Wall Street takes a further slide
New York: US stocks fell overnight as fears of a slack in economic growth hit cyclical shares such as aluminum producer Alcoa and diversified manufacturer 3M Co.Investors also ditched risky assets such as US-traded emerging-market shares for short-duration Treasury debt amidst an uncertain outlook for interest rates.

The Dow Jones industrial average was down 18.73 points, or 0.17 per cent, to end at 11,125.33. The Standard & Poor's 500 Index was down 4.96 points, or 0.39 per cent, to finish at 1262.07. The Nasdaq Composite Index was down 21.02 points, or 0.96 per cent, to close at 2172.86.

Fag end trade saw the 10-year US Treasury note rise 7/32 to a price of 100-21/32, while its yield dipped to 5.04 per cent from 5.06 per cent on Saturday. Overnight, the 10-year note's yield slipped below 5 per cent as exiting investors bought bonds.

Investors also ditched emerging markets as too risky. Overseas shares traded on the NYSE were some of the exchange's largest percentage losers. Sinopec Shanghai Petroleum dropped 15.5 per cent, or $US8.70, to $US47.50, while India's Tata Motors Ltd. sank 8 per cent, or $US1.46, to $US16.74.

Meanwhile NYMEX June crude rose 70 cents to settle at $US69.23 a barrel after falling to a six-week low earlier. Exxon shares rose 0.6 per cent, or 33 cents, to $US60.78, and helped limit the declines in both the Dow and the S&P 500.

Volume was heavy on the NYSE, with about 2.05 billion shares changing hands, above last year's daily average of 1.61 billion, while on Nasdaq, about 2.30 billion shares traded, above last year's daily average of 1.80 billion.

Declining stocks outnumbered advancing ones by a ratio of 2 to 1 on the NYSE and by about 7 to 3 on Nasdaq.
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Dollar up against the Yen - traders seek shelter in US securities
New York: The dollar strengthened against the yen amidst concern that interest-rate increases will slow world growth and limit demand for raw materials. Global investors are now moving money into fixed income securities, particularly U.S. Treasuries.

Demand for 10-year notes yesterday pushed yields below 5 per cent for the first time in about a month.

According to analysts, emerging market assets and currencies are under pressure and the dollar and U.S. Treasuries continue to be safe havens.

The dollar climbed to 111.81 against the yen at 10:25 a.m. in Tokyo from 111.55 in late New York trade yesterday. Against the euro, it traded at $1.2848 per dollar from $1.2867.

The Nikkei 225 Stock Average dropped for a second day after yesterday closing below 16,000 for the first time since March 8. European shares yesterday also slid to a four-month low and emerging- market stocks declined for the tenth day, the longest losing streak in almost eight years.
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US: Tougher than average hurricane season ahead
Washington: Though not as bad as last year, the United States may face a tougher than average Atlantic hurricane season, according to forecasters from the the National Oceanic and Atmospheric Administration's National Hurricane Centre. The centre has predicted up to 16 named storms, four of which will be classified as "major".

The season, however, will be less busy than 2005 when a record 28 named storms, including the devastating Hurricane Katrina, wrecked the US southern coast, including New Orleans.

This year's detailed predictions suggest that water in the Atlantic is not as warm as it was at this stage in 2005. Warm water is a key trigger for hurricane development.

The Pacific Ocean water conditions known as El Nino and La Nina will not have any impact, they believe.

The Atlantic hurricane season runs from the beginning of June to the end of November.
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NYSE offers $10.2bn for Euronext
New York: The New York Stock Exchange set itself up as a candidate to become the world's stock market, with a $10.2bn offer to buy Euronext, an electronic exchange based in Amsterdam. With Euronext shareholders holding their previously-scheduled meeting today, the deal, if approved, could well be finalized today itself.

The merger would combine the NYSE--already regarded as the world's premier exchange--with Europe's biggest multi-national market, creating a global player unrivaled in size.

NYSE 's offer came on a unlikely day with a tradeoff in progress in the markets around the world. Exchanges in Russia and India took early breathers in an attempt to stabilise heavy trade which were driving down stocks.

Stock prices were driven down by collapsing prices of gold and industrial metals, such as copper and zinc, which had been pushed to historic highs on speculative buying.
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