IBT Staff Reporter

An unexpectedly sharp drop in a key consumer confidence index sent stocks plummeting on Friday and drove down prices for crude oil futures so that the benchmark contract finished the week virtually unchanged from last Friday.

The euro extended losses on Monday, pulling further away from two-month highs, after Moody's cut Ireland's credit rating, highlighting the fragility of Europe's fiscal health.

Europe may be hoping its long-awaited bank stress tests are anti-climactic, judging from the confident comments coming from officials. Jean-Claude Juncker, chairman of the euro zone finance ministers, doesn't expect any big catastrophes when results from the tests of 91 European banks are released on Friday.

LOS ANGELES - The co-founder of E! is launching a celebrity-focused online network complete with several programs in the hope of establishing a new brand in the entertainment programing space.

Bailed-out insurer American International Group Inc named former Prudential plc Chief Executive Mark Tucker as head of its Asia life insurance business, AIA, replacing existing boss Mark Wilson.

Oil prices fell below $76 a barrel on Monday, extending the previous session's decline, on concern about the U.S. economic outlook after data showed consumer sentiment fell to a near one-year low. News that the IMF and European Union has suspended a review of Hungary's funding program at the weekend has also ignited fresh eurozone jitters, as the country will not have access to remaining funds in its $25.1 billion loan package set up in 2008 until the review is concluded.

Gold steadied in Asia on Monday after early selling on low inflation signals gave way to fresh concerns over Hungary's ability to pay its debts prompted safe haven buying. But longer term, the firmness in bullion is not supported by technical analysis, which suggests gold is ready to ease further to lows last seen in late May of $1,175 per ounce.

The euro pulled back from two-month highs on Monday, as investors booked profits on its rally while lingering concerns about Europe's sovereign debt problems looked likely to keep a lid on future gains. High-yielding currencies like the Australian and New Zealand dollars were also under pressure as subdued U.S. data and falling equities .SPX led investors to shun risky trades.

The Dubai Gold & Commodities Exchange today announced that its total volume for 2010 surpassed the one million contracts mark on July 13, 2010 the earliest it has exceeded this milestone in any year since inception.

With open interest in cardamom futures surging, rumors of a ban on the contract also started circulating until Forward Markets Commission clarified that there would be no ban on cardamom futures.

China's exports are expected to grow about 16.3 percent year-on-year in the second half, with full year growth estimated at around 24.5 percent, the China Securities Journal said on Monday, citing the country's State Information Center.

(Corrects time period to H2 in headline)

South Korea's LG Electronics Inc said on Monday it aimed to raise shipments of 3D notebook computers by 30 percent in 2011, as it makes a huge bet on booming sales of 3D products led by televisions.

China's exports are expected to grow about 16.3 percent year-on-year in the second half, with full year growth estimated at around 24.5 percent, the China Securities Journal said on Monday, citing the country's State Information Center.

Australia's Healthscope Ltd on Monday recommended a $1.73 billion takeover offer from private equity firms TPG and Carlyle following a bidding war for the nation's second-largest hospital owner.

China should cut its holdings of U.S. Treasury securities when market demand is strong, a prominent economist said in remarks published on Monday.

Leading media buyer ZenithOptimedia raised its 2010 global advertising growth forecast for the third time following a faster-than-expected recovery in the United States and Western Europe.

The International Monetary Fund wants to boost its lending resources to $1 trillion from $750 billion in order to prevent future financial crises, the Financial Times said on Monday.

The Aussie dollar held onto support around 0.8750 in early offshore trade rallying back above the 88 cent handle on the back of gains in EUR/USD.

The Australian Dollar once again retreated during Friday evening's trade as concerns about the global economic recovery emerged and equity markets headed down in Europe and the US.

American International Group Inc is expected to name former Prudential Plc Chief Executive Mark Tucker as head of AIA, as it prepares the Asian life insurance unit for an initial public offering, a source familiar with the matter said on Sunday.

Motorola Inc is close to selling most of its wireless-network equipment business to Nokia Siemens Networks for $1.2 billion, a source familiar with the matter said on Sunday.

U.S. Vice President Joe Biden said on Sunday it was too soon to judge if a surge of U.S. troops into Afghanistan was winning the war and insisted he bore no ill will toward General Stanley McChrystal.

Belgian financial services group KBC and Franco-Belgian banking group Dexia have passed tests designed to assess their health in the event of a downturn, two Belgian newspapers said over the weekend.

NSW Chief Health Officer Dr. Kerry Chant urged people to get vaccinated against influenza starting today.

Good Guys chain head Andrew Muir has announced the creation of a new foundation that will deploy stationary and mobile kitchens around the country to teach healthy cooking to Australians.

The NSW police have asked the Sydney council to establish 19 more alcohol-free zones to address the increasing number of non-residents getting involved in alcohol-related assaults.

Apple Inc appears to be deliberately distorting the issues surrounding the iPhone 4's antenna design by asserting that Research In Motion's BlackBerry has similar reception problems, RIM said.

Ireland may not have the political will to bring its budget deficit in line with EU rules as planned by 2014 and could need six years more, the chairman of the smaller governing coalition party the Greens said.