IBT Staff Reporter

Stock index futures pointed to a higher open on Wall Street on Thursday following the previous session's steep losses, with futures for the S&P 500 up 0.31 percent, Dow Jones futures up 0.32 percent and Nasdaq 100 futures up 0.58 percent at 0810 GMT (4:10 a.m. EDT).

The dollar fell toward a seven-month low against the yen but world stocks recovered earlier losses on Thursday after Federal Reserve chairman Ben Bernanke painted a gloomy outlook for the U.S. economy.

The yen neared a 7-1/2-month high and Asian stocks slid on Thursday after comments by the head of the Federal Reserve added to concerns about the U.S. economy, causing investors to dump riskier assets ahead of European bank stress test results.

Oil slid for a second day on Thursday, a day after Fed chief Ben Bernanke rekindled unease across financial markets over the pace of economic recovery, while rising U.S. inventories also kept prices in check.

U.S. mobile phone maker Motorola Inc has sued China's Huawei Technologies Co for alleged theft of trade secrets, highlighting the fast-growing Chinese firm's difficulty in shaking the nation's reputation for piracy.

Hungary will negotiate with the European Union about next year's budget but will also continue talks with other international organisations including the IMF, the prime minister's spokesman said on Thursday. When it comes to planning next year's budget we will have to negotiate with the EU so with everybody in the right time, Peter Szijjarto told public television M1, reiterating comments made by Prime Minister Viktor Orban in Berlin on Wednesday.

China is expected to maintain strong growth in the rest of this year and there is no need for a second stimulus, government economists said in remarks published on Thursday. The State Information Center, a think tank under the National Development and Reform Commission, forecast economic growth of 9.5 percent this year, which would be close to the average for the past 30 years and reflect China's reasonable growth potential, the official China Securities Journal reported.

Japan warned on Thursday it wants to avoid excessive rises in the yen, as the currency hovers near a seven-month high against the dollar on worries about the U.S. economic outlook. We have been saying that we want to avoid excessive rises in the yen, Deputy Finance Minister Motohisa Ikeda told reporters, when asked about the yen's recent strengthening.

The Obama administration may report somewhat better fiscal news when it delivers its mid-session budget review later this week, but the United States still faces a massive deficit and rising debt. Higher corporate taxes and Wall Street's quick repayment of a taxpayer bailout could see the projected 2010 U.S. budget deficit fall a bit when the review is released on Friday.

Oil slid for a second day on Thursday, a day after Fed Chairman Ben Bernanke rekindled unease across financial markets about the pace of economic recovery, while rising U.S. inventories also kept prices in check.

The yen neared a 7-1/2-month high and Asian stocks slid on Thursday after comments by the head of the Federal Reserve added to concerns about the U.S. economy, causing investors to dump riskier assets ahead of European bank stress test results.

The dollar slid towards a recent seven-month low versus the yen on Thursday after Federal Reserve Chairman Ben Bernanke expressed concern about the U.S. economy but steered clear of hinting about further easing as some had hoped. The euro, which lost sharply after his comments sparked outflows from stocks and other risk assets, held steady at lower levels ahead of Europe's bank stress test results on Friday.

Gold slipped more than half a percent on Thursday and could revisit its weakest level in two months as investors sold bullion to cover equities losses ahead of Europe's bank stress test results this week. Gold has fallen more than 6 percent since hitting a lifetime high around $1,264 an ounce in late June on worries the debt crisis in Europe would spread.

The dollar slid towards a recent seven-month low versus the yen on Thursday after Federal Reserve Chairman Ben Bernanke expressed concern about the U.S. economy but steered clear of hinting about further easing as some had hoped.

Gold prices dropped further in Asian trade Thursday along with stocks as markets await outcome of Europe's bank stress test. Gold for immediate delivery was seen trading at $1185.71 an ounce at 12.00 noon Singapore time while U.S. gold futures for August delivery was at $1,185.3 an ounce.

Now, will Ireland help gold prices go up? It seems so. When Dubai economic crisis unraveled, gold prices zoomed. When Greece economic tragedy came to the light, gold prices soared. Now, Moody's Investors Service downgraded Ireland one notch, to Aa2 from Aa1, although it remained comfortably above junk level. Moody's also changed the outlook on the ratings to stable from negative.

IBM on Thursday unveiled a new mainframe computer called zEnterprise, which it said was the most powerful mainframe ever and is more cost-efficient than previous-generation products.

The yen neared a 7-1/2-month high and Asian stocks slid on Thursday after comments by the head of the Federal Reserve added to concerns about the U.S. economy, causing investors to dump riskier assets ahead of European bank stress test results.

Asian stocks slipped and the yen rose on Thursday after comments by the head of the U.S. Federal Reserve added to concern about the U.S. economy and left investors uneasy ahead of European bank stress tests.

U.S. Treasury Secretary Timothy Geithner said on Wednesday that Elizabeth Warren has the credentials needed to head the new Bureau of Consumer Protection set up as part of a landmark financial reform overhaul.

Facebook will sell stock in a IPO when the time is right, CEO Mark Zuckerberg said in an ABC TV interview, addressing persistent speculation about its stock market debut.

The Australian Dollar opens lower against the greenback at 0.8780.

Starbucks Corp's 2010 and 2011 earnings forecasts came in at the lower end of Wall Street's lofty expectations with commodity costs expected to rise next year, sending its shares down more than 2 percent.

A U.S. judge on Wednesday released former media baron Conrad Black from prison on $2 million bond, while she decides whether to throw out his 2007 conviction for defrauding shareholders.

Chinese Internet company Baidu Inc more than doubled its second-quarter profit, beating Wall Street expectations, as a surge in new advertising customers helped boost the company's revenue.

Internet commerce company eBay Inc's second-quarter profit beat Wall Street estimates, helped by a record performance at its PayPal online payments unit and marketplace division sales in Europe.

eBay Inc beat Wall Street's quarterly profit estimates, helped by a record performance at its PayPal Web payments unit and strong marketplace sales in Europe.

The following are highlights from a Senate Banking Committee hearing on Wednesday with Federal Reserve Chairman Ben Bernanke testifying on the U.S. economy and Fed policy.

U.S. airlines posted mixed results on Wednesday, with high fuel prices and the sputtering U.S. economy posing obstacles to a recovery boosted by rebounding demand and higher fares.