day gave markets no clear steer on when the Bank of England would start raising interest rates. ECONGB Currency investors are awaiting a budget statement from the British finance minister George Osborne on Wednesday, who is widely expected to cut welfare spending by 12 billion pounds. Traders said any tightening could push back expectations of British interest rate hikes and weigh on the pound. Sterling fell 1.3 percent on Tuesday to $1.5413 GBP=D4 , its weakest since June 11. Against the euro, it was flat at 70.90 pence EURGBP=D4 . "Rate differentials support a move lower in sterling/dollar, the data this morning was mixed, and you've got a risk event tomorrow with the budget," said Hamish Pepper, a currency strategist at Barclays in London. Data from Britain's National Institute for Economic and Social Research showing the economy picked up speed in the second quarter after a slow start to the year, growing 0.7 percent, appeared to have no impact on the pound. ID:nL9N0OK042 Sterling has proved relatively resilient to a worsening debt crisis in Greece, with some analysts saying it has been boosted by safe-haven flows. "The broader picture here is that the UK economy is still performing relatively well, growth is rebounding and that is good for sterling," said Lee Hardman, a strategist with Bank of Tokyo-Mitsubishi UFJ in London. "The real risk on the horizon is the economic shock of a Grexit. That will be negative for the euro, and negative for sterling, but to a lesser extent, so we would expect sterling to gain against the euro but fall against the dollar." (editing by Ralph Boulton) ((jemima.kelly@thomsonreuters.com; +44)(0)(20 7542 7508; Reuters Messaging: jemima.kelly.thomsonreuters@reuters.net)) Keywords: MARKETS STERLING/CLOSE

All large Russian companies could receive BRICS bank funding -finance minister

July 07, 2015 - reuters.com

MOSCOW, July 7 (Reuters) - Russian Finance Minister Anton Siluanov said on Tuesday that projects of all large Russian companies could receive funding from the New Development Bank that is being created by the BRICS group of five major emerging nations. Siluanov said the bank should be interested in projects from Russia's top oil producer Rosneft ROSN.MM . (Reporting by Alexander Winning; Writing by Jack Stubbs; Editing by Pravin Char) ((jack.stubbs@thomsonreuters.com; +7 495 775 12 42; Reuters Messaging: jack.stubbs.thomsonreuters.com@thomsonreuters.net)) Keywords: EMERGING BRICS/RUSSIA SILUANOV

POLONIA Rate falls 0.02 pp.

July 07, 2015 - reuters.com

WARSAW, Jul 7 (Reuters) - POLONIA the reference rate for Overnight deposits amounted to 1.49 percent. The volume of transactions concluded till 16:30 by banks participating in POLONIA fixing amounted to 660 mln PLN. Note: Description of reference rate at: http://www.acipolska.pl/ ((warsaw.newsroom@reuters.com))

BRICS new bank offers good stimulus to develop infrastructure - Russia

July 07, 2015 - reuters.com

MOSCOW, July 7 (Reuters) - The New Development Bank that is being established by the BRICS emerging nations is a good stimulus to develop infrastructure in member states, Russian Finance Minister Anton Siluanov said on Tuesday. Siluanov, speaking to journalists ahead of the meeting of heads of Brazil, Russia, India, China and South Africa in Russia's city of Ufa, said also that the group needed to establish the bank to compete with other international institutions. The bank, with $50 billion in initial capital, is to start looking into first projects by year-end, Siluanov said. He added that he hopes that international rating agencies will rate the bank's debt "soon" - a necessary condition for the bank to start operating. Separately, Siluanov said that the International Monetary Fund and the European Union should have acted sooner to resolve Greece's debt problems. (Reporting by Alexander Winning, Darya Korsunskaya and Elena Fabrichnaya; writing by Lidia Kelly; editing by Polina Devitt) ((lidia.kelly@thomsonreuters.com; +7 495 775 1242; Reuters Messaging: lidia.kelly.reuters.com@reuters.net)) Keywords: EMERGING BRICS/RUSSIA BANK

Mexican peso hits new low against dollar amid Greek turbulence

July 07, 2015 - reuters.com

MEXICO CITY, July 7 (Reuters) - Mexico's peso MXN= MXN=D2 currency weakened on Tuesday to hit a new historic low of 15.8695 pesos per dollar, dragged down by market turbulence over the Greek debt crisis, Reuters data showed. (Reporting by Miguel Angel Gutierrez) ((dave.graham@thomsonreuters.com; +52 1 55 5282 7146; Reuters Messaging: dave.graham.thomsonreuters.com@reuters.net)) Keywords: MEXICO PESO/

Eurogroup meeting on Greece ends

July 07, 2015 - reuters.com

BRUSSELS, July 7 (Reuters) - An emergency meeting of euro zone finance ministers on Tuesday to discuss Greece has ended, the European Council said on Twitter. "That's it for today's Eurogroup," said Finnish Finance Minister Alexander Stubb on Twitter. (Reporting by Julia Fioretti; editing by Robert-Jan Bartunek) ((julia.fioretti@thomsonreuters.com; +32 2287 6875; Reuters Messaging: julia.fioretti.thomsonreuters.com@reuters.net)) Keywords: EUROZONE GREECE/EUROGROUP FINISH

Kenya central bank raises benchmark lending rate to 11.50 pct

July 07, 2015 - reuters.com

NAIROBI, July 7 (Reuters) - Kenya's central bank raised its benchmark lending rate KECBIR=ECI to 11.50 percent on Tuesday from 10.0 percent saying there were heightened risks to the inflation outlook after the shilling weakened. Policymakers raised rates for the first time in three and a half years by 150 basis points in June to 10.0 percent when they called a special meeting to deal with the weakening currency. (Reporting by Duncan Miriri; Editing by Edmund Blair) ((duncan.miriri@thomsonreuters.com; Tel: +254 20 4991239; Reuters Messaging: duncan.miriri.thomsonreuters.com@reuters.net)) Keywords: KENYA RATES/

S.Africa's rand weakens to 3-week low against dollar

July 07, 2015 - reuters.com

JOHANNESBURG, July 7 (Reuters) - South Africa's rand slipped over one percent to 12.5130 ZAR=D3 versus the greenback on Tuesday, its weakest in over three weeks as the dollar rose sharply, buoyed by a euro EUR= laid low by the worsening Greek crisis. ID:nL1N0ZN0R7 (Reporting by Mfuneko Toyana; Editing by Ed Stoddard) ((mfuneko.toyana@thomsonreuters.com; +27117753153; Reuters Messaging: mfuneko.toyana.thomsonreuters.com@reuters.net)) Keywords: MARKETS SAFRICA/CURRENCY

IOU-currency would put Greece in line to quit euro

July 07, 2015 - reuters.com

* ECB squeeze on funding means banks could run dry * IOU payments could be needed but hard to unwind * Temporary 'exit' from euro likely to stick By John O'Donnell and Alastair Macdonald FRANKFURT/ BRUSSELS, July 7 (Reuters) - The thinning oxygen supply to Greek banks could leave Athens with little choice but to introduce a form of second currency, European officials believe, a temporary means of freezing its membership of the bloc but one that risks its ultimate exit. The idea of putting Greece's euro membership on hold - a temporary 'Grexit' - was recently raised by Germany's finance minister Wolfgang Schaeuble. Greeks say they have no intention of leaving the currency zone, temporarily or otherwise. But a suggestion by Yannis Varoufakis, who quit on Monday as Greece's finance minister, that Athens might issue IOUs like the state of California did during a budget impasse in 2009, could amount to the same thing. Facing a massive budget shortfall, California's then governor Arnold Schwarzenegger issued more than 300,000 IOUs, known as warrants, with a value of almost $2 billion, to pay taxpayer refunds and others due money from the state. After a few months, the state struck a new budget deal and started to redeem the notes. But unlike California, Greece cannot fix its financial problems simply by passing a new budget; if it issues IOUs, it could probably redeem them only if it receives a future international bailout. Otherwise, the warrants could turn into a permanent parallel currency. "There was never any possibility that California would leave the dollar. It was more a way to replace bonds and financing on the market than to replace a currency," said Gregory Claeys of Brussels' Bruegel think-tank. "In Greece, it's a different issue. Once they produced these IOUs there would be no turning back. It would de facto end up in Grexit." Although the Greek government appears not to have planned for a parallel currency, officials both in Brussels, home to the European Union's executive, and Frankfurt, headquarters of the European Central Bank, believe that it could happen. DARKENING MOOD ECB officials who studied the prospect of IOUs earlier this year concluded that up to 30 percent of Greeks would end up receiving them, rather than payment in euros, people familiar with the matter had said. They might be used to pay pensions and public sector wages, and accepted to pay taxes. However, the danger that this could lead to Greece's departure from the euro bloc was already recognised then, and since then the mood has only darkened, making it harder to see how any issuance of IOUs could be temporary. Some of the euro zone finance ministers gathering on Tuesday in Brussels spoke openly about the risk of 'Grexit'. They expect to hear new Greek proposals for rescue that will then be discussed by government leaders at a summit later in the day. Greece's immediate weak point is its banks, which depend on euros from the ECB to stay afloat. If talks about a bailout programme stumble on without agreement, the ECB will have little choice but to keep a tight strangle-hold on Greek bank funding. Without support from Frankfurt and if cash runs out, Greece would have to issue some other form of payment to keep its economy alive, said Francesco Papadia, a former top ECB official. "It would begin with IOUs, electronic transfers. But then it could become a fully fledged currency." Quite how, legally, Greece could leave the euro is unclear. The only treaty provision is one allowing states to leave the EU as a whole. There is no law defining expulsion. External debts would still be denominated in euros and importers would need a way to get hard currency. "Internally, you would have IOUs," said one euro zone official. "But you cannot trade that outside of Greece. How long will you be able to continue like this? My hope is that they wake up." For now, the subject remains a taboo, at least in public, for the leftist government of Prime Minister Alexis Tsipras. Asked on Sunday, whether Greece was set to introduce its own national currency, deputy Finance Minister Nadia Valavani, retorted: "Get serious." But officials in Brussels say the leaders will have to discuss it. "Discussing Grexit is more likely than discussing a new (lending) programme," said one European official ahead of the summit. "Greeks cannot be expelled from the euro zone but they are likely to be put (under) conditions that they will ask to quit," the official said, speculating that even the 60 euros per day that Greeks are now permitted to withdraw from their bank accounts would have to be reduced. Hung Tran, Executive Managing Director of the Institute of International Finance, who negotiated an earlier restructuring of Greek debt, said the time to grasp the nettle may have come. "If they cannot settle their differences, the euro zone leaders should agree on Greece to exit the euro in a planned manner," he said. "This would be preferable to an uncontrolled accident." (Additional reporting by George Georgiopoulos in Athens, Francesco Guarascio in Brussels and Andreas Rinke in Berlin; Writing by John O'Donnell; Editing by Peter Graff) ((john.odonnell@thomsonreuters.com; +49 69 7565 1366; Reuters Messaging: john.odonnell.thomsonreuters.com@reuters.net)) Keywords: EUROZONE GREECE/CURRENCY

Russia c.bank head: BRICS reserves pool won't shrink reserves for now

July 07, 2015 - reuters.com

MOSCOW, July 7 (Reuters) - The head of the Russian central bank said on Tuesday Russia's contribution of $18 billion to a BRICS currency reserves pool would not reduce the country's official reserves until a member state applied for help. Elvira Nabiullina, the bank's governor, described the pool being created by the group of emerging economies as an "insurance instrument" that members could draw on if they experienced problems with their balance of payments. "$18 billion from our gold and forex reserves is a very small amount," Nabiullina told a news conference. "We aren't making any initial contributions ... That money will stay in our reserves". She said she saw no need for Russia to draw forex from the pool in the near future. Member states' official reserves would only shrink if a member state applied for help and, in that case, BRICS states would contribute proportionally from their reserves to provide forex liquidity to the applicant, she said. (Reporting by Elena Fabrichnaya, Writing by Alexander Winning, Editing by Timothy Heritage) ((alexander.winning@thomsonreuters.com; +7 495 775 1242; Reuters Messaging: alexander.winning.thomsonreuters.com@reuters.net)) Keywords: EMERGING BRICS/RUSSIA CENBANK

PRECIOUS-Gold at near 4-month low on dollar ahead of Greece summit

July 07, 2015 - reuters.com

* Euro zone summit on Greece starts at 1600 GMT * Palladium, platinum at multi-year lows * China shares drop despite support measures (Updates prices, adds comment) By Clara Denina LONDON, July 7 (Reuters) - Gold fell to a near four-month low on Tuesday as the dollar climbed ahead of an emergency euro zone summit on Greece with the country's banks rapidly running out of cash. Gold, usually seen as an alternative investment in times of financial and economic uncertainty, has so far failed to see significant safe-haven buying due to the ongoing Greek crisis as fears of contagion seem to be limited, traders said. Spot gold XAU= dropped to its lowest since March 18 at $1,154.45 an ounce earlier and was down 1 percent at $1,158.15 an ounce by 1341 GMT, while U.S. gold futures GCcv1 dropped 1.5 percent to $1,155.90 an ounce. Gold weakness and dollar strength also hit the rest of the precious metals complex, with silver XAG= down 4 percent at $15.13 an ounce, its lowest for the year. Palladium XPD= fell 2.7 percent to a a two-year low of $659.20 an ounce and platinum XPT= dropped to its lowest since March 2009 at $1,039.75 an ounce. "Attention is certainly on the Greek crisis, which is reinforcing the dollar against the euro and that's obviously weighing on gold, which is not being perceived as a preferred safe haven at the moment," ActivTrades chief analyst Carlo Alberto de Casa said. "A close below $1,157 could trigger further losses to the yearly low of $1,143 and then the $1,130 area." In recent days, the weakness in the euro from the Greek crisis has supported the dollar, which rose to a one-month high against a basket of leading currencies on Tuesday. FRX/ In wider markets, Chinese equities failed to benefit from policy measures at the weekend intended to halt a slide of almost 30 percent since mid-June. MKTS/GLOB Gold's upside has also been hurt by the prospect of higher U.S. interest rates later this year, which would boost dollar demand and increase the opportunity cost of holding the metal. "I find it difficult to see a significant move to the upside for gold because I would not know where the spark would come from," said Gerhard Schubert of SC Consultancy DMCC. For now, the focus remains on the euro zone meeting that begins at 1600 GMT in Brussels. Greek lenders are down to their last few days of cash and the European Central Bank has tightened the noose on funding, putting pressure on Greek Prime Minister Alexis Tsipras to persuade the bloc's other 18 leaders to open negotiations fast. ID:nL8N0ZM0JD Failure to reach a deal would increase the likelihood of Greece leaving the single currency. (Additional reporting by A. Ananthalakshmi in Singapore; editing by Jason Neely and David Evans) ((clara.denina@thomsonreuters.com)(+44 207 542 9420)(Reuters Messaging: clara.denina.thomsonreuters.com@reuters.net)) Keywords: MARKETS PRECIOUS/ * Euro zone summit on Greece started at 1600 GMT * Palladium, platinum at multi-year lows (Updates prices, adds comment) By Marcy Nicholson and Clara Denina NEW YORK/LONDON, July 7 (Reuters) - Gold fell to a near four-month low on Tuesday, while silver sank nearly 7 percent and platinum dropped to a 2009 low, as the dollar rallied ahead of an emergency euro zone summit on Greece with the country's banks rapidly running out of cash. Gold, usually seen as an alternative investment in times of financial and economic uncertainty, has failed to see significant safe-haven buying due to the Greek crisis as fears of contagion seem to be limited, traders said. ID:nL8N0ZM0JD "Attention is certainly on the Greek crisis, which is reinforcing the dollar against the euro and that's obviously weighing on gold, which is not being perceived as a preferred safe haven at the moment," ActivTrades chief analyst Carlo Alberto de Casa said. "A close below $1,157 could trigger further losses to the yearly low of $1,143 and then the $1,130 area," he added. "The strong U.S. dollar is a primary pressure factor in gold but it's less so in gold than virtually every other commodity," said Mike McGlone, head of research U.S., ETF Securities in New York. Precious metals fell along with the 19-market Thomson Reuters CoreCommodity Index .TRJCRB that fell as much as 2.2 percent. Spot gold XAU= dropped to its lowest since March 18 at $1,148.05 an ounce and was down 1.1 percent at $1,156.75 by 3:45 p.m. EDT (1945 GMT). U.S. gold futures GCcv1 for August delivery settled down 1.8 percent at $1,152.60 an ounce, with volume surging as prices fell to session lows, reaching the largest one-hour spurt of volume since April 27. Gold weakness and dollar strength also hit the rest of the precious metals complex, with silver XAG= down 6.9 percent to $14.65 an ounce, its lowest since Dec. 1, 2014. This lifted the gold-to-silver ratio to around 77 ounces, the highest since January 2009, up sharply from 74.4 ounces on Monday. Palladium XPD= fell 5.6 percent a two-year low at $639.50 an ounce and platinum XPT= dropped 3.8 percent to its lowest since February 2009 at $1,021.50 an ounce. In trading of other assets, global equity markets fell on Tuesday and the euro hit a five-week low against the dollar as euro zone leaders held an emergency summit to discuss Greece's future in the currency bloc, while commodities sold off on China demand worries. MKTS/GLOB Gold's upside has also been hurt by the prospect of higher U.S. interest rates later this year, which would boost dollar demand and increase the opportunity cost of holding the metal. (Additional reporting by A. Ananthalakshmi in Singapore; Editing by David Evans and James Dalgleish) ((Marcy.Nicholson@thomsonreuters.com, +1 646 223 6043; Reuters Messaging Marcy.Nicholson.ThomsonReuters.com@reuters.net)) Keywords: MARKETS PRECIOUS/

FOREX-Euro slides to five-week low vs dollar; commodity currencies slump

July 07, 2015 - reuters.com

(Updates prices, adds comment, changes byline, dateline; previous LONDON) * Euro drops below $1.10, dollar index at one-month high * Lower German Bund yields also weigh on euro * Commodity currencies sell off By Gertrude Chavez-Dreyfuss NEW YORK, July 7 (Reuters) - The euro dropped to a five-week low against a buoyant U.S. dollar on Tuesday, after the European Central Bank left emergency liquidity aid for Greek banks at current levels but increased the haircuts on the collateral it demands. That raised concerns Greek banks could soon run out of cash and that Greece's problems will spread to other southern European countries. German 10-year Bund yields DE10YT=RR fell to their lowest since early June and interest rate differentials moved against the euro, which fell to a six-week trough against the yen. "Markets seem to be losing patience and faith in the Athens' debt crisis ending with Greece's banks intact and the country still a member of the euro zone. Still, panic had yet to set in for the markets," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. Traders said the next 24 hours could be crucial. Euro-area leaders and finance ministers are meeting in Brussels to discuss Greece and a lack of progress could pressure the euro. European Commission President Jean-Claude Juncker told the European Parliament on Tuesday Greece's government must come forward with proposals to resolve its debt crisis. He said he still opposed calls for Greece to exit the euro. ID:nB5N0YY00E Since Athens missed a debt payment to its creditors and Greek voters rejected tough conditions for further bailouts, the euro has retreated from mid-June highs of $1.14, but there has been no panic selling. One reason is expectation the ECB will take action, including more quantitative easing, to stabilise the market. Against the dollar, the euro fell 1.2 percent to $1.0925 EUR= , after sliding to a five-week low of $1.0917, while the dollar index .DXY rose 0.9 percent to 97.154, after earlier hitting a one-month high. The euro was last down 1.4 percent versus the yen to 134 yen EURJPY= , after earlier dropping to a five-year trough. Meanwhile, commodity currencies fell sharply, with the Australian dollar hitting a six-year low as Chinese stock markets went into a tailspin. The Australian dollar, which is a proxy for Chinese investments, fell more than 1 percent to US$0.7414 AUD=D4 , with a drop in iron ore prices also weighing, traders said. It earlier tumbled to its lowest since May 2009. The New Zealand dollar plunged as well, falling to a five-year low against the greenback. It was last down 0.9 percent at US$0.6627 NZD=D4 . The Canadian dollar, meanwhile, hit a three-month low of C$1.2732 against its U.S. counterpart CAD=D4 . (Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Anirban Nag in London; Editing by Meredith Mazzilli) ((gertrude.chavez@thomsonreuters.com; 646-223-6322; Reuters Messaging: rm://gertrude.chavez.reuters.com@reuters.net)) Keywords: MARKETS FOREX/

Poland to offer 1.0-2.0 bln zlotys in bonds on Thursday

July 07, 2015 - reuters.com

WARSAW, July 7 (Reuters) - Poland will offer 1.0-2.0 billion zlotys ($260-520 million) in treasury bonds due January 2020 PL108601= and January 2024 PL107454= at a tender on Thursday, the finance ministry said in a statement on Tuesday. The offer was in line with the monthly plan published at the end of June. ID:nL8N0ZG2OT ($1 = 3.8430 zlotys) (Reporting by Wiktor Szary; Editing by Marcin Goclowski) ((marcin.goclowski@thomsonreuters.com; +48 22 6539724; Reuters Messaging: marcin.goclowski.reuters.com@thomsonreuters.net)) Keywords: POLAND DEBT/OFFER

Azeri forex reserves rise by $89.4 mln to $8.5 bln in June - c.bank

July 07, 2015 - reuters.com

BAKU, July 7 (Reuters) - Azerbaijan's foreign currency reserves rose by $89.4 million to $8.5 billion in June, the central bank said on Tuesday. Its reserves have fallen from $13.7 billion at the end of 2014 as the central bank has intervened to support the country's manat currency. Azerbaijan's reserves rose in May by $42.9 million to $8.4 billion. (Reporting by Nailia Bagirova; Writing by Margarita Antidze; Editing by Alexander Winning) ((margarita.antidze@thomsonreuters.com; +995322999370; Reuters Messaging: margarita.antidze.thomsonreuters.com@reuters.net)) Keywords: AZERBAIJAN FOREX/RESERVES

C$ retreats to March lows on weak trade data

July 07, 2015 - reuters.com

TORONTO, July 7 (Reuters) - The Canadian dollar tumbled on Tuesday to its weakest level since the end of March against the greenback, following data that showed Canada posted a larger-than-expected trade deficit in May. The C$3.34 billion deficit in May was Canada's second-biggest on record and the eighth monthly deficit in a row as exports declined 0.6 percent and imports rose 0.2 percent. The Canadian dollar CAD=D4 touched C1.2758 against the U.S. dollar, or 78.38 U.S. cents, softer than immediately before the data was released and sharply weaker than the Bank of Canada's finish of C$1.2652, or 79.04 U.S. cents on Monday. (Reporting by Solarina Ho; Editing by Chizu Nomiyama) ((solarina.ho@thomsonreuters.com; 1-416-941-8067; Reuters Messaging: solarina.ho.thomsonreuters.com@reuters.net; Twitter: @shtweet)) Keywords: MARKETS CANADA/CURRENCY

GLOBAL MARKETS-Europe shares drop before Greece summit; China falls again

July 07, 2015 - reuters.com

* Europe shares dip as Greece summit awaited * China shares drop despite support measures * Oil up after falling 6 percent on Monday * Wall Street looks set for gains By Nigel Stephenson LONDON, July 7 (Reuters) - European stocks fell and the euro hit a five-week low against the dollar on Tuesday before a euro zone summit to discuss the Greek debt crisis, while a fall in Chinese shares reminded investors of other clouds on the horizon. Oil recovered some ground after a selloff on Monday prompted by Greek rejection of the terms of a bailout and the Chinese stock market turmoil. However, U.S. shares looked set to open higher, according to stock index futures ESc1 SPc1 . Euro zone finance ministers met in Brussels and the bloc's leaders will meet later in the day. They are waiting for proposals from Greek Prime Minister Alexis Tsipras as his country's banks rapidly run out of cash. Failure to reach a deal would make it more likely Greece will drop out of the euro. The Euro STOXX 50 index of euro zone blue-chip shares .ESTOXX50E fell 0.9 percent after opening in positive territory. The index fell 2.2 percent on Monday after Greece voted against accepting the terms of a rescue deal on Sunday. Germany's DAX index .GDAXI lost 0.6 percent while Italy's FTSE MIB .FTMIB edged down 0.3 percent. "We're surprised with how little markets have sold off following the referendum, but there seems to be faith in the 'Draghi put', and peripheral markets have decoupled from Greece," said James Butterfill, global equity strategist at Coutts. "Markets may well tread water until we get some sort of decision from the European summit." German 10-year yields DE10YT=TWEB fell 10 basis points to 0.67 percent. However, yields on government bonds from Italy, Spain and Portugal, the countries considered most vulnerable to contagion from Greece, also fell. On Monday, they rose. Italian 10-year yields IT10YT=TWEB were down 6 bps at 2.31 percent. "The markets appear quite remarkably confident on a deal being reached," said Lyn Graham-Taylor, a strategist at Rabobank. German Bund futures opened sharply higher after the European Central Bank raised on Monday the discount it charges on collateral that Greek banks must offer in exchange for funds. Sources said the move was largely symbolic, since the amount Greek banks can borrow is capped. The fall in German yields helped push the euro EUR= down 0.7 percent to $1.0972 and 0.8 percent lower against the yen EURJPY= . The dollar rose 0.6 percent against a basket of currencies .DXY . Many asset managers believe a Greek exit from the euro can still be avoided. Others say the ECB will step in to limit contagion. ID:nL8N0ZM2DM "It is a drift lower for the euro, with things likely to get interesting if it drops below $1.0970," said Jeremy Stretch, head of currency strategy at CIBC World Markets. "The markets are reasonably relaxed at this stage because they believe the ECB will step in to take action to contain any contagion, should Greece step out of the union." CHINA FALLING Earlier, Asian shares drooped after further losses in China, despite measures the authorities put in place at the weekend to halt a slide of almost 30 percent since mid-June. China's CSI 300 .CSI300 index of the biggest listed companies in Shanghai and Shenzhen closed down 1.8 percent. It had fallen more than 5 percent earlier in the day. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.7 percent, though Japan's Nikkei .N225 rose 1.3 percent after a sharp fall on Monday. Oil prices rose. Brent crude LCOc1 , which fell more than 6 percent on Monday, rose 62 cents a barrel to $57.16, though analysts said the outlook remained weak. Goldman Sachs said in a note that oil's fall had little to do with Greece and instead reflected oversupply. Gold XAU= , which has failed to attract much of a safe-haven bid in the latest flare-up over Greece, dipped to $1,165.40 an ounce as the dollar rose. (Additional reporting by John Geddie, Anirban Nag, Alistair Smout and Christopher Johnson in London, Hideyuki Sano in Tokyo; Editing by Larry King) ((nigel.stephenson@thomsonreuters.com; +44 20 7542 8682; Reuters Messaging: nigel.stephenson.reuters.com@reuters.net)) Keywords: MARKETS GLOBAL/

INDICATORS - Kazakhstan - July 7

July 07, 2015 - reuters.com

South Africa's net reserves edge up to $41.59 bln in June

July 07, 2015 - reuters.com

JOHANNESBURG, July 7 (Reuters) - South Africa's net gold and foreign exchange reserves ticked slightly higher to $41.59 billion in June from $41.519 billion in May, data from the Reserve Bank showed on Tuesday. Gross reserves also edged up to $46.829 billion from $46.446 billion previously while the forward position, which represents the central bank's unsettled or swap transactions, eased to $2.298 billion from $2.671 billion. (Reporting by Stella Mapenzauswa; Editing by Peroshni Govender) ((stella.mapenzauswa@thomsonreuters.com; +27 11 775 3161; Reuters Messaging: stella.mapenzauswa.thomsonreuters.com@reuters.net)) Keywords: SAFRICA RESERVES/

MIDEAST STOCKS - Factors to watch - July 7

July 07, 2015 - reuters.com

DUBAI, July 7 (Reuters) - Here are some factors that may affect Middle East stock markets on Tuesday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asia shares win reprieve but Greece, China concerns limit gains MKTS/GLOB * MIDEAST STOCKS-Egypt tumbles as Emaar Misr slides; Gulf weak on Greece, oil ID:nL8N0ZM1IR * Oil prices stabilise after massive sell-off O/R * Gold holds near $1,170; Greece, dollar eyed for cues ID:nL3N0ZN09O * Middle East Crude-Dubai backwardation widens despite ample supply ID:nL3N0ZM38R * Obama says U.S. to increase support for Syria opposition ID:nL1N0ZM26F * Air strikes kill nearly 100 in Yemen, cast shadow on truce talks ID:nL8N0ZM0JV * Iran demands end to UN missile sanctions, West refuses ID:nL8N0ZL152 * Iranian nuclear deal set to make hardline Revolutionary Guards richer ID:nL1N0ZM0AY * Iraq to tap retail investors in $5 bln domestic bond offer ID:nL8N0ZM291 * Iraqi jet mistakenly bombs Baghdad district, five killed ID:nL8N0ZM1HM * Syrian monitor: Islamic State recaptures town from Kurdish forces ID:nL8N0ZM1FT TURKEY * Gazprom delays gas pipelines to link to Turkish line-source ID:nL8N0ZM2TX * Turkish GDP growth seen at 2-2.5% in 2015, missing government target - officials ID:nL8N0ZM22V * China says Xinjiang has no "ethnic problem" after Turkey protests ID:nL3N0ZM31Q EGYPT * Egypt imposes temporary anti-dumping fee on CIF value of white sugar imports -U.S. attache ID:nEMN10TSHN * Egypt's domestic debt surpasses two trillion pounds -c. bank ID:nL8N0ZM2QD * Egypt arrests Brotherhood members for alleged Suez plot -security sources ID:nL8N0ZM1G7 * Egypt's central bank governor says pound depreciation not worrying ID:nL8N0ZM1QE SAUDI ARABIA * Saudi Real Estate Co and Alinma Investment buy 1.8 bln riyals of land ID:nD5N0Y207P * Inside the Saudi prison that's home to new wave of jihadis ID:nL8N0ZM25R * Saudi-based APICORP says could issue first international sukuk in 2015 ID:nL8N0ZM16S UNITED ARAB EMIRATES * UAE bank ADIB targets acquisitions in 2016 ADIB.AD ID:nL8N0ZM0RW * UAE's Tabreed says completes 1 bln dhs convertible bonds buyback ID:nD5N0Y2042 KUWAIT * Kuwait detains 26 over Islamic State suicide attack on mosque -newspaper ID:nL8N0ZM2K6 * Bad weather halts operations at two Kuwait ports ID:nL8N0ZM20S * Kuwait's Al Ahli Bank gets Kuwaiti regulator nod to buy Piraeus Bank Egypt ID:nD5N0Y2044 QATAR * BRIEF-Moody's says Qatar's stable banking system outlook supported by high levels of public spending ID:nWNAB07E4Q * Barwa Real Estate sets RoE target of at least 15 pct in 2016-20 plan ID:nD5N0Y2043 BAHRAIN * Aluminium Bahrain says Q2 production rises 3.1 percent ID:nL8N0ZM1S2 * Bahrain passes 2015-16 budget after parliament forces changes ID:nL8N0ZK07Y (Compiled by Dubai newsroom) ((dubai.newsroom@reuters.com)) Keywords: MIDEAST FACTORS/

India Morning Call-Global Markets

July 07, 2015 - reuters.com

EQUITIES NEW YORK - U.S. stocks fell in a volatile Monday session as Greeks resoundingly backed their government in rejecting the austerity terms of a bailout and China implemented emergency measures to stop a selloff in Shanghai's market. For a full report, click on .N ---- LONDON - A slump in Rolls-Royce RR.L led Britain's top equity index lower on Monday, although it outperformed continental European indexes, hit harder by uncertainty over the economic fallout from Greeks' rejection of bailout conditions. For a full report, click on .L ---- TOKYO - Japan's Nikkei share average rebounded on Tuesday as investors bought stocks on the dips, but uncertainty over Greece and China's efforts to rescue its slumping stock market capped gains in Tokyo. The Nikkei share average .N225 gained 1.4 percent to 20,399.82 by mid-morning, after tumbling 2.1 percent on the previous day as a Greek vote to reject austerity measures spooked the market. For a full report, click on .T - - - - HONG KONG - Hang Seng Index .HSI down 0.49 percent. For a full report, click on .HK - - - - FOREIGN EXCHANGE TOKYO - The euro edged slightly lower in early Asian trading on Tuesday, but remained well off lows touched in the previous session ahead of a euro zone summit that investors hope might offer a way for Greece to climb out of its debt crisis. For a full report, click on USD/ - - - - TREASURIES NEW YORK - Benchmark U.S. Treasury yields hovered near their lowest in over two weeks on Monday after the European Central Bank adjusted the discount on Greek banks' collateral for emergency funding, raising fears of a Greek exit from the euro zone. The ECB kept Emergency Liquidity Assistance (ELA) steady for Greek banks but adjusted the haircut on the collateral those lenders offer as security, the ECB said on Monday. The move came a day after Greeks overwhelmingly rejected conditions of a rescue package from creditors For a full report, click on US/ - - - - COMMODITIES GOLD SINGAPORE - Gold was hovering near $1,170 an ounce on Tuesday, clinging to small overnight safe-haven gains from the Greek debt crisis, though a strong dollar kept gains in check. Spot gold XAU= was little changed at $1,168.91 an ounce by 0053 GMT. The metal had risen as much as 0.6 percent on Monday in an initial rally following the results of a Greek referendum but gave up some gains to close up 0.2 percent. For a full report, click on GOL/ - - - - BASE METALS MELBOURNE - London copper drifted on Tuesday, a day after sliding to five-month lows, as markets waited for the next developments in the Greek debt crisis and monitored stock market moves in China. France and Germany have told Greece to come up with serious proposals in order to restart financial aid talks, after Greeks voted overwhelmingly to reject more austerity For a full report, click on MET/L - - - - OIL SINGAPORE - Crude oil prices stabilized on Tuesday morning after posting one of their biggest selloffs this year the previous day over Greece's rejection of debt bailout terms and China's stock market woes. Front-month U.S. crude futures CLc1 were trading at $52.91 per barrel at 0011 GMT, up 38 cents from their last settlement. The slight gain followed an almost 8 percent fall on Monday that pulled the contract down to levels last seen in April. For a full report, click on O/R (Compiled by Karen Rebelo) ((karen.rebelo@thomsonreuters.com; +91 80 6749 1136; Reuters Messaging: karen.rebelo.thomsonreuters.com@reuters.net)) Keywords: MORNINGCALL INDIA/

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