CHINA

The euro bounced back from early losses on Thursday on hopes that banks will not have to borrow heavily at a European Central Bank tender, signalling they can deal with the repayment of huge emergency loans.

Oil fell for a fourth straight day on Thursday, shedding 1.7 percent toward $74, on signs that China's economic growth was slowing, raising concerns about energy demand. The pace of manufacturing growth in the world's second largest oil consumer slowed in June as government steps to cool the property market and curb bank lending combined with a faltering global recovery.

Gold edged down on Thursday as investors waited for more clues on the state of the global economy after prices rallied toward a record this week, but falling shares could spur another round of safe haven buying.

The euro hit a record low against the Swiss franc and the Australian dollar also fell on Thursday as weaker-than-expected Chinese data added to doubts about the strength of the global recovery. The Chinese data sparked selling in higher-yielding currencies, with one trader saying low liquidity and short-term speculators taking punts on the euro against the Swiss franc and the Australian dollar against the yen added to the volatility.

Asian stocks and commodities began the second half of the year on a sour note on Thursday, with Japanese stocks sliding to a seven-month low after manufacturing data showed China's rapid economic growth was slowing.

Google's application to renew its operating license in China is being reviewed by the government and the results will be posted soon, Chinese state media reported.

The pace of Chinese manufacturing growth slowed in June as government steps to cool the red-hot property market and restrain bank lending combined with uncertainty over export prospects to dampen sentiment.

Renewed concerns over the outlook for global growth have spurred another sell off in the commodity currencies, sending the AUD back through USD0.8400 overnight.

U.S. President Barack Obama on Wednesday maintained pressure on China to ensure its currency policy did not give it an unfair export advantage.

To get an idea of how some U.S. textile mills can compete with developing-world rivals who pay far lower wages, roll a bowling ball down one of the production lines at Parkdale Mills' Walnut Cove yarn plant.

Refiles to fix temperature conversion in 4th last paragraph

Google Inc could face further pressure for its other products in China as Beijing is due to decide whether or not to renew a license for the firm's flagship search engine in the world's largest Internet market.

The International Business Times last week held an exclusive interview with Todd B. Crosland, Chairman and President of Interbank FX, one of the most exciting Forex brokers in the US.

The U.S. dollar's share of global currency reserves eased slightly to 61.5 percent in the first quarter of 2010 as total holdings climbed to a new record, International Monetary Fund data showed on Wednesday.

A broad coalition of U.S. business groups urged senators on Wednesday not to approve a bill that would allow the United States to use import duties against China's exchange rate policy. We agree that China needs an exchange rate that better responds to global trade flows, the U.S.-China Business Council and about two dozen other groups said in a letter to each member of the Senate.

Oil rose above $76 a barrel in choppy trade on Wednesday, but remained on course for its first quarterly decline since 2008 as stresses in financial markets and weak employment numbers weighed on the pace of recovery.

Global rice ending stocks for 2009-10 are expected to be 90.4 million tons against the early estimation due to the lower export by the major growers, said International Grain Council. However, the global rice production is projected to decline in 2009-10 owing to poor output in countries such as India, where worst drought impacted the production, IGC noted.

Oil rose by one percent on Wednesday to move back above $76 a barrel, but was still headed for its first quarterly drop since 2008 as stresses in financial markets weighed on expectations about the pace of recovery.

Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 rose 0.4 to 0.5 percent, pointing to a firmer start on Wall Street on Wednesday, after steep losses in the previous session.

Google Inc said it will end the automatic redirection of users from its China portal within the next 24 to 48 hours, while Beijing kept silent on whether the move would allow Google to keep its China business.

Asian stocks fell on Wednesday and ended the second quarter with their worst performance since the collapse of Lehman Brothers as investors got out of shares and high-yielding currencies on concerns over bank funding in Europe.