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Mid-Day Minute - July 14

Goldman reports soaring 2Q profits, Treasury Sec. says economy improving quicker than expected, J&J beats expectations

U.S. Justice Dept investigates CDS pricing

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The U.S. Justice Department is investigating whether the banks that own Markit, a leading information supplier in the credit default swaps market, have unfair access to price information, Bloomberg reported, citing three people familiar with the matter.

Midday minute July 14 – Finance

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Jailed author of the biggest Ponzi scheme in U.S. history is on his the move again. He is currently being transferred from a medium security prison in Atlanta to an undisclosed location, according to the Federal Bureau of Prisons, CNN reported. Madoff arrived at the Atlanta prison on Tuesday after he was moved from his New York jail cell.
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China regulators face off on GM Hummer deal

As a decision looms over GM's controversial plan to sell its Hummer unit to a little-known Chinese firm, the two Chinese regulators in charge of approving the deal seem to be on opposite sides of the road.
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Goldman profit soars past estimates

Goldman Sachs Group Inc reported a 33 percent rise in quarterly earnings Tuesday on strong trading results, continuing an extraordinary rebound from the near meltdown of the U.S. financial sector last fall.
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Wall Street opens flat after Monday's run-up

Stocks opened little changed on Tuesday as investors paused following a strong run-up in the previous session and after government data pointed to a slower than expected recovery in consumer spending in June.
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Rattner leaves autos force, probe intensifies

Steven Rattner will leave as head of the U.S. autos task force, which oversaw bankruptcies at General Motors Corp and Chrysler Group, at a time when a probe into how the private equity firm he co-founded gained New York pension business has intensified.
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Wall Street set for flat open on spending unease

Stocks headed for a flat open on Tuesday as government data pointing to a slower than expected recovery in consumer spending fueled caution even after strong quarterly earnings from Goldman Sachs Group
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Stock futures rise before Goldman results, retail sales

Stock index futures rose on Tuesday as investors bet that quarterly earnings from Goldman Sachs Group would kick off a strong reporting season for financial companies, offsetting caution over the looming release of June retail sales.
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Asian stocks benefit from better mood on banks

Asian stocks bounced on Tuesday as a rally in U.S. financial shares helped Japan break a long losing streak, while also reversing some of the recent safe-haven rush into the yen and sovereign bonds.
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Asian shares find relief in Wall St rally

Asian stocks bounced on Tuesday as a rally in U.S. financial shares helped Japan break a 10-session losing streak, while also reversing a little of the recent safe-haven rush into the yen.
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U.S. trial delay seen bringing UBS tax deal nearer

A federal court judge in Miami approved a delay in a high-profile trial on Monday in which U.S. tax authorities hoped to force UBS AG to reveal the identities of thousands of Americans suspected of using the Swiss bank to evade taxes.
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Wall St flies with banks after analyst's comments

U.S. stocks rallied more than 2 percent on Monday as bullish comments on financial sector performance from analyst Meredith Whitney lifted hopes that banks' quarterly results may be stronger than expected.
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Wall St jumps with banks after analyst's comments

U.S. stocks rallied more than 2 percent on Monday as bullish comments on financial sector performance from analyst Meredith Whitney lifted hopes that banks' quarterly results may be stronger than expected.
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Banks in spotlight as earnings get rolling

Banks will hog the spotlight in the first big week for this quarter's earnings period as investors attempt to discern whether the surprising improvement in earnings in the first quarter continued through the second quarter of the year.
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Blackstone India warrant deal blocked by regulator

Blackstone will not raise its stake in India's Nagarjuna Construction Co through warrants after the plan failed to get regulatory approval, the second time the private equity firm has hit a regulatory hurdle in the country.
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Midday minute July 13 – Finance

The U.S. government and the largest Swiss Bank, UBS, are in talks to settle a lawsuit whereby the U.S. government is seeking the names of American account holders suspected of offshore tax evasion. The court hearing for this case is scheduled For August 3.

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