MARKETS / FINANCE

India's WPI for food articles rises by 0.4%

India's Wholesale Price Index inflation for food and fuel, power, light & lubricants has rose by 0.4% for the week ended 17th July as compared to 307.5 for the previous week.

IGC trims wheat estimate to 651 million tones

Adverse weather conditions in major wheat producing regions prompted International Grains Council to trim estimates by 13 million tones this year. According to its latest report, the IGC also trimmed its forecast for world corn production, lowering its forecast for inventories of the grain to a four-year low.

Italy, Greece to lift gold prices

Once again Europe has come to the rescue of gold, which has been witnessing a steady slide during the past few weeks. With Italy and Greece plunging into crisis again, the uncertainty looming over Europe has added to the fear among investors and gold prices are set to cash in on this panic with more demand from safe haven buying.

Stock futures slip ahead of GDP data

Wall St stock index futures pointed to a lower start on Friday as investors stayed cautious ahead of U.S. GDP data, with S&P 500, Dow Jones and Nasdaq futures down 0.3 to 0.4 percent at 5:11 a.m. ET.

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Gold eases ahead of key US data

Gold eased in thin Asian trade Friday, ahead of a key US second quarter GDP data, as the greenback rebounded against the euro. Gold for immediate delivery was seen trading at $1167.08 an ounce at 12.00 noon Singapore time while U.S. gold futures for August delivery was at $1,167.1 an ounce.

Asia stocks slip on U.S. worries

Asian stocks sagged on Friday as worries U.S. growth data may surprise on the downside and downbeat comments from a Federal Reserve official gave investors reason to book profits from a steady rally this month.

Dollar hits 8-month low vs yen on U.S. worries

The dollar fell to an eight-month low against the yen on Friday, hurt by selling from Japanese exporters and concerns that U.S. GDP data would add to signs of fading momentum for the U.S. economic recovery.

Oil rises for first time in week as dollar weakens

Oil prices rose on Thursday as the dollar weakened to a 12-week low against the euro, boosting demand for oil priced in dollars, and after European data showed eurozone economic sentiment has improved.

Dollar on defensive, eyes on GDP

The dollar eked out small gains against the euro in early trade on Friday, but remained on the defensive near a three-month low against a basket of currencies on concerns U.S. growth may be disappointingly weak.

Gold ticks lower, awaits U.S. Q2 GDP data

Gold edged down on Friday after the dollar firmed against the euro, but trading was thin as investors awaited the release of U.S. second quarter GDP data for clues on the direction of the economy.

Uncertainty looms over palladium

Palladium, which has been hoping to perform better in the coming months with auto sales zooming in several countries, witnessed a turbulent month in July.

Antwerp diamond firms to sparkle at India show

Fourteen diamond companies from Antwerp, Belgium, will exhibit in the Antwerp Diamond Pavilion at the 27th India International Jewellery Show in Mumbai from August 19 to 23.

Fed's Bullard: deflation risk has risen

St. Louis Federal Reserve Bank President James Bullard said the risk of deflation in the United States has risen somewhat compared with the beginning of this year, the Nikkei newspaper reported.

Citigroup to pay $75 million to settle SEC charges

Citigroup Inc will pay $75 million to settle charges that it failed to disclose subprime exposure to investors in 2007, the U.S. Securities and Exchange Commission said on Thursday.

TeleNav shares sink on revenue worries on Sprint deal

Navigation technology company TeleNav Inc warned that a contract renegotiation with its largest customer could lead to a fall in revenue, sending its shares down 16 percent in extended trade.

SEC charges Wyly brothers with $550 million fraud

The Securities and Exchange Commission charged the billionaire Samuel Wyly and his brother Charles with fraud for reaping more than $550 million of illicit gains by trading stock in four companies while they were serving as directors.

Global body proposes rule to end insurer black box

A global accounting standard setter proposed a new rule for insurers on Friday, aiming to shine a light on a sector criticized by investors for being a black box that keeps them in the dark.

Australian Dollar Outlook 30/7/2010

The Australian Dollar has opened around USD0.9000 this morning after trending higher in the early part of the European session.

MetLife posts Q2 earnings of $1.5 billion, beating Street

MetLife Inc , the biggest U.S. life insurance company, posted a second-quarter profit of $1.53 billion, helped by higher premium revenue from sales domestically and abroad.

Daily Forex Commentary 30/7/2010

The Aussie dollar staged a remarkable recovery over the last 24 hours rallying from a post inflation report low of 0.8904 to trade at a high of 0.9040 overnight.

BNP hires ex BofA executive Innes for equity sales

BNP Paribas SA has hired former Bank of America Corp executive Chris Innes to head equity sales for the Americas in New York, a person familiar with the matter said.

Google says report of China search block may be glitch

Google Inc said on Friday the firm's report that web searches in China were being blocked could have been the result of its own technical glitch that overstated the problem.

McAfee profit tops Wall Street target

McAfee Inc, the No. 2 security software maker, reported better-than-expected profit on Thursday, lifted by growth in its consumer business.

Expedia posts higher profit as bookings rise

Online travel agency Expedia Inc on Thursday reported a higher-than-expected profit as travel bookings rose, boosting its shares 2 percent.

Quest Software Q2 beats estimates, shares jump

Quest Software Inc posted a better-than-expected quarterly profit, helped by a 25 percent jump in license revenue, sending its shares up 6 percent in extended trade.

Corrected: Citigroup to pay $75 million to settle SEC charges

(Corrects value in second sub-head to $40 bln, not $40 mln)

U.S. sues Oracle, alleges software contract fraud

The Justice Department said on Thursday it sued Oracle Corp, alleging it defrauded the federal government on a software contract in effect from 1998 to 2006 that involved hundreds of millions of dollars in sales.

Record emerging debt issuance a sign of caution

Emerging market governments and investors have issued near-record amounts of debt this month and cash-loaded investors, afraid to bet on stocks, have flocked to the relative safety of bonds.

Fed officials clash on need for more stimulus

Federal Reserve officials clashed on Thursday over whether the central bank should be more aggressive in supporting the stumbling economy and one said the Fed's current policy may be contributing to worryingly low levels of inflation.

Unemployment claims fall, but still elevated

New claims for unemployment benefits slipped last week, but stayed at a stubbornly high level that underscored the labor market recovery was having trouble gaining traction.

Wall St falls on tech outlook worries

U.S. stocks sagged in volatile trading on Thursday after weak outlooks from technology companies and downbeat comments from a Federal Reserve official gave investors little reason to buy.

Markets pare some losses but techs still drag

Buying returned to U.S. stocks on Thursday after a key semiconductor index bounced off its lows, helping to reduce losses and leaving the market little changed.

Wall Street recovers losses, banks gain

Stocks recovered earlier losses in choppy trading on Thursday as technology shares cut declines and gains in bank shares helped lift the S&P 500.

Fed's Bullard: buy more Treasuries if prices dip

The Federal Reserve should consider buying more Treasury securities, instead of promising an extended period of low rates to support recovery, should inflation drift lower, a top Fed official said.

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