June 18 (Bloomberg) -- U.S. stocks fell for a third straight day after Standard & Poor’s downgraded the credit ratings of 18 banks, overshadowing gains in health-care shares as Congress prepares legislation to overhaul the industry. Cantillon Capital Management LLC, a $4.5 billion asset- management firm run by William von Mueffling, is closing its two hedge funds to focus on traditional investing, according to people familiar with the matter.
TOP STORIES/MOST READ ON BLOOMBERG
U.S. Banks Slide After S&P Rating Cuts on Regulation
U.S. lenders slid after Standard & Poor’s reduced its credit ratings on 18 banks, including Wells Fargo & Co., Capital One Financial Corp. and KeyCorp, citing tighter regulation and increased market volatility. Keycorp dropped 7.8 percent.
Obama Lays Out ‘Sweeping Overhaul’ of Financial Rules
President Barack Obama proposed the most sweeping overhaul of the U.S. financial regulatory system in 75 years, seeking to correct a “cascade of mistakes” that toppled major securities firms, froze credit markets and destroyed $26.4 trillion in stock market value around the world.
Cantillon Said to Close Hedge Funds in Strategy Shift
Cantillon Capital Management LLC, a $4.5 billion asset- management firm run by William von Mueffling, is closing its two hedge funds to focus on traditional investing, according to people familiar with the matter.
Wall Street Calls Obama’s Mortgage-Market Debt Plan a Burden
The Obama administration’s plan to shore up the market for mortgage bonds by forcing banks to keep some on their books faces resistance on Wall Street, as bankers call the measure burdensome and a hindrance to new lending.
MAIN ECONOMIC RELEASES TODAY World Bank Releases Its Quarterly Update on Chinese Economy India’s Wholesale Price Index Seen Dropping 1.48% in June 6 Week Reserve Bank of Australia Foreign-Exchange Transactions Report
MAIN ANALYST UPGRADES/DOWNGRADES *BHP BILLITON RAISED TO ‘OUTPERFORM FROM ‘NEUTRAL’ AT MACQUARIE *PREUKSA REAL ESTATE RAISED TO ‘BUY’ FROM ‘SELL’ AT TRINITY *SWIBER UPGRADED TO ‘OUTPERFORM’ FROM ‘UNDERPERFORM’ AT CIMB *SEKISUI HOUSE CUT TO ‘NEUTRAL’ AT CREDIT SUISSE *SEPTENI CUT TO ‘HOLD’ FROM ‘BUY’ AT KBC SECURITIES *PING AN CUT TO ‘SELL’ AT UBS ON ‘STRETCHED VALUATION’ *CHINA SHIPPING RAISED TO ‘OVERWEIGHT’ AT MORGAN STANLEY *CSR RAISED TO ‘OVERWEIGHT/CAUTIOUS’ AT MORGAN STANLEY
ASIAN MARKETS
The Nikkei 225 futures contract due in June fell 155 points to 9,670. The Hang Seng Index futures for June dropped 167 to 17,870. The S&P/ASX 200 Index futures contract due in June slipped 4 to 3,866 at 6:59 a.m. in Sydney.
U.S. Stocks Fall, Led by Banks on Downgrade; Health Shares Gain
U.S. stocks fell for a third straight day after Standard & Poor’s downgraded the credit ratings of 18 banks, overshadowing gains in health-care shares as Congress prepares legislation to overhaul the industry.
Treasuries Decline as Investors Shift Focus to Debt Auctions
Treasury 10-year notes fell, snapping a four-day rally, as investors turned their attention to next week’s three note auctions, part of the government’s record borrowing to stimulate the economy.
Dollar Drops to Two-Week Low on Reduced Bets Fed Target to Rise
The dollar dropped to the lowest level versus the yen in two weeks as slower-than-forecast monthly inflation in May led traders to reduce bets the Federal Reserve will boost the target lending rate.
European Stocks Drop for Fourth Day; Iberdrola, Sainsbury Fall
European stocks fell for a fourth straight day, the longest stretch of declines since February, amid concern that the three- month rally has outpaced the prospects for earnings growth.
German Bonds Rise as Stocks Drop on Waning Earnings Optimism
German 10-year bonds advanced as stocks fell on speculation the three-month equity rally has outpaced the prospects for corporate earnings growth, fueling demand for the safest assets.
Gold Gains in N.Y. as Dollar Falls Against Euro; Silver Climbs
Gold prices advanced in New York as the dollar fell against the euro, boosting demand for the metal as a store of value. Silver also rose.
Crude Oil Rises as U.S. Supply Declines, Fuel Demand Increases
Crude oil rose for the first time in four days after a government report showed a bigger-than-forecast inventory decline and an increase in fuel demand.
HIGHLIGHTS FROM NEWSPAPERS
Calsonic Kansei May Book Loss of 10 Billion Yen, Nikkei Says
Calsonic Kansei Corp. will probably report a group operating loss of about 10 billion yen ($104.6 million) for the April-to-June quarter, largely because of shrinking demand for car air-conditioning systems as Nissan Motor Co. cuts production, Nikkei English News said, without identifying a source for the information.
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