IBT Staff Reporter

More than 342,000 cars made by Mazda Motor Corp and Bayerische Motoren Werke AG are under investigation by the U.S. auto safety regulator for possible steering defects that could lead to loss of vehicle control.

The Australian dollar rallied on Tuesday after an upbeat assessment of the global economy by the Reserve Bank of Australia spurred traders' appetite for high-yielding currencies, and the rising risk demand also helped boost the euro. Higher risk appetite, combined with a lackluster U.S. service sector report, put the dollar under broad selling pressure amid fears of further slowdown in the U.S. economy.

The non-manufacturing sector grew in June for a sixth straight month but the rate of growth slowed more than expected and hit its lowest since February, according to an industry report released on Tuesday.

As the midsummer All Star game approaches, I am reminded of a story about one of the all-time baseball greats, Babe Ruth.

Alex's objective was to secure a highly coveted pharmaceutical sales rep position. His main concern, and one brought up in previous interviews, was that he lacked the business-to-business (B2B) sales experience required.

Gold erased early gains on Tuesday to tumble to a six-week low as selling precipitated by a sharp rebound in equities pushed the metal through key technical support levels near $1,200 an ounce. Spot gold slipped as low as $1,189.55 an ounce and was bid at $1,192.00 an ounce at 10:09 a.m. EDT (1409 GMT), against $1,206.95 late in New York on Monday. U.S. gold futures for August delivery fell $14.80 an ounce to $1,192.90.

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As the U.S. recovery limps along, some economists and political leaders are warning that states' poor fiscal conditions could threaten any progress.

President Barack Obama on Friday signed a law giving consumers already in the process of buying a home three extra months to close the deal and still get a popular tax credit from the government.

(Corrects manufacturing sector to service sector in paragraph 3)

Agricultural Bank of China priced its Shanghai initial public offering at 2.68 yuan (40 cents) per share, the top of an indicated range, sources said on Tuesday, which combined with its Hong Kong offering and its greenshoe option is set to be the largest IPO ever.

(Corrects 2nd paragraph to service sector from 'national factory' activity)

Agricultural Bank of China Ltd, the country's third-largest lender, raised $10.5 billion when it priced its Hong Kong initial public offering at the middle of its original range, a source with direct said on Tuesday.

Top drugstore chain Walgreen Co reported a better-than-expected rise in June same-store sales after it filled more prescriptions and saw improving demand for non-prescription items.

A 72 billion euro liquidity drain from the European monetary system fuelled expectations of higher interbank borrowing costs to come as bank-to-bank rates scaled 10-month highs on Tuesday. The London Interbank Offered Rate (Libor) in three-month euro funds EUR3MFSR= hit 0.74 percent at the London fixing, its highest level since Sept 9. Euro Libor has been creeping up since hitting a euro lifetime low of 0.57563 percent on April 1.

Stocks rose broadly on Tuesday, following five days of losses, as data showed the economy's services sector grew for a sixth straight month in June and on signs of strength in Europe's banking system.

The dollar fell against the yen on Tuesday after a lower-than-expected reading on growth in the U.S. non-manufacturing sector raised concerns about the outlook for the economy.

As Rupert Murdoch, Bob Iger and other media honchos assemble in Sun Valley this week for some fly-fishing or white water rafting, spirits should be brighter than a year ago: stock prices are up by about a third, after all.

U.S. stocks rose on Tuesday, led by financial and technology shares, even though data showed U.S. non-manufacturing activity grew at a slower rate than expected in June.

Worldwide semiconductor sales rose 4.5 percent in May from April to $24.7 billion, helped by strong sales of personal computers, cell phones, corporate information technology, industrial applications and autos, the Semiconductor Industry Association said.

Nigerian President Goodluck Jonathan said on Tuesday hundreds of posts on his Facebook page had helped persuade him to reverse his suspension of the national soccer team from international competitions.

The Australian dollar rallied on Tuesday after an upbeat assessment of the global economy by the Reserve Bank of Australia spurred appetite for high-yielding currencies, while rising risk demand also helped boost the euro.

U.S. stock index futures pointed to a rise of more than 1 pct at the open on Tuesday on signs of strength in Europe's banking system and ahead of a $22 billion initial stock offering by the Agricultural Bank of China, set to be the biggest-ever IPO.

British oil company BP has approached sovereign wealth funds with a view to securing a strategic investor to fend off takeover bids while it deals with its massive U.S. oil spill, a senior UAE source said on Tuesday.

Depression is commonly reported in people with Alzheimer's disease and its precursor, mild cognitive impairment, with several studies suggesting having a history of major depression may nearly double your risk of developing dementia later in life. However, it has been unclear if depression is a symptom of the disease or a potential cause of the disease.

Gold rose back above $1,210 an ounce in Europe on Tuesday as physical demand for the precious metal recovered after last week's price dip, and as the weaker dollar encouraged some buying. Spot gold was bid at $1,210.15 an ounce at 7:37 a.m. EDT (1137 GMT), against $1,206.95 late in New York on Monday. U.S. gold futures for August delivery firmed $2.30 an ounce to $1,210.00.

U.S. stock index futures rose sharply on Tuesday, tracking gains in global equity markets, as investors looked for bargains after Wall Street closed its worst week in two months.

The busy thumbs of Dutch politicians were silenced on Tuesday after advisors overseeing cabinet formation talks called for a ban on Twitter use during difficult negotiations.

Walgreen Co said sales at drugstores open at least a year rose 2 percent in June, better than the 1.1 percent rise expected by 5 analysts, according to Thomson Reuters data.