MARKETS / FINANCE

The Obama administration is resisting calls to get involved with ensuring that credit ratings are reliable and said on Wednesday this would force investors to rely even more on the ratings.

Goldman Sachs Group Inc. said on Wednesday the government has queried its compensation practices and the use of credit derivatives. Goldman in July reported robust net earnings of $3.4 billion for the second quarter, soon after repaying a $10 billion bailout received from the U.S. Treasury's Troubled Asset Relief Program.

Demand for U.S. home loans rose last week as a decline in 30-year fixed mortgage rates to a three-week low boosted applications for refinancing, the Mortgage Bankers Association said on Wednesday.

U.S. stocks fell on Wednesday after data showed the economy's service sector contracted in July at a faster pace than June, heightening concerns about the strength of the recovery.

Oil fell toward $70 a barrel on Wednesday after U.S. government inventory data showed a build in crude stocks and weak economic data raised doubts about oil demand recovery in the world's largest energy consumer.

The U.S. service sector contracted in July at a faster pace than in June, adding to worries that any economic recovery may still be a long way off, according to a report released on Wednesday.

U.S. private employers shed 371,000 jobs in July, compared with a revised 463,000 drop in June, a report by a private employment service said on Wednesday.

This week has had economic reports on housing and personal income, but the main focus of the week will be employment.

The number of U.S. jobs lost in the private sector fell in July but firms increased planned layoffs, data on Wednesday showed, suggesting the labor market remained troubled even as the pace of job losses slowed.

Marsh & McLennan Cos Inc , the No. 2 global insurance broker, reported a second-quarter net loss on Wednesday, hurt by a writedown of the value of its security consulting business.

U.S. stocks were set to open flat on Wednesday as data showing higher-than-expected private-sector job losses in July sparked caution about the strength of the economic recovery.

Demand for U.S. home loans rose last week as a decline in 30-year fixed mortgage rates to a three-week low boosted applications for refinancing, the Mortgage Bankers Association said on Wednesday.

Demand for U.S. home loans rose last week as a decline in 30-year fixed mortgage rates to a three-week low boosted applications for refinancing, the Mortgage Bankers Association said on Wednesday.

China will stick to its loose fiscal policy for at least three years despite a growing budget deficit, a government economist said in comments published on Wednesday.

U.S. stock index futures slipped further on Wednesday as investors turned cautious after data showed private-sector jobs losses were higher than expected in July, sparking concern about the strength of the economic recovery.

Planned layoffs at U.S. firms increased in July for the first time in six months, signaling more uneasy times for workers and a continued drag on consumer spending and the broader economy.

U.S. private employers axed more jobs in July but at the slowest pace since October, offering a glimmer of hope the labor market is stabilizing.

U.S. private employers shed 371,000 jobs in July, compared with a revised 463,000 drop in June, a report by a private employment service said on Wednesday.

Oil rose toward $72 a barrel on Wednesday, ahead of key inventory data expected to show a fall in U.S. crude stocks and supported by higher European equities and a weaker U.S. dollar.

Demand for U.S. home loans rose last week as a decline in 30-year fixed mortgage rates to a three-week low boosted applications for refinancing, the Mortgage Bankers Association said on Wednesday.

U.S. stock futures were little changed on Wednesday ahead of key reports on the labor market, factory orders and the vast services sector and after a disappointing outlook from Procter & Gamble Co.

U.S. stock futures were little changed on Wednesday before key reports on the labor market, factory orders and the vast services sector.

Citigroup plans to sell 20 businesses in consumer finance area, many of them located in Europe, its CEO Vikram Pandit said in an interview with Singapore's Business Times.

A closely-watched gauge of U.S. factory activity likely rose in July but stayed below the level showing expansion, suggesting the economy might start to emerge from recession in the second half of the year.

Oil eased below $71 a barrel on Wednesday after inventory data showed a rise in United States fuel stocks, adding to doubts about demand from the world's biggest energy consumer.

Britain's Lloyds Banking Group sank to a 4 billion pounds ($6.8 billion) loss in the first half, battered by a surge in bad debts from its HBOS business, but the bank told investors it was through the worst.

Wall Street was expected to open lower on Wednesday, slipping back from a nine-month high, as investors awaited further pointers to a potential economic recovery, and more second-quarter earnings.

Unexpectedly modest bad debt provisions and an investment banking recovery cushioned Societe Generale against steep falls in second quarter profits and the French bank said there were signs of stabler market conditions ahead.

The U.S. service sector is forecast to show contraction last month, but less than it shrank in June, according to a Reuters' poll of economists.