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• Wall Street trims losses; Nasdaq positive
• Hopeful signs emerge for struggling U.S. jobs market
• Trio of top central banks leap into action in sign of alarm
• Analysis: Is BlackRock planning for life after Fink?
• "Stagnant" economy takes toll on June retail sales
• Risky bets likely for dragging U.S. banks: regulator
• Ratings agencies cut outlook for Barclays
• Boeing second-quarter commercial plane deliveries rise
• Spain borrowing costs up as Irish return to market
• China surprises with second rate cut in weeks
• ECB cuts rates to new low, no move on bolder measures
• Ailing Britain's central bank turns money taps back on
• German economists say 'no' to euro banking union
• VW sees Porsche buyout clearing path to global leadership
• U.S. mortgage applications dropped last week
• Private sector adds 176,000 jobs in June: ADP
• U.S. planned layoffs at 13-month low in June: report
• Boeing seeks big Farnborough orders under new boss
• Analysis: Russia takes long view to defend Europe gas supply
• Stocks, euro down as clues on Fed awaited
• China's second quarter economic growth seen slipping to three-year low
• Cyprus plays off EU and Russia as it bids for financial aid
• BOJ upgrades view on all regions, signals policy pause
• GM Korea union plans partial strike next week
• Singapore's Temasek seeks investment in Europe, commodities
• China June exports growth seen easing, imports stable
• Hit at home, China's ghost fleet sails high seas
• Virgin Australia orders 23 Boeing 737 Max aircraft
• Weak retail sales, worries about China sink stocks
• Business events scheduled for Friday
• UK Parliament debates structure of bank probe
• France-Brazil crash: Faulty data misled pilot
• ECB cuts key rate to new low to help economy
• Malware may knock thousands off Internet on Monday
• Key ECB steps to combat Europe's debt crisis
• How US states fared on jobless aid applications
• Vatican posts $19 million deficit, worst in years
• Japan powered by nuclear energy again, blamed anew

Wall Street trims losses; Nasdaq positive Posted: 05 Jul 2012 08:05 AM PDT NEW YORK (Reuters) - Stocks trimmed earlier losses by late morning trade on Thursday, with the Nasdaq turning positive. The Dow Jones industrial average was down 36.90 points, or 0.29 percent, at 12,906.92. The Standard & Poor's 500 Index was down 4.74 points, or 0.34 percent, at 1,369.28. The Nasdaq Composite Index was up 1.99 points, or 0.07 percent, at 2,978.07. (Reporting By Angela Moon, editing by Dave Zimmerman)

Hopeful signs emerge for struggling U.S. jobs market Posted: 05 Jul 2012 08:51 AM PDT WASHINGTON (Reuters) - U.S. private employers stepped up hiring in June and the number of Americans filing new claims for jobless benefits last week fell by the most in two months, hopeful signs for the struggling labor market. But dark clouds continue to gather over the U.S. economy, with growth in the vast services sector crawling to its slowest in nearly 2-1/2 years in June and retailers reporting sales below expectations, other data showed on Thursday. ...

Trio of top central banks leap into action in sign of alarm Posted: 05 Jul 2012 08:01 AM PDT BEIJING/FRANKFURT (Reuters) - China, Europe and Britain loosened monetary policy in the space of less than an hour on Thursday, signaling a growing level of alarm about the world economy, although suggestions of coordinated action were played down. Of the three, the surprise move was from Beijing which lowered its lending rate by 31 basis points to 6 percent following an interest rate cut just a month ago which also came out of the blue. The European Central Bank cut rates to a record low 0.75 percent following a dire run of economic data. ...

Analysis: Is BlackRock planning for life after Fink? Posted: 05 Jul 2012 08:06 AM PDT NEW YORK (Reuters) - After two decades of growth by acquisition, BlackRock Inc stands unrivaled in size and breadth among asset management firms. But as Chief Executive Laurence Fink shifts the company's focus from being an acquirer to operating its businesses, some industry executives, analysts and even employees say BlackRock lacks a clear strategy. Fink has said the firm is done with large acquisitions for now, but has offered little on how it will improve its funds' middling performance. ...

"Stagnant" economy takes toll on June retail sales Posted: 05 Jul 2012 06:21 AM PDT (Reuters) - Stubbornly high unemployment and anxiety about the economy in June took a toll on top U.S. retailers' sales last month, raising concerns shoppers are returning to penny-pinching. Costco Wholesale Corp , Macy's Inc , Kohl's Corp and Target Corp were among the chains that reported disappointing June sales at stores open at least a year. "In part, this was a function of a macroeconomic environment that is stagnant at best," Macy's Chief Executive Terry Lundgren said in statement. At the same time, off-price chains TJX Cos Inc , which runs the T.J. ...

Risky bets likely for dragging U.S. banks: regulator Posted: 05 Jul 2012 07:09 AM PDT WASHINGTON (Reuters) - Banks may take on excessive risk to make up for a dragging housing market and low revenues, a U.S. banking regulator said on Thursday. In its first "Semi Annual Risk" report for Spring 2012, the Office of the Comptroller of the Currency (OCC) said the slow economic recovery, low interest rates and bad loans continue to drag down profits, which may encourage banks to boost leverage and lower underwriting standards to increase profitability. ...

Ratings agencies cut outlook for Barclays Posted: 05 Jul 2012 05:59 AM PDT LONDON (Reuters) - Credit rating agencies turned up the heat on Barclays Plc, threatening to lower its credit ratings on concerns over who will run the bank following the departure of Chief Executive Bob Diamond and an uncertain strategy. Barclays is in turmoil following an interest rate-rigging scandal that led to the departures of Diamond and Chief Operating Officer Jerry del Missier on Tuesday and is under pressure from politicians and regulators to change its culture, possibly slimming down its investment banking operations. ...

Boeing second-quarter commercial plane deliveries rise Posted: 05 Jul 2012 08:27 AM PDT (Reuters) - Boeing Co said on Thursday it delivered 150 commercial planes in the second quarter, up from 118 in the same period a year ago, led by an increase for the 737 model. The world's second-largest plane-maker after EADS unit Airbus reported deliveries of 109 narrowbody 737 Next Generation planes, up from 94 delivered in the second quarter of 2011. So far in 2012, Boeing has delivered 208 737s. Boeing also said it delivered 22 777 planes in the second quarter, as well as seven 747 jumbo jets, six 767s and six of the carbon-composite 787. ...

Spain borrowing costs up as Irish return to market Posted: 05 Jul 2012 07:26 AM PDT MADRID/DUBLIN (Reuters) - Spain's 10-year borrowing costs rose on Thursday despite the euro zone's latest plan to help its troubled economies, while Ireland returned to markets for the first time since its bailout and paid less for short-term funds than Madrid. International appetite for debt auctions held by the two countries - both victims of banking crises caused by a property market crash - varied widely, although Dublin's first commercial borrowing in almost two years was much more modest in size than Madrid's. ...

China surprises with second rate cut in weeks Posted: 05 Jul 2012 07:54 AM PDT BEIJING (Reuters) - China's central bank cut interest rates for the second time in a matter of weeks on Thursday, stepping up efforts to bolster an economy that last quarter probably suffered its weakest growth since the global financial crisis. The People's Bank of China (PBoC) also gave banks more leeway to set lending rates in a move analysts said was aimed at stimulating borrowing by creating a more competitive landscape. ...

ECB cuts rates to new low, no move on bolder measures Posted: 05 Jul 2012 08:30 AM PDT FRANKFURT (Reuters) - The European Central Bank cut interest rates to a record low on Thursday to breathe life into a deteriorating euro zone economy but steered clear of more dramatic measures such as buying government bonds or flooding banks with fresh liquidity. The quarter-point cut in the ECB's main refinancing rate to 0.75 percent was in line with market expectations and followed a dire batch of economic data that show even euro zone powerhouse Germany is entering a modest downturn. European shares extended gains on the news and the euro fell. ...

Ailing Britain's central bank turns money taps back on Posted: 05 Jul 2012 07:16 AM PDT LONDON (Reuters) - The Bank of England launched a third round of monetary stimulus on Thursday, saying it would restart its printing presses and buy 50 billion pounds of government bonds with newly created money to help the economy out of recession. The BoE's action, coming just two months after it ended a previous asset buying program, coincided with interest rate cuts in China and the euro zone as the trio of central banks took steps to counter a global economic slowdown. ...

German economists say 'no' to euro banking union Posted: 05 Jul 2012 06:34 AM PDT BERLIN (Reuters) - More than 150 economists led by the head of Germany's influential Ifo think tank urged voters on Thursday to lobby lawmakers to oppose plans for a European banking union that Chancellor Angela Merkel signed up to last week. The Frankfurter Allgemeine Zeitung newspaper released an open letter in which Hans-Werner Sinn and other experts said forcing Europe's biggest economy to extend its liabilities to weaker euro zone states and their banks was not the answer to the region's debt woes. ...

VW sees Porsche buyout clearing path to global leadership Posted: 05 Jul 2012 08:16 AM PDT WOLFSBURG/FRANKFURT, Germany (Reuters) - Volkswagen moved closer to its aim of becoming the world's top car maker by buying up the remaining half of Porsche in a deal that ends a protracted takeover struggle that sparked family feuds and investor lawsuits. The deal will enable VW to escape a tax bill of 1.5 billion euros. It also allows VW to speed up Porsche's integration into a multi-brand empire that aims to sell 10 million vehicles a year to become the world's no. 1 by 2018. ...

U.S. mortgage applications dropped last week Posted: 05 Jul 2012 04:04 AM PDT NEW YORK (Reuters) - Applications for U.S. home mortgages tumbled last week as demand for refinancing slumped for a second week in a row, though new purchase activity edged up, an industry group said on Thursday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 6.7 percent in the week ended June 29. The MBA's seasonally adjusted index of refinancing applications slumped 8.4 percent, after a more than 8 percent drop the previous week. ...

Private sector adds 176,000 jobs in June: ADP Posted: 05 Jul 2012 05:48 AM PDT NEW YORK (Reuters) - U.S. companies added more jobs in June, beating expectations for a decrease in hiring and suggesting the economic recovery has not completely lost traction. The ADP National Employment Report said on Thursday private employers added 176,000 jobs last month, more than the 105,000 economists had forecast. May's figures were revised up slightly to an increase of 136,000 jobs from the previously reported 133,000. The report is jointly developed with Macroeconomic Advisers LLC. "In isolation, this is a healthy surprise that private worker hiring came in higher than expected. ...

U.S. planned layoffs at 13-month low in June: report Posted: 05 Jul 2012 04:34 AM PDT NEW YORK (Reuters) - The number of planned layoffs at U.S. firms fell in June to its lowest level in over a year, suggesting employers were not rapidly downsizing even as the economic recovery slows, a report on Thursday showed. Employers announced 37,551 planned job cuts last month, down 39.3 percent from 61,887 in May, according to the report from consultants Challenger, Gray & Christmas, Inc. Job cuts were also down 9.4 percent from June last year when 41,432 reductions were announced. Layoffs were at their lowest level since May 2011. ...

Boeing seeks big Farnborough orders under new boss Posted: 05 Jul 2012 03:31 AM PDT SEATTLE (Reuters) - Boeing Co heads to the year's biggest air show under a new leader looking to make a hit with its latest single-aisle aircraft and undermine Airbus' leadership of the global $100 billion a year airliner market. The world's No. 2 aircraft maker, which put top salesman Ray Conner in charge of its commercial plane unit only last week, will also be grilled by international customers on how it plans to replace its successful but aging 777 mini-jumbo and increase production across the board. ...

Analysis: Russia takes long view to defend Europe gas supply Posted: 05 Jul 2012 03:53 AM PDT LONDON (Reuters) - In accepting a price cut for its gas supplies to Europe and paying billions to build the South Stream pipeline, Gazprom is paying a high short-term price to protect its long-term position as Europe's dominant gas supplier. Earlier this week, Russia's Gazprom gave in to customer pressure and offered German utility E.ON a price cut on its long-term gas supplies, boding well for Germany's RWE and Poland's PGNiG , who are also seeking to renegotiate. ...

Stocks, euro down as clues on Fed awaited Posted: 05 Jul 2012 08:37 AM PDT NEW YORK (Reuters) - Stocks slipped on Thursday, with investors looking for more clues on what the Federal Reserve might do to shore up the U.S. economy as stimulus measures by global central banks fell flat after initially boosting European equities and commodities. Markets chewed on preliminary U.S. jobs data for June, ahead of the government's report due on Friday. Payroll service provider ADP said U.S. private employers added more jobs than expected last month. ...

China's second quarter economic growth seen slipping to three-year low Posted: 05 Jul 2012 12:49 AM PDT BEIJING (Reuters) - China's economic growth probably slowed further in the second quarter to 7.6 percent, its worse performance since the 2008/09 financial crisis, as investment, factory output and retail sales weakened across the board. But analysts are hopeful the world's second-largest economy would have seen the worst between April and June, and that growth would pick up in the third quarter as Beijing further loosens monetary policy and fast-forwards infrastructure spending. ...

Cyprus plays off EU and Russia as it bids for financial aid Posted: 05 Jul 2012 02:09 AM PDT NICOSIA, Cyprus (Reuters) - Cyprus's president played up his close ties with Russia on Thursday, saying he was hoping to secure more financial support from Moscow as well as from the European Union as he bids to keep the island economy from collapsing. Demetris Christofias, who was educated in Moscow and is the EU's only communist head of state or government, dismissed suggestions that his tight relations with Russia could damage his ties within Europe and said it was perfectly normal for a country to look to all its allies for help. ...

BOJ upgrades view on all regions, signals policy pause Posted: 05 Jul 2012 01:46 AM PDT TOKYO (Reuters) - The Bank of Japan upgraded its assessment for all nine regions of the economy for the first time in nearly three years on Thursday as robust private consumption and spending on rebuilding from last year's earthquake underpinned growth. The move underscored the view that the BOJ will keep monetary settings unchanged next week, barring any fresh bout of volatility in global financial markets. ...

GM Korea union plans partial strike next week Posted: 05 Jul 2012 02:49 AM PDT SEOUL (Reuters) - Workers at General Motors' South Korean factories plan a partial strike for three days next week, with other carmakers likely to follow suit as annual wage talks stall over working conditions. It remains to be seen whether automakers' unions will go on a full strike, but growing labor tension is not good news for investors who are already fretting over the euro zone crisis and slowing growth in China, analysts say. ...

Singapore's Temasek seeks investment in Europe, commodities Posted: 05 Jul 2012 02:26 AM PDT SINGAPORE (Reuters) - Singapore state investor Temasek Holdings , whose portfolio swelled to a record in the last fiscal year, is looking to acquire assets in Europe and plough more money into energy and commodities after doubling its exposure to the sector. Sovereign wealth funds such as China Investment Corp are struggling to deliver decent shareholder returns at a time when the European debt crisis and an anemic U.S. economy are depressing capital markets from Brazil to Hong Kong. ...

China June exports growth seen easing, imports stable Posted: 05 Jul 2012 02:16 AM PDT BEIJING (Reuters) - China's annual export growth probably slowed in June as much of Europe slid into recession and the U.S. recovery faltered, but Chinese imports likely steadied in a positive sign of still-strong domestic consumption, a Reuters poll showed. With major world economies hobbled by Europe's debt crisis, the health of the world's second-largest economy has been closely scrutinized as a buffer to the slowdown in global trade. ...

Hit at home, China's ghost fleet sails high seas Posted: 04 Jul 2012 10:39 PM PDT LONDON/HONG KONG (Reuters) - China's huge fleet of coastal ships, usually confined to plying the Chinese seaboard, has sailed out of the shadows to seek international business in yet another sign that China's economy is slowing. The fleet, previously unnoticed by the global market, is suffering from a slowdown in China's coastal trade amid weaker domestic demand from utilities and steel mills and a growing glut in Chinese coal and iron ore stockpiles. ...

Virgin Australia orders 23 Boeing 737 Max aircraft Posted: 04 Jul 2012 09:40 PM PDT SYDNEY (Reuters) - Virgin Australia Holdings Ltd. said Thursday it has ordered 23 Boeing 737 MAX 8 aircraft in a deal worth US$2.19 billion at list prices. Australia's second-largest airline also said it has deferred delivery of some Boeing 737NG aircraft to beyond 2016 to give it flexibility to develop the right mix of narrow-body and wide-body aircraft. A Virgin spokeswoman declined to provide a number for the delayed aircraft. The airline's statement said that 31 scheduled deliveries of Boeing 737-800 aircraft remained on track for 2013-2016. ...

Weak retail sales, worries about China sink stocks Posted: 05 Jul 2012 08:56 AM PDT Stocks are mostly lower in midday trading on Wall Street on signs that Americans are spending at a slower pace and that China's economy is in worse shape than previously thought.

Business events scheduled for Friday Posted: 05 Jul 2012 08:53 AM PDT Major business events and economic events scheduled for Friday:

UK Parliament debates structure of bank probe Posted: 05 Jul 2012 08:51 AM PDT Legislators in Britain's House of Commons engaged in a noisy and bitter debate Thursday ahead of a vote on how to investigate the banking industry in the wake of an interest rate manipulation scandal at Barclays.

France-Brazil crash: Faulty data misled pilot Posted: 05 Jul 2012 08:48 AM PDT A combination of faulty sensors and mistakes by inadequately trained pilots caused an Air France jet to plunge into the Atlantic Ocean in 2009, killing all 228 people aboard in the airline's deadliest ever crash, French investigators said Thursday.

ECB cuts key rate to new low to help economy Posted: 05 Jul 2012 08:46 AM PDT The European Central Bank cut its key interest rate by a quarter percentage point Thursday to a record low 0.75 percent to try to help ease Europe's financial crisis and boost its sagging economy.

Malware may knock thousands off Internet on Monday Posted: 05 Jul 2012 08:42 AM PDT Despite repeated alerts, tens of thousands of Americans may still lose their Internet service Monday unless they do a quick check of their computers for malware that could have taken over their machines more than a year ago.

Key ECB steps to combat Europe's debt crisis Posted: 05 Jul 2012 08:41 AM PDT Here are some of the key steps the European Central Bank has taken over the past two and half years to try to ease Europe's financial crisis and provide a spark to the weak economy.

How US states fared on jobless aid applications Posted: 05 Jul 2012 08:40 AM PDT The number of people seeking U.S. unemployment benefits fell last week to the lowest level in six weeks, a hopeful sign that hiring has picked up. Weekly applications dropped by 14,000 to a seasonally adjusted 374,000.

Vatican posts $19 million deficit, worst in years Posted: 05 Jul 2012 08:37 AM PDT The Vatican has registered one of its worst budget deficits in years, plunging back into the red with a €15 million ($19 million) deficit in 2011 after a brief respite of profit.

Japan powered by nuclear energy again, blamed anew Posted: 05 Jul 2012 08:35 AM PDT Nuclear power returned to Japan's energy mix for the first time in two months Thursday, hours before a parliamentary panel blamed the government's cozy relations with the industry for the meltdowns that prompted the mass shutdown of the nation's reactors.

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