IBT Staff Reporter

The U.S. dollar pared losses against the yen on Tuesday after the Nikkei business daily reported the Bank of Japan is considering additional steps to loosen monetary policy.

Units Sold (in mlns) July June June Prev May July09 Total Existing Homes 3.83 5.26 5.37 5.66 5.14

The cost of insuring the debt of U.S. homebuilders rose on Tuesday after sales of previously owned homes dropped more steeply than expected in July to their lowers pace in 15 years.

Sales of previously owned U.S. homes took a record drop in July to their lowest pace in 15 years, suggesting further loss of momentum in the economic recovery.

U.S. auto safety regulators have stepped up an investigation into the risk that up to 1.2 million Toyota Motor Corp Corolla and Matrix vehicles could stall due to defective electronic engine control units.

President Barack Obama's administration asked U.S. doctors Monday to get on board with health reform legislation passed in March, saying those who embrace change will prosper.

Scientists have found that vitamin D influences more than 200 genes, including ones related to cancer and autoimmune diseases like multiple sclerosis -- a discovery that shows how serious vitamin D deficiency can be.

The dollar extended declines versus the Japanese yen on Tuesday after a report showed sales of previously owned U.S. homes dropped more steeply than expected in July.

Chile's peso is in line with longer-term fundamentals in real terms but the central bank can intervene in exceptional circumstances and does not rule out using the tools at its disposal, Central Bank President Jose De Gregorio said on Tuesday.

Oil prices fell below $72 a barrel on Tuesday, down for a fifth day after weak U.S. economic data spread gloom about the ability of top consumer the United States to work through record stocks.

Reflecting their growing social and economic prominence in the U.S., Asian-Americans are disproportionately represented at the most elite universities in the land, relative to their numbers in the total population.

The yen rose to a 15-year high against the dollar and a nine-year peak versus the euro on Tuesday amid fears the global economy is slowing, testing Japanese authorities' resolve to stem the currency's climb.

The U.S. Food and Drug Administration is ordering Johnson & Johnson's DePuy Orthopedics unit to halt sales of its Corail Hip System because the company is marketing it for an unapproved use, according to a warning letter made public on Tuesday.

Doctors are ordering too many unnecessary imaging tests, raising the cost of healthcare and exposing patients to excess amounts of radiation, imaging experts said on Tuesday.

World's largest cooking oil consumer China said the country needs to step up agricultural innovation, including development of its own GM varieties, in response to climate change and to reduce reliance on foreign technologies.

Worst floods in Pakistan's recent history hit hard on the world's fourth largest cotton producer as it is likely to lost more than 15% of 2010-11 cotton harvest. According to International Cotton Advisory Committee (ICAC), cotton output in Pakistan now looked likely to come in at 1.9m tones, some 300,000 tones less than originally expected.

Riddhi Siddhi Bullions, India's one of the largest importers of gold, said on Tuesday it will sell five tons of gold coin in the country during the forth coming festival season, reported PTI.

Global rice prices are expected to rise by 6% to 7% this month or early next as foreign demand increases amid lower supply due to climate change. According to Thai Rice Exporters Association, foreign purchase orders have already resumed, and a flood of orders is anticipated next month to serve the many year-end festivals.

The hot news now is the BHP Billiton's unsolicited offer to buy Canadian fertiliser company, PotashCorp for $40 bn and PotashCorp taking alternative measures to block the bid. It is not yet clear why fertiliser companies have suddenly become hot favourites for acquisitions and mergers.

World wheat prices continued to climb as drought stricken Russia reported a further decline in yields from its grain harvest while import orders are on the rise. Russia's agriculture ministry said the country had harvested 40.3m tonnes of grain by bunker weight as of August 19, 38% less than a year ago. Bunker weight is typically about 7-8% higher than the clean weight used.

It is the time for mergers and acquisitions in the mining sector. After the recent copper miner Vedanta's takeover of Cairn India, now two gold mining majors in Australia announced their merger on Tuesday. According media reports, Australian gold miner Newcrest bought rival Lihir Gold with the deal creating the fourth largest group in the sector.

The euro hit a nine-year low against the yen on Tuesday as the loss of key technical support led speculators to short the currency in the hope of forcing stop-loss sales against both the yen and the dollar.

Global oil prices dropped below $73 a barrel in Asian trade Tuesday mainly after the dollar gained strength amid weak economic trends. Light sweet crude for October delivery was seen trading at $72.75 a barrel at 11.30 a.m Singapore time while Brent crude for October was at $73.28 a barrel in London.

Gold prices continued its southern journey in Asian trade Tuesday mainly on a strong dollar and weak equities that prompted investor's to sell the yellow metal. Gold for immediate delivery was seen trading at $1220.54 an ounce at 12.00 noon Singapore time while U.S. gold futures for December delivery was at $1,222.4 an ounce on the comex division of Nymex.

This morning the AUD is fairly unchanged from the levels traded yesterday, currently trading around USD0.8900.

Yesterday's knee jerk reaction to a hung parliament saw the Aussie initially tumble almost a cent from Friday's close to exchange around 0.8850 in early Monday morning trade

Chrysler CEO Sergio Marchionne said on Monday it will be difficult for the automaker to turn a net profit for the full year 2010.

Amid the United States housing market's faltering recovery, investors are bracing for more bad news from Toll Brothers Inc and for housing in general when the biggest luxury builder reports quarterly earnings on Wednesday.

A mortgage servicing company's claims that would push responsibility for faulty mortgage loans onto Wall Street titan Morgan Stanley were dismissed by a Delaware court, according to a court filing.