European officials appeared to be at odds on Thursday over whether to release stress test results earlier than planned and reveal banks' exposure to sovereign debt, in a last-minute struggle over how to regain confidence in the financial sector.
Oil reversed early losses on Thursday to head back toward $77 a barrel as signs of a stronger recovery in Germany soothed investor concerns, but rising U.S. inventories kept prices in check.
The Federal Reserve stands ready to ease monetary policy further if the budding U.S. economic recovery withers, Fed Chairman Ben Bernanke said on Wednesday, describing the outlook as unusually uncertain.
Gold prices fell below $1,190 an ounce in Europe on Thursday as investors awaited the outcome of European bank stress tests at the end of the week, with a majority of institutions expected to pass the tests.
Spot gold was bid at $1,186.05 an ounce at 0833 GMT (4:33 a.m. EDT), against $1,191.80 late in New York on Wednesday. U.S. gold futures for August delivery fell $6.00 to $1,185.80.
A increase in labour disputes between management and workers in China, mostly at foreign-owned factories in the southeast, has raised questions about the country's future as a low-cost manufacturing centre.
Stock index futures pointed to a higher open on Wall Street on Thursday following the previous session's steep losses, with futures for the S&P 500 up 0.31 percent, Dow Jones futures up 0.32 percent and Nasdaq 100 futures up 0.58 percent at 0810 GMT (4:10 a.m. EDT).
The dollar fell toward a seven-month low against the yen but world stocks recovered earlier losses on Thursday after Federal Reserve chairman Ben Bernanke painted a gloomy outlook for the U.S. economy.
The yen neared a 7-1/2-month high and Asian stocks slid on Thursday after comments by the head of the Federal Reserve added to concerns about the U.S. economy, causing investors to dump riskier assets ahead of European bank stress test results.
Oil slid for a second day on Thursday, a day after Fed chief Ben Bernanke rekindled unease across financial markets over the pace of economic recovery, while rising U.S. inventories also kept prices in check.
U.S. mobile phone maker Motorola Inc has sued China's Huawei Technologies Co for alleged theft of trade secrets, highlighting the fast-growing Chinese firm's difficulty in shaking the nation's reputation for piracy.
Japan warned on Thursday it wants to avoid excessive rises in the yen, as the currency hovers near a seven-month high against the dollar on worries about the U.S. economic outlook.
We have been saying that we want to avoid excessive rises in the yen, Deputy Finance Minister Motohisa Ikeda told reporters, when asked about the yen's recent strengthening.
The Obama administration may report somewhat better fiscal news when it delivers its mid-session budget review later this week, but the United States still faces a massive deficit and rising debt.
Higher corporate taxes and Wall Street's quick repayment of a taxpayer bailout could see the projected 2010 U.S. budget deficit fall a bit when the review is released on Friday.
Oil slid for a second day on Thursday, a day after Fed Chairman Ben Bernanke rekindled unease across financial markets about the pace of economic recovery, while rising U.S. inventories also kept prices in check.
The yen neared a 7-1/2-month high and Asian stocks slid on Thursday after comments by the head of the Federal Reserve added to concerns about the U.S. economy, causing investors to dump riskier assets ahead of European bank stress test results.
The dollar slid towards a recent seven-month low versus the yen on Thursday after Federal Reserve Chairman Ben Bernanke expressed concern about the U.S. economy but steered clear of hinting about further easing as some had hoped.
The euro, which lost sharply after his comments sparked outflows from stocks and other risk assets, held steady at lower levels ahead of Europe's bank stress test results on Friday.
Gold slipped more than half a percent on Thursday and could revisit its weakest level in two months as investors sold bullion to cover equities losses ahead of Europe's bank stress test results this week.
Gold has fallen more than 6 percent since hitting a lifetime high around $1,264 an ounce in late June on worries the debt crisis in Europe would spread.
The dollar slid towards a recent seven-month low versus the yen on Thursday after Federal Reserve Chairman Ben Bernanke expressed concern about the U.S. economy but steered clear of hinting about further easing as some had hoped.
Gold prices dropped further in Asian trade Thursday along with stocks as markets await outcome of Europe's bank stress test.
Gold for immediate delivery was seen trading at $1185.71 an ounce at 12.00 noon Singapore time while U.S. gold futures for August delivery was at $1,185.3 an ounce.
The yen neared a 7-1/2-month high and Asian stocks slid on Thursday after comments by the head of the Federal Reserve added to concerns about the U.S. economy, causing investors to dump riskier assets ahead of European bank stress test results.
Asian stocks slipped and the yen rose on Thursday after comments by the head of the U.S. Federal Reserve added to concern about the U.S. economy and left investors uneasy ahead of European bank stress tests.
U.S. Treasury Secretary Timothy Geithner said on Wednesday that Elizabeth Warren has the credentials needed to head the new Bureau of Consumer Protection set up as part of a landmark financial reform overhaul.
Starbucks Corp's 2010 and 2011 earnings forecasts came in at the lower end of Wall Street's lofty expectations with commodity costs expected to rise next year, sending its shares down more than 2 percent.
