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UBS outshines Deutsche Bank

UBS flagged a return to client inflows by year-end as strong equities and currency trading gains helped it outdo Deutsche Bank and other rivals, which were hit hard by the European sovereign debt crisis.

BP replaces CEO and posts $17 billion quarterly loss

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Oil giant BP Plc launched a plan to repair its battered image in the United States on Tuesday, ditching its gaffe-prone chief executive and promising to slim down by trebling an asset sale target to $30 billion.
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Euro hovers near 2-month high as dollar weighed

The euro hovered close to a two-month peak against the dollar on Tuesday, retaining support after last week's European bank stress tests revealed no horrors while increased demand for riskier assets weighed on the dollar.
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UBS beats forecasts in Q2, curbs outflows

Strong equities and currency revenues drove UBS's second-quarter net profit well above forecasts despite choppy market conditions and client money withdrawals fell to their lowest level since early 2008.
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Gold edges up, awaits key US data

Gold prices showed positive trends in Asian trade Tuesday mainly on a firm euro in an otherwise thin market. Gold for immediate delivery was seen trading at $1184.88 an ounce at 12.00 noon Singapore while U.S. gold futures for August delivery was at $1,184.2 an ounce at the same time.
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Asian stocks rise on U.S. data, eyes on earnings

Asian stocks pulled back slightly from two-and-a-half month highs hit earlier on Tuesday after upbeat U.S. housing data, while the euro neared 2-month peaks on relief over stress tests on European banks.
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Glimmers of improvement, but state woes remain

State tax revenue is improving, but only slightly, and may not be enough to end steep spending cuts or replace the loss of assistance from the federal stimulus plan that expires in December, according to a report on Tuesday.
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Oil steady near $79; U.S. inventories seen mixed

Oil steadied near $79 on Tuesday as forecasts see falling crude inventories and rising refined product stocks in the United States, continuing a trend that has helped keep prices in a $10 range for almost two months.
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Gold gains on firm euro but jewelers retreat

Gold gained on Tuesday in a thin market driven by a firm euro and a technical rebound as prices briefly hit the 100-day moving average, while jewelry makers stayed on the sidelines after recent purchases. Investors are turning their attention to a series of U.S. data that may set the tone for prices, which have dipped more than 6 percent after surging to a record $1,264.90 in early June. Silver also firmed, while strong equities underpinned platinum.
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Surat awaits Zimbabwe diamonds

With the diamond flow becoming tight in global markets, Surat's diamond polishing units are now awaiting roughs from Zimbabwe, which recently got a reprieve from the KP scheme, which allowed the country to sell a portion of its diamond stocks.
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BP set to replace CEO as spill cleanup resumes

BP Plc is expected to install an American known for diplomacy as chief executive, replacing Tony Hayward who has come under fire for his gaffe-prone handling of the worst oil spill in U.S. history.
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U.S. housing data boosts stocks

Global stocks rose on Monday after U.S. data showed a pick-up in new home sales, reviving hopes for improvement in a tepid economic recovery, while the euro firmed against the dollar on increased risk tolerance.
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BofA's Krawcheck adds to executive team

Bank of America Corp on Monday appointed a former colleague of Sallie Krawcheck as its Merrill Lynch global wealth management unit's new chief investment officer.
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Genzyme weighs Sanofi approach: source

Biotechnology company Genzyme Corp is weighing an informal takeover approach from France's Sanofi-Aventis but is not looking to sell the company, a source familiar with the situation said on Monday.
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ResCap auction advances but hurdles remain

An auction of Ally Financial's Residential Capital has advanced into the second round, with some would-be buyers circling the assets, but a sale of the mortgage lender faces hurdles, sources familiar with the matter said.
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WaMu gets ex-DOJ official as bankruptcy examiner

Joshua Hochberg, a former top official in a U.S. Department of Justice criminal fraud unit, has been appointed to examine the bankruptcy of Washington Mutual Inc , the largest U.S. banking failure.
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Daily Forex Commentary 27/7/2010

The Aussie dollar held on to support around 0.8940 during the Asian session despite a lower than expected second quarter Producer Price Index or PPI as its referred to.

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