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Demand for legal synthetic marijuana soars in US

The demand for legal synthetic marijuana known as K2 is on the rise in the U.S. prompting Missouri to ban the use of the drug.

Lawsuit against Apple, AT&T remains class action

A monopoly abuse lawsuit against Apple Inc and AT&T over the iPhone can continue as a class action against the two companies, a U.S. judge ruled.

Gold undermined by stronger dollar, weaker investment

Gold eased in Europe on Monday, falling for the fourth time in the last seven sessions, as improved investor confidence boosted the dollar and sapped investment flows into the precious metals complex. Spot gold was bid at $1,203.85 an ounce at 1440 GMT, against $1,211.85 late in New York on Friday. U.S. gold futures for August delivery eased $5.60 an ounce to $1,204.20.

Euro slides as positioning weighs, stress tests loom

The euro fell against the dollar on Monday, pulling back from a two-month high, with investors betting recent gains were too far, too fast as upcoming results of stress tests on European banks loom. Some in the market said the euro had been knocked by a weekend German magazine report that the stress tests would include loan markdowns on German sovereign debt under certain conditions, countering reports last week that the tests would exempt German haircuts.

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Oil falls below $76 ahead of Q2 earnings, data

U.S. crude oil futures fell below $76 per barrel on Monday, consolidating after a week of gains and ahead of quarterly U.S. company earnings and key macro-economic data. S&P 500 .SPX earnings are expected to have risen more than 25 percent in the second quarter but the outlook for consumer demand is less bright. U.S. retail sales figures on Wednesday are expected to show spending easing in June.

Circor unit files for bankruptcy over asbestos claims

Industrial machinery maker Circor International's subsidiary Leslie Controls Inc filed for Chapter 11 bankruptcy on Monday in a bid to isolate and resolve asbestos-related personal injury claims.

Futures down after strong week, ahead of Alcoa

U.S. stock index futures were down on Monday, following the S&P's best week in a year and as investors awaited the unofficial start of earnings season with Alcoa Inc's results later in the day.

Futures down after strongest 2010 week, await Alcoa

Stock index futures were down on Monday, following the S&P's best week in a year, and as investors awaited the unofficial start of earnings season with Alcoa Inc's results.

Euro falls as bank stress tests, positioning weigh

The euro fell against the dollar on Monday, pulling back from a two-month high as concerns about the results of stress tests on European banks prompted investors to trim long positions in the single currency.

Blackstone to manage BofA's Asia property fund: sources

Blackstone Group will manage a $2-billion-plus Asian real estate fund of Bank of America-Merrill Lynch, in a deal that will close in the third quarter, sources familiar with the situation told Reuters.

Profit surprises seen for companies tied to oil spill

Surprises may be in store this earnings season for U.S. companies tied to BP Plc's oil spill, according to an analysis that emphasizes equity analysts' past accuracy.

Hot Commodities: Uranium to beat Gold in China?

Is uranium turning out to be the hottest commodity-hotter than gold-in China? China has been trying to amass gold reserves to emerge as the largest yellow metal owning country in the world. But China's craze for commodity investment does not just stop by gold alone. Uranium is one commodity that the dragon country is heavily investing in these days.

Japan ruling party defeat spells trouble for BOJ

The policy deadlock in Japan resulting from the ruling party's drubbing in upper house elections raises obvious concerns for Prime Minister Naoto Kan. But the Bank of Japan should be worried too.

Gold retreats as dollar firms and investment wanes

Gold slipped in Europe on Monday, surrendering some of the previous session's more than 1 percent gains, as the dollar firmed and fresh investment flows into the metal dried up and concern over euro zone risk receded.

Euro slides on bank stress test concerns

The euro fell against the dollar on Monday, pulling away from a two-month high as concerns about the effectiveness of stress tests on European banks prompted investors to trim long positions in the single currency.

Global stocks hit 2-week high on earnings optimism

World stocks briefly hit a two-week peak on Monday as expectations rose that U.S. corporate earnings this week would point to a sustainable economic recovery in the world's biggest economy.

Lloyds unit to sell A$598 million auto-loan backed debt

A unit of British group Lloyd's plans to sell A$598 million ($524 million) of debt backed by auto-loans, a joint lead manager said on Monday.

Oil hovers at $76 after China trade data

U.S. crude oil futures hovered at around $76 a barrel on Monday as China's bigger-than-expected trade surplus in June eased worries about a slowdown for the global economic recovery and oil demand.

Yen dips, longs shed on Japan ruling party woes

The yen eased on Monday after election results showed political uncertainty lay ahead for Japan, but the move was likely to be short-lived with attention turning the U.S. earnings season as a gauge of risk appetite.

Gold eases in Asia as stocks climb

Gold prices failed to move upwards in Asian trade Monday after equity markets rose in the region, attracted some investors amid positive reports on global economic recovery.

Stocks up as investors pin hopes on U.S. earnings

Asian stocks rose on Monday as investors counted on the start of the U.S. earnings season this week to show firms were reaping strong profits and that the world's economic recovery was not losing steam.

BP in talks with Apache and others on assets: source

Under-pressure BP Plc is in talks with U.S. oil and gas company Apache Corp and other companies over potential asset sales, a source familiar with the situation said on Sunday, as it weighs how to pay costs related to the Gulf of Mexico oil spill.

Japan's Nikkei rises and brushes aside election loss

Japanese shares rose and the yen largely held its ground in early trade on Monday, with investors seemingly indifferent to a major election loss suffered by Japan's government over the weekend.

Santander keen to expand in Colombia, Peru: report

Banco Santander , Spain's biggest bank, is on the prowl for more acquisitions in Colombia and Peru as it presses ahead with its expansion across Latin America, the Financial Times reported on Monday.

Saudi to supply full crude volumes to Asia in August

Saudi Arabia, the world's top crude exporter, will supply full contracted volumes of crude oil in August to at least two Asian term buyers, steady with July levels, industry sources said on Monday.

Daily Forex Forecast 12/7/2010

The Aussie dollar traded within a 50 point range between 0.8725 and 0.8775 for the majority of Friday's offshore session and opens this morning towards the top end at 0.8770.

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