UNITED STATES

Global stocks rose on Thursday and the euro strengthened, backed by upbeat corporate results, better-than-expected U.S. housing data, and an improvement in European manufacturing and services activity. Expectations before the release of European banks' stress test results appeared to show an easing of concerns as the region's bank stocks ranked among the best performers.

Dollar funding costs eased for the seventh consecutive day on Thursday and the U.S. commercial paper market grew for a second straight week. For the week ended July 21, the size of the U.S. commercial paper market, a vital source of short-term funding for corporate day-to-day operations, rose by $2.4 billion to $1.100 trillion outstanding from $1.097 trillion the previous week, Federal Reserve data showed on Thursday.

It was a miserable winter day in January 2007, the kind that makes auto executives in the Motor City wonder why they hold the Detroit Auto Show at the most inhospitable time of the year.

The euro rallied more than 1 percent against the dollar on Thursday after U.S. housing data and better-than-expected euro zone manufacturing and services activity revived appetite for risk. The yen surrendered early gains versus the dollar and dropped sharply against other currencies as U.S. stocks gained, helping improve sentiment a day after Federal Reserve chairman Ben Bernanke painted a gloomy outlook for the U.S. economy.

U.S. regional banks including SunTrust Banks Inc , BB&T Corp and PNC Financial Services Group Inc are paying less for deposits, which helped fuel higher profits in the second quarter.

United Parcel Service Inc , the world's largest package delivery company, raised its outlook on Thursday on higher ground and export volume, sending shares up 3.5 percent in premarket trading.

Stocks jumped on Thursday as companies across a wide swath of the economy reported strong earnings and existing home sales fell less sharply than forecast, easing fears of a double-dip recession.

The Bank of Canada cut its growth forecasts for each quarter of 2010, warning global economic uncertainty and cooling domestic consumption will dampen the recovery. Noting that the global economic recovery was proceeding but is not yet self-sustaining, the central bank cut its second-quarter annualized growth forecast to 3 percent from 3.8 percent in estimates released on Thursday.

Hershey Co reported a higher-than-expected quarterly profit on Thursday, as increased advertising helped drive the U.S. chocolate maker's sales even as a joint venture in India struggled.

Futures brokerage MF Global Holdings has lost eight brokers from its nine-man London fuel oil swaps desk, two industry sources said on Thursday.

Cigarette makers Philip Morris International Inc and Reynolds American Inc posted higher-than-expected quarterly profits and raised their 2010 earnings forecast, showing the strength of the tobacco business even in a weak global economy.

Diversified U.S. manufacturer 3M Co reported earnings that beat Wall Street's expectations and raised its forecast for the year, boosted by strong demand in key emerging markets.

Diversified U.S. manufacturer 3M Co reported a 43.2 percent rise in profit, topping analysts' expectations, boosted by strong demand in key emerging markets.

U.S. regional banks reported improved results on Thursday as credit woes began to ease, but they cautioned that loan demand is still soft among their so-called Main Street borrowers.

Caterpillar Inc reported a stronger-than-expected quarterly profit and raised its full-year outlook, citing sales growth in emerging markets, especially from customers in mining and energy.

It was a miserable winter day in January 2007, the kind that makes auto executives in the Motor City wonder why they hold the Detroit Auto Show at the most inhospitable time of the year.

The credit risk profiles of India's diamond and diamond jewellery players will remain stable over the medium term, on the back of steady demand expected in key markets, and improved prices of polished diamond in 2010-11, according to an analysis by CRISIL.

Dollar funding costs eased on Thursday with the three-month interbank rate falling below 0.5 percent for the first time in two months and gains in Euro dollar futures implying further declines in the near term.

Platinum and palladium is set to scale new heights in the coming months. If the forecast of analysts is any indication platinum and palladium could reach around $1,300 and $400 an ounce, respectively, over the next couple of months.

Oil rose on Thursday after better than expected euro zone manufacturing and services data, but rising U.S. oil inventories and fears about the broader U.S. economy, the world's largest, kept prices in check. The euro zone's private sector surged this month, according to a survey released on Thursday, reassuring markets spooked by U.S. Federal Reserve Chairman Ben Bernanke describing the prospects for the United States as unusually uncertain.

General Motors Co said on Thursday it would acquire auto finance company AmeriCredit Corp for $3.5 billion in cash in a deal aimed at easing financing terms for subprime car shoppers.