IBT Staff Reporter

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Gold rises on weaker stocks and hopes for Asian demand

Gold rose above $1,190 an ounce in Europe on Wednesday, benefiting from softer appetite for assets such as stocks and hopes for a rise in Asian demand, though an ongoing dearth of safe-haven demand capped gains. Spot gold rose to a high of $1,197.05 an ounce, its strongest since July 23, and was bid at $1,194.95 an ounce at 5:37 a.m. ET versus $1,185.35 late in New York on Tuesday. U.S. gold futures for December delivery rose $9.60 to $1,197.10.

European banks beat estimates as bad loans fall

More of Europe's top banks beat earnings forecasts on Wednesday, as bad debts shrank more than expected in the first half, outweighing a slowdown in investment banking, which was hit by sovereign debt fears.

Japan worries as yen rises towards 15-year high

The yen rose toward a 15-year high against the dollar on Wednesday, sending benchmark government bond yields below 1 percent and adding pressure on Japanese policymakers to keep the fragile economic recovery on course.

EU Commission chose iPhone and HTC over BlackBerry

The European Union Commission rejected Research in Motion's BlackBerry in favor of Apple's iPhone and HTC smartphones, a spokesman said, amid a spreading row about BlackBerry security.

Wall Street futures signal falls as data in focus

U.S. stock index futures pointed to a lower open for Wall Street on Wednesday, after disappointing housing and consumer spending data released a day earlier prompted some worries over the pace of economic recovery.

Toyota cautious after Q1 profit top forecasts

Toyota Motor Corp's <7203.T> biggest quarterly profit in two years and a hike in its annual forecasts failed to allay concerns about the strength in the yen, weak margins and a faltering U.S. market.

SocGen says recovery fragile, Q2 beats forecasts

French bank Societe Generale warned the economic recovery was still fragile, with moderate growth prospects in Europe, after it beat forecasts with an almost fourfold leap in second-quarter net profit.

SocGen says recovery fragile as Q2 beats forecasts

Lower bad debts help UK bank Lloyds post H1 profit

Lloyds , Britain's biggest retail bank which was part-nationalized during the credit crisis, returned to profit in the first half of 2010 from a loss a year earlier after lower bad debt charges boosted earnings.

Shares fall, dollar near 15-year low vs. yen

Global shares fell and the dollar headed toward a 15-year low against the yen on Wednesday on growing concern about the U.S. economy as recent data has sparked talk of more monetary easing by the Federal Reserve.

Toyota Q1 swings to profit and lifts forecast

Toyota Motor Corp <7203.T> reported its best operating profit in two years on Wednesday, beating market estimates, and lifted its cautious forecasts despite a sluggish U.S. recovery and a stronger yen.

Oil falls for first day in five as U.S. gasoline stocks rise

SocGen Q2 beats forecasts, says recovery fragile

French bank Societe Generale beat forecasts with an almost fourfold leap in second-quarter net profit as lighter loan-loss provisions and toxic assets helped offset weaker investment banking revenue.

Japan stocks fall, dollar hits 8-month low vs yen

Japanese stocks fell behind their Asian peers and slid 2 percent on Wednesday as the yen climbed toward 15-year highs against the U.S. dollar after weak U.S. data spurred talk of more Federal Reserve easing.

FGIC Corp files for Chapter 11 protection

FGIC Corp filed for bankruptcy protection late on Tuesday, saying it was not paid dividends by its troubled bond insurance unit Financial Guaranty Insurance Company since the onset of the financial crisis more than two years ago, court documents showed.

Gold flourishes on China move

Gold prices climbed in Asian trade Wednesday after reports said China, the world's largest gold producer, decided to expand its market. Spot gold was seen trading at $1192.01 an ounce at 12.00 noon Singapore time while December-delivery futures was at $1195.30 an ounce on the Comex division on Nymex.

Australia online shoppers elude retail data crunchers

Australia's official economic data is struggling to capture growing online sales as the country's consumers belatedly embrace e-commerce, suggesting that soft retail trade data is missing part of a fast-growing market.

Barnes & Noble up for sale

Barnes & Noble , the number one U.S. book store chain, is putting itself up for sale as business suffers in the high-stakes battle for a leading role in the digital books market.

Oil falls for first day in five

Oil fell on Wednesday for the first day in five as a rally that powered prices to three-month highs near $83 a day earlier lost steam, while industry data showed U.S. gasoline stockpiles rose unexpectedly last week. The dollar hovered near a three-month trough against the euro following Tuesday's data showing U.S. consumer spending and incomes were flat in June and the index for pending sales of previously owned homes fell to a record low.

Gold rises to 1-week high as stocks drop

Gold extended gains and rose to its strongest in a week on Wednesday as investors shifted out of equities after poor U.S. data sparked concerns about the health of the global economy.

Yuan flat as dollar index breaches key barrier

The yuan held flat against the dollar on Wednesday and its performance lagged far behind the global fall in the U.S. dollar index .DXY, which has broken through a major 200-day moving average support. The market's enthusiasm over yuan appreciation from a sliding dollar was dampened by the People's Bank of China's clear signal it does not want the yuan to move widely despite dollar weakness.

Dollar crawls towards 15-year low vs yen

The dollar hit an eight-month trough against the yen on Wednesday, crawling towards its lowest level since 1995, as weak U.S. data and talk of the Federal Reserve embarking on further policy easing pushed down Treasury yields.

Spies, Lies and Goodbyes - Part 1

The killing of former Lebanese Prime Minister Rafik Hariri was until recently widely believed to have been perpetrated by the Syrians, or at least on their behalf. It was the assassination of Mr. Hariri that led to the forced departure of Syrian troops from Lebanon as a result of international pressure and wide-ranging opposition from the Lebanese street.