IBT Staff Reporter

Diversified U.S. manufacturer Textron Inc posted profit that blew past Wall Street's expectations and sharply raised its 2010 earnings forecast, citing the payoff of an aggressive cost-cutting plan.

Stocks were poised for a higher open on Wednesday as solid earnings from technology giant Apple as well as financials Morgan Stanley and Wells Fargo tempered growth worries.

American International Group Inc is set to elevate Goldman Sachs Group Inc to the top role for handling the initial public offering of its Asian life insurance unit, sources said on Wednesday, a deal that could raise around $15 billion.

BP denied a report its embattled chief executive would leave soon, as it lined up $7 billion in asset sales to help pay for the worst oil spill in U.S. history, lifting its shares on Wednesday.

Morgan Stanley reported higher-than-expected second-quarter profit on Wednesday despite weak industry trends.

(Corrects prior 2010 EPS forecast in paragraph 2 to 30 cents-50 cents from 20 cents-50 cents)

Diversified U.S. manufacturer Textron Inc reversed a year-earlier loss and sharply raised its 2010 earnings forecast, citing the payoff of an aggressive cost-cutting plan.

U.S. stock index futures rose on Wednesday as solid earnings from technology giant Apple along with financials Morgan Stanley and Wells Fargo eased growth concerns.

Gold continued its slide on Wednesday with a fall of 1% to hit a near two-month low as prices broke below a major upward trend, but the metal could rebound on near-term technical support. Weak US housing sentiment and competition from other asset classes such as government bonds, equities and industrial commodities pressured the metal, which is used as an inflation hedge.

Coca-Cola Co reported a higher-than-expected quarterly profit on Wednesday, helped by increased sales volume in most of its markets.

American International Group Inc is set to appoint Deutsche Bank AG, Goldman Sachs Group Inc and Morgan Stanley as joint global coordinators for the planned initial public offering of its Asian life insurance business, AIA, sources with knowledge of the matter told Reuters on Wednesday.

Dutch navigation device maker TomTom reassured investors by keeping its 2010 outlook intact in the face of stiff competition from free navigation on smartphones.

Smartphones could become the next weapon in the United States' battlefield arsenal, as defense companies seek to cash in on the rapidly growing use of sophisticated mobile applications.

More than $12 billion in airplane orders from lessors and Asia-Pacific carriers dominated the third day of the Farnborough Airshow, as manufacturers stood ready to raise their forecasts for the year on the back of strong demand.

The U.S. securities regulator was aware of Wall Street's potentially questionable accounting practice of classifying repurchase agreements as sales instead of borrowings long before the collapse of Lehman Brothers raised the issue, the Wall Street Journal reported on Wednesday.

Lenovo Group, the world's No.4 PC brand, said it will roll out its own tablet PC, becoming the latest technology company to jump on the bandwagon for computers styled after Apple Inc's popular iPad.

Stock index futures pointed to a higher open for Wall Street on Wednesday, boosted by upbeat earnings from technology firm Apple .

Europe's banks have been asked to estimate how much additional capital they would need under two adverse scenarios as part of stress tests aimed at reviving confidence among investors.

Government-controlled British bank Royal Bank of Scotland acknowledged being the mystery buyer of nearly $8 billion in new passenger jets, as an expected flurry of new orders shook up the third day of the Farnborough Airshow.

British lender Royal Bank of Scotland confirmed it had placed an order worth over $7.6 billion at list prices for 52 Airbus A320 family aircraft and 43 Boeing 737 family aircraft.

Oil held steady near $77.50 on Wednesday, as rising stock markets and a forming Atlantic storm countered mixed U.S. inventories and disappointing housing data. U.S. crude for September, the front month-contract after Tuesday's expiry of August, rose 5 cents to $77.63 a barrel at 0653 GMT (2:53 a.m. EDT). ICE Brent gained 3 cents to $76.25.

Bank of Japan Deputy Governor Hirohide Yamaguchi said on Wednesday the central bank has not guided monetary policy with a specific currency rate level in mind, and will not do so.

Oil held steady near $77.50 on Wednesday, as rising stock markets and a forming Atlantic storm countered mixed U.S. inventories and disappointing housing data. U.S. crude for September, the front month-contract after Tuesday's expiry of August, shed 10 cents to $77.48 a barrel at 12:06 a.m. ET. ICE Brent fell 14 cents to $76.08.

Japan's Nikkei average inched down 0.2 percent on Wednesday, weighed down by worries about a stronger yen and doubts over the U.S. economic recovery as the market awaited events later this week, including the results of European bank stress tests.

Gold edged down on Wednesday as investors shifted some of their money into firming equities, while a drop in ETF holdings could prompt more selling as bullion struggles to hold above $1,190 an ounce. Although purchases from jewelers offered some support, trading was thin ahead of euro zone bank stress test results this week, which some analysts say could soothe concerns about how European banks would cope with deterioration in the region's economy and financial markets.

The euro inched up against the dollar on Wednesday, after being knocked from a 10-week high above $1.3000 the previous day due to profit-taking ahead of euro zone bank stress test results this week. Traders were also looking to Federal Reserve Chairman Ben Bernanke's semi-annual testimony before Congress on Wednesday and Thursday, with investors listening for any comments that could boost speculation about more monetary accommodation.

The euro inched up against the dollar on Wednesday, after being knocked from a 10-week high above $1.3000 the previous day due to profit-taking ahead of euro zone bank stress test results this week. Traders were also looking to Federal Reserve Chairman Ben Bernanke's semi-annual testimony before Congress on Wednesday and Thursday, with investors listening for any comments that could boost speculation about more monetary accommodation.

Gold prices eased in thin Asian trade Wednesday mainly on rising stocks despite the euro edged up against the dollar. Gold for immediately delivery was seen trading at $ 1190.64 an ounce at 11.30 a.m Singapore time while U.S. gold futures for August delivery was at $1,191.4 an ounce on the Comex division of the New York Mercantile Exchange

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