MARKETS / FINANCE

The dollar fell versus the Japanese yen on Wednesday as a weaker-than-expected reading on new orders for U.S. durable goods added to fears about the U.S. economic outlook. Demand for the dollar also fell against the euro as investors awaited for more supportive news for the euro, which rose above $1.30 but has been stuck in a range recently.

Gold held near $1,160 an ounce in Europe on Wednesday, steadying after hitting three-month lows the day before, helped by a degree of investor nervousness over the U.S. economy and by strong demand from top consumer India.

Gold and copper production in China may suffer a setback following the Chinese government's order to limit Zijin Mining Group's production at a gold mine located near a separate copper mine that was the source of a toxic spill.

Wall Street stocks fell on Wednesday as the S&P 500 struggled to break through a key technical level after an unexpected decline in durable goods orders weighed on market sentiment.

Sprint Nextel said it had lost fewer monthly contract customers in the second quarter than analysts had expected, helped by its high-speed EVO phone from HTC Corp .

WellPoint Inc posted higher-than-expected quarterly profit on Wednesday on better performance of its health plans for small businesses and it raised its full-year outlook, the latest in a string of strong second-quarter earnings reports for U.S. health insurers.

International Monetary Fund staff believe the yuan is substantially undervalued based on expectations that China's current account surplus will increase as the global economic recovery gains strength, a senior IMF official said on Wednesday.

Stocks were set for a slightly lower open on Wednesday after data showed orders for durable goods unexpectedly fell in June and Boeing Co's 2010 profit outlook was beneath Wall Street's consensus forecast.

It's a case that has left Warren Buffett's Dairy Queen business cold.

U.S. home loan demand cooled last week as rising mortgage rates curbed refinancing requests that had soared to a 14-month high, the Mortgage Bankers Association said on Wednesday.

S&P 500 index futures turned negative on Wednesday after an unexpected month-over-month decline in June durable goods orders.

Melrose Jewelers: Melrose Jewelers, USA's leading Online Rolex Watch Retailer, has announced that it has become the #1 Online Rolex Retailer in Italy including Rome (Roma), Milan (Milano), Naples (Napoli), Turin, Palermo, Genoa (Genova), Bologna, and Florence. In Q1 and Q2 2010 Melrose Jewelers' revenue from Italy jumped over 65% over the same period last year.

With gold prices declining this week substantially following global cues, the future of gold is safe if the World Gold Council report is anything to go by. According to WGC, though gold topped $1,250 per troy ounce this quarter and reached record highs in dollar terms, the metal has still some steam left before it pauses.

Oil slipped toward $77 per barrel on Wednesday after an industry report of an unexpected rise in U.S. crude stocks and a fall in U.S. consumer confidence fueled doubts about the pace of recovery in energy demand.

S&P 500 futures were flat on Wednesday, struggling to move past their 200-day simple moving average ahead of a busy day on the earnings calendar.

With BP poised to move on from the Gulf oil spill with a new chief executive, the beleaguered London-based company might look attractive to Middle East sovereign wealth funds after all. It would be a parting legacy from outgoing CEO Tony Hayward if his efforts earlier this month to court the funds in Abu Dhabi and other oil-producing countries were to bear fruit.

S&P 500 futures were flat on Wednesday, struggling to move past their 200-day simple moving average ahead of a busy day on the earnings calendar.

Gold rose above $1,160 an ounce in Europe on Wednesday as price-sensitive buyers were tempted back to the market by the previous day's dip to three-month lows, with strong demand reported from major consumer India.

Stock index futures pointed to a higher open for Wall Street on Wednesday, after stocks closed mixed a day earlier, with investors likely to focus on earnings from Boeing and Visa among others to provide direction for equities.

The euro struck a two-month high against the yen and stayed within reach of an 11-week high against the dollar on Wednesday, underpinned by robust European bank earnings and solid economic data. But analysts said the durability of any recovery in Europe was questionable.

World stocks rose for the fifth day running on Wednesday as solid corporate earnings combined with easing fears about financial stability to boost investors appetite for riskier assets.

The euro struck a two-month high against the yen and stayed within reach of an 11-week high against the dollar on Wednesday, as markets stayed in risk-on mode on robust European bank earnings and solid economic data.

Asian stocks hit a 12-week high on Wednesday and the euro inched ahead as investors took comfort from solid U.S. and European company earnings, while the Australian dollar eased after a sharp slowdown in inflation.

The International Monetary Fund has chosen not to call the yuan substantially undervalued, a move that recognizes China's efforts to free up its exchange rate and avoids friction with an increasingly influential shareholder.

World Gold Council said jewellery purchases in world's largest gold consumer, India rocketed by 291 per cent to 147.5 tonnes in the first quarter. In its report named Gold Investment Digest, the WGC also said India's total consumer demand surged 698 per cent to 193.5 tonnes.

Oil fell for a second day on Wednesday toward $77 after an unexpected increase in U.S. crude stockpiles and a drop in U.S. consumer confidence fueled doubts about recovery in energy demand. U.S. crude for September fell as much as 0.8 percent to $76.88 a barrel, trading down 17 cents at $77.33 at 1:26 a.m. ET. ICE Brent slipped 3 cents to $76.10 as a recent rally in Asian stock markets lost steam.

Google Inc has held talks with gaming companies as it looks to develop a new service to compete with social networking website Facebook, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

Gold steadied on Wednesday after falling 2 percent to a near three-month low the day before, when a bigger-than-expected drop in U.S. consumer confidence and an option expiry prompted heavy selling. The position adjustment related to expiring COMEX August gold options pushed prices close to a key technical support, where the market was likely to hover before finding fresh clues for direction, traders said.

The euro hovered below a key level against the dollar on Wednesday, dented by profit-taking after it hit an 11-week high, while the Australian dollar fell as inflation data pared the chances of an interest rate rise next week.