Household durables stocks fell Monday morning after the government said construction spending slipped in April due to the housing slump.

2008-06-02 15:26:27 U.S. May ISM manufacturing index rises to 49.6 vs 48.5 expected

WASHINGTON (Thomson Financial) - U.S. manufacturing activity rose unexpectedly in May, but still indicated reduced activity for the fourth straight month, according to a key survey out today.

2008-06-02 15:21:28 Opening Glance: Telecom services

NEW YORK (AP) - Shares of the largest telecommunications carriers fell slightly Monday as the broader market inched lower after a report showed that U.S. manufacturing activity rose unexpectedly in May.

2008-06-02 15:21:27 Opening Glance: Shares of commercial banks drop

NEW YORK (AP) - Commercial bank stocks mostly dropped Monday morning after Wachovia Corp. said its chief executive, Ken Thompson, would be replaced.

2008-06-02 15:09:03 U.S. April construction spending down 0.4 pct vs 0.6 pct decline expected

WASHINGTON (Thomson Financial) - Domestic homes construction continued its steady decline in April while business construction rose to an all-time high in the month, the U.S. Commerce Department said today.

2008-06-02 15:06:14 IMF's Leipold says euro is overvalued now

FRANKFURT (Thomson Financial) - The International Monetary Fund believes the euro is overvalued now, but it has not yet determined the level of overvaluation, according to Alessandro Leipold, Acting Director of the IMF's European Department.

2008-06-02 14:01:48 World Bank sees Russia FY inflation 12 to 14 pct, GDP seen up 8 pct

MOSCOW (Thomson Financial) - World Bank lead economist for Russia Zeljko Bogetic said 2008 inflation could range from 12 percent to 14 percent, while GDP

is expected to rise by 8 percent, Interfax reported.

2008-06-02 13:58:42 Slovak Jan-May budget deficit 3.1 bln crowns vs 13.05 bln deficit last year

BRATISLAVA (Thomson Financial) - Slovakia's budget deficit in the year to May was 3.097 billion Slovakian crowns, compared to a surplus of 7.7 billion crowns in the year to April, the Finance Ministry said Monday.

2008-06-02 13:30:49 Czech state budget deficit 38.3 bln crowns end-May vs 26 bln gap yr ago

PRAGUE (Thomson Financial) - The Czech state budget showed a 38.3 billion Czech crown deficit at the end of May, compared to a 26 billion crown shortfall a year

ago, figures released by the finance ministry showed Friday.

2008-06-02 13:04:03 ECB's Stark sees inflation back under 2 pct

LONDON (Reuters) - The European Central Bank Executive Board member Juergen Stark said on Monday he still expected euro zone inflation to fall back below 2 percent in the 'medium term', despite the latest surge in oil and food prices.

2008-06-02 12:22:26 EU food inflation at record highs

BRUSSELS (Thomson Financial News) - Food price inflation in the European Union rose above seven percent in March and April, almost double the overall inflation

rate, and the highest rates since records began in 1996, official figures showed.

2008-06-02 12:20:27 Eurogroup's Juncker warns on inflation, rejects French fuel tax plan

FRANKFURT (Thomson Financial) - Eurogroup President Jean-Claude Juncker said second-round effects on inflation must be avoided 'at any cost' and dismissed France's plans to cut value-added tax on fuel to protect consumers' purchasing power.

2008-06-02 12:06:59 UK sterling interbank lending rates mixed

LONDON (Thomson Financial) - The rates at which UK banks lend to each other showed few improvements on Monday, indicating that banks remain keen to keep cash on their balance sheets rather than lend it to their peers.

2008-06-02 12:05:44 Euro group's Juncker warns on second round effects, VAT fuel unchanged

FRANKFURT (Thomson Financial) - Euro group President Jean-Claude Juncker said second-round effects on inflation must be avoided 'at any cost' and dismissed France's plans to cut VAT on fuel to protect consumers' purchasing power.

2008-06-02 11:59:20 Eurogroup's Juncker says member states now have until 2012 to balance budgets

FRANKFURT (Thomson Financial) - Eurogroup President Jean-Claude Juncker said European Union countries now have until 2012 to balance their budgets, two years

later than the deadline they agreed in April 2007.

2008-06-02 11:57:05 Malaysia to announce fuel subsidy plan on Wed -PM

KUALA LUMPUR, June 2 (Reuters) - Malaysia will announce its fuel subsidy plan on Wednesday, Prime Minister Abdullah Ahmad Badawi said on Monday.

2008-06-02 11:53:34 Spain's long-term IDRs affirmed at 'AAA'; outlook stable - Fitch

MUMBAI (Thomson Financial) - Fitch Ratings affirmed Spain's long-term foreign and local currency issuer default ratings at 'AAA' with stable outlook, as despite a worsening economic outlook sovereign creditworthiness remains underpinned by EMU membership and strong public finances.

2008-06-02 11:46:20 Lax monetary policy would not promote economic growth - ECB's Liebscher

VIENNA (Thomson Financial) - The European Central Bank is right to strictly adhere to its price stability mandate, Klaus Liebscher, a member of the ECB's governing council member and the outgoing governor of Austria's central bank (OeNB), said in a radio interview with Austria's state broadcaster ORF.

2008-06-02 11:42:56 Euro group's Juncker says second round effects dangerous, no VAT on fuel change

FRANKFURT (Thomson Financial) - Euro group President Jean-Claude Juncker said second-round effects on inflation must be avoided 'at any cost' and dismissed France's plans to cut VAT on fuel to protect consumers' purchasing power.

2008-06-02 11:40:00 India's trade deficit widens as crude oil prices surge

NEW DELHI (Thomson Financial) - India's trade deficit increased by more than $3 billion in April from a year ago as crude oil prices increased sharply, the government said Monday.

2008-06-02 11:32:51 Poland sells 2.3 bln zlotys T-bills, sets Wednesday bond offer

WARSAW (Thomson Financial) - Poland sold 2.306 billion zlotys of its 13- and 52-week T-bills, more than the initially planned 2.0 billion as investors bid for almost 4.8 billion of the papers, the finance ministry said in a statement on Monday.

2008-06-02 11:28:22 Spain May new car registrations drop 24.3 pct to 116,108 units

MADRID (Thomson Financial) - New car registrations fell 24.3 percent to 116,108 units in May, from 153,396 a year earlier, car manufacturers association ANFAC said.

2008-06-02 11:25:32 France calls on EU Commission to cut fuel VAT to protect purchasing power

FRANKFURT (Thomson Financial) - French Finance Minister Christine Lagarde has written to the European Commission and her EU counterparts urging them to reduce

VAT rates for fuel, and make public the amount of oil held in reserve, in order to protect consumers' purchasing power.

2008-06-02 11:22:00 Trichet says ECB a success in price stability and job creation

PARIS (Thomson Financial) - European Central Bank President Jean-Claude Trichet said the ECB has been successful both in supporting job creation and maintaining

price stability, despite major financial crises and inflationary pressures in recent years.

2008-06-02 11:20:26 EU business lobby says ECB independence, mandate vital to credibility

BRUSSELS (Thomson Financial) - The European Union's main business lobby said the European Central Bank's independence and inflation-fighting mandate are crucial to its credibility.

2008-06-02 11:17:15 Ahead of the Bell: Construction Spending

WASHINGTON (AP) - A government report due Thursday is forecast to show that construction activity fell 0.6 percent in April, as the sluggish economy caused more builders to put more projects on hold.

2008-06-02 11:13:14 France calls on EU commission to cut fuel VAT to protect purchasing power

FRANKFURT (Thomson Financial) - French Finance Minister Christine Lagarde has written to the European Commission and EU finance ministers urging them to reduce VAT rates for fuel, and make public the amount of oil held in reserve in order to protect consumers' purchasing power.

2008-06-02 10:47:41 France calls on EU commission to reduce VAT on fuel to protect purchasing power

FRANKFURT (Thomson Financial) - French finance minister Christine Lagarde has written to the European Commission and EU finance ministers urging them to reduce VAT rates for fuel, and make the amount of oil reserve held public in order to protect consumers' purchasing power.

2008-06-02 10:40:43 Polish inflation forecast firms view on rate hike in June

WARSAW (Thomson Financial) - Poland's inflation should jump to 4.3 percent in May, the finance ministry said on Monday, fuelling calls from the central bank's

hawkish wing for another rise in interest rates this month.

2008-06-02 10:28:11 Indian PM sees economic growth around 9 pct

NEW DELHI (Thomson Financial) - The Indian economy will continue to expand at eight to nine percent a year despite concerns over a global slowdown, Prime Minister Manmohan Singh said Monday.