The major averaged finished the session higher after better than expected weekly jobless claims data raised hope that the unemployment may finally start to come down. However it is worth noting that even though continuing claims fell to a near 20-month low, the sharp fall is likely a reflection of expired benefits. Elsewhere, IMF increased its 2010 GDP projection but warned that risks to the downside for the US economy have increased. The latest retails sales showed modest trading, with many retailers indicating that heavy discounting was necessary to clear the stock.
UKBP (BP: 33.74 0.00 0.00%) - Co. is thought to be considering selling additional assets to raise up to an additional USD 5bln, increasing the amount of asset sales from USD 10bln to USD 15bln, according to sources. In other news, Royal Dutch Shell could be interested in acquiring some assets of co, according to Shell Oil President. Elsewhere, a US appeals court rejected the Obama administration’s request to put on hold a ruling that lifted a temporary moratorium on deepwater oil drilling in the wake of co.’s oil spill. However, the Obama administration is preparing to unveil a revised deepwater oil drilling moratorium after the court’s ruling. (Times/CNBC/RTRS)
Rio Tinto (RTP: 47.28 0.00 0.00%) - Co.’s chief executive said it is doing well despite volatile global markets and is waiting for the final details of a revised mining tax in Australia before going ahead with new mines there. (RTRS)
Companies paying Dividend: Tesco (GBP 0.0916)
USOil Companies - The US government will immediately issue a revised drilling ban if the Appeals Court agrees to block six-month drilling moratorium, says an Interior official. (RTRS)
Google (GOOG: 456.56 0.00 0.00%) - Co.’s chief executive expressed confidence that co. will secure a license to operate a website in China, confounding speculation Beijing may shut down its flagship site there. (RTRS)
Boeing (BA: 64.73 0.00 0.00%) - EU says is disappointed by delay of WTO report on co. aid, says report delayed until mid-September latest. Also says report delay decreases chances for settlement. (Sources) In other news, co. is expected to submit its bid for US Air Force’s air refuelling tanker contract today. (Sources)
EuropeGERMANY
Commerzbank - Co.’s CEO said that co. is growing at a faster pace than expected and fewer of bank’s clients are unable to meet obligations than the bank thought earlier. (Sources)
Infineon - Co. said it is close to selling Wireless Solutions division to Intel, according to sources. (Die Welt)
OTHER GERMAN COMPANIES
Deutsche Postbank - Co. may receive a capital investment from the German government. (Handelsblatt)
FRANCE
GDF Suez - Co. is interested in making acquisitions in Australia, Turkey and Poland. (Milliyet)
EADS - Co. submits bid in US tanker competition, according to a source familiar with matter. (RTRS)
Peugeot Citroen - Co. says H1 2010 worldwide sales were up 16.9%, also reaffirms Europe auto market view. In other news, co. will finalise China Auto joint venture deal with Changan on Friday, according to sources. (Sources/RTRS)
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