IBT Staff Reporter

Stocks turned positive after a weak open and added to gains on Wednesday after Midwest business activity grew more than expected.

Shares in BP jumped 8 percent on Wednesday, helped by bid talk and optimism that the worst may be over for the stock as the company comes closer to halting the massive oil leak from its Gulf of Mexico well.

The former head of the American International Group unit that precipitated a $182 billion bailout pledge from taxpayers stood by a 2007 proclamation that the insurer would not lose even a dollar on a portfolio of securities that included subprime mortgages.

Global rice ending stocks for 2009-10 are expected to be 90.4 million tons against the early estimation due to the lower export by the major growers, said International Grain Council. However, the global rice production is projected to decline in 2009-10 owing to poor output in countries such as India, where worst drought impacted the production, IGC noted.

Oil rose by one percent on Wednesday to move back above $76 a barrel, but was still headed for its first quarterly drop since 2008 as stresses in financial markets weighed on expectations about the pace of recovery.

Women who are physically active at any point over the life course (teenage, age 30, age 50, late life) have lower risk of cognitive impairment in late-life compared to those who are inactive, but teenage physical activity appears to be most important. This is the key finding of a study of over nine thousand women published today in the Journal of the American Geriatrics Society.

Goldman Sachs and bailed out insurer American International Group face a rough two days of questioning about the destructive relationship that contributed to the 2008 financial crisis.

Stock index futures rose on Wednesday, rebounding from a steep sell-off, as investors were comforted that financially fragile European banks were less reliant on funding from the European Central Bank.

Banks borrowed less than expected from the European Central Bank in a key funding operation on Wednesday, easing fears about how they would cope with repaying close to half a trillion euros in emergency loans on Thursday.

Banks borrowed less than expected from the European Central Bank in a key funding operation on Wednesday, easing fears about how they would cope with repaying close to half a trillion euros in emergency loans on Thursday.

Stock index futures rose on Wednesday, rebounding from a steep sell-off, as investors were comforted that European banks were less reliant on funding from the European Central Bank.

Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 rose 0.4 to 0.5 percent, pointing to a firmer start on Wall Street on Wednesday, after steep losses in the previous session.

Japan's public pension fund said on Wednesday the rate of return on its investments surged to plus 7.91 percent in the 2009/10 financial year, following a record loss of minus 7.57 percent the year before.

Romania's central bank held interest rates at 6.25 percent on Wednesday, as expected, halting its easing cycle after a government plan to raise value added tax added to uncertainty about the economy.

Google Inc said it will end the automatic redirection of users from its China portal within the next 24 to 48 hours, while Beijing kept silent on whether the move would allow Google to keep its China business.

Gold steadied in Europe on Wednesday, giving up early gains, after relatively low demand at the European Central Bank's latest bank refinancing operations eased some concerns over euro zone bank finances.

Nepal is likely to extend daily quota of gold imports as country's marriage season extended up to second week of July. Nepal's central bank, the Nepal Rastra Bank increased the quota of gold import for the commercial banks listed for gold trading in the local market.

European shares rose 0.6 percent in a choppy morning session on Wednesday after the European Central Bank (ECB) announced results for its latest liquidity operation.

Asian stocks fell on Wednesday and ended the second quarter with their worst performance since the collapse of Lehman Brothers as investors got out of shares and high-yielding currencies on concerns over bank funding in Europe.

The euro rebounded on Wednesday after two days of steep losses, but investors remained worried about the global recovery and concerned the European Central Bank may be pulling back emergency funds too quickly.

The yen kept the euro and the Australian dollar pinned down near lows on Wednesday, after a heavy round of leveraged trade unwinding, and the euro also struggled above a record low on the safe-haven Swiss franc.

Oil edged lower on Wednesday, heading for its first quarterly drop since 2008 as risk aversion over Europe's debt crisis offset the effect of rising demand in the United States and China, the world's top two consumers.

The euro and Australian dollar edged up against the yen but stayed near recent lows on Wednesday, after a heavy round of leveraged trade unwinding, while the euro was also within range of a record low on the safe-haven Swiss franc.

Gold gained on Wednesday after holdings in the world's largest bullion-backed ETF hit another record as investors sought safety from tumbling stock markets.

Asian stocks slid and the euro struggled near a two-week low on Wednesday as investors unwound risky positions before the quarter-end amid heightened concerns over banks' funding conditions in Europe.

Gold prices advanced further in Asian trade Wednesday mainly on weak stocks amid rising concerns over Europe's credit crisis and weak US economy.

Good monsoon, high gold prices and global trends may help silver outperform the yellow metal in India.Indians love to possess silver in their homes and after gold silver is the most sought after metal in Indian households for jewellery. Since gold prices are touching Rs 19,000 per 10 gm, many rural families are now switching to silver.

Melbourne's education sector may become the next victim of CBD's rising rates, according to Herron Todd White.

UBS AG has re-filed a suit against Highland Capital Management LP for $686 million, saying the hedge fund manager provided false financial information to avoid making payments on a transaction, according to court documents.