IBT Staff Reporter

Pending sales of previously owned U.S. homes rose slightly in May, the fourth straight monthly gain, a real estate trade group said on Wednesday.

U.S. mortgage applications plunged to a seven-month low last week as demand for home refinancing loans tumbled 30 percent, data from an industry group showed on Wednesday.

U.S. private sector job cuts fell in June to their lowest in eight months, but they still came in more than expected and the economy may be on track to lose another one million workers by year-end.

General Mills on Wednesday reported net earnings after tax grew 93 percent to $358.8 million, while net sales grew 5 percent to $3.6 billion.

Stocks index futures pointed to a higher open on Wall Street on Wednesday as oil and commodity prices regained ground, potentially benefiting shares of natural resource companies.

Tesla Motors Chief Executive Elon Musk said on Tuesday that he will remain in the company's top job at least through the 2011 launch of its second model, an electric sedan known as the Model S.

Exxon Mobil (XOM.N: Quote, Profile, Research, Stock Buzz) has sold a 20 percent stake in two offshore exploration blocks in Indonesia to Malaysia's state oil firm Petronas [PETR.UL], an official at the country's energy watchdog said on Wednesday.

UBS can still settle a damaging U.S. tax case even though Washington is pushing ahead with a lawsuit to force the Swiss bank giant to identify offshore clients, the Swiss Finance Minister said.

Investors will be watching the release of U.S. automakers' June auto sales for insight into the resilience of consumers. Economists in a Reuters survey expect annualized sales of 3.33 million cars and 4.00 million trucks. In May, car sales stood at 3.35 million, and truck sales were 4.03 million.

The new chief executive of Royal Dutch Shell Plc faces the tallest order in European business -- to make his company the continent's top earner this year, next year, and well into the next decade.

A little-known Swedish software firm has snapped up file-sharing website The Pirate Bay with the hope of turning the source of legal controversy into a money-spinner that appeals to both users and content providers.

U.S. private employers cut 473,000 jobs in June, more than expected but down from the 485,000 jobs lost in May, a report by a private employment service said on Wednesday.

Oil rose above $71 a barrel on Wednesday following a large drop in crude inventories in the United States, the world's top energy consumer, and output disruptions from militant attacks in Nigeria.

Constellation Brands Inc reported a better-than-expected quarterly profit on Wednesday as it sold off some alcohol brands and cut costs.

Food maker General Mills Inc reported a jump in net profit, driven by strong sales of its cereals and dough products.

Stock index futures moved higher on Wednesday as commodity prices rose and investors looked ahead to a private sector employment report expected to show an easing of job losses ahead of the government's June payroll data.

Biogen Idec Inc has licensed rights to Acorda Therapeutics Inc's experimental multiple sclerosis drug outside the United States as the large biotech company expands its MS franchise, the companies said on Wednesday.

Holding company RHJ International posted a sharply wider full-year loss and a 43 percent fall in the value of its portfolio, sparking fresh doubts about its bid for General Motors' Opel unit.

Japan's Shinsei Bank plans to buy rival Aozora Bank in a deal that brings together two loss-making lenders in hopes of building a stronger bank that can return to growth in both retail and corporate banking.

Stock index futures pointed to a higher open on Wednesday ahead of a private sector employment report that may give investors a peek into June payroll data, while oil rebounded from its earlier losses.

The world's second-biggest brewer SABMiller is to sell 10 percent of its South African unit to black investors in a deal worth $750 million to meet the country's affirmative action rules.

Microsoft Corp's new Bing search engine gained U.S. market share in its first month in operation but still trails dominant rival Google Inc, according to data released on Wednesday.

All Nippon Airways Co said it plans to issue shares to raise up to $1.9 billion to shore up its battered finances and buy five more of Boeing Co's long-delayed Dreamliners.

Chinese regulators have given Sichuan Expressway Co final approval to float shares in Shanghai in the mainland's first major IPO since last September, which will raise at least 1.4 billion yuan ($205 million).

Citigroup agreed to sell its Japanese trust bank to a unit of Nomura Holdings for 19 billion yen ($196 million), as it looks to raise cash by exiting businesses in the world's second-largest economy.

California's lawmakers failed to agree on a balanced budget by the start of its new fiscal year on Wednesday morning, clearing the way to suspend payments owed to the state's vendors and local agencies, who instead will get IOU notes promising payment.

Oil rose above $71 a barrel on Wednesday following a large drop in crude inventories in the United States, the world's top energy consumer, and output disruptions from militant attacks in Nigeria.

Daily outlook for July 1 - finance

Ford Motor Corp. will announce results for its sales in June on Wednesday, with the company's chief U.S. sales analyst saying the industry as a whole is improving and the annualized sales rate could hit 10 million in June sales this year.