(BN) Smartphones Eclipse PCs by 2012 as IPhone, Android Take Off: Chart of Day

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Smartphone Market Will Eclipse PCs by 2012: Chart of the Day

March 10 (Bloomberg) -- Demand for Apple Inc.'s iPhone and Google Inc.'s Nexus One will help propel smartphone sales past those of personal computers in two years, Gartner Inc. forecasts.

The CHART OF THE DAY shows that smartphone sales will more than triple to 491.9 million units by 2012 from 139.3 million in 2008, according to the Stamford, Connecticut-based research firm. The PC market will expand to 443.1 million units from 290.8 million in the same period, Gartner predicted on March 4.

"Smartphones are headed towards that billion-unit category that handsets are in today," said Jim McGregor, an analyst at research firm In-Stat in Scottsdale, Arizona. "The smartphone is the billion-unit pot of gold that everyone wants."

The rise of the smartphone has prompted the computer industry to respond with their own products in an attempt to retain control over consumer access the Internet.

Intel Corp., the largest maker of computer chips, has revived an earlier failed attempt to get its processors into phones. So far, only LG Electronics Inc. has said it will make a phone using an Intel chip. Microsoft Corp., the biggest maker of computer software, unveiled a new version of its Windows mobile phone operating system earlier this month, aiming to hold off gains made by Apple and Google.

Apple fired up interest in phones that double as handheld computers with the first iPhone, introduced in 2007. Google, owner of the world's most visited search engine, has since responded with the Nexus One handset and Android operating system, which is being used by phone makers such as Motorola Inc.

To contact the reporters on this story: Ian King in San Francisco at ianking@bloomberg.net

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(BN) Stocks in U.S. Erase Gains on Chinese Inflation Concern; Caterpillar Falls

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U.S. Stocks Trim Gains Amid Concern Over Chinese Inflation

March 10 (Bloomberg) -- U.S. stocks trimmed gains as the Standard & Poor's 500 Index approached its high of the year for a second day and speculation grew that accelerating inflation will force China to raise interest rates.

Chevron Corp., Cisco Systems Inc. and Caterpillar Inc. lost at least 1 percent to help drag the Dow Jones Industrial Average lower before China releases data on prices tonight. Financial shares led the market higher earlier amid signs of improvement in the corporate bond market.

"There's buzz going around that it's going to be hotter than expected," Art Hogan, the chief market analyst at New York-based Jefferies & Co., said of the Chinese inflation data.

The S&P 500 rose less than 0.2 percent to 1,142.37 at 12:47 p.m. in New York after rallying as much as 0.7 percent earlier to come within 2 points of its 2010 high. The Dow Jones Industrial Average lost 17.76 points, or 0.2 percent, to 10,546.62.

Newmont Mining Corp. paced declines in metal producers as gold, copper and aluminum dropped at least 1.3 percent in London. China's exports jumped more than forecast in February and property prices rose at the fastest pace in 23 months, adding to pressure on policy makers to pare back stimulus measures adopted during the global recession.

Tonight's report on Chinese inflation is important in "light of the possibility of an interest rate hike at some point in China," Peter Boockvar, equity strategist at Miller Tabak & Co., said in a note to clients. "Due to China's voracious appetite for commodities as we all know, the relationship of late is not likely a coincidence."

Yearlong Rally

U.S. stocks rose yesterday on the anniversary of the 2009 bear-market low for the S&P 500 amid speculation the economy will continue to recover from the worst contraction since the Great Depression. The S&P 500 has rallied 69 percent from a 12- year low last March as the Federal Reserve kept its benchmark interest rate near zero to stimulate economic growth.

The main benchmark for U.S. stocks has recovered losses after sliding as much as 8.1 percent from this year's high amid concern that some European countries will fail to pay back debt and speculation the Federal Reserve will need to rein in emergency stimulus measures as the economy improves.

Greek Prime Minister George Papandreou said after a meeting at the White House yesterday that U.S. President Barack Obama expressed support for measures being taken to deal with the financial crisis. The worst of Greece's financial crisis is over and other European nations won't follow in its path, former European Commission President Romano Prodi said.

Still, the Bloomberg Professional Global Confidence Index fell to 53.8 from 54.9 in February. Sentiment declined in Europe, suggesting policy makers may need to rein in fiscal stimulus efforts before evidence emerges of sustained recoveries in some economies. The index exceeded 50 for an eighth month, which means there were more optimists than pessimists.

To contact the reporters on this story: Michael P. Regan in New York at Mregan12@bloomberg.net

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(BN) Europe Stocks Fluctuate Near Seven-Week High; Fortis Gains; Inchcape Drops

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U.S. Stock-Index Futures Fluctuate; Facet, Citigroup Advance

March 10 (Bloomberg) -- U.S. stock-index futures fluctuated after the Standard & Poor's 500 Index closed at a seven-week high yesterday.

Facet Biotech Corp. surged in German trading as Abbott Laboratories said it agreed to buy the biotechnology company for a net $450 million. Citigroup Inc. advanced 1.8 percent as the bank was said to be selling trust preferred securities. Barrick Gold Corp. rose with the precious metal's price. URS Corp. fell as BofA Merrill Lynch Global Research cut its recommendation on the stock.

Futures on the S&P 500 expiring this month rose less than 0.1 percent to 1,140.7 as of 6:13 a.m. in New York. Dow Jones Industrial Average futures gained 0.1 percent to 10,569 and Nasdaq-100 Index futures gained 0.2 percent to 1,904.5.

"The news flow is getting better and investors' risk appetite should improve," said Markus Steinbeis, head of equity portfolio management at the German unit of Pioneer Investments, which oversees about $221 billion globally. "The overall sentiment is on the neutral side at the moment so there's more room to the upside."

U.S. stocks rose yesterday on the anniversary of the 2009 bear-market low for the S&P 500 amid speculation the economy will continue to recover from the worst contraction since the Great Depression.

Emergency Measures

The main benchmark for U.S. stocks has recovered losses after sliding as much as 8.1 percent from this year's high amid concern that some European countries' will fail to pay back debt and speculation the Federal Reserve will need to rein in emergency stimulus measures as the economy improves.

China's exports jumped more than forecast in February and property prices rose at the fastest pace in 23 months, adding to pressure on policy makers to pare back stimulus measures adopted during the global recession.

Greek Prime Minister George Papandreou said after a meeting at the White House yesterday that U.S. President Barack Obama expressed support for measures being taken to deal with the financial crisis. The worst of Greece's financial crisis is over and other European nations won't follow in its path, said former European Commission President Romano Prodi.

Facet, Citigroup

Facet Biotech soared 56 percent to $25.28 in German trading as Abbott, maker of the arthritis drug Humira, agreed to buy the company for $27 a share, adding experimental medicines in cancer and immunology. The price is a 67 percent premium over yesterday's closing price on Nasdaq. Both boards have approved the accord, which is expected to close in the second quarter, the companies said in a statement.

Citigroup climbed 1.8 percent to $3.898 in early New York trading. The 30-year fixed-to-floating rate securities may initially yield about 8.875 percent, according to a person familiar with the offering who declined to be identified because terms aren't set. Citigroup, seeking to bolster capital after repaying bailout funds to the Treasury, plans to issue as much as $2 billion of the securities as soon as today, another person said.

Barrick, the world's largest gold producer, rose 1 percent to $39.95 in Germany. Gold rose as much as 0.5 percent to $1,127.25 per ounce in London, the first advance this week.

Freeport-McMoRan Copper & Gold Inc., the world's largest publicly traded copper producer, increased 0.6 percent to $80.25. Aluminum, copper, lead, nickel, tin and zinc all rose on the London Metal Exchange today.

URS dropped 0.9 percent to $46.77 as BofA Merrill Lynch downgraded shares of the engineering company to "underperform" from "buy."

To contact the reporter on this story: Julie Cruz in Frankfurt at jcruz6@bloomberg.net .

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(BN) U.S. Stock-Index Futures Fluctuate After S&P's Advance; Citigroup Rallies

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Emerging-Market Stocks Climb, Erasing 2010 Loss; Metals Gain

March 10 (Bloomberg) -- Emerging market stocks rose, erasing their losses for the year, and metal prices gained after China said exports soared by the most in three years. The British pound weakened as U.K. manufacturing contracted.

The MSCI Emerging Market Index advanced 0.5 percent to the highest level in seven weeks. The euro fell against higher- yielding currencies including the New Zealand and Australian dollars. Copper for delivery in three months advanced $35, or 0.5 percent, to $7,545 a ton in London. The pound tumbled as much as 0.7 percent to $1.4886 against the U.S. dollar.

Investor confidence for emerging markets is improving after China's exports surged 45.7 percent, the biggest gain since February 2007 and beating the 38.3 percent median estimate of 28 economists surveyed by Bloomberg News. Prospects for Europe worsened as an unexpected slump in German exports ended a four- month streak of gains, according to data released today by the Federal Statistics Office in Wiesbaden.

"You're seeing a significant bounce back, pretty much on trend in emerging Asia, whereas the major economies are still coming from a lower base," Greg Gibbs, a foreign-exchange strategist at Edinburgh-based Royal Bank of Scotland Group Plc, said in an interview on Bloomberg Television. "Longer-term growth trends are attracting a lot of capital into emerging Asia."

Emerging market gains were led by a 1.7 percent rally in both Ukraine's PFTS index and Hungary's BUX Index. Mol Nyrt., Hungary's largest refiner, jumped 3.8 percent after the company discovered crude oil in the Kurdistan region of northern Iraq.

Romania, Turkey

Romania's Bucharest BET Index gained 1.1 percent as the government revived a planned sale of Eurobonds that were postponed in November when the government collapsed. Turkey's lira weakened 0.3 percent against the dollar after the International Monetary Fund said talks with the country on a new loan program are "no longer taking place."

Metals rose on the improved economic outlook for China, the world's biggest consumer of copper, nickel and zinc and the only country that had increased demand for gold jewelry last year. Palladium, used in catalytic converters to reduce vehicle emissions, jumped as much as 1.3 percent to $473.25 an ounce, extending its advance this year to 16 percent. Gold for immediate delivery increased 0.5 percent to $1,126.95 an ounce.

The pound extended losses after U.K. factory production unexpectedly fell in January for the first time in five months, dropping 0.9 percent from December, the Office for National Statistics said in London. U.K. Prime Minister Gordon Brown said the economic recovery remains fragile and is in its early stages.

European Bonds

The cost of insuring European government bonds using credit-default swaps tumbled, signaling investors agree with former European Commission President Romano Prodi's view that the worst of the Greek budget deficit crisis is over. Default swaps tied to Greece fell 11 basis points to 280, down from a record-high 428 basis points on Feb. 4, according to CMA DataVision prices. Contracts on Portugal's debt dropped 3.5 basis points to 114.5, Italy fell 3 basis points to 91 and Spain slipped 4.5 to 94 basis points, CMA prices show.

"For Greece, the problem is completely over," Prodi, who was also Italian prime minister, said in an interview in Shanghai. Greek Prime Minister George Papandreou said President Barack Obama expressed support for measures being taken to deal with Greece's financial crisis.

German 10-year bunds were little changed, with the yield at 3.14 percent, and the two-year note yield increased 1 basis point to 1 percent. Germany sold 5 billion euros ($6.79 billion) of 1 percent notes due March 2012 for an average yield of 0.98 percent. The Bundesbank retained 16 percent of the amount on offer, compared with 10 percent at the previous sale of the security.

Greek Bond Spreads

The difference in yield between bunds and 10-year Greek bonds narrowed 6 basis points to 307 basis points, down from 396 basis points on Jan. 28, the highest since the 1999 start of the euro. The 10-year Treasury yield was 3.71 percent, little changed from yesterday, before the U.S. sells $21 billion of the notes today, the second of three auctions this week.

The MSCI World Index of 23 developed nations' stocks slipped less than 0.1 percent while the Stoxx Europe 600 Index advanced 0.2 percent. Fortis rose 2.6 percent in Brussels after the owner of Belgium's biggest life insurer reported earnings that topped analysts' estimates.

Inchcape Plc slipped 5.5 percent in London after saying sales declined. Tullett Prebon Plc surged 16 percent after saying it's in early takeover talks while rival ICAP Plc, the world's biggest broker of transactions between banks, rallied 5.1 percent.

The MSCI Asia Pacific Index slipped 0.2 percent. Toyota Motor Corp., the world's biggest carmaker, retreated 1.4 percent in Tokyo. Telstra Corp., Australia's largest telephone company, rose 2.8 percent in Sydney amid speculation it will avoid a breakup.

A gain in U.S. futures indicated the S&P 500 may extend a seven-week high. The benchmark gauge yesterday advanced 0.2 percent on the anniversary of its 2009 bear-market low.

To contact the reporter for this story: Gavin Serkin at gserkin@bloomberg.net

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(BN) Emerging-Market Stocks Rise, Erasing 2010 Loss; Metals Gain, Pound Slides

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Emerging-Market Stocks Climb, Erasing 2010 Loss; Metals Gain

March 10 (Bloomberg) -- Emerging market stocks rose, erasing their losses for the year, and metal prices gained after China said exports soared by the most in three years. The British pound weakened as U.K. manufacturing contracted.

The MSCI Emerging Market Index advanced 0.5 percent to the highest level in seven weeks. The euro fell against higher- yielding currencies including the New Zealand and Australian dollars. Copper for delivery in three months advanced $35, or 0.5 percent, to $7,545 a ton in London. The pound tumbled as much as 0.7 percent to $1.4886 against the U.S. dollar.

Investor confidence for emerging markets is improving after China's exports surged 45.7 percent, the biggest gain since February 2007 and beating the 38.3 percent median estimate of 28 economists surveyed by Bloomberg News. Prospects for Europe worsened as an unexpected slump in German exports ended a four- month streak of gains, according to data released today by the Federal Statistics Office in Wiesbaden.

"You're seeing a significant bounce back, pretty much on trend in emerging Asia, whereas the major economies are still coming from a lower base," Greg Gibbs, a foreign-exchange strategist at Edinburgh-based Royal Bank of Scotland Group Plc, said in an interview on Bloomberg Television. "Longer-term growth trends are attracting a lot of capital into emerging Asia."

Emerging market gains were led by a 1.7 percent rally in both Ukraine's PFTS index and Hungary's BUX Index. Mol Nyrt., Hungary's largest refiner, jumped 3.8 percent after the company discovered crude oil in the Kurdistan region of northern Iraq.

Romania, Turkey

Romania's Bucharest BET Index gained 1.1 percent as the government revived a planned sale of Eurobonds that were postponed in November when the government collapsed. Turkey's lira weakened 0.3 percent against the dollar after the International Monetary Fund said talks with the country on a new loan program are "no longer taking place."

Metals rose on the improved economic outlook for China, the world's biggest consumer of copper, nickel and zinc and the only country that had increased demand for gold jewelry last year. Palladium, used in catalytic converters to reduce vehicle emissions, jumped as much as 1.3 percent to $473.25 an ounce, extending its advance this year to 16 percent. Gold for immediate delivery increased 0.5 percent to $1,126.95 an ounce.

The pound extended losses after U.K. factory production unexpectedly fell in January for the first time in five months, dropping 0.9 percent from December, the Office for National Statistics said in London. U.K. Prime Minister Gordon Brown said the economic recovery remains fragile and is in its early stages.

European Bonds

The cost of insuring European government bonds using credit-default swaps tumbled, signaling investors agree with former European Commission President Romano Prodi's view that the worst of the Greek budget deficit crisis is over. Default swaps tied to Greece fell 11 basis points to 280, down from a record-high 428 basis points on Feb. 4, according to CMA DataVision prices. Contracts on Portugal's debt dropped 3.5 basis points to 114.5, Italy fell 3 basis points to 91 and Spain slipped 4.5 to 94 basis points, CMA prices show.

"For Greece, the problem is completely over," Prodi, who was also Italian prime minister, said in an interview in Shanghai. Greek Prime Minister George Papandreou said President Barack Obama expressed support for measures being taken to deal with Greece's financial crisis.

German 10-year bunds were little changed, with the yield at 3.14 percent, and the two-year note yield increased 1 basis point to 1 percent. Germany sold 5 billion euros ($6.79 billion) of 1 percent notes due March 2012 for an average yield of 0.98 percent. The Bundesbank retained 16 percent of the amount on offer, compared with 10 percent at the previous sale of the security.

Greek Bond Spreads

The difference in yield between bunds and 10-year Greek bonds narrowed 6 basis points to 307 basis points, down from 396 basis points on Jan. 28, the highest since the 1999 start of the euro. The 10-year Treasury yield was 3.71 percent, little changed from yesterday, before the U.S. sells $21 billion of the notes today, the second of three auctions this week.

The MSCI World Index of 23 developed nations' stocks slipped less than 0.1 percent while the Stoxx Europe 600 Index advanced 0.2 percent. Fortis rose 2.6 percent in Brussels after the owner of Belgium's biggest life insurer reported earnings that topped analysts' estimates.

Inchcape Plc slipped 5.5 percent in London after saying sales declined. Tullett Prebon Plc surged 16 percent after saying it's in early takeover talks while rival ICAP Plc, the world's biggest broker of transactions between banks, rallied 5.1 percent.

The MSCI Asia Pacific Index slipped 0.2 percent. Toyota Motor Corp., the world's biggest carmaker, retreated 1.4 percent in Tokyo. Telstra Corp., Australia's largest telephone company, rose 2.8 percent in Sydney amid speculation it will avoid a breakup.

A gain in U.S. futures indicated the S&P 500 may extend a seven-week high. The benchmark gauge yesterday advanced 0.2 percent on the anniversary of its 2009 bear-market low.

To contact the reporter for this story: Gavin Serkin at gserkin@bloomberg.net

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