UNITED STATES

Daily Commentary - 31/07/2009

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The Aussie experienced a stunning turnaround in Asia yesterday rallying consistently throughout the day from 0.8140 to enter offshore exchange back above 82 cents. The local housing market continues to prove resilient as building approvals and housing finance data both came in higher than expected.
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Obama more bartender than mediator at beer summit

President Barack Obama played bartender-in-chief on Thursday at a beer summit of the main players in a racially charged case that he hoped would be a positive lesson in a national dialogue on race.
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Contractors wait for U.S. stimulus to create jobs

Conditions in the U.S. construction industry have improved since President Barack Obama signed the economic stimulus plan into law in February, but employment in the battered sector needs more help, an industry trade group said on Thursday.
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World stocks power to 9-1/2 month highs

World stocks rallied to fresh 9-1/2 month peaks on Friday as favorable corporate earnings fueled recovery hopes, while European government bonds also rose as investors grew cautious ahead of key U.S. growth data.
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Stock index futures point to higher open

Stock index futures pointed to a higher open for U.S. shares on Friday as investors awaited U.S. GDP figures and earnings from companies such as Chevron and Allergan.
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Asia stocks hit 11-month high on recovery hopes

Asian stocks pushed higher on Friday and were poised to score double-digit gains in July as investors keep pouring funds on bets the region's growth engine will lead the global economy out of recession.
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Some U.S. bank pay unmoored from performance: Cuomo

Bonuses paid to executives at nine banks that received U.S. government bailout money in 2008 were greater than net income at some of the banks, the office of New York Attorney General Andrew Cuomo said on Thursday.
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More U.S. banks put on probation: report

U.S. federal regulators have raised the number of struggling banks which they have essentially put on probation, forcing them to fix their problems to avoid potential failures, the Wall Street Journal said.
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Oil rises above $67 on renewed econ recovery hopes

Oil extended gains well above $67 a barrel on Friday, after a 5.7 percent jump in the previous session on U.S. data and earnings which renewed hopes of an economic recovery and drove up equity and commodities markets.
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Ford slows down Volvo bidding process: report

Eyeing a better price, U.S. auto maker Ford Motor Co is slowing down the bidding process for its Volvo car unit, the Wall Street Journal said, citing a person close to the company.
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Asia stocks hit 11-mth high as earnings cheered

Asian stocks pushed higher on Friday and were poised to score double-digit gains in July as investors keep pouring funds on bets the region's growth engine will lead the global economy out of recession.
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U.S. auto clunker program reaches limit

The U.S. government's $1 billion cash for clunkers auto sales incentive program reached its funding limit unexpectedly after an avalanche of business exhausted its funds, an Obama administration official said late Thursday.
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U.S. won't suspend auto clunkers program: official

The U.S. government will not suspend its $1 billion cash for clunkers auto sales incentive even though confirmed sales and pending transactions neared the limit of 250,000 vehicles much sooner than expected, an Obama administration official said on Thursday night.
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YRC posts loss, gets debt deal; stock slides

No. 1 U.S. trucking company YRC Worldwide Inc on Thursday reported a large loss due to plunging revenue and hefty charges, and said it was hard to say if the economy has hit bottom, sending its stock down 14 percent.
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Disney profit beats Wall Street, shares slide

Walt Disney Co posted a 26 percent plunge in quarterly earnings on Thursday, underlining the continuing effects of the recession on advertising and consumer spending, but beat Wall Street forecasts by a hair.
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Watch Obama's 'beer summit' (video)

U.S. President Barack Obama, Harvard Professor Henry Louis Gates Jr. and Cambridge Police Sergeant James Crowley sit down for a beer at 6 p.m. Thursday afternoon in the Rose Garden, White House.
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Some U.S. bank pay 'unmoored' from performance: Cuomo

Bonuses paid to executives at nine banks that received U.S. government bailout money in 2008 were greater than net income at some of the banks, the office of New York Attorney General Andrew Cuomo said on Thursday.

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