MARKETS / FINANCE

Stock index futures edged higher on Tuesday after earnings from blue chips like Ford extended optimism about a strong earnings season but the debt ceiling stalemate kept investors nervous.

The United States edged closer on Tuesday to a devastating default as Republicans and Democrats were deadlocked over competing plans to raise the debt ceiling, one week before a deadline to act.

Stock index futures edged higher on Tuesday after earnings from blue chips like Ford extended optimism about a strong earnings season but the debt ceiling stalemate kept investors nervous.

The debt talks enter a critical stage Tuesday, and there's little time left to waste on rhetoric. The two parties have less than eight days to devise a plan to cut the deficit and raise the debt ceiling. U.S. and global stock and bond markets have remained calm and patient, but that may change soon, if the markets don't see progress in D.C.

Greece wants a voluntary swap of government bonds for longer maturity paper to start in August and be completed fast to emerge rapidly from an expected default rating, its deputy finance minister said on Tuesday.

Stock index futures were slightly higher on Tuesday after earnings from blue chip companies like Ford extended optimism about a strong earnings season but the debt ceiling stalemate kept investors nervous.

The United States edged closer on Tuesday to a devastating default as Republicans and Democrats were deadlocked over competing plans to raise the debt ceiling, one week before a deadline to act.

Wal-Mart Stores Inc is moving its Vudu video streaming and rental service to a place where it can get attract more eyeballs -- the Walmart.com web site -- as the growing service competes for attention with a variety of video services.

Chinese smelters expect supplies of copper concentrate to rise as early as late 2012, paving the way for higher charges, as neighbouring Mongolia's Oyu Tolgoi copper and gold mine starts to come onstream, industry sources said on Tuesday.

Procedures for a voluntary swap of privately-held Greek government bonds for longer maturity paper will start in August, Greece's deputy finance minister said on Tuesday.

Credit Suisse will likely announce cost savings measures including a cut of 1,500-2,000 jobs, a Swiss paper reported on Tuesday, without naming any sources.

A measure of business activity improved in June as companies borrowed more to replace equipment, a lender group said on Tuesday.

Social games maker Zynga is partnering with Tencent Holdings Ltd, the Chinese Internet company, to launch its first game in mainland China as it tries to find new users by tapping into the $5.8 billion Chinese games market.

The Congress faces an August 2 deadline for raising the government's $14.3 trillion limit on borrowing and averting a potentially catastrophic default.

Japanese Finance Minister Yoshihiko Noda kept up his warning to markets against pushing up the yen too much, saying that he was aware of demands from the business sector for authorities to act against yen rises that hurt the export-reliant economy.

Asian shares edged higher on Tuesday, bouncing back from a slide the previous day, after U.S. stocks posted only modest losses in reaction to the worsening deadlock in Washington over raising the debt limit and avoiding a technical bond default.

China's top search engine Baidu Inc forecast revenue well ahead of Wall Street's expectations as large advertisers increased spending, sending its shares up around 7 percent.

President Barack Obama, in an address to the nation Monday night, reiterated the need for a "balanced approach" to deficit reduction -- one that includes both substantial budget cuts and revenue increases, and he warned that if the debt ceiling is not raised, it would trigger a "deep economic crisis."

Money managers sitting on piles of cash are sniffing out opportunities to make a killing on the political circus in Washington over raising the nation's debt ceiling.

This is a story that was never supposed to be written -- the one in which investors draw up strategies for a U.S. Government default.

A former portfolio manager for Moore Capital Management agreed on Monday to pay the U.S. futures regulator $1 million to settle charges that he attempted to manipulate prices of palladium and platinum futures contracts on the New York Mercantile Exchange.

Memo to Washington from corporate America: unemployment is high, confidence is low and your bickering over the country's debt is the last thing we need.

U.S. money managers sitting on piles of cash are sniffing out opportunities to make a killing on the political circus in Washington over raising the nation's debt ceiling.

Japanese trade minister Banri Kaieda said on Tuesday that the Ministry of Finance and the Bank of Japan should consult and make an appropriate decision on intervening in the foreign exchange market, Jiji news agency reported.

The U.S. dollar remained on the defensive in early Asia-Pacific having hit record lows on the safe-haven Swiss franc as the market awaited the latest attempt by President Barack Obama to break the deadlock on debt talks.

Japanese Economics Minister Kaoru Yosano said on Tuesday that large swings in the foreign exchange market were undesirable and that an excessive rise in the yen would hurt Japan's manufacturing sector.

Baidu Inc forecast revenue well ahead of Wall Street's expectations as major advertisers shrugged off fears of a Chinese economic slowdown, and its shares rose 7 percent.

Stocks dipped on Monday as lawmakers remained in a standoff over raising the debt ceiling to avoid default, but investors were convinced a compromise will be reached before next week's critical deadline.

Research in Motion's announcement on Monday of intentions to lay off 2,000 employees, about 10 percent of its workforce, did nothing to inspire investors that the company can rebound from its current slump.