UNITED STATES

Several U.S. government agencies are preparing a criminal probe of at least three companies involved in the massive oil spill in the Gulf of Mexico, though it could take more than a year before any charges are filed, the Washington Post reported on Wednesday.

Comcast Corp reported a better-than-expected 6 percent rise in quarterly revenue, but the cable giant's profit was undercut by fees it paid to bankers and lawyers involved in its acquisition of NBC Universal.

S&P 500 index futures turned negative on Wednesday after an unexpected month-over-month decline in June durable goods orders.

Melrose Jewelers: Melrose Jewelers, USA's leading Online Rolex Watch Retailer, has announced that it has become the #1 Online Rolex Retailer in Italy including Rome (Roma), Milan (Milano), Naples (Napoli), Turin, Palermo, Genoa (Genova), Bologna, and Florence. In Q1 and Q2 2010 Melrose Jewelers' revenue from Italy jumped over 65% over the same period last year.

With gold prices declining this week substantially following global cues, the future of gold is safe if the World Gold Council report is anything to go by. According to WGC, though gold topped $1,250 per troy ounce this quarter and reached record highs in dollar terms, the metal has still some steam left before it pauses.

Oil slipped toward $77 per barrel on Wednesday after an industry report of an unexpected rise in U.S. crude stocks and a fall in U.S. consumer confidence fueled doubts about the pace of recovery in energy demand.

With BP poised to move on from the Gulf oil spill with a new chief executive, the beleaguered London-based company might look attractive to Middle East sovereign wealth funds after all. It would be a parting legacy from outgoing CEO Tony Hayward if his efforts earlier this month to court the funds in Abu Dhabi and other oil-producing countries were to bear fruit.

Comcast Corp. , the No. 1 U.S. cable operator, reported a nearly 9 percent decline in quarterly profit as it absorbed expenses related to its highly anticipated acquisition of NBC Universal.

Gold rose above $1,160 an ounce in Europe on Wednesday as price-sensitive buyers were tempted back to the market by the previous day's dip to three-month lows, with strong demand reported from major consumer India.

The euro struck a two-month high against the yen and stayed within reach of an 11-week high against the dollar on Wednesday, underpinned by robust European bank earnings and solid economic data. But analysts said the durability of any recovery in Europe was questionable.

World stocks rose for the fifth day running on Wednesday as solid corporate earnings combined with easing fears about financial stability to boost investors appetite for riskier assets.

Asian stocks hit a 12-week high on Wednesday and the euro inched ahead as investors took comfort from solid U.S. and European company earnings, while the Australian dollar eased after a sharp slowdown in inflation.

The International Monetary Fund has chosen not to call the yuan substantially undervalued, a move that recognizes China's efforts to free up its exchange rate and avoids friction with an increasingly influential shareholder.

World Gold Council said jewellery purchases in world's largest gold consumer, India rocketed by 291 per cent to 147.5 tonnes in the first quarter. In its report named Gold Investment Digest, the WGC also said India's total consumer demand surged 698 per cent to 193.5 tonnes.

Oil fell for a second day on Wednesday toward $77 after an unexpected increase in U.S. crude stockpiles and a drop in U.S. consumer confidence fueled doubts about recovery in energy demand. U.S. crude for September fell as much as 0.8 percent to $76.88 a barrel, trading down 17 cents at $77.33 at 1:26 a.m. ET. ICE Brent slipped 3 cents to $76.10 as a recent rally in Asian stock markets lost steam.

Gold steadied on Wednesday after falling 2 percent to a near three-month low the day before, when a bigger-than-expected drop in U.S. consumer confidence and an option expiry prompted heavy selling. The position adjustment related to expiring COMEX August gold options pushed prices close to a key technical support, where the market was likely to hover before finding fresh clues for direction, traders said.

The euro hovered below a key level against the dollar on Wednesday, dented by profit-taking after it hit an 11-week high, while the Australian dollar fell as inflation data pared the chances of an interest rate rise next week.

Bank of Japan policy board member Hidetoshi Kamezaki said Japan's economic recovery lacks strength as export growth will likely moderate and government stimulus steps are set to expire.

The euro slipped below a key level against the dollar on Wednesday, dented by profit-taking after it hit an 11-week high, while the Australian dollar fell as inflation data pared the chances of an interest rate rise next week.

Gold prices recovered in Asian trade Wednesday after an overnight plunge of nearly two percent mainly on global stocks rally. Gold for immediate delivery was seen trading at $ 1163.51 an ounce at 12.00 noon Singapore time after hitting a near three-month low on Tuesday.

The euro slipped from 11-week highs and Asian stocks marked time on Wednesday as a recent rally lost steam after a drop in U.S. consumer confidence, while the Australian dollar fell on a sharp slowdown in inflation.