Daily Highlights: 6.28.10

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  • Asian stocks fluctuate; Japanese banks decline on Mizuho's share-sale plan.
  • Caribbean storms strengthen, may head for oil spill.
  • China sets the exchange rate for the yuan at its highest in five years.
  • China shares fall on concerns Agricultural Bank of China’s IPO might depress market.
  • China, as part of fuel efficiency measure, to shut down small thermal power units totaling 10 million kilowatts in capacity this year.
  • Consumer spending in US probably little changed in May as incomes rose: Survey.
  • Dubai port operator DP World cancels plans for London stock listing until at next year.
  • Group of 20 Nations agree on higher bank capital to avert financial crisis.
  • Romania said it would raise taxes to shore up state finances.
  • Yen falls versus Euro as G-20 agree to cut deficits once recoveries cement.
  • BP clean-up costs reach $2.65B; about $300M more than what it has stated on Friday.
  • BP has given notice it intends to claim GBP470M against rig owner Transocean Ltd.
  • BP loses $22B due to share buybacks.
  • Carrefour cuts food choices in effort to make hypermarkets more appealing to shoppers.
  • China's Baosteel plans to raise annual capacity to 50 mtpa by 2012.
  • DP World said Monday that it has decided to postpone listing on the LSE.
  • Gilead Sciences to acquire CGI Pharmaceuticals for up to $120M.
  • Honda’s global auto prodn rose 48% in May as demand increased in Asia, and the US.
  • KB Home said the SEC is investigating its JVs, and the way it accounted for declining home and land prices.
  • Kellogg Co. recalls 28M boxes of cereal, citing "uncharacteristic off-flavour and smell" .
  • Publicis CEO sees advertisement industry back at full speed in 2011.
  • Siemens AG applies for a banking license with Germany's financial regulator.
  • Standard Chartered slips as European debt crisis slows revenue.
  • Tesla Motors gambles on electric future with IPO of stock.
  • Toyota starts production of hybrid Auris car at British plant.
  • Toyota's global car production up 27% in May due to improving demand in Asia and the U.S.

Economic Calendar: Data on Personal & Spending, PCE Prices to be released today.

Earnings Calendar: ABCW, BKS, CRWS, MU, ROX, SMSC, ZEP.

RECENT RATING ACTIONS
CONAGRA FOODS INC (CAG)
FIDELITY NATIONAL FINANCIAL (FNF)
KB HOME (KBH)
ORACLE CORP (ORCL)
BLOCKBUSTER INC (BBI)
DAVITA INC (DVA)
MCCORMICK & CO INC/MD (MKC)
WELLPOINT INC (WLP)
EXCO RESOURCES INC (XCO)
LENNAR CORP (LEN)
MOSAIC CO/THE (MOS)
WYNDHAM WORLDWIDE CORP (WYN)

Data provided by Egan-Jones Ratings and Analytics