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Tuesday, July 31, 2012

Business Today: Stock futures edge higher before Fed meeting; data on tap

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07/31/2012
Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between
Stock futures edge higher before Fed meeting; data on tap
NEW YORK (Reuters) - Stock index futures edged higher on Tuesday as the Federal Reserve was set to begin a two-day policy meeting at which the central bank is largely expected to unveil new measures to stimulate the economy.
Inflation-adjusted consumer spending falls in June
WASHINGTON (Reuters) - Spending by American consumers fell in June for the first time in nearly a year when accounting for inflation, suggesting the economy lost momentum as it ended the second quarter.
Employment costs up modestly in second quarter
WASHINGTON (Reuters) - Labor costs rose moderately in the second quarter, according to government data on Tuesday that underscored benign wage inflation against the backdrop of a weak jobs market.
Pfizer beats forecasts, helped by cost cuts
(Reuters) - Pfizer Inc reported higher-than-expected quarterly earnings, helped by cuts in research spending and other costs, and affirmed its 2012 profit forecast despite the negative impact of the stronger dollar.
Monti sees light in euro tunnel, but ECB hopes dim
ROME/FRANKFURT (Reuters) - Italian Prime Minister Mario Monti said on Tuesday that Europe was starting to see light at the end of the tunnel of the euro zone's sovereign debt crisis, belying a welter of deteriorating economic data.
Deutsche Bank to slash 1,900 jobs to save $3.67 billion
FRANKFURT (Reuters) - Deutsche Bank said it will slash 1,900 jobs in an effort to achieve cost savings of about 3 billion euros ($3.67 billion) as part of a broader strategic overhaul unveiled by the bank's new chiefs on Tuesday.
China swings into capital account deficit in second quarter
BEIJING (Reuters) - China's capital and financial account swung into a deficit of $71.4 billion from a surplus of $56.1 billion in the first quarter as domestic firms and residents increased their holdings of foreign currencies amid the global turbulence, the nation's foreign exchange regulator said on Tuesday.
India's April-June fiscal deficit at $34.22 billion: government
NEW DELHI (Reuters) - India's fiscal deficit during the April-June period rose to 1.9 trillion rupees ($34.22 billion), or 37.1 percent of the full fiscal year 2012/13, government data showed on Tuesday.
BP results show strain of Russia, U.S. spill
LONDON (Reuters) - BP Plc cemented its status as problem child among the world's top oil companies on Tuesday with unexpectedly weak quarterly results, slashing $5 billion off the value of its U.S. assets and undershooting forecasts at operating level.
Terumo sues Olympus over lost shareholder value
TOKYO (Reuters) - Japan's Terumo Corp said on Tuesday it had filed a lawsuit against Olympus Corp , seeking damages for lost shareholder value, and escalating a tussle with the endoscope maker over a tie-up proposal.
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