MARKETS / FINANCE

A U.S. judge slashed the penalty levied by a jury against a Boston Ph.D. student found guilty in 2009 of illegally downloading and sharing songs published by some of the world's biggest recording companies.

General Growth Properties Inc wants to replace its $400 million loan, issued last year to ensure the company could operate through bankruptcy, with one that would save it $2.7 million a month in interest payments.

Wall Street closed out its best week in a year on Friday, snapping back from a long stretch of selling, as investors looked ahead to what many expect will be a solid earnings season.

Despite the recent lows that Treasury yields across the curve have plumbed, primary dealers are expecting Monday's sale of $35 billion in three-year notes to proceed without a hitch and, unless there is a significant rally immediately beforehand, without a tail.

Most U.S. counties are having to cut back on spending on safety and infrastructure in the face of monstrous revenue shortfalls, the National Association of Counties said on Friday.

Wall Street closed out its best week in a year on Friday, snapping back from a long stretch of selling, as investors looked ahead to the start of the earnings season.

European finance ministers will shift their focus next week onto a possible need for banks to raise more capital and on who will cover any shortfalls exposed by stress tests -- a sum which Credit Suisse estimated could reach 90 billion euros ($114 billion).

Securities regulators are moving quickly to tighten rules for market makers to ensure there is liquidity during stressful times and avoid a repetition of May's brief market crash, said sources familiar with the discussions.

Goldman Sachs Group Inc was sued by Liberty Mutual Insurance Co, which accused the Wall Street bank of fraudulently misleading it into buying preferred stock of mortgage financier Fannie Mae that would become virtually worthless.

Stocks edged higher on Friday, headed for their best week in a year, as investors looked forward to the start of the earnings season after weeks of selling.

A contract has been awarded for research to help counter computer-based threats to national-security networks, the chief U.S. code-cracking and eavesdropping agency said, amid mounting concern over cyber vulnerabilities.

Sales at U.S. wholesalers fell unexpectedly in May for the first time in more than a year, lifting inventories to their highest level in 11 months, a government report showed on Friday.

The Dow and S&P 500 were little changed on Friday as the S&P was headed for its best week so far this year and investors looked ahead to the start of earnings season.

Alcoa Inc (AA.N), facing a sharp drop in aluminum prices, is losing favor on Wall Street as analysts lower their expectations for the company's earnings. Alcoa, the largest U.S. aluminum producer, is expected to turn a second-quarter profit after a year-ago loss, but analysts have recently been cutting their forecasts, and one sees the possibility of a return to red ink later this year.

Gold rose 1.5 percent to above $1,210 an ounce on Friday, alongside other commodities such as copper and oil, while underlying cautiousness in the market continued to boost its safe-haven appeal. Traders said some short-covering and momentum buying after bullion broke above the key $1,200 an ounce mark have accelerated gains, but added that they did not expect further hefty gains.

A rally that pushed the euro to its highest level in more than two months stalled on Friday and the currency fell due largely to technical factors as investors took profits before the weekend. The euro rose 1.3 percent this week and touched $1.2723 earlier in the session, its highest level since early May, supported by strong German factory data, a positive U.S. jobs report and more clarity on European bank stress tests.

Oil topped $76 a barrel on Friday and was heading for a weekly gain of more than 4 percent following bullish economic and crude inventory data this week. U.S. shares seesawed on Friday after three positive sessions in a pre-earnings pause before U.S. corporations kick off earnings season next week.

Gold rose back above $1,210 an ounce on Friday as a stock market rally showed signs of running out of steam, pointing to persistent jitters among investors, with buyers also attracted by the metal's dip to six-week lows.

The Dow and S&P were little changed on Friday, following three days of gains as investors looked ahead to the start of earnings season while Google helped keep the Nasdaq in modestly positive territory.

Canada's economy created far more jobs than expected in June in a surprising sign of strength after a raft of discouraging data, fueling expectations the central bank will hike interest rates again this month.

Wholesales sales fell unexpectedly for the first time in more than a year, lifting inventories to their highest level in 11 months, a government report showed on Friday.

Stocks rose slightly on Friday as Wall Street looked for a fourth straight session of gains ahead of the start of earnings season next week.

Oil edged up toward $76 a barrel on Friday and was heading for a weekly gain of more than 4 percent, after a drop in U.S. inventories and positive economic indicators lifted sentiment across markets. European shares drifted higher on Friday for a fourth straight session, supported by soothing U.S. jobless and retail sales numbers. Wall Street rose in early trade, while the euro slipped off two-month highs against the dollar.

Palladium, which was expected to gain this year due to the high growth in auto ales in China and India, may in fact decline by 12 per cent to about $395 an ounce in the coming weeks.Palladium is hugely used in catalytic converters in cars. Palladium has been the worst-performing precious metal last quarter.

Stock index futures pointed to a flat open in what could be a volatile session on Friday after Wall Street recorded three straight winning days and as investors braced for the start of earnings season next week.

European finance ministers will shift their focus next week onto a possible need for their banks to raise more capital and on who will cover any shortfalls exposed by stress tests -- a sum which Credit Suisse reckons could total 90 billion euros ($114 billion).

BC Partners and Silver Lake are set to buy U.S. healthcare services firm MultiPlan, the private equity firms said on Friday, in the year's largest secondary buyout worth about $3.1 billion.

Bank-to-bank euro borrowing costs extended their march higher on Friday as the market repriced those rates following the recent drop in excess money market liquidity when 442 billion euros of one-year loans expired.

Stock index futures edged higher on Friday after recording three straight winning sessions and as investors braced for the start of earnings season next week.