Daily Highlights: 7.6.10

• African Development Bank calls continent's economic recovery 'spectacular'.
• Asian stocks rebound from one-month low on valuations; Treasuries advance.
• Aussie erases declines as RBA sees local economy growing, holds key rate.
• China says foreign reserves stable despite crisis, expresses confidence in future profits.
• China steel group accuses US lawmakers of protectionism.
• Investors fear rising risk of US regional defaults; cite difficulties in curbing pension and budget deficits.
• Just six of the world's stock markets are above their 2007 highs.
• Oil rises to near $73 in Asia as investors eye stocks, euro gains.
• Swiss banks seen hit by sharp drop in Q2 investment banking.
• World markets up as investors anticipate Wall Street gains, but outlook remains clouded.
• Apple studies user downloads to hone mobile ads, take on Google.
• Aspen said to reduce $589M takeover offer for Sigma after review.
• Boral Ltd writes down US assets, announces capital raising of $408M.
• BP said to consider selling Colombia, Venezuela fields to pay spill costs; rules out issue of new shares.
• BP's standby loan rises to $9B on possible claims due to the oil spill.
• Carrefour reported to seek buyers for Southeast Asia units, may get $1B.
• Daimler: Vehicle sales in June could mark new record.
• Exxon, Petrobras may have to shut Japan units on new refining regulation.
• General Motors predicts 68% jump in Brazil sales by 2014.
• HSBC clients with Singapore, India accounts said to face US tax probe.
• KBC to sell some of its bonds, equity derivatives biz to Daiwa for ~$1B.
• Korea Electric Power to buy Bylong coal mine from Anglo American for $340M.
• Nokia sells wireless modem business to Renesas for $200 million.
• Sybase: SAP extends offer to acquire SY for $65 per share to July 16.
• Toyota stretching the length of time its new models are tested before they go into prodn.
• Xstrata, Rio resume work on mines in Australia after winning tax battle.

Economic Calendar: Data on ISM Services to be released today.

Earnings Calendar: ARTW, ASA, GRIF, NCTY, SGN, SXE, UWN.

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Data provided by Egan-Jones Ratings and Analytics

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