IBT Staff Reporter

Merck and Co issued a more cautious 2010 profit outlook on Friday and reported disappointing second-quarter sales of its vaccines and Singulair asthma drug, sending its shares down 2 percent.

Chevron Corp, the second-largest U.S. oil company, posted three-fold profit growth that beat estimates as refinery margins improved, and raised its 2010 oil and gas production growth target to 3 percent.

The international community is pressuring the Juba and Khartoum governments to speed up preparation for a vote on South Sudan's future - a decision that will be dominated by the fate of coveted oil resources -- but an expert on the African country criticizes the lack of understanding about Sudan.

Fannie Mae expanded its mortgage portfolio in June, while the rate of late payments on loans it guarantees fell in May to the lowest level this year, the largest U.S. home loan purchaser said on Friday.

Stocks eased slightly on Friday, but for the second day in a row major indexes bounced off session lows, this time on a positive report on Midwest manufacturing activity.

Consumer sentiment plunged in July to its lowest level in 9 months on bleak prospects for jobs and income a year since the economic recovery began, a private survey released on Friday showed.

Children who live in damp, water-damaged homes may be more likely than other kids to develop nasal allergies, a new study suggests.

Pregnant women with a history of pregnancy-related diabetes, also called gestational diabetes, have a good chance of developing the condition again, suggests a large new study.

Aon Corp , the world's largest insurance brokerage, reported a larger-than-expected quarterly profit as contributions from recent acquisitions helped offset a decline in commissions.

Wall Street stocks fell on Friday after weak economic growth figures for the second quarter and disappointing earnings from Merck painted an uncertain outlook for the rest of the year.

The dollar hit a multi-month lows against the yen and Swiss franc on Friday as U.S. economic growth data showed growth in the world's largest economy is slowing and reinforced the view interest rates will remain low well into the next year.

Gold & silver thronged the counters on the Indian commodity exchanges during the first half of the current month as the latest data issued by the commodity markets regulator, Forward Markets Commission (FMC) revealed a staggering over 138% rise in the value of trades in bullions during the first fortnight of July over last year.

Indians are slowly learning to live with the high prices of gold. The signals to this effect are visible in the bullion market now. According to reports, India's gold imports showed a gain of 7.79 per cent in seven months to July this year on improved festival demand and occasional buying from retail consumers.

Aon Corp , the world's largest insurance brokerage, reported a larger-than-expected quarterly profit as contributions from recent acquisitions helped offset decline in commissions.

Honda Motor Co and Renault joined their rivals in reporting strong results for the quarter to the end of June, as the auto industry faces growing concerns over slowing demand in the United States, China and Europe.

China has overtaken Japan to become the world's second-largest economy, the fruit of three decades of rapid growth that has lifted hundreds of millions of people out of poverty.

Wall Street was set for a one percent drop at the open on Friday after data showed the U.S. economy grew less than expected last quarter, heightening fears about the uncertain outlook for the rest of the year.

Gold edged above $1,170 an ounce in Europe on Friday, supported by uncertainty ahead of U.S. economic growth data later in the session but with a dearth of safe-haven buying dampening further price rises.

Consumer products maker Newell Rubbermaid Inc reported a higher quarterly profit, boosted by price hikes and strong demand in key markets like Latin America.

Oil slipped on Friday, heading for a fourth consecutive weekly settlement within the $75-$80 range, as investors focused on a slowing economy and rising inventories in top consumer the United States. European stocks traded lower and Asian equities declined ahead of data expected to show U.S. economic growth slowed to 2.5 percent in the second quarter from 2.7 percent in the first quarter.

The dollar fell to an eight-month low against the yen on Friday while global shares slipped on worries U.S. growth data due later in the day may show the world's biggest economy is losing steam. The retreat in stocks and other riskier assets fed a rally in theoretically safer euro zone and U.S. government bond prices, with comments from a Federal Reserve official that adding to fears about the economy.

Stock index futures slipped on Friday as investors turned cautious ahead of a report expected to show slowing growth in the U.S. economy in the second quarter.

An increasingly heated battle in the global smartphone market is set to weigh on handset vendors' profit margins for the rest of the year, analysts said on Friday.

St. Louis Federal Reserve Bank President James Bullard on Friday said there is unanimity among officials on the central bank's policy-setting panel over providing more support to the economy if the recovery suffers a serious setback.

Stock index futures fell on Friday as investors turned cautious ahead of a report expected to show slower growth of the U.S. economy in the second quarter.

Japan's Ministry of Finance said on Friday it did not intervene in the foreign exchange market from June 29 to July 28, when the yen touched its highest level against the dollar since December.

Honda Motor Co raised its full-year forecasts after posting a record quarterly net profit on Friday, while brisk sales returned France's Renault to profit in the first half.

Merck & Co reported higher-than-expected second-quarter earnings on Friday, helped by strong sales of its treatments for diabetes, arthritis and HIV.

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