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  • BUENOS AIRES, July 31- Argentine economy minister Axel Kicillof said on Thursday that the country was not in default and threatened court action if any bondholders demanded their money back. Latin America's No.3 economy failed to clinch a deal in last-minute talks with holdout creditors, leaving it unable to comply with debt payments that fell due on July 30.

  • As investors look to the possibility of rising official interest rates in the U.S. and Britain in the coming year their expectations are colored by nasty memories of 2013' s taper tantrum, when bumbled communications by the Federal Reserve caused Treasury yields to spike and emerging markets to suffer.

  • TREASURIES-Prices stabilize on month-end demand Thursday, 31 Jul 2014 | 2:59 PM ET

    *Yield curve steepens from five-year lows. NEW YORK, July 31- Most U.S. "There is some month-end buying, both here and in Europe," said Dan Mulholland, managing director in Treasuries trading at BNY Mellon in New York.

  • Pimco Total Return lags 89% of peers in July Thursday, 31 Jul 2014 | 2:04 PM ET
    Paul McCulley and Bill Gross.

    Pimco's short-term securities investments have garnered negative returns, but Bill Gross is defending its operations of buying short-term debt.

  • BUENOS AIRES, July 31- Argentina's main government bond, stock market and peso currency dropped on Thursday after Latin America's No. 3 economy defaulted for the second time in 12 years following the failure of last-ditch talks with holdout creditors.

  • *Default risks turning Bulgaria into " Argentina of Europe": source. BUCHAREST, July 31- Holders of dollar-denominated bonds at Bulgaria's Corporate Commercial Bank are gearing up for legal action against the government if the bond defaults and the bank is tipped into insolvency, two sources told Reuters on Thursday.

  • NEW YORK, July 31- The Pimco Total Return Fund, the world's largest bond fund, run by Bill Gross, is ending the month on a rough note, lagging 89 percent of its peers so far in July. Gross' successor, Mohamed El-Erian, resigned earlier this year, and the Pimco Total Return fund has had over $64 billion of net outflows since May 2013.

  • WASHINGTON, July 31- The new head of the U.S. derivatives regulator on Thursday pledged he would be a tough cop now that the agency has largely finished a raft of new rules to oversee the $710 trillion global swaps market.

  • *Wall St tumbles with Dow, S&P turning negative for July. NEW YORK, July 31- Doubts on whether stock markets can ride out a tightening of U.S. monetary policy dominated trade on Thursday, sending major U.S. stock indexes down more than 1 percent, while the dollar edged higher against a basket of major currencies.

  • *Yield curve steepens from five-year lows. NEW YORK, July 31- U.S. "There is some month-end buying, both here and in Europe," said Dan Mulholland, managing director in Treasuries trading at BNY Mellon in New York.

  • US TREASURIES ERASE EARLIER PRICE LOSSES, TRADING LITTLE CHANGED ON DAY, 10- YEAR NOTES YIELD 2.56 PCT.

  • NEW YORK, July 31- The International Swaps and Derivatives Association has agreed to consider whether a credit event has occurred on Argentina's credit default swap contracts, according to its website.

  • *Yield curve steepens from five-year lows. NEW YORK, July 31- U.S. "Starting with GDP yesterday, it certainly set things off," said Ira Jersey, an interest rate strategist at Credit Suisse in New York.

  • *Investors fret over Argentina default fallout. NEW YORK, July 31- U.S. stock index futures pointed to a sharply lower Wall Street open Thursday, with the Dow and S&P 500 likely to turn negative for the month on concerns over the strength of overseas economies and ongoing tensions with Russia.

  • ISDA asked to consider credit event on Argentina CDS Thursday, 31 Jul 2014 | 9:12 AM ET

    NEW YORK, July 31- The International Swaps and Derivatives Association has received its first request to consider whether a credit event has occurred on Argentina's credit default swap contracts, according to the ISDA website.

  • Argentine bondholders given instructions by BNY Mellon Thursday, 31 Jul 2014 | 8:58 AM ET

    NEW YORK, July 31- In the wake of Argentina's July 30 default on restructured sovereign debt, Bank of New York Mellon on Thursday gave instructions to creditors for the next step in exercising their rights to collect on their investments.

  • BUENOS AIRES, July 31- Argentina defaulted for the second time in 12 years after last-ditch talks with what it called "vulture" creditors failed, though debt insurance prices on Thursday suggested investors believed a deal could eventually be reached.

  • WASHINGTON, July 31- The U.S. Commodity Futures Trading Commission will make some changes to its rules for derivatives markets to make sure they continue to function well for non-financial companies, the new head of the agency said on Thursday.

  • US 30- YEAR TREASURY BONDS EXTEND PRICE LOSSES TO A FULL POINT, YIELDS RISE TO 3.37 PERCENT.

  • ARGENTINA FIVE-YEAR CREDIT DEFAULT SWAPS WIDEN BY 513 BP TO 1957 BP- TRADERS.