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• Wall St led higher by banks and insurers (Reuters)
• Consumer spending rebounds, calms recession fears (Reuters)
• July pending home sales fall 1.3 percent from June: NAR (Reuters)
• Bank of America to sell part of CCB stake (Reuters)
• Irene could lift machinery and engineering shares (Reuters)
• NYSE looks to open Monday, but Irene has final say (Reuters)
• Japan PM: Yen moves somewhat one-sided (Reuters)
• Chinese refiner Sinopec 1H profit up 12 percent (AP)
• EU official: market turmoil threatens recovery (AP)
• Europe snubs IMF call to force-feed bank capital (Reuters)
• Oil rises on stronger consumer spending (AP)

Wall St led higher by banks and insurers (Reuters) Posted: 29 Aug 2011 08:36 AM PDT Reuters - Stocks rallied on Monday as a merger between two big banks in Greece suggested Europe was working through its financial problems, while a rebound in consumer spending calmed fears of a new recession.

Consumer spending rebounds, calms recession fears (Reuters) Posted: 29 Aug 2011 07:30 AM PDT Reuters - U.S. consumer spending rose at its fastest pace in five months in July, backing views the economy was not falling back into recession, although pending sales of previously owned homes fell.

July pending home sales fall 1.3 percent from June: NAR (Reuters) Posted: 29 Aug 2011 07:05 AM PDT Reuters - Pending sales of existing U.S. homes fell in July from June in the latest sign of weakness in the housing industry, data from a real estate trade group showed on Monday.

Bank of America to sell part of CCB stake (Reuters) Posted: 29 Aug 2011 08:01 AM PDT Reuters - Bank of America Corp is selling 13.1 billion shares of China Construction Bank to a group of investors for $8.3 billion of cash, the bank said on Monday.

Irene could lift machinery and engineering shares (Reuters) Posted: 29 Aug 2011 08:33 AM PDT Reuters - Heavy equipment makers and rental companies stand to benefit from reconstruction efforts after Irene damaged roads and other infrastructure, took out power to millions of homes and flooded businesses.

NYSE looks to open Monday, but Irene has final say (Reuters) Posted: 26 Aug 2011 11:34 AM PDT Reuters - The massive American flag draped over the New York Stock Exchange's towering pillars has been removed so that Hurricane Irene doesn't tear it down this weekend.

Japan PM: Yen moves somewhat one-sided (Reuters) Posted: 28 Aug 2011 05:30 PM PDT Reuters - Japanese Prime Minister Naoto Kan said on Monday that yen moves have been somewhat one-sided, repeating the government's warning to markets against pushing up the currency too much.

Chinese refiner Sinopec 1H profit up 12 percent (AP) Posted: 28 Aug 2011 08:28 PM PDT AP - Sinopec, Asia's largest refiner by capacity, said first-half profit rose 12 percent as higher oil, gas and chemicals revenues helped offset a loss in its refining business.

EU official: market turmoil threatens recovery (AP) Posted: 29 Aug 2011 08:22 AM PDT AP - The recent turmoil on financial markets threatens economic recovery in the European Union, the bloc's top economic official said Monday.

Europe snubs IMF call to force-feed bank capital (Reuters) Posted: 29 Aug 2011 07:55 AM PDT Reuters - Europe gave a cool reception to a demand from the International Monetary Fund's new head Christine Lagarde to force its banks to bulk up their capital, saying the continent had done enough already.

Oil rises on stronger consumer spending (AP) Posted: 29 Aug 2011 08:55 AM PDT AP - Oil prices rose Monday after the government said consumers spent more in July, easing concerns about another recession.

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