General News:
– Federal Reserve Chairman Ben S. Bernanke said policy makers need more data to assure them that inflation is slowing before they can be confident that risks of faster price increases have subsided.
– US Leading Indicator’s Index, a measure of the economy’s future direction, fell more than forecast in June, pulled down by a slump in building permits that signals housing will remain the biggest drag on growth.
– First-time claims for jobless benefits unexpectedly fell last week to the lowest in two months, a sign that the U.S. labor market remains resilient.
Asia/Europe:
Asia:
– China’s economy grew at the fastest pace in 12 years in the second quarter and inflation surged, prompting speculation the government will raise interest rates and push the currency higher to cool growth.
– Asian stocks rose for the first time in four days, led by BHP Billiton Ltd. and Zijin Mining Group Co., after copper, gold and oil prices gained.
– Ranbaxy Laboratories Ltd., India’s second-biggest drugmaker, said profit almost tripled in the second quarter after buying companies in Europe and South Africa.
Europe:
– European stocks rose for the first time in three days after profit from SAP AG and Roche Holding AG beat analysts’ estimates.
– Barclays Plc, competing to buy ABN Amro Holding NV in the world’s biggest banking takeover, may sweeten its 64.7 billion-euro ($89.3 billion) all-stock bid by adding cash.
– SAP AG, the world’s largest maker of business-management software, said second-quarter profit rose 8.2 percent, spurred by a jump in license sales in Europe. The stock surged the most in 18 months.
– Shares of Nestle SA, the world’s largest food producer, advanced after the Wall Street Journal reported that the company discussed a merger with PepsiCo Inc., prompting speculation of more deals among snack and drink makers.
Corporate News:
– Congress plans to scrutinize Google Inc.’s proposed $3.1 billion acquisition of DoubleClick Inc. to gauge the potential impacts on consumer privacy and competition in the online advertising business.
– Bank of America Corp. (BOA) said its second-quarter earnings rose 5 percent, as growth in capital markets activity and consumer fees offset an increase in credit losses.
– Hershey (HSY), the nation’s largest candymaker, reported its profit tumbled 96% in the second quarter as it spent heavily to begin transforming its production lines and revive flat sales.
– Cell-phone maker Motorola Inc. (MOT) posted a $28 million second-quarter loss as continuing weak sales resulted in its first back-to-back losses in five years.
– Ford Motor Co. (F) has received several bids for its Jaguar and Land Rover units, but a spokesman said they were preliminary and no sale of either British automaking business was imminent.
– Dow Jones & Co. (DJ), which is considering a bid to be bought by Rupert Murdoch’s News Corp., reported lower second-quarter profits due to an accounting charge, but revenues and operating income rose.
– Continental Airlines (CAL) said profits rose 15% in the second quarter as the carrier realized gains from trans-Atlantic business.
