MARKETS / FINANCE

The Obama administration declined to label China a currency manipulator in a long-delayed report on Thursday, spurring fresh calls from U.S. lawmakers for tough new steps to pressure Beijing. Some lawmakers claim China's yuan is misaligned in value, distorting trade and stealing U.S. jobs. A key senator pledged to press ahead with a bill threatening China with tariffs on some of its products unless there is significant movement upward in the yuan.

The euro held near two-month highs on Friday, while the yen was under pressure as investors cut long positions and veered toward high-yielding currencies on improving risk appetite. The euro was little changed on the day at $1.2694, after advancing nearly 0.5 percent on Thursday and jumping more than 1 percent against the low-yielding yen on a break of significant resistance that took it as far as $1.2713.

Oil rose 0.5 percent on Friday, heading for its biggest weekly gain since May, after data showed robust U.S. demand growth and falling inventories, while positive economic indicators lifted sentiment across markets.

Equity funds worldwide suffered more than $11 billion of net outflows in the first week of July, while money market funds saw the biggest inflows in 18 months amid fears of a double-dip recession, EPFR Global said on Friday.

Gold edged up to near $1,200 an ounce on Friday as bargain buying helped offset selling from speculators, who had shifted some of their money to equities on hopes of an economic recovery. Dealers saw purchases from jewelers and other physical buyers across Asia, keeping premiums for gold bars steady. The electronics sector in Japan was on the sidelines, but bargain hunters snapped up platinum.

The euro held near two-month highs on Friday, while the yen was under pressure as investors cut long positions and veered towards high-yielding currencies on improving risk appetite. The euro was little changed on the day at $1.2684 EUR=, with near term resistance around the May 12 high of $1.2740. It broke past resistance at $1.2673 on Thursday when it advanced nearly 0.5 percent against the U.S. dollar and jumped over 1 percent against the low-yielding yen EURJPY=R.

Gold prices recovered to follow oil towards north in Asian trade Friday, boosted by bargain buying as some investors jumped back to the precious metal from stocks and currencies.

The statement of China's State Administration of Foreign Exchange (SAFE) is unlikely to impact the bullion market. The SAFE described Beijing as a responsible long-term investor and doesn't seek the power to control recipients of its investment.

U.S. private equity firm Kohlberg Kravis Roberts & Co is planning to start up a natural gas exploration company focusing on shale and coal-bed gas, Bloomberg said, citing a person familiar briefed on the plan.

Asian stocks rallied for a second day and the euro held near two-month highs on Friday, supported on positive U.S. data and after the European Central Bank's offered upbeat view of the euro zone's recovery.

Google Inc Chief Executive Eric Schmidt expressed confidence the company will secure a license to operate a website in China, confounding speculation Beijing may shut down its flagship site there.

LeBron fever is in full bloom in the options market.

The Obama administration declined to label China a currency manipulator in a long-delayed report on Thursday, spurring fresh calls from U.S. lawmakers for tough new steps to pressure Beijing.

The U.S. Treasury Department said on Thursday that China's yuan remains undervalued, but it declined to say that China or any other country manipulates their currencies for trade advantage.

High unemployment and a moribund housing market have increased risks to the U.S. economic recovery, while the public debt looms large and needs to be cut, the International Monetary Fund said on Thursday.

The U.S. Treasury Department said on Thursday that China's yuan remains undervalued, but it declined to say that China or any other country manipulates their currencies for trade advantage.

Wall Street rose for a third straight day on Thursday as investors were encouraged to see jobless claims fall and a handful of large retailers report solid sales.

Wall Street rose for a third straight day on Thursday as investors were encouraged to see jobless claims fall and a handful of large retailers report solid sales.

New U.S. claims for jobless benefits fell last week to their lowest level in two months, offering cautious hope for an economic recovery that had shown signs of fatigue.

Greek lawmakers approved sweeping pension reforms on Thursday as part of measures aimed at pulling the troubled euro zone nation out of a debt crisis, while thousands of striking workers took to the streets.

New U.S. claims for jobless benefits fell more than expected last week to their lowest level in two months, offering cautious hope for an economic recovery that had shown signs of fatigue.

The Dow and the S&P 500 rose modestly on Thursday on strong June sales at several retailers and stronger-than-expected jobs sector data, but losses in the technology sector eased the market off its highs.

Researchers have discovered two previously unknown species of bottom-dwelling fish in the Gulf of Mexico, living right in the area affected by the BP oil spill.

Ukraine's parliament on Thursday approved budget cuts bringing the deficit in line with the International Monetary Fund's requirements after brief resistance from the Communist allies of the government.

The global private banking sector has the potential to nearly double its size thanks to about $10 trillion of untapped wealth that is still up for grabs, according to the Scorpio Partnership's annual benchmark.

High unemployment and a moribund housing market have increased risks to the U.S. economic recovery, while the public debt looms large and needs to be cut, the International Monetary Fund said on Thursday.

U.S. stocks rose slightly on Thursday on gains by some retail stores and stronger job sector data, but declines in chipmakers eased the market off its highs.

European supervisors won tentative support for impending bank stress tests on Thursday, while markets sought more detail about the process before delivering a final verdict.