NEW YORK, Nov 24 (Reuters) – U.S. gold futures ended higher in very heavy trade Tuesday, driven by option-related buying and fund interest, and investors continued see pullbacks in the metal as buying opportunities, traders said. For the latest detailed report, click on [GOL/]. GOLD * COMEX December gold GCZ9 settles up $1.10 at $1,165.80 an ounce on the NYMEX. * Ranged from $1,157.70 to $1,171.70. December hit an all-time high $1,174 on Monday. * Gold futures supported by options-related buying after Monday’s option expiration – George Gero at RBC. * Bullion holds gains in spite of a slight dollar rise amid an equities market retreat. * Gold market sees drops as opportunities to buy absent a major correction – Miguel Perez-Santalla at Heraeus. * Ethiopia signed a deal for a Saudi firm to extract an estimated 20 tonnes of recoverable gold found in the Horn of African country last month. [ID:nGEE5AN1WS] * Gold-to-oil ratio above 15. It was last at 15.34, up from the previous session’s 15, as oil drops 2 percent. * COMEX estimated final volume at a very busy 323,712 lots, driven by options-related buying. * Spot gold XAU= at $1,167.50 an ounce at 3:23 p.m. EST (2023 GMT), compared with $1,165.85 late in the previous session in New York. * London’s afternoon gold fix XAUFIX= at $1,163.25 an ounce. * For a gold price interactive graphic: here > SILVER * December silver SIZ9 ends down 15.5 cents at $18.455 an ounce, as investors lock in profits. * Technical resistance seen at breaking above the $19 an ounce level – traders * Ranged from $18.330 to $18.680. * COMEX estimated final volume at a heavy 78,379 lots, partially due to December option expiration on Monday. * Spot silver XAG= was at $18.52, against $18.59 in the previous session in New York. * London silver fix XAGFIX= at $18.57. PLATINUM * January platinum PLF0 finishes down $23.80, or 1.6 percent, at $1,443.80 an ounce as the market takes a breather after Monday’s rally. * Spot platinum XPT= $1,446.50 an ounce. PALLADIUM * December palladium PAZ9 closes down $4.05, or 1.1 percent, at $369.25 an ounce on platinum’s weakness. * Spot palladium XPD= $369.75 an ounce. Close Change Pct 2008 YTD Chg Close % Chg US gold GCZ9 1165.80 1.1 0.1 884.3 31.8 US silver SIZ9 18.455 -0.155 -0.8 11.295 63.4 US platinum PLF0 1443.80 -23.80 -1.6 941.50 53.4 US palladium PAZ9 369.25 -4.05 -1.1 188.70 95.7 Prices at 3:21 p.m. EST (2021 GMT) Gold XAU= 1167.00 1.15 0.1 878.20 32.9 Silver XAG= 18.50 -0.09 -0.5 11.30 63.7 Platinum XPT= 1443.50 -11.00 -0.8 924.50 56.1 Palladium XPD= 369.75 0.750 0.2 184.50 100.4 Gold Fix XAUFIX= 1163.25 -7.00 -0.6 836.50 39.1 Silver Fix XAGFIX= 18.57 -19.00 -1.0 14.76 25.8 Platinum Fix XPTFIX= 1458.00 5.00 0.3 1529 -4.6 Palladium FixXPDFIX= 371.00 0.50 0.1 365.0 1.6 (Reporting by Frank Tang ; Editing by Lisa Shumaker) ((frank.tang@thomsonreuters.com; +1 646 223 6126; Reuters Messaging: frank.tang.reuters.com@reuters.net)) ((For help: Click “Contact Us” in your desk top, click here [HELP] or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com ; +1 646-223-5546)) © Thomson Reuters 2009 All rights reserved Originally posted here: US gold ends up on options-related buying, funds (at Reuters)

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* US 1-month bill sale captures highest bidding in a month * Dollar 3-month Libor hits record low, euro rates rise * European traders wary of ECB’s moves toward policy exit (Updates market action; dateline previously LONDON) By Richard Leong and Kirsten Donovan NEW YORK/LONDON, Nov 24 (Reuters) – The rates on most U.S. Treasury bills traded steady to slightly higher on Tuesday amid shrinking supply and intense year-end appetite for the ultra low-risk, cash-like investments. Investors snatched up $32 billion of one-month T-bills at a high rate of 0.06 percent, 1 basis point higher than last week’s auction for this maturity. See [ID;nTAR000548] Bidding for the latest one-month supply was the strongest in a month. The bid-to-cover ratio came in at 4.38, higher than 3.79 last week but below 4.62 a month ago. USAUCTION7 Fund managers who reaped profits on a rebound on Wall Street and other risky assets this year have been socking their gains into T-bills in an effort to protect them, analysts said. “Many people who made money are shutting down and putting money into riskless assets,” said Eric Lascelles, chief economics and rates strategist with TD Securities in Toronto. The tremendous bids for T-bills have occurred even at the expense of money market funds, which had traditionally been viewed as a safe haven to park cash until they were roiled by Lehman Brothers’ collapse during last year’s credit crisis. The Investment Company Institute reported money market fund assets fell $71.2 billion in October, following a $126.9 billion drop in September. For more, see [ID:nWAT013937] In the London interbank market, benchmark three-month dollar Libor rates USD3MFSR= edged to a record low of 0.26063 percent, only 1 basis point away from the top end of the Federal Reserve’s current range on its policy rate. The U.S. central bank has signaled it will hold short-term rates near zero in a bid to foster an economic recovery. On Tuesday, it released minutes of its November policy meeting, which showed policy makers are increasingly confident in a durable U.S. recovery even though they do not see employment picking up soon. For more, see [ID:nWEQ003609] EURO RATES RISE Across the Atlantic, interbank lending rates for euros edged higher with central bank exit policy in focus after the European Central Bank last week took a first tentative step toward implementing tighter monetary conditions. Three-month euro Libor rates EUR3MFSR= were marginally higher at 0.67688 percent, while one-year rates EUR1YFSR= edged up to 1.22125 percent. See [ID:nGEE5AN142] One-year euro Libor rates EUR1YFSR= edged up again after posting their biggest daily rise on Monday since early June. The ECB said last Friday it would tighten its rating requirements for banks using asset-backed securities as security in its lending operations [ID:nLAG005930]. The announcement, which analysts said may signal the start of the central bank’s exit policy, pushed six- and 12-month Eonia EUREON6M=EUREON1Y= rates higher and saw interest rate futures FEIM0FEIZ0 sell off, pushing up implied rates. “Everything the ECB has done so far has been in the guise of expansion, of getting liquidity into the market and widening the collateral base as much as possible,” said ING rate strategist Padhraic Garvey in Amsterdam. “For the first time they’ve clawed some of that back so if you were to point to the beginning (of an exit), this would be it.” Despite tougher collateral requirements, the ECB will offer long-term funds to banks, analysts said. It is expected to allot 125 billion euros in its one-year refinancing operation in December, roughly two-thirds more than the total banks took in September, according to a Reuters poll of traders released on Tuesday. For more, [ID:nGEE5AN1SJ] (Editing by Leslie Adler) ((richard.leong@thomsonreuters.com ; +1 646 223 6313; Reuters Messaging: richard.leong.reuters.com@reuters.net )) © Thomson Reuters 2009 All rights reserved The rest is here: MONEY MARKETS-U.S. bill rates hold as demand stays strong (at Reuters)

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BRASILIA, Nov 24 (Reuters) – Brazil’s Senate approved on Tuesday Aldo Mendes as director of monetary policy at the central bank. The Senate floor voted 41-11 in favor of Mendes. The senate’s economic affairs commission had passed earlier in the day his appointment to replace Mario Toros. (Reporting by Natuza Nery; Writing by Elzio Barreto) ((elzio.barreto@thomsonreuters.com; Tel: +55 11 5644-7725; Reuters Messaging: elzio.barreto.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved See the original post: Brazil’s Mendes approved by senate to c,bank post (at Reuters)

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(Adds quotes) WASHINGTON, Nov 24 (Reuters) – President Barack Obama told a joint news conference with Indian Prime Minister Manmohan Singh on Tuesday that he was committed to completing a bilateral civil agreement that would open up India’s potential $150 billion market in power plants. “I reaffirmed to the prime minister my administration’s commitment to fully implement the U.S.-India civil nuclear agreement, which will increase American exports and create jobs in both countries,” Obama said after talks with Singh at the White House. Singh echoed those words and welcomed the removal on curbs on U.S. high-tech exports to India. “The lifting of U.S. export controls on high-technology exports to India will open vast opportunities for joint research and development efforts,” he said. The 2005 civil nuclear deal that Singh signed with former U.S. President George W. Bush, ended the long nuclear isolation imposed on India after it tested an atom bomb in 1974. But several issues need to be cleared up before U.S. businesses including General Electric Co ( GE.N ) and Westinghouse Electric Co, a subsidiary of Japan’s Toshiba Corp ( 6502.T ), can compete for billions of dollars in new reactor agreements. India’s parliament has to debate a new law to limit U.S. firms’ liability in case of a nuclear accident. The United States has still not signed a nuclear fuel reprocessing agreement with India. (Editing by Sandra Maler ) ((paul.eckert@reuters.com; +1 202 789-8578; Reuters Messaging: paul.eckert.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Read more from the original source: UPDATE – US committed to completing India nuclear pact-Obama (at Reuters)

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LONDON, Nov 24 (Reuters) – European shares closed lower on Tuesday after data showed the U.S. economy grew at a slower rate than forecast in the third quarter and home prices in the United States rose less than expected in September. The pan-European FTSEurofirst 300 .FTEU3 index of top shares provisionally closed 0.6 percent lower at 1,017.87 points after rising to a high of 1,025.17 earlier in the session. The index has gained nearly 58 percent since falling to a record low in early March and is up 22 percent for the year. Banks featured among the worst performers. HSBC ( HSBA.L ), BNP Paribas ( BNPP.PA ), Societe Generale ( SOGN.PA ), UBS ( UBSN.VX ) and Credit Suisse ( CSGN.VX ) were down 1.9 to 3.2 percent. “There has been some mixed economic data and the market has taken a more pessimistic view on it. Wall Street is going down with Europe in pursuit,” said Philippe Gijsels, strategist at Fortis Bank. “The market has been a little bit volatile but that is also probably because volumes are quite low. The U.S. is about to go into its Thanksgiving holiday weekend, so there are big swings in the market and that is what you are typically seeing today.” The U.S. economy grew at a slower pace than forecast in the third quarter, while Standard & Poor’s/Case-Shiller indexes showed home prices rose less than expected in September. [ID:nN23258482] [ID:nN24298560] But, U.S. consumer confidence edged higher in November after an unexpected drop in October, with less consumers expressing doubt about the a worsening jobs market, according to a report. [ID:nN24300840] (Reporting by Joanne Frearson) ((joanne.frearson@thomsonreuters.com; +44 207 542 2773, Reuters Messaging:joanne.frearson.thomsonreuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Visit link: European shares close lower; U.S. data weighs (at Reuters)

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* TSX falls 0.22 pct to 11,599.28 on commodity weakness * BMO’s higher profit, Diners Club deal boost bank shares * U.S. Q3 GDP revision slightly lower than expected (Adds details) By Ka Yan Ng TORONTO, Nov 24 (Reuters) – Toronto’s main stock index was lower on Tuesday morning due to weakness in commodity shares and evidence of a slow recovery in the U.S. economy. Strength in banking stocks stemming from firm Bank of Montreal ( BMO.TO ) quarterly results cushioned the fall. The top five spots the market’s list of risers were held by big banks. Bank of Montreal reported a higher-than-expected 16 percent increase in quarterly profit and said it was buying the Diners Club North America credit card business, a deal that would double its corporate card portfolio. [ID:nN23263602] BMO shares gained 0.5 percent to C$53.80. Toronto-Dominion Bank ( TD.TO ) was up 0.27 percent at C$67.53. Resource shares were big decliners on Tuesday, led by a 1.7 percent drop in fertilizer company Potash Corp ( POT.TO ) to C$118.25. Lower oil prices and a recent runup in commodity stocks also put pressure on companies such as diversified miner Teck Resources ( TCKb.TO ), down 2.2 percent at C$36.55, and oil producer EnCana Corp ( ECA.TO ), down 0.54 percent at C$55.60. “I think it’s just an overall selloff in the market today. It had a pretty nice run in some of these commodities so it was ripe for some profit-taking,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier. At 10:40 a.m. (1540 GMT), the S&P/TSX composite index .GSPTSE was down 25.50 points, or 0.22 percent, at 11,599.28, after opening higher. The U.S. economy grew more slowly than first thought in the third quarter, but house prices rose for the fifth straight month in September and U.S. consumer confidence was up in November, suggesting a slow economic recovery is still intact. [ID:nN24296971] “I think it just confirms that we’re in a slow recovery here. It’s good to see a positive but it wasn’t as positive as people were expecting,” Nakamoto said. ($1=$1.06 Canadian) (Editing by Peter Galloway) ((kayan.ng@thomsonreuters.com; Reuters Messaging: kayan.ng.reuters.com@reuters.net; 416-941-8109)) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report……….[.TO] Canadian dollar and bonds report….[CAD/][CA/] Top News: Canada ……[TOP/CAN] Today in Canada…….[CA/DIARY] Canadian company news .. [E-CAN] Reuters global stocks poll (Canada)…EQUITYPOLL5 [EPOLL/CA] FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide……. S&P/TSX Composite index ………….. .GSPTSE S&P/TSE Venture composite index …….SPCDNX TSX most active……….AV.TO Venture Exchange most active………….AV.V Top TSX pct gainers……PG.TO Top TSX pct losers…….PL.TO S&P/TSX 60 index ……..TSE60 52 week highs: TSX……………t.YH.TO Venture…………..t.YH.V 52 week lows: TSX……………t.YL.TO Venture…………..t.YL.V Canadian dollar quote…… CAD= CAD=D3 =CAD FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS: FTSE EUROTOP 300 ……FTEU3 EUROPEAN REPORT …….[.EU] Nikkei 225…………..N225 Tokyo report…………[.T] FTSE 100…………… .FTSE London report………..[.L] Xetra DAX…………. .GDAXI Frankfurt market stories[.F] CAC-40.. .FCHI Paris market stories…[.PA] World Indices……. Foreign exchange……..[FRX/] Oil…….[O/R] US Treasuries…………[US/] International bonds…..[EUB/] Gold………[GOL/X] or [GOL/] CRB index of commodity futures………[CRB/] © Thomson Reuters 2009 All rights reserved See original here: CANADA STOCKS-TSX falls on commodities, but banks rise (at Reuters)

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NEW YORK, Nov 24 (Reuters) – U.S. gold futures turned higher in heavy trade Tuesday on option-related buying and fund interest, and investors continued see pullbacks in the metal as buying opportunities, traders said. For the latest detailed report, click on [GOL/]. GOLD * COMEX December gold GCZ9 up $1.60 at $1,166.30 an ounce at 10:34 a.m. EST (1534 GMT) on the NYMEX. * Ranged from $1,157.70 to $1,171.70. December hit an all-time high $1,174 on Monday. * Gold futures supported by options-related buying after Monday’s option expiration – George Gero at RBC. * Bullion holds gains in spite of a slight dollar rise amid an equities market retreat. * Gold market sees drops as opportunities to buy absent a major correction – Miguel Perez-Santalla at Heraeus. * Ethiopia signed a deal for a Saudi firm to extract an estimated 20 tonnes of recoverable gold found in the Horn of African country last month. [ID:nGEE5AN1WS] * Gold-to-oil ratio at above 15. It was last at 15.34, up from the previous session’s 15, as oil drops on Tuesday. * COMEX estimated 10 a.m. volume at a busy 221,814 lots, driven by options-related buying. * Spot gold XAU= at $1,168.80 an ounce, compared with $1,165.85 late in the previous session in New York. * London’s afternoon gold fix XAUFIX= at $1,163.25 an ounce. * For a gold price interactive graphic: here > SILVER * December silver SIZ9 down 14 cents at $18.470 an ounce, as investors lock in profits. * Technical resistance seen at breaking above the $19 an ounce level – traders * Ranged from $18.330 to $18.680. * COMEX estimated 10 a.m. volume at 48,120 lots. * Spot silver XAG= was at $18.45, against $18.59 in the previous session in New York. * London silver fix XAGFIX= at $18.57. PLATINUM * January platinum PLF0 down $4.90 at $1,462.70 an ounce as the market takes a breather after Monday’s rally. * Spot platinum XPT= $1,455.50 an ounce. PALLADIUM * December palladium PAZ9 down 5 cents at $373.25 an ounce on platinum’s weakness. * Spot palladium XPD= $369.50 an ounce. Prices at 10:52 a.m. EST (1552 GMT) Last Change Pct 2008 YTD Chg Close % Chg US gold GCZ9 1168.90 4.20 0.4 884.30 32.2 US silver SIZ9 18.470 -0.140 -0.8 11.295 63.5 US platinum PLF0 1462.60 -5.00 -0.3 941.50 55.3 US palladium PAZ9 373.65 0.35 0.1 188.70 98.0 Gold XAU= 1168.50 2.65 0.2 878.20 33.1 Silver XAG= 18.44 -0.15 -0.8 11.30 63.2 Platinum XPT= 1456.00 1.50 0.1 924.50 57.5 Palladium XPD= 371.40 2.40 0.7 184.50 101.3 Gold Fix XAUFIX= 1163.25 -7.00 -0.6 836.50 39.1 Silver Fix XAGFIX= 18.57 -19.00 -1.0 14.76 25.8 Platinum Fix XPTFIX= 1458.00 5.00 0.3 1529.00 -4.6 Palladium Fix XPDFIX= 371.00 0.50 0.1 365.00 1.6 (Reporting by Frank Tang ) ((frank.tang@thomsonreuters.com; +1 646 223 6126; Reuters Messaging: frank.tang.reuters.com@reuters.net)) ((For help: Click “Contact Us” in your desk top, click here [HELP] or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com ; +1 646-223-5546)) © Thomson Reuters 2009 All rights reserved Continue reading here: US gold up on options-related buying, fund demand (at Reuters)

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LONDON, Nov 24 (Reuters) – European shares turned negative in afternoon trading on Tuesday after U.S. GDP data showed the economy grew more slowly than initially thought in the third quarter. By 1335 GMT, the pan-European FTSEurofirst 300 .FTEU3 index of top shares was down 0.2 percent at 1,021.86 points after rising as high as 1,025.17 earlier in the session. In its second reading of third-quarter gross domestic product, the Commerce Department said the U.S. economy grew at a 2.8 percent annual rate, rather than the 3.5 percent pace it estimated last month. [ID:nN23258482] Banks featured among the worst performers. HSBC ( HSBA.L ), BNP Paribas ( BNPP.PA ), Societe Generale ( SOGN.PA ) and UBS ( UBSN.VX ) were down 1.2 to 1.9 percent. (Reporting by Joanne Frearson) ((joanne.frearson@thomsonreuters.com; +44 207 542 2773, Reuters Messaging:joanne.frearson.thomsonreuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved See the article here: European shares turn negative after US GDP data (at Reuters)

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LOS ANGELES (Reuters) – Financier Carl Icahn has offered $156.5 million to acquire the partially-built Fontainebleau Las Vegas resort, which has been stalled in bankruptcy court since June, according to a spokesman for rival bidder Penn National Gaming. Penn, which said last week that it had offered $101.5 million, including $51.5 million of debtor-in-possession financing, for Fontainebleau, has raised its bid to $145 million, said spokesman Joe Jaffoni. Both of the bids are dwarfed by the $2 billion that has already been spent on the 3,800-room casino resort, which sits toward the northern end of the Las Vegas Strip. The property is expected to go to auction in January. Icahn, whose bid could represent a “stalking horse” floor for the auction, was not immediately available for comment. The financier acquired in 1998 the Strip’s Stratosphere hotel and casino out of bankruptcy, but in 2007 sold that property, along with three smaller casinos, to Goldman Sachs for $1.3 billion. (Reporting by Deena Beasley; Editing by Tim Dobbyn ) © Thomson Reuters 2009 All rights reserved Go here to see the original: CORRECTED: Icahn outbids Penn for Fontainebleau Las Vegas

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TOKYO, Nov 24 (Reuters) – Japanese stocks are likely to rise on Tuesday after better-than-expected U.S. home sales fuelled optimism about the strength of the economic recovery and a weaker dollar boosted commodity shares, sending Wall Street higher. Hitachi Ltd ( 6501.T ) is set to be in focus after the Nikkei business daily said the company is expected to sign a high-speed railway project deal in Britain worth more than 500 billion yen. [ID:nBNG509635] But gains are likely to be limited by a strong yen a day after the dollar fell to a six-week low against the Japanese currency, though the greenback was edging up slightly at 89.02 yen in early trade. “There’s worry about oversupply, worry about the yen’s strength and worry about political uncertainty,” said Hiroichi Nishi, general manager at the equity division of Nikko Cordial Securities. “But at the same time a number of technical factors show that the Nikkei has been oversold, and selling from overseas hedge funds is also likely to quiet down a bit.” Sales of previously owned U.S. homes rose to their highest level in more than 2-½ years last month, helping to allay worries about the sector sparked last week when another report showed housing starts fell sharply in October. All Wall Street indexes rose more than 1 percent and the Dow reached a 13-month high, but volume was light. The U.S. dollar .DXY fell 0.7 percent against a basket of major currencies after comments from a senior Federal Reserve official reinforced expectations U.S. interest rates will stay low for some time. This helped lift commodity stocks, with gold hitting a record $1,170.55 an ounce and copper rising to levels not seen for 14 months, helped also by expectations of recovery. The benchmark Nikkei .N225 is seen trading between 9,400 and 9,600, market players said. It closed at 9,497.68 on Friday, with markets closed on Monday for a holiday. In a sign the Nikkei is likely to open higher, Nikkei futures traded in Chicago 2NKc1 closed at 9,560, up 0.7 percent from Friday’s Osaka close JNIc1. ———————-MARKET SNAPSHOT @ 2236 GMT ———— INSTRUMENT LAST PCT CHG NET CHG S&P 500 .SPX 1106.24 1.36% 14.860 USD/JPY JPY= 89 0.03% 0.030 10-YR US TSY YLD US10YT=RR 3.3527 — -0.017 SPOT GOLD XAU= 1162.8 -0.26% -3.050 US CRUDE CLc1 77.45 -0.03% -0.020 DOW JONES .DJI 10450.95 1.29% 132.79 ————————————————————- > Wall St rises as home sales feed optimism [.N] > U.S. dollar falls on rate outlook, stock rally [USD/] > U.S. debt prices edge up on strong demand [US/] > Gold hits record above $1,170/oz as dollar slides [GOL/] > Oil rises slightly on U.S. home sales, weaker dollar [O/R] STOCKS TO WATCH — Japan Airlines Corp ( 9205.T ) JAL asked retirees and employees on Monday to accept an average 40 percent cut to their pension payouts and warned the struggling airline could face bankruptcy if an agreement could not be reached. [ID:nT300174] — Honda Motor Co ( 7267.T ), other automakers A government official said on Friday that Japan will consider extending a car scrappage incentive scheme due to end in March by six months to support the country’s fragile car market. [ID:nT248432] — Showa Shell Sekiyu ( 5002.T ) Showa Shell and the Niigata Prefecture government will build a 700 million yen 1,000 megawatt solar power plant in northwestern Japan to begin generating power in September next year, NHK said — Mori Seiki Co ( 6141.OS ) Machine tool maker Mori Seiki Co said it will raise up to 18.2 billion yen ($205 million) to invest in new equipment and to buy Sony Corp’s ( 6758.T ) measuring equipment making unit. [ID:nT49794] — Hino Motors Ltd ( 7205.T ) Hino plans to invest 3 billion yen to build a facility to produce an annual 25,000 small-scale trucks in Indonesia, the Nikkei business daily said on Monday. [ID:nT295719] (Reporting by Elaine Lies ; Editing by Edwina Gibbs ) ((elaine.lies@thomsonreuters.com; +81 3 6441 1807; Reuters Messaging:elaine.lies.reuters.com@reuters.net)) ((Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * BridgeStation: view story .134 * Reuters Plus: from your WebDSS screen For more information on Top News, visit topnews.reuters.com )) © Thomson Reuters 2009 All rights reserved Visit link: Nikkei set to rise but gains likely capped by yen (at Reuters)

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* To sell about 5.5 mln units at C$18.35/unit * Public issue price at 2 pct discount to Monday close * To use proceeds for improving liquidity, acquisitions Nov 23 (Reuters) – Canada’s RioCan Real Estate Investment Trust ( REI_u.TO ) said it plans to sell about 5.5 million units at C$18.35 apiece for gross proceeds of C$100.9 million ($94.7 million). The sale price represents a 2 percent discount to the unit’s Monday close of C$18.70 on the Toronto Stock Exchange. RioCan said it reached an agreement with a syndicate of underwriters co-led by RBC Capital Markets, BMO Capital Markets and TD Securities Inc for the public issue. The company also granted the underwriters an option to buy an additional 550,000 units at the same price. RioCan said it will use the proceeds to provide additional financial flexibility to its liquidity position, to fund development activities and future property acquisitions and for general trust purposes. The offering is expected to close on or about Dec. 1, the company said in a statement. ($1=1.066 Canadian Dollar) (Reporting by Koustav Samanta in Bangalore; Editing by Maju Samuel) ((koustav.samanta@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: koustav.samanta.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved See the original post: UPDATE 1-RioCan REIT to raise C$100.9 mln via public offering

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MEXICO CITY, Nov 23 (Reuters) – Mexico’s peso and local stocks pared gains on Monday after Fitch Ratings cut its foreign currency issuer default rating on Mexico to ‘BBB’ from ‘BBB+’ and put the country on a stable outlook. The peso MXN= MEX01 pared back from sharp early gains, but was still up 0.2 percent at 13.0476 per U.S. dollar, while the IPC stock index .MXX also pulled back but traded up 0.4 percent at 30,782. (Reporting by Michael O’Boyle) ((michael.oboyle@thomsonreuters.com; Tel: +5255-5282-7153; Reuters Messaging: michael.oboyle.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Read more: Mexico peso pares gains on Fitch downgrade (at Reuters)

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TORONTO (Reuters) – Canadian fertilizer maker Agrium Inc ( AGU.TO ) said on Monday it would persist in its hostile bid for U.S. rival CF Industries Holdings ( CF.N ), a move that could prolong the already drawn-out three-way merger battle in the sector. CF has been fending off Agrium’s overtures since February and is itself locked in a hostile campaign to acquire U.S. fertilizer maker Terra Industries ( TRA.N ). Agrium’s roughly $5 billion bid for CF is contingent on CF dropping its bid for Terra. CF came a step closer toward reaching a deal with Terra, when Terra’s shareholders voted a slate of three CF nominees to its board on Friday. However, Agrium argued that the support that CF’s slate received at the Terra shareholder meeting was weaker than CF’s own shareholder support for Agrium’s offer. More than 60 percent of CF Industries’ shares were tendered into Agrium Inc’s “best and final” offer last week. Despite the results of the tender, CF can continue to stymie a deal, as it has a poison pill and other defense mechanisms in place to prevent Agrium from completing the transaction. “We look forward to meeting with CF to conclude a transaction and will continue to reach out directly to CF’s management and board as well as to their financial advisers,” Agrium’s Chief Executive Mike Wilson said in a statement. In the meanwhile, Terra has again rejected CF’s latest proposal to buy it, saying the new offer was at the same price as CF’s already-rejected proposal from November 1. CF has offered to pay $24.50 in cash and 0.1034 share of its stock for every Terra share. The offer also includes a $7.50 per-share special cash dividend, which Terra shareholders will receive whether the deal is accepted or not. CF’s latest bid continues to value Terra at about $4.05 billion, but it includes a 30-day “go shop” provision subject to a break-up fee and expense reimbursement. “We have proposed a process through which Terra and CF Industries could negotiate the terms of a transaction, while preserving Terra’s ability to seek higher offers,” CF’s Chief Executive Stephen Wilson said in a statement on Monday. The two chief executives are not related. (Reporting by Euan Rocha , editing by Maureen Bavdek) © Thomson Reuters 2009 All rights reserved Read the original here: Agrium to continue pursuit of CF Industries

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BRUSSELS, Nov 23 (Reuters) – General Motors GM.UL is expected to present a restructuring plan for its Opel and Vauxhall units to European Union ministers by the end of the week, the head of the Belgian region of Flanders said on Monday. Kris Peeters, the premier of Flanders, said EU ministers would discuss the GM Europe plan at a meeting on Dec. 4. Nick Reilly, the interim chief executive of GM Europe, said earlier that Opel needed around 3.3 billion euros ($4.94 billion) of refinancing. ((Reporting by Phil Blenkinsop, Brussels newsroom, +32 2 287 6830; email: brussels.newsroom@thomsonreuters.com)) ($1=.6679 Euro) © Thomson Reuters 2009 All rights reserved See the original post: EU ministers to discuss Opel plan Dec. 4 – Flemish premier

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* To cut value of some securities in portfolio * Adjustment to result in pre-tax losses of $423 mln * Expects tax refunds * Stock up 15 pct Nov 23 (Reuters) – Zions Bancorp ( ZION.O ) said it will reduce the value of certain securities in its investment portfolio, resulting in a pretax loss of about $423 million on the securities, and expects a tax refund, sending shares up as much as 15 percent. The transactions will have no material impact on consolidated net income, but will impact the balance sheet by reducing net federal deferred tax assets by about $148 million, the company said. As a result of the adjustments, the company will receive a cash refund of a substantial majority of the total $340 million of federal income taxes paid in 2007, it said. The adjustments will be recognized on the company’s consolidated tax return for 2009. Separately, Zions said it will exchange about 5.6 million depositary shares for common shares to boost its common tangible equity ratio, a measure of capital increasingly important to stock investors and debt rating agencies. Deutsche Bank Securities Inc and Goldman Sachs & Co are the financial advisers for the exchange offer, the company said in a statement. Shares of the company were trading up 14 percent at $14.31 in morning trade on Nasdaq. They earlier touched a high of $14.42. (Reporting by Sweta Singh in Bangalore; Editing by Anil D’Silva) ((sweta.singh@thomsonreuters.com ; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: sweta.singh.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Visit link: UPDATE 1-Zions sees tax refund from cut in securities value

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BRUSSELS, Nov 23 (Reuters) – It would cost 3.3 billion euros ($4.9 billion) to rehabilitate struggling German car-maker Opel, the European head of its owner, General Motors, said on Monday. “Our total financing requirements are around 3.3 billion euros,” Opel’s interim chief executive Nick Reilly told reporters after a meeting with European economy officials to discuss the matter in Brussels. ((Reporting by John O’Donnell , +32 2 287 6817 or +32 473 92 48 90; john.odonnell@thomsonreuters.com)) ($1=.6679 Euro) © Thomson Reuters 2009 All rights reserved Visit link: GM’s Reilly says would cost 3.3 bln euros to fund Opel

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* Peet’s raises Diedrich bid to $32/shr from $26/shr * Green Mountain confirms $30/shr offer for Diedrich * Diedrich shares jump 28 pct in premarket trade Nov 23 (Reuters) – Gourmet coffee chain Peet’s Coffee & Tea Inc ( PEET.O ) increased its cash-and-stock offer to acquire Diedrich Coffee Inc ( DDRX.O ) by $53 million to ward off competition from rival Green Mountain Coffee Roaster Inc ( GMCR.O ). The revised offer from Peet’s values Diedrich at about $32 a share, a premium of 23 percent over the stock’s Friday closing price. The total value of the deal is about $265 million. On Monday, Green Mountain confirmed it had offered to buy Diedrich for $30 a share, 15 percent more than the stock’s closing price on Friday, or a total of $247 million in cash. Green Mountain said its offer had no financing and no due diligence contingencies, and it intends to fully finance the deal through cash on hand and its existing credit facilities. Diedrich makes and sells K-Cup refills for Green Mountain Coffee’s single-cup Keurig brewer system through a licensing agreement. Peet’s, which is looking to enter the fast growing single-cup coffee market, had earlier this month offered $26 a share for Diedrich, in a $212 million deal. In a separate statement on Monday, Diedrich, a wholesale coffee roaster and distributor, said it was evaluating the Peet’s revised offer. Shares of Diedrich shot up 28 percent to $33.25, while those of Peet’s were down 3 percent and Green Mountain shares were up marginally in premarket trade Monday. (Reporting by Viraj Nair in Bangalore; Editing by Anne Pallivathuckal) ((viraj.nair@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: viraj.nair.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved See the original post: UPDATE 1-Peet’s ups bid for Diedrich to ward off Green Mountain

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* To issue 15 mln shares, pay C$28 mln cash to Duce * To raise C$35 mln through bought deal financing Nov 23 (Reuters) – Junior oil and gas explorer Colonia Energy Corp ( CLA.V ) said it agreed to buy privately held Duce Oil Ltd for C$35 million ($32.8 million) in a cash and stock deal to boost its oil assets. Colonia Energy said the acquisition provides it with light oil assets and a significant position in the Bakken light oil resource play. Colonia Energy said it will issue about 15.0 million of its common shares, at a deemed price of 20 Canadian cents per share, and pay C$28.0 million in cash to Duce shareholders. The company also said it plans to buy working interest of Duce’s minority partners for C$4.0 million in cash. Colonia also said it agreed to raise C$35 million through a bought deal financing by selling 175 million subscription receipts at 20 Canadian cents apiece. The underwriting of the financing will be co-led by GMP Securities L.P. and Peters & Co. Ltd, the company said. Shares of the Calgary-based Colonia Energy closed at 20 Canadian cents Friday on the Toronto Venture Exchange. ($1=1.066 Canadian Dollar) (Reporting by R. Manikandan in Bangalore; Editing by Anil D’Silva) ((r.manikandan@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: r.manikandan.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved See the article here: UPDATE 1-Colonia Energy to buy Duce Oil for C$35 mln

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NEW YORK (Reuters) – Ciena Corp will buy Nortel Networks Corp’s optical networking and carrier ethernet business for $769 million after outbidding Nokia Siemens Networks in a three-day auction, sources told Reuters on Sunday. Ciena’s winning offer consists of $530 million in cash and $239 million in convertible notes, one of the sources said, speaking on condition of anonymity since details of the auction have not been made public. Last month, the U.S. network equipment maker announced that it had made a ’stalking-horse’ offer for these assets of Nortel, the Canada-based telecommunications company that filed for bankruptcy in January and has been auctioning off assets. Ciena initially offered $390 million in cash and 10 million shares of Ciena stock, for a total deal value of $522 million, based on the Friday closing price of Ciena stock. The final bid by Nokia Siemens Networks, which had teamed with private equity firm One Equity Partners, came “very close” to Ciena’s offer, the source said. (Reporting by Anupreeta Das ; Editing by Lincoln Feast ) © Thomson Reuters 2009 All rights reserved Read the original post: Ciena to pay $769 million for some Nortel assets: source

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HELSINKI, Nov 23 (Reuters) – Nokia Siemens Networks [NSN.UL] said on Monday: * it, together with its financial partner, did not submit the highest bid for nortel ops at auction * its final offer represented fair value for the assets * further bidding was not financially justified For more on this story, please click [ID:nN22395163] ((tarmo.virki@reuters.com, +358-9-680 50 235, Reuters messaging: tarmo.virki.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Go here to see the original: BRIEF-Nokia Siemens says lost auction for Nortel assets

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Nov 23 (Reuters) – Health insurer Humana Inc ( HUM.N ) is looking for acquisitions in complementary areas to adapt to changing healthcare need, its Chief Executive Mike McCallister told the Wall Street Journal in an interview. The company is targeting areas such as managing expenditure on expensive specialty drugs and chronic diseases. “If you look at the future in terms of where drug spending is going to be, specialty drugs are going to get very large,” McCallister told the paper. “It’s important for the company to have the right positioning on that, whether it’s inside or outside.” Humana set off a political storm in September when it sent letters to its Medicare Advantage health insurance plan customers warning them about pending health reform legislation. [ID:nN21320651] (Reporting by Deepti Govind in Bangalore; Editing by Valerie Lee) ((deepti.govind@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: deepti.govind.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Read more: Humana eyes acquisitions in complementary areas-WSJ

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NEW YORK, Nov 22 (Reuters) – Ciena Corp ( CIEN.O ) will buy Nortel Networks Corp’s ( NRTLQ.PK ) optical networking and carrier ethernet business for $769 million after outbidding Nokia Siemens Networks in a three-day auction, sources told Reuters on Sunday. Ciena’s winning offer consists of $530 million in cash and $239 million in convertible notes, one of the sources said, speaking on condition of anonymity since details of the auction have not been made public. Last month, the U.S. network equipment maker announced that it had made a ’stalking-horse’ offer for these assets of Nortel, the Canada-based telecommunications company that filed for bankruptcy in January and has been auctioning off assets. Ciena initially offered $390 million in cash and 10 million shares of Ciena stock, for a total deal value of $522 million, based on the Friday closing price of Ciena stock. The final bid by Nokia Siemens Networks, which had teamed with private equity firm One Equity Partners, came “very close” to Ciena’s offer, the source said. (Reporting by Anupreeta Das ; Editing by Lincoln Feast ) ((anupreeta.das@thomsonreuters.com; +1-646-223-6224)) © Thomson Reuters 2009 All rights reserved Read the original here: Ciena wins auction for some Nortel assets -sources

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SYDNEY (Reuters) – Global miner Rio Tinto ( RIO.AX ) ( RIO.L ) expects to receive at least $741 million from the flotation of its U.S. coal-mining unit, Cloud Peak Energy Inc ( CLD.N ), on the New York Stock Exchange, Rio said on Monday. Cloud Peak Energy shares fell in their debut on Friday after its shares priced below expectations in the initial public offer. Rio Tinto retains a 48.3 percent stake in Cloud Peak. For full statement click “> here (Reporting by Mark Bendeich; Editing by Jonathan Standing) © Thomson Reuters 2009 All rights reserved Go here to see the original: Rio to get at least $741 million from Cloud Peak IPO

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PHILADELPHIA, Nov 22 (Reuters) – Kraft Foods ( KFT.N ) may raise its offer for Cadbury Plc ( CBRY.L ) or offer more cash in its bid if rival takeover offers emerge, a source familiar with the situation said on Sunday. “The Kraft team is figuring out the next move,” the source said. Kraft made a $16.8 billion hostile offer to acquire U.K. confectioner Cadbury, but rivals such as Hershey Co ( HSY.N ), Italy’s Ferrero, and Nestle ( NESN.VX ) now may be weighing takeover bids themselves. Kraft “never said that was its final offer,” the source said. The source declined to be named because they were not authorized to speak with the media. (Reporting by Jessica Hall ; Editing Bernard Orr) (For more M&A news and our DealZone blog, go to here ) ((jessica.hall@thomsonreuters.com; 215-922-1086; Reuters Messaging: jessica.hall.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved See original here: Kraft mulls higher offer for Cadbury – source

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LONDON, Nov 22 (Reuters) – The British government could face trade sanctions if it is found guilty of protectionism as a result of the bank bail out, Pascal Lamy, director general of the World Trade Organisation, told the Sunday Telegraph. Lamy said the WTO will likely examine whether countries that bailed out their banks did so on the understanding that the banks should lend more to domestic customers in the future. If the UK is challenged and found guilty, it could face trade sanctions or be forced to overhaul the semi-nationalised banking system, the paper said. The warning would also apply to the United States and European countries that have taken similar steps, it said. Last October the government bailed out three banks – Royal Bank of Scotland ( RBS.L ), Lloyds TSB and HBOS – with a 37 billion-pound cash injection aimed at strengthening their capital reserves in the face of the credit crunch. [ID:nL3562807] RBS and Lloyds Banking Group ( LLOY.L ), Britain’s two largest retail banks, secured another 31 billion pounds ($50.5 billion) from the government on Tuesday and agreed to sell branches and key businesses to appease EU competition concerns over state aid. [ID:nL3540088][ID:nL3323607] (Reporting by Julie Crust ; editing by Jon Loades-Carter) ((julie.crust@thomsonreuters.com; +44 207 542 3847)) © Thomson Reuters 2009 All rights reserved Continued here: UK bank bail-out may have broken WTO rules-report (at Reuters)

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* Nestle still weighing options, BBG says citing sources * Nestle may also decide against bid, BBG reports * Nestle declines to comment ZURICH, Nov 22 (Reuters) – Swiss food giant Nestle ( NESN.VX ) may consider a bid for Britain’s Cadbury ( CBRY.L ) to challenge a hostile 9.9 billion pound bid by Kraft Foods Inc ( KFT.N ) and a potential move by Hershey ( HSY.N ), Bloomberg reported on Sunday. Nestle is still weighing its options and may decide against a bid, Bloomberg said, citing two unnamed people with knowledge of the matter. Nestle declined to comment. Italian chocolate maker Ferrero and U.S.-based Hershey have teamed up and said on Wednesday they were reviewing a possible offer for Cadbury. [ID:nLK612249] Analysts view Nestle as a potential suitor for Cadbury. (Writing by Lisa Jucca ; Editing by Jon Loades-Carter) ((elisabetta.jucca@thomsonreuters.com; +41 58 306 7354; Reuters Messaging: elisabetta.jucca.reuters.com@reuters.com)) © Thomson Reuters 2009 All rights reserved View original post here: Nestle may consider a bid for Cadbury-Bloomberg

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* Optical networking, carrier ethernet unit sale continues * Nokia Siemens/One Equity Partners also bidding -source (Adds background) NEW YORK, Nov 21 (Reuters) – The auction for Nortel Network’s optical networking and carrier ethernet business went into a second day on Saturday, after Ciena ( CIEN.O ) called for a break in the auction late on Friday, two sources said. Last month Nortel Networks Corp, the bankrupt Canadian telecommunications equipment maker, said that Ciena’s cash-and-stock bid, worth some $522 million, would be the stalking horse offer for these assets. [ID:nN07462090] Earlier this week another source familiar with the sale told Reuters that Nokia Siemens Networks and private equity firm One Equity Partners had also jointly bid for the assets. [ID:nN18125510] Ciena’s stock fell sharply after it revealed the proposed deal last month, with analysts saying the rising price and possible equity side of the deal would weigh on investors minds. Ciena’s offer consisted of $390 million cash and 10 million Ciena shares. Analysts and investors have been concerned about Ciena’s offer because the U.S. networking gear maker would have to take significant pains to integrate the Nortel assets. Although the assets are a good fit for Ciena’s portfolio, the deal would weigh down operations, they said. Nortel, once North America’s biggest telecoms equipment maker, filed for bankruptcy protection in January. It is selling off its assets rather than trying to restructure. One Equity manages $8 billion for JPMorgan ( JPM.N ) in private equity investments. Nokia Siemens is a 50-50 venture of Nokia ( NOK1V.HE ) and Siemens ( SIEGn.DE ). (Reporting by Anupreeta Das ; Editing by Jon Boyle ) © Thomson Reuters 2009 All rights reserved Continued here: UPDATE 1-Ciena takes Nortel unit auction to 2nd day -sources

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CHICAGO, Nov 21 (Reuters) – LyondellBasell said on Saturday it had received a preliminary, nonbinding cash offer from Indian energy giant Reliance Industries ( RELI.BO ) to acquire a controlling interest in the company, contemporaneously with LyondellBasell’s emergence from Chapter 11 reorganization. Petrochemicals firm LyondellBasell [ACCEIN.UL] said in a statement that the offer represents a potential alternative to a previously filed reorganization plan. (Reporting by Julie Ingwersen , Editing by Sandra Maler) © Thomson Reuters 2009 All rights reserved See the original post here: LyondellBasell says received offer from Reliance

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STOCKHOLM, Nov 21 (Reuters) – A U.S.-led group will make an offer for Ford-owned ( F.N ) Volvo cars next week, rivalling a bid already on the table from China’s Zhejiang Geely Holding Group ( 0175.HK ), the daily Dagens Industri reported on Saturday. The U.S. consortium, called Crown, is led by former Ford Motor Co director Michael Dingman, but has backing from Swedish investors, Dagens Industri wrote. Zhejiang Geely Holding Group, the parent of Geely Automobile, was named by Ford as a preferred bidder for its loss-making Swedish car unit last month. [ID:nHKG181412] Media reports put the bid at between $2 billion and $2.5 billion. “There is no point in bidding low. You are not going to win anything that way,” the paper quoted a Crown consortium source as saying. © Thomson Reuters 2009 All rights reserved Here is the original post: U.S. group Crown plans Volvo cars bid-paper

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MEXICO CITY, Nov 20 (Reuters) – Foreign direct investment in Mexico plunged 37 percent in the first nine months of 2009 as the world financial crisis bit into capital flows, according to data released by the government on Friday. Mexico attracted $9.75 billion in FDI in the nine months ending in September, the economy ministry said. The report did not provide a comparative figure but the government reported last year that FDI in the first nine months of 2008 was $15.56 billion. However, the ministry also revised higher its estimate of FDI flows in 2008 to $22.516 billion, up sharply from an initial estimate of $18.6 billion. The government forecast in May that foreign direct investment would fall to about $15 billion in 2009. Manufacturing and financial services received the majority of FDI flows into Mexico in the period reported, the economy ministry said. The United States was the principal source of FDI, providing nearly $5.2 billion, followed by the Netherlands, with $1.439 billion. (Reporting by Robert Campbell ; Editing by Gary Hill) © Thomson Reuters 2009 All rights reserved See the article here: Mexico FDI plunges 37 pct in first 9 months of 2009 (at Reuters)

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WASHINGTON, Nov 20 (Reuters) – President Barack Obama’s job approval rating has dropped below 50 percent in a second major poll in an indication he is suffering from the long healthcare debate and weakness in the economy, Gallup said on Friday. Gallup said 49 percent of Americans approved of Obama’s job performance. A survey by Quinnipiac University on Wednesday had a similar finding, putting him at 48 percent support. It was the first time he had fallen below majority support in those two polls. He had been polling in the low 50s for months after taking office in January with an approval rating just under 70 percent. Gallup said Obama’s drop in its daily tracking poll likely resulted from the contentious debate over healthcare as well as the poor state of the U.S. economy, with millions of Americans out of work. “Americans are also concerned about the Obama administration’s reliance on government spending to solve the nation’s problems and the growing federal budget deficit,” Gallup said in an analysis of its poll, which surveyed 1,533 people from Tuesday to Thursday. The margin of error was 4 points. Democrat Obama became the fourth-fastest U.S. president since World War Two to drop below majority support in the Gallup poll, following Republican Gerald Ford, Democrat Bill Clinton and Republican Ronald Reagan. Peter Brown, assistant director of the Quinnipiac University Polling Institute, said that although Obama’s job approval was below 50 percent for the first time nationally, it was not statistically different from his 50 percent approval rating in October. “Nevertheless, in politics symbols matter and this is not a good symbol for the White House,” said Brown. “Moreover, the percentage who approve of the way he is handling the economy has dropped from a split 47-46 percent approval in October to 52-43 percent disapproval today.” (Reporting by Steve Holland ; Editing by Peter Cooney ) © Thomson Reuters 2009 All rights reserved See the original post here: Obama job approval rating drops under 50 percent (at Reuters)

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* TSX down 20.97 points at 11,579.33 * Index up 1.5 percent for the week * Energy sector leads retreat (Adds details, quote) By Jennifer Kwan TORONTO, Nov 20 (Reuters) – Toronto’s main stock index fell on Friday as weaker oil prices, caused partly by a stronger U.S. dollar, weighed on resource issues, including Suncor Energy Inc ( SU.TO ). Suncor dropped 0.5 percent to C$38.07, while Canadian Natural Resources ( CNQ.TO ) fell 0.7 percent to C$70.60. Barrick Gold ( ABX.TO ), another top mover on the downside, fell 0.7 percent to C$47.00. Oil prices fell below $77 a barrel, with the U.S. dollar rising for a second straight session as investor risk tolerance shrank. [O/R] [USD/] “Oil is down a bit and that obviously has a big impact on our market,” said Jennifer Radman, vice-president and associate portfolio manager at Caldwell Investment Ltd. The S&P/TSX composite index .GSPTSE ended down 20.97 points, or 0.18 percent, at 11,579.33, with six of its 10 main groups lower. The index was up 1.5 percent for the week and touched a 13-month high on Wednesday. Paul Taylor, chief investment officer at BMO Harris Investment Management Inc, said investors locked in some profits after the market’s recent gains. “I think this is what we’re going to see. We’re going to see choppy markets for the next while. We’re not going to see strong trends,” he said. The TSX followed global markets lower on Friday as investors cut their exposure to riskier assets. [MKTS/GLOB] The market slump also came after Bank of Canada Governor Mark Carney said on Thursday evening that Canada’s economy performed worse than expected in the third quarter, but was now recovering. He also cautioned that it risks further setbacks due to a strong Canadian dollar. [ID:nN19514256] Earlier on Thursday, Finance Minister Jim Flaherty suggested he thought the economy could have stood still in the third quarter. However, analysts said the comments didn’t have any major bearing on the broader market. “They are being more overly cautious in their estimates,” said Steve Ibel, institutional equities trader at Beacon Securities in Halifax, Nova Scotia. Flaherty vowed on Friday to resist big, new spending measures in his next budget, but said it was too early to pull stimulus away from a still shaky economy. [ID:nN20237039] Other influential names on the downside included Rogers Communications ( RCIb.TO ), which dropped 2.6 percent to C$32.05. The broader telecoms group was off 0.45 percent The blue chip S&P/TSX 60 index .TSE60 closed 1.59 points lower, or 0.23 percent, at 688.99. ($1=$1.07 Canadian) (Additional reporting by Irene Kuan ; editing by Rob Wilson) © Thomson Reuters 2009 All rights reserved Read the original post: CANADA STOCKS-Oil prices, profit-taking drag TSX lower (at Reuters)

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* C$ falls to C$1.0699 to U.S. dollar * Currency down 1.8 pct for the week * Sluggish oil, equity prices weigh (Updates to close, adds quotes) TORONTO, Nov 20 (Reuters) – The Canadian dollar fell on Friday, mirroring losses in commodity and stock markets, as many investors sold riskier assets on concerns about global growth and to lock in gains as year-end approaches. The currency was also hit by broad-based gains by the U.S. dollar against a range of currencies for a second session as the greenback benefited from the drop in risk tolerance. [USD/] The Canadian dollar touched a session low of C$1.0733 to the U.S. dollar, or 93.17 U.S. cents, its weakest level since Nov. 9. The unit “hasn’t really exhibited much strength at all. It seems to me a fair portion of this does fall to the U.S. dollar,” said Eric Lascelles, chief economics and rates strategist at TD Securities. Canada’s currency finished at C$1.0699 to the U.S. dollar, or 93.47 U.S. cents, down from Thursday’s close C$1.0635 to the U.S. dollar, or 94.03 U.S. cents. The greenback’s gain and falling risk appetite hit commodity prices, which heavily influence the Canadian dollar because the country is a commodity exporter. Oil edged lower, dropping nearly 1 percent to below $77 a barrel, extending a 2 percent fall in the previous session. [O/R] The market appeared to shrug off comments late on Thursday from Bank of Canada Governor Mark Carney who said Canada’s economy performed worse than expected in the third quarter and risks further setbacks due to the sharp rise of the Canadian dollar. [nN19514256] Finance Minister Jim Flaherty vowed on Friday to resist big, new spending measures in his next budget, but said it was too early to pull stimulus away from a still shaky economy. [ID:nN20237039] A report out on Friday showed Canadian bankruptcies rose about 29 percent in September from a month earlier, as consumers felt the squeeze of rising debt and a weak job market. [ID:nN20314679] Canadian economic reports due out next week include monthly retail sales and third-quarter current account data. ECONCA BOND PRICES MOSTLY FIRMER With no major Canadian economic data out on Friday, most domestic bond prices tracked moves in the big U.S. Treasury market, where short-term issues rallied on fund demand before the year’s end. [US/] “It has long been our view that the Canada short end has been cheap and some of that mis-valuation is being worked out in the market today,” said Lascelles. “This is very much a day of adjustment as opposed to responding to any particular news.” The two-year bond CA2YT=RR rose 2.5 Canadian cents to C$99.99 to yield 1.255 percent, while the 30-year bond CA30YT=RR fell 30 Canadian cents to C$117.75 to yield 3.937 percent. Canadian bonds outperformed their U.S. counterparts across much of the curve. The Canadian 10-year bond was 1.8 basis points above the U.S. 30-year yield, compared with 4.5 basis points on Thursday. (Reporting by Jennifer Kwan and Jeffrey Hodgson; editing by Rob Wilson) © Thomson Reuters 2009 All rights reserved Visit link: CANADA FX DEBT-C$ falls with commodities as risk appetite wanes (at Reuters)

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PHILADELPHIA, Nov 20 (Reuters) – U.S. chocolate maker Hershey Co ( HSY.N ) is considering launching a bid of at least $17 billion for British chocolatier Cadbury Plc ( CBRY.L ) in an effort to outstrip a hostile offer by Kraft Foods Inc, a source familiar with the matter said on Friday. Hershey, which is still considering a joint bid with Italy’s Ferrero, lined up deal financing from Bank of America ( BAC.N ) and JP Morgan ( JPM.N ), said the source, who declined to be named because he was not authorized to speak with the media. JPMorgan declined to comment. Bank of America and Hershey could not be immediately reached for comment. (Reporting by Jessica Hall ) (For more M&A news and our DealZone blog, go to here ) © Thomson Reuters 2009 All rights reserved Link: Hershey weighs $17 billion Cadbury bid – source

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NEW YORK, Nov 20 (Reuters) – Vivendi SA ( VIV.PA ) and General Electric ( GE.N ) have agreed that Vivendi will be paid close to one-third of the value of its NBC Universal stake, although a value for the stake itself is still being negotiated, a person familiar with the matter said. The amount would be paid between the signing of a related deal between GE and Comcast, and that deal’s closing. Vivendi is seeking about $6.1 billion for the 20 percent of NBC Universal it has owned since 2004, the source and another person familiar with the matter said. GE, which owns the remainder of the broadcast and cable unit, has sought to buy Vivendi’s stake as part of a proposed deal with U.S. cable company Comcast Corp ( CMCSA.O ) to create a new NBC Universal joint venture. GE wants to pay less, and the two sides are currently about $500 million apart in terms of how to value Vivendi’s stake, the source said. Vivendi is keen to sell its stake to GE so that the U.S. conglomerate can proceed with its Comcast deal, the source said, speaking on condition of anonymity because the negotiations have not been made public. (Reporting by Anupreeta Das ; Editing by Tim Dobbyn ) © Thomson Reuters 2009 All rights reserved See the original post: Vivendi, GE agree to interim payment on NBCU stake

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* US T-bill rates dip below zero for first time since Dec * Dollar Libor at new low, other market rates fall * Abundant liquidity, dovish central bankers support (Adds trader quote, recasts; changes dateline; previous London) By Chris Reese NEW YORK, Nov 20 (Reuters) – Yields on short-dated Treasury bills pushed below zero on Friday as investors clamored for low-risk investments in bets that central banks will hold interest rates at ultra-low levels for a long time. Dollar interbank lending rates hit a new low as an abundance of liquidity and dovish central banker comments also eroded short-term market rates. Even as policy makers begin to talk about exit strategies from extraordinary measures put in place during the depth of the financial crisis, investors expect policy rates around the globe will stay low well into next year. “People are getting out of risk, getting into Treasuries for the year-end, everybody is parking money,” said James Combias, head of government bond trading at Mizuho Securities USA in New York, adding that the Federal Reserve is expected to hold interest rates near zero for the foreseeable future. Demand for U.S. Treasury bills maturing in January 2010 pushed their yields below zero for the first time since late December when the financial crisis worsened in the aftermath of the Lehman Brothers collapse. Two-year Treasury note yields US2YT=RR also held close to the lowest since December, which in turn represented the lowest levels on record. “Flow information suggests central banks buying T-bills and short-term Treasury cash even at very low yield as cash is abundant,” said BNP Paribas rate strategist Alessandro Tentori. Calyon rate strategist David Keeble said year-end factors were also at play as banks tidied up balance sheets to present the best possible view of their business at the end of the year. “It’s a little bit of window dressing, to do with needing liquidity on the balance sheet. You liquidate some securities and buy something low-risk like Treasuries so you get a bit of a squeeze,” he said. Three-month dollar Libor rates USD3MFSR= fell to 0.26219 percent [ID:nLK442537]. Eurodollar interest rate futures EDM0EDU0 — a measure of interest rate expectations — have been climbing steadily since late October, reaching contract highs and implying lower rates, on the back of dovish central bank comments. SLOWLY, SLOWLY TO THE EXIT European Central Bank officials have also stressed that while they are heading for the exit, the withdrawal of special measures to provide liquidity to the banking sector and in turn boost the economy, will be gradual. But recent comments appear to warn banks against becoming too reliant on ECB funds. ECB President Jean-Claude Trichet warned on Friday that market participants needed to be aware that the size of support measures was unprecedented and any measures which posed a threat to stability would be undone “promptly and unequivocally.” And ahead of the bank’s next, and likely final, tender of one-year funds in December, Executive Board member Lorenzo Bini Smaghi late on Thursday urged national authorities to address over-reliance on cheap, unlimited ECB funds by some banks. The Greek central bank this week did just that, advising banks to show restraint in borrowing 12-month ECB funds. Banks currently have 595 billion euros of longer-term ECB money, over 85 percent of which is in 12-month funds, and there is around 60 billion euros of excess cash in the system, most of which is being parked back at the central bank overnight. Three-month Euribor rates EUR3MFSR= edged down to 0.67313 percent. (Additional reporting by Kirsten Donovan in London and Burton Frierson in New York) (Editing by Theodore d’Afflisio) © Thomson Reuters 2009 All rights reserved Go here to see the original: MONEY MARKETS-U.S. Treasury bill rates dip below zero (at Reuters)

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NEW YORK, Nov 20 (Reuters) – U.S. gold futures ended higher for a sixth straight session on Friday despite a dollar rise, and a late session rally in the face of a stronger dollar could boost sentiment early next week, traders said. For the latest detailed report, click on [GOL/]. GOLD * COMEX December gold GCZ9 settles up $4.90 at $1,146.80 an ounce on the NYMEX. * Range spanned from $1,132.50 to $1,148.50. It hit a record $1,153.40 set on Wednesday. * After Friday’s settlement, December hit a high $1,150.50. * Gold initially pressured as the dollar rose for a second straight session as investors cut risk exposure. [USD/] * Technical buying and short covering started late session rally – Frank McGhee at Integrated Brokerage Services. * Strong buying may boost prices early next week – McGhee. * Gold ended higher than a week earlier for a third straight session. * Gold’s ability to stem losses despite weaker equities and oil prices drop signal strong buying interest – traders. * December $1,200 call strike options set to expire worthless on Monday, despite strong open interest – option traders. * Gold-to-oil ratio at 14.93, up from the previous session’s 14.74. * COMEX estimated final volume at 192,162 lots. * Spot gold XAU= at $1,149.45 an ounce at 3:25 p.m. EST (2025 GMT), compared with $1,143.50 late in the previous session in New York. * London’s afternoon gold fix XAUFIX= at $1,140 an ounce. * For a gold price interactive graphic: here > SILVER * December silver SIZ9 ends down 1.5 cent at $18.440 an ounce, tracking gold’s weakness. * Ranged from $18.035 to $18.595. * COMEX estimated final volume at 51,595 lots. * Spot silver XAG= was at $18.46 against $18.51 in the previous session in New York. * London silver fix XAGFIX= at $18.18. PLATINUM * January platinum PLF0 finishes down $2 at $1,441.90 an ounce on broad-based commodities weakness amid a strong dollar. * Spot platinum XPT= $1,442.50 an ounce. PALLADIUM * December palladium PAZ9 closes down $5.55, or 1.5 percent, at $364.35 an ounce on platinum’s weakness. * Spot palladium XPD= $361 an ounce. Close Change Pct 2008 YTD Chg Close % Chg US gold GCZ9 1146.80 4.9 0.4 884.3 29.7 US silver SIZ9 18.440 -0.015 -0.1 11.295 63.3 US platinum PLF0 1441.90 -2.00 -0.1 941.50 53.1 US palladium PAZ9 364.35 -5.55 -1.5 188.70 93.1 Prices at 3:24 p.m. EST (2024 GMT) Gold XAU= 1149.30 5.80 0.5 878.20 30.9 Silver XAG= 18.46 -0.05 -0.3 11.30 63.4 Platinum XPT= 1442.50 1.00 0.1 924.50 56.0 Palladium XPD= 361.00 -5.000 -1.4 184.50 95.7 Gold Fix XAUFIX= 1140.00 -2.50 -0.2 836.50 36.3 Silver Fix XAGFIX= 18.18 -2.00 -0.1 14.76 23.2 Platinum Fix XPTFIX= 1435.00 5.00 0.3 1529 -6.1 Palladium FixXPDFIX= 360.00 1.00 0.3 365.0 -1.4 (Reporting by Frank Tang ; Editing by David Gregorio) © Thomson Reuters 2009 All rights reserved Originally posted here: US gold up despite dollar rise; sentiment strong (at Reuters)

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(Rewrites throughout, adds comment and share movement) MEXICO CITY, Nov 20 (Reuters) – Mexican stocks fell on Friday and the peso slipped as investors around the world cut exposure to risky assets and high-yield currencies over worries about the strength of the global economic recovery. The IPC stock index .MXX dropped 0.4 percent to 30,693 while the peso MXN= MEX01 weakened 0.26 percent to 13.102 per dollar as the U.S. currency rose broadly. European Central Bank President Jean-Claude Trichet said on Friday it was too early to say the financial crisis was over and warned that banks risked becoming addicted to cheap money from emergency government stimulus programs and must be prepared for its withdrawal. “Trichet’s comments feed the worry a bit that the recovery could be a bit limited if they start pulling out stimulus,” said Carlos Alonso, a trader at brokerage Interacciones in Mexico City. Also hurting assets in Mexico, which sends about 80 percent of its exports to the United States, U.S. homebuilder D.R. Horton Inc ( DHI.N ) posted a fourth-quarter loss that was wider than expected and said market conditions were “still challenging.” “We have more U.S. housing data next week, and Horton’s report suggests the numbers could be weak and this correction could continue,” Alonso said. Doubts about the strength of the U.S. economic recovery could undermine confidence in Mexico’s own recovery prospects. In stock trading, share in miner Grupo Mexico ( GMEXICOB.MX ) lost 1.38 percent to 30.62 pesos and America Movil ( AMXL.MX ), Latin Americas biggest cell phone provider, lost 0.48 percent to 30.83 pesos. (Reporting by Michael O’Boyle; Editing by James Dalgleish) © Thomson Reuters 2009 All rights reserved Here is the original post: Mexico peso, stocks dip as investors trim risk bets (at Reuters)

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© Thomson Reuters 2009 All rights reserved Read this articl e: CANADA STOCKS-TSX opens lower as commodities weigh (at Reuters)

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MEXICO CITY, Nov 20 (Reuters) – Mexico’s peso was little changed on Friday, despite broad gains by the U.S. dollar, with support coming from speculation Mexico may be able to skirt a downgrade of its debt from Wall Street ratings agencies. The peso MXN= MEX01 traded flat at 13.0675 per dollar as the U.S. currency rose broadly, building on the previous day’s gains as investors pared back riskier assets. Speaking in New York on Thursday, Mexican Finance Minister Agustin Carstens addressed fears of a ratings downgrade, saying the country’s finances are on a “sustainable path” while ongoing infrastructure reforms will support economic growth. [ID:nN19653552] “We still believe a downgrade can be avoided for the time being,” wrote HSBC analyst Clyde Wardle in a note to clients. The peso has lagged far behind the rally in emerging markets this year because of worries that U.S. ratings agencies could downgrade Mexico’s debt. Standard & Poor’s and Fitch Ratings have threatened to cut Mexico’s debt rating unless it reduces its dependence on taxing declining oil output. (Michael O’Boyle; Editing by Padraic Cassidy ) © Thomson Reuters 2009 All rights reserved Visit link: Mexico peso little changed amid ratings speculation (at Reuters)

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