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Aug 14, 2012

News Financial and Forex Info | The Australian Capital Circle: Tents for asylum-seekers as vote looms

Tents for asylum-seekers as vote looms
PARLIAMENT is expected to pass a bill today that will allow the resumption of offshore processing on Nauru and Manus Island, where asylum-seekers will initially sleep in tents.

Julia Gillard confirmed yesterday that asylum-seekers will at first be housed in tents on Nauru and Papua New Guinea's Manus Island before more permanent facilities are built (Oz), (SMH), (Fin Review), (Daily Tele), ( Herald Sun), (West Australian). Tented accommodation on Christmas Island lead to mass protests and the burning of tents in early 2011 (Oz). Tony Abbott said this morning he was comfortable with asylum-seekers sleeping in tents on the two islands. "If people are initially going to live in tents so be it," Mr Abbott told the Nine Network. "People who arrive by boat have to be treated humanely but they can't expect five-star treatment, they can't even expect three-star treatment."

Debate will continue in the lower house on Labor’s bill to reinstate offshore processing this morning, with a vote expected this afternoon.

A refugee in Indonesia has said sleeping in a tent and being processed on Nauru won't stop him from making the boat journey to Australia (SMH). Families of those who were on a boat that hasn't been heard of since June are worried about their relatives ( Read more...
Peter Brent
Peter Brent
What happened in the summer of 92?
On Sunday on ABC’s Insiders program, this paper’s George Megalogenis gave the Gillard government reason to be a bit hopeful. George went back…
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News from Corporations : Seabridge Gold Files Second Quarter 2012 Financial Statements and MD&A

Toronto, Canada.Seabridge Gold reported today that it has filed Financial Statements and its Management's Discussion and Analysis for the three and six months ended June 30, 2012 on SEDAR ( During the three month period ended June 30, 2012 Seabridge posted a net loss of $2.3 million ($0.05 per share) compared to a loss of $7.3 million ($0.18 per share) for the same period last year. During the 2nd quarter, Seabridge invested $12.2 million in mineral interests, primarily at KSM and Courageous Lake, compared to $9.7 million during the same period last year. At June 30, 2012, net working capital was $39.3 million compared to $57 million at December 31, 2011.

To view these second quarter 2012 president's report, financial statements and management's discussion and analysis for the six months ended June 30, 2012 on the Company's website, please see:

Complete news release -

Additional Information -

DealBooK | DealB%K Afternoon Edition - Tuesday, August 14, 2012: Deal Professor: In Silicon Valley, Finding the Next Big Thing in the Ordinary

Tuesday, August 14, 2012
Deal Professor: In Silicon Valley, Finding the Next Big Thing in the Ordinary Steven M. Davidoff says that while it may be revolutionary, Square is really just an example of what Silicon Valley has become: process and networking at its finest.
    Wells Fargo Settles Mortgage Investments Case for $6.5 Million Wells Fargo settled a case with the Securities and Exchange Commission involving investments in so-called asset-backed commercial paper that it sold to nonprofit groups, local governments and other investors. The agency said the bank sold toxic mortgage investments without researching the products or disclosing the risks to customers.
    Amid Insider Trading Inquiry, Tiger Asia Calls It Quits Tiger Asia, a spinoff of Julian Robertson's Tiger Management, says it will return investor money, as it continues to face an insider trading investigation by authorities in Hong Kong.
    Unimpressed by Micron's Offer, Elpida Bondholders Offer Alternative The group of American investment firms have provided an alternative plan, which includes a loan of 30 billion yen, or $380 million, to the Japanese chipmaker to help during its restructuring period.
    Safety-Kleen Files for an I.P.O. Safety-Kleen, which shelved an initial public offering in October 2008 at the height of the financial crisis, filed on Tuesday to go public.
    Heineken Faces Challenge Over Asian Brewer Thai Beverage has increased its stake in Fraser & Neave, the Singapore conglomerate that has agreed to sell its rights in Asia Pacific Breweries to Heineken for around $4.1 billion.
    Standard Chartered Settles Charges New York's top banking regulator reached a settlement on Tuesday with Standard Chartered over charges that the British bank laundered hundreds of billions of dollars in tainted money with Iran and deliberately lied to regulators, Jessica Silver-Greenberg reports in The New York Times. The bank agreed to pay $340 million to the state's Department of Financial Services, which is led by Benjamin M. Lawsky.
    HCA Creates a Windfall for Private Equity Profits at HCA, which controls 163 hospitals from New Hampshire to California, have soared in recent years, with the big winners being three private equity firms including Bain Capital. HCA's aggressive push for more revenue has sometimes led to conflicts with doctors and nurses over concerns about patient care, Julie Creswell and Reed Abelson report in The New York Times.
    Economic Reports The data released on Wednesday will include the Consumer Price Index for July and industrial production for July.
    Corporate Earnings Companies reporting results on Wednesday will include Deere, Limited Brands, Staples, Target and Cisco Systems.
    In the United States The judge in the bankruptcy case of the parent of American Airlines is expected to rule on whether the company can cancel contracts with unions that rejected its final offer.

NYT Global Update | Top News August 14, 2012: Ex-Prime Minister of Syria Assails Assad Government

The New York Times International Herald Tribune
August 14, 2012
Compiled 20:45 GMT

Global Update


Ex-Prime Minister of Syria Assails Assad Government

Syria's former prime minister, Riyad Farid Hijab, who defected to Jordan last week, said on Tuesday that the government of President Bashar al-Assad was collapsing.

British Bank in $340 Million Settlement for Laundering

New York's top banking regulator had accused Standard Chartered of laundering $250 billion for Iranian clients and lying about it to authorities.

On Wall Street, the Rising Cost of Faster Trades

The advantages of the nation's increasingly high-speed stock market are under the microscope after a number of recent trading malfunctions underscored the risks that have come with rapid changes.

Video Feature: Watching Syria's War

A video, posted by rebels, shows a jet flying over the eastern region of Deir al-Zour and bursting into flames after a hail of heavy rebel gunfire.

Op-Ed Contributors

Russia's Veto Diplomacy

Russia's heavy-handed approach to the world is undermining the country's status as a great power.

Syrians Try to Balance Life's Desires With War's Demands

Along with the many funerals of the war in Syria, there are guilt-ridden weddings, and births, with new arrivals sometimes taking on the names of the departed.

Hollande Pledges Order After Rioting in Northern France

Clashes in the northern French city of Amiens could represent a challenge to President François Hollande in a time of joblessness and flat economic growth.

Egypt Lifts a Junior Corps Impatient Over Military Failure

In his purge of Egypt's top generals, President Mohamed Morsi leaned on the support of a junior officer corps that blamed the old guard for a litany of problems within the military.

German Small Businesses Reflect Country's Strength

The small and midsize companies of the Mittelstand will play a key role in determining to what extent the German economy will continue to provide a counterweight to the recession in southern Europe.

Euro Zone Economy Declines, Putting Pressure on Leaders

Growth in Germany in the second quarter was not strong enough to compensate for persistent recession in Spain and Italy, data released on Tuesday showed.

Retail Sales Gain for First Time in 4 Months

All major retail categories showed increases, a sign that consumers may be gaining confidence.

Groupon Posts Mixed Results, and Stock Falls

Second-quarter revenue came in below expectations and investors focused on slower growth. Shares lost 27 percent on Tuesday.
Media Decoder Blog

Court to Hear Google's Challenge to Class-Action Lawsuit on Book Scanning

A federal judge earlier had allowed the Authors Guild to represent all authors affected by Google's ambitious digitalization project. A higher court has agreed to consider the company's objections.
Bits Blog

Unable to Crack Computer Virus, Security Firm Seeks Help

Among Gauss's most puzzling components is an encrypted "warhead" that watches for a specific computer system with no Internet connection and installs itself only if it finds that configuration.
Memo From London

Britain Basks in a Golden Afterglow

Contrary to all the grumbling that preceded them, the Olympics offered a finer sense of a Britain relaunched.

Home Team Comes Through in London

Britain won 65 medals at the London Games, continuing a resurgence that began after its poor performance in 1996, when it placed 36th in the medal table in Atlanta and won one gold.

Positive Test Costs Shot-Putter Gold Medal

Nadzeya Ostapchuk tested positive for an anabolic steroid, the International Olympic Committee said on Monday, making Valerie Adams of New Zealand the winner.

Young Immigrants, in America Illegally, Line Up for Reprieve

As many as 1.7 million illegal immigrants across the country are preparing to apply for a deportation deferral being offered by the Obama administration.

Utility's Backing of Convention Tests Obama Fund-Raising Pledge

Efforts to free the Democratic convention from business and lobbyist support have prompted charges of hypocrisy from Republicans and grumbling among some Democrats.

3 Dead, Including Gunman, in Shooting Near Texas A&M

Thomas Caffall opened fire on police officers after a constable tried to serve an eviction notice.

A Not Insubstantial Pageant

As a writer, I watched the Olympics with something like awe at the perfect narrative arc of it all.
Op-Ed Contributor

Preserving Israel's Uncertain Status Quo

The Israelis have serious problems, but they've grown used to getting by with a strange mix of comfort and anxiety.
Op-Ed Contributor

When GPS Leads to S O S

Modern technological devices like cellphones and personal locator beacons don't mean that hikers can afford to be careless or frivolous.

CBS NEWS | Political Hotsheet Top Stories:

The CBS News Political Hotsheet newsletter


Vice presidential candidate seeks to focus on energy, Medicare
Read full story
Ryan, Sheldon Adelson to meet in Vegas

Biden: Romney policies put people Romney campaign says Biden "chains" comment "not acceptable," Obama campaign stands by Vice President

Romney ad: Obama's the one cutting Medicare New spot hits president for $716 billion in Medicare cuts in health care law, ignores identical cuts in Ryan plan

Obama cracks Romney dog-on-car-roof joke In speech on wind energy, President Obama alludes to Romney story about driving with dog kennel on top of car

Romney uses 2007 Biden comment to attack administration on coal Democrats counter with 2003 Romney statement criticizing a Massachusetts plant

Stocks and Markets in the News | Wall Street at Close August 14, 2012: U.S. stocks lose buoyancy on Greece report

By Wallace Witkowski and Laura Mandaro, MarketWatch 

SAN FRANCISCO (MarketWatch) — U.S. stocks lost hold of their meager gains Tuesday as markets headed to a close following a report that Greece was looking for an extension to implement austerity programs. 

The Dow Jones Industrial Average DJIA +0.02%  closed up 2.71 points, or less than 0.1%, to 13,172.14, after trading as much as 53 points higher earlier in the session. In the final half-hour of trading, the Dow was down as much as 27 points. 

The Financial Times reported toward the end of the session Tuesday that Greece is going to seek a two-year extension of its austerity program that would spread cuts out until 2016 and result in a 1.5 percentage-point annual budget deficit reduction rather than 2.5 points. Read more on Greece austerity extension. 

Leading the Dow at the close were Home Depot Inc. HD +3.58% shares, which closed up 3.6% after the company reported higher fiscal second-quarter results. Read more on Home Depot. 
On the other hand, the S&P 500 SPX -0.01% fell 0.18 points to close at 1,403.93, as consumer staples and discretionary stocks sought to keep the index afloat. It was down as many as 3.5 points in the final half-hour of trading. 

The Nasdaq Composite Index COMP -0.18%  declined 5.54 points, or 0.2%, to finish the day at 3,016.98.
U.S. equity markets had been buoyed for most of Tuesday as a rebound in July retail-sales data lifted consumer stocks and economic data out of Europe showed fractional improvement. 

Meet the dividend class of 2012 With investor demand for yield running high, new payments for these shares should boost their appeal. 
Ahead of the bell, the Commerce Department said sales at U.S. retailers increased 0.8% in July, breaking a string of three straight monthly declines, topping expectations for 0.2% growth. Sales excluding autos and gasoline rose 0.9%. Read more on retail sales. 
With markets in a classic mid-August low-volume mode, however, investors find themselves at a crossroads.
“If you broaden it out, the market’s doing well, but we’re reaching the upper edge of a trading range, so people are leery of chasing it here,” said Robert Pavlik, chief market strategist at Banyan Partners.
Still, concerns about Europe debt struggles and slowing growth in China are keeping a cautious tone over the market, as investors worry about U.S. corporate earnings dragged by cooler global growth, said Myles Zyblock, chief institutional strategist at RBC Capital Markets.

“We still have a tenuous situation in Europe and the data out of Asia is still pretty soft,” he said.
In Europe, data showed that the German economy grew 0.3% on a seasonally-adjusted basis in the second quarter, beating forecasts of a 0.2% rise. French gross domestic product was unchanged in the second quarter, which was better than economists’ expectations of a 0.1% decline. Read more on Europe Markets.
Stocks had been buoyed by many factors: Europe’s momentum toward some sort of fiscal resolution; economic indicators, even if they are beating lowered expectations; and some anticipation the Federal Reserve could announce QE3, or a third round of quantitative easing, leading up to the Fed’s annual retreat in Jackson Hole, Wyo., said John Canally, chief market strategist at LPL Financial. 

“We’re beating lowered expectations. While not great on an absolute basis, we’re getting the best of both worlds: strong enough to not be in a recession but weak enough to get help,” Canally said. 

Investors may also be waking up to the fact that even in a weak economic recovery, equities markets are still up nearly 20% from a year ago. 

Shares of Nasdaq-listed Groupon Inc. GRPN -27.02% fell 27% to close at $5.51, triggering a short-sale limit, after the daily-deals site issued a disappointing third-quarter forecast, in part due to concerns over the economic situation in Europe. Read: Groupon hit by outlook despite growth 
Declining stocks slightly outnumbered advancers on the NYSE, and by about three to two on the Nasdaq. Trading volume of NYSE-listed stocks topped 2.8 billion shares, while Nasdaq-listed stocks were just over 1.5 billion shares. Average August daily trading volume is 3.42 billion shares for NYSE-listed stocks, and 1.7 billion for Nasdaq-listed stocks, according to Barclays. 

U.S. stocks had faltered on Monday, hampered by an empty U.S. economic calendar and a lackluster reading on Japan’s growth, resulting in the S&P 500 snapping its longest daily winning streak since December 2010. Read more on Monday’s stock action. 
Wallace Witkowski is a MarketWatch news editor in San Francisco. Laura Mandaro is a MarketWatch editor, based in San Francisco.

Money Show Investors Daily Alert - Tuesday, 14 August 2012: The 10 Best Stocks for 2012

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Business in Vancouver | Today's Business News - Tuesday, August 14, 2012: Barkerville Gold granted trading halt “pending news”


TransLink installs first fare gate

The first SkyTrain fare gate has been installed, but fare evaders still have a few months of grace before it goes into operation.

Mining and Energy

Barkerville Gold
granted trading halt “pending news”

The Investment Industry Regulatory Organization of Canada this morning granted a trading halt – "pending news" – to Barkerville Gold Mine Ltd., a Vancouver mining company that has hit the headlines over its huge gold resources estimates.


Class action targets WCB rules on retroactive awards

A class action suit has been launched that, if successful, could see more than 10,000 injured and disabled workers claiming damages from the province’s Workers’ Compensation Board (WCB).


BC Innovation Council hires new CEO

The British Columbia Innovation Council (BCIC) has a new leader. John Jacobson, former CEO of Monexa Technologies, has been announced as the BCIC's new CEO.

Real Estate and Development

B.C. housing starts to rise this year: CMHC forecast

B.C. housing starts are forecast to increase to 28,500 in 2012, from 26,400 in 2011, according to Canada Mortgage and Housing Corp.'s (CMHC) third-quarter Housing Market Outlook British Columbia Highlights report.

Money Show Traders Daily Alert: Have You Been Following Ron Wagner's Path to Trading Glory?

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ADVFN III World Daily Markets Bulletin - Tuesday, 14 August 2012 -

ADVFN III World Daily Markets Bulletin  
Daily world financial news

Tuesday, 14 August 2012

US Market Reports
Stocks Continue To See Modest Strength In Late Morning Trading
8/14/2012 10:54 AM ET
While buying interest has remained subdued, stocks continue to see modest strength in late morning trading on Tuesday. The major averages are holding on to slim gains after ending the previous session on opposite sides of the unchanged line.
The modest strength on Wall Street comes on the heels of the release of a report from the Commerce Department showing stronger than expected U.S. retail sales growth in the month of July.
The Commerce Department said retail sales rose by 0.8 percent in July following a revised 0.7 percent drop in June. Economists had expected sales to edge up by 0.3 percent compared to the 0.5 percent decrease originally reported for the previous month.
The report generated some positive sentiment, but traders seem somewhat reluctant to continue buying stocks following the strength seen in recent weeks.
Most of the major sectors are showing only modest moves, although strength has emerged among banking, housing, and pharmaceutical stocks.
On the other hand, networking stocks have come under pressure on the day, dragging the NYSE Arca Networking Index down by 1.3 percent. Ciena and Juniper Networks are turning in two of the sector's worst performances.
The major averages have remained rangebound in recent trading, hovering in positive territory. The Dow is up 33.99 points or 0.3 percent at 13,203.42, the Nasdaq is up 8.30 points or 0.3 percent at 3,030.82 and the S&P 500 is up 3.56 points or 0.3 percent at 1,307.67.

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TSX Up On Energy, US Data - Canadian Commentary
8/14/2012 11:14 AM ET
Canadian stocks were hovering in the positive territory Tuesday morning after encouraging economic growth data out of Europe, with Germany recording second quarter growth marginally ahead of expectations and France avoiding a recession.
Further, today's data form the U.S., Canada's largest trading partner, revealed an unexpectedly strong rebound in July retail sales.
The S&P/TSX Composite Index gained 44.00 points or 0.37 percent to 11,882.23, a day after snapping its two-session winning streak.
The price of Crude oil was ticking higher Tuesday morning amid a generally weak U.S. dollar and on hopes for further stimulus measures from the ECB. Crude for September gained $0.65 to $93.38 a barrel.
In the oil patch, Baytex Energy Corp. added over 1 percent after reporting improved second-quarter net income of C$157.28 million or C$1.30 per share versus C$106.86 million or C$0.90 per share a year ago.
Celtic Exploration gained 2 percent, while Imperial Oil was adding nearly 1 percent.
On the other hand, international oil and gas company Niko Resources Ltd. lost about 4 percent after reporting a wider first-quarter net loss of $92.12 million or $1.78 per share compared to $54.98 million or percent1.07 per share in the year ago quarter.
The price of gold was moving lower even as the euro continued to strengthen after economic growth data out of Europe. gold for December shed $9.50 to $1,603.10 an ounce.
Global gold miner Iamgold Corp. gained close to 3 percent after reporting improved second-quarter adjusted net earnings of $74.0 million or $0.20 per share compared to $67.7 million or $0.18 per basic share in the second quarter 2011. Analysts were expecting the company to report earnings of $0.20 per share for the quarter. For fiscal 2012, Iamgold reiterated its outlook for total attributable gold production in the range of 840,000 to 910,000 ounces and average gold price of $1,700 per ounce.
Factory automation systems company ATS Automation Tooling Systems (ATA.TO) edged up 0.25 percent after it swung to profit in first-quarter, reporting net income of C$9.8 million or C$0.11 per share compared to a loss of C$5.0 million or C$0.06 per share in the year ago quarter. Net income from continuing operations was C$11.8 million or C$0.13 per share compared to net income from continuing operations of C$6.2 million or C$0.07 per share. Analysts were expecting the company to report earnings of C$0.13 per share.
Electrical equipment and component maker Ballard Power Systems shed 1 percent even after reporting that its second quarter net loss narrowed to $6.6 million or $0.08 per share from $8.6 million or $0.10 per share in the prior year quarter.

8/14/2012 11:14 AM ET
Packaging and tissue products company Cascades Inc. (CAS.TO) said its closed Cascades Tissue Group plant located in Scarborough (McNicoll Street) in Toronto as part of its consolidation of operations. The stock slipped 0.50 percent.
Utilities company Capstone Infrastructure Corp. (CSE.TO) lost nearly 2 percent after reporting a decline in its second quarter adjusted funds from operations at C$3.7 million or C$0.049 per share compared to C$4.7 million or C$0.076 per share in the same period last year.
In economic news from the U.S., the Commerce Department said retail sales were up 0.8 percent in July to a seasonally adjusted level of $403.9 billion, a notably stronger growth than the 0.3 percent predicted by most economists. However, June retail sales figures which had initially shown a 0.5 percent decline, were revised even further down to show a 0.7 percent drop for that month.
Elsewhere, the euro zone economy contracted in the second quarter as expected by economists, flash estimate from Eurostat showed. Gross domestic product of the 17-nation currency bloc fell 0.2 percent from the prior quarter after staying flat in the first quarter. On a yearly basis, the economy shrank 0.4 percent after stagnating in the prior quarter. The annual fall also matched economists' expectations.
Earlier today, preliminary estimates from the Federal Statistical Office revealed that the German economy expanded more than expected in the second quarter.

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European Markets Climbed Higher On German & French GDP Data
8/14/2012 11:59 AM ET
The majority of the European markets have finished in positive territory on Tuesday, recovering from yesterday's losses. Better than expected GDP results from both Germany and France provided a boost to the markets. The stronger than expected U.S. retail sales result also provided support to the markets in the afternoon.
The Eurozone economy contracted for the second time in three quarters as expected, despite the two biggest economies of the region showing some resilience, lifting possibilities of a recession going forward, official data showed Tuesday.
According to the flash estimate of Eurostat, gross domestic product of the 17-nation economy fell 0.2 percent from the previous quarter. The flat reading in the first quarter helped the region to skirt a recession after a 0.3 percent decline in output at the end of 2011.
The German economy grew more than expected in the second quarter, supported by domestic consumption and net exports. Meanwhile, the French economy stalled for a third successive quarter due to weak demand both at home and abroad.
The German gross domestic product rose 0.3 percent quarter-on-quarter in the second quarter, while expectations were for 0.2 percent growth. This followed a 0.5 percent GDP expansion in the first quarter and a 0.1 percent contraction in the fourth quarter of 2011.
The French statistical office Insee reported that its GDP recorded no growth in the second quarter, as was the case in the past two quarters. Economists had forecast a 0.1 percent contraction.
The euro Stoxx 50 index of eurozone bluechip stocks increased by 0.57 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.59 percent.
The DAX of Germany climbed by 0.94 percent and the CAC 40 of France gained 0.70 percent. The FTSE 100 of the U.K. rose by 0.56 percent and the SMI of Switzerland finished up by 0.62 percent.
In Frankfurt, Merck KgAa climbed by 4.06 percent, after the company which increased its full year guidance. Shares of Bayer also rose by 1.86 percent.
RWE finished higher by 0.36 percent. The company's first-half net earnings remained almost flat with last year, as revenues were hurt by lower electricity and gas sales volume. The company also decided to prune about 2,400 positions globally as part of its cost saving initiatives.
E.ON closed higher by 0.79 percent, after Commerzbank downgraded the stock to "Hold" from "Buy."
Kabel Deutschland rose by 0.13 percent, after reporting first-quarter results.
Salzgitter gained 0.43 percent, as second quarter sales came in better than expected. However, the steel maker slipped to a loss for the quarter.

8/14/2012 11:59 AM ET
HOCHTIEF declined by 2.77 percent. The construction firm reported a loss for the second quarter.
In London, Standard Life increased by 8.22 percent, after reporting an increased profit for the first half of the year.
CRH dropped by 5.25 percent, after reporting first-half results.
Shares of United Utilities Group surged by 4.86 percent on unconfirmed reports of a potential takeover bid for the company.
Julius Baer sank by 3.75 percent in Zurich, after Deutsche Bank downgraded its rating on the stock.
France's EU harmonized inflation weakened modestly in July, after remaining steady in the previous month, data released by statistical office Insee showed Tuesday. The harmonized index of consumer prices (HICP), measured under the EU methodology, increased by 2.2 percent annually in July, after remaining unchanged at 2.3 percent in June. Economists were looking for an inflation rate of 2.3 percent in July.
Inflation in the U.K. accelerated unexpectedly in July, the latest figures from the Office for National Statistics showed Tuesday. The consumer price index rose 2.6 percent year-on-year in July, faster than 2.4 percent increase in the previous month. Economists expected the rate of inflation to ease to 2.3 percent.
German investor confidence unexpectedly declined for the fourth straight month in August to its lowest level so far this year on increasing concerns over economic slowdown and the consequent weakness in exports.
The ZEW Indicator of Economic Sentiment fell to -25.5 from July's -19.6. Economists had expected the reading to improve to -19.3. The latest score is the lowest since December 2011, when the reading was -53.8.
U.S. retail sales rebounded by more than expected in the month of July, according to figures released Tuesday by the Commerce Department, although the report also showed that the contraction in June was worse than initially reported.
Overall U.S. retail sales were up 0.8 percent in July to a seasonally adjusted level of $403.9 billion, a notably stronger increase than the 0.3 percent growth predicted by most economists. However, June retail sales figures, which had initially shown a 0.5 percent decline, were revised even further down to show a 0.7 percent drop for the month.
Wholesale prices rose by slightly more than expected in the month of July, according to a report released by the Labor Department on Tuesday, with the price growth reflecting higher prices for light trucks, cigarettes, and pharmaceuticals.
The Labor Department said its producer price index rose by 0.3 percent in July following a 0.1 percent increase in June. Economists had been expecting prices to increase by about 0.2 percent.
8/14/2012 11:59 AM ET
U.S. business inventories increased by slightly less than expected in June, according to figures released Tuesday by the Commerce Department. Overall manufacturers' and trade inventories were estimated at a seasonally adjusted level of $1.58 trillion for June, reflecting a 0.1 percent increase from May levels. The increase marks a slowdown from the 0.3 percent growth reported in May and comes in lower than the 0.2 percent growth expected by most economists.

Asia Market Reports
Asian Markets Mostly Higher Amid Cautious Trades
8/13/2012 11:47 PM ET
Despite a weak lead from Wall Street where stocks posted modest losses overnight, Asian stock markets are mostly up in positive territory amid stock specific activity on Tuesday.
Though most of the markets posted strong gains early on in the session, some of them retreated subsequently due to profit taking at higher levels. Investors are mostly seen tracking regional earnings reports and economic data for cues.
The Australian stock market is trading marginally up with investors indulging in some selective buying amid a slew of earnings reports.
Consumer staples, healthcare, industrial, information technology and property trusts stocks moved up a bit sharply, but pared some gains subsequently. Financial, energy and mining stocks are trading mixed.
The benchmark S&P/ASX 200, which advanced to 4,300.8, is currently trading at 4,291.4, up 8.1 points or 0.2 percent from its previous close. The broader All Ordinaries index is up 8 points or 0.2 percent at 4,317.5.
Among bank stocks, ANZ Bank () and Commonwealth Bank of Australia are trading modestly lower and Westpac () is up marginally. Bank of Queensland is trading 0.5 percent down and Bendigo & Adelaide Bank is up marginally.
National Australia Bank is down with a loss of 2.5 percent due to weak financial results. The bank reported a net profit of A$1.2 billion for the three months to June, even as its revenue dropped because of higher funding costs and weak financial markets. NAB said its unaudited cash profit for the three months to June 30 was higher than its net profit, standing at approximately A$1.4 billion.
Among top miners, BHP Billiton (,) and Rio Tinto (, RIO.L) are trading lower by 0.4 percent and 0.3 percent, respectively. Fortescue Metals is losing 1.8 percent and Newcrest Mining is down with a loss of 1.2 percent.

In the energy sector, Woodside Petroleum is up nearly a percent, Caltex Australia is adding 0.5 percent and Origin Energy is up marginally, while Santos and Oil Search are trading weak.
Bluescope Steel is up 11.5 percent. Fairfax Media and Downer EDI, the other strong gainers, are up by around 6 percent from their previous closing prices.
Seek, Westfield Retail Trust, Cochlear, Duet Group, Sonic Healthcare, CSL, Telstra Corporation and ResMed Inc () are up 1.8 to 2.6 percent.
UGL, Panaust, Sims Metal Management, Seven West Media, Arrium and Atlas Iron are down 2.2 to 4.2 percent.
Goodman Fielder has posted another full-year loss and says challenging trading conditions in the baking and spreads sector will continue. The company posted a net loss of A$146.9 million for the year to June 30, compared to net loss of A$166.7 million in the previous year. The stock is currently trading more than 6 percent up.

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India's Inflation Slows Notably In July
8/14/2012 4:15 AM ET
India's wholesale price inflation slowed more than expected in July as inflationary pressures subsided with weak economic activity.
Wholesale prices increased 6.87 percent annually, the lowest in more than two years, the Ministry of Commerce and Industry said Tuesday. The annual rate was forecast to ease marginally to 7.2 percent from 7.25 percent in June.
Nonetheless, the slowdown in inflation is seen as temporary given the fact that deficient monsoon is set to push food prices higher in months ahead. As such, the latest bigger-than-expected fall in inflation is unlikely to prompt the central bank to reduce interest rates.
Food inflation came in at 10.06 percent in July, down from 10.81 percent in the previous month. Likewise, primary article price inflation slowed to 10.39 percent from 10.46 percent a month ago.
Fuel and power costs gained only 5.98 percent compared to last month's annual growth of 10.27 percent.
Meanwhile, non-food article inflation almost doubled to 13.05 percent from 6.85 percent in June. Manufactured product inflation rose slightly to 5.58 percent from 5 percent.
In July, the central bank lifted the projection for WPI inflation for March 2013 to 7 percent from 6.5 percent. The Reserve Bank sees 6.5 percent growth for 2012-13.
The central bank maintained its key interest rate at 8 percent last month as lowering policy rates in the current situation will aggravate inflationary impulses without necessarily stimulating growth.
RBI Governor Duvvuri Subbarao on Monday said India has little scope for any kind of fiscal or monetary response to counter future economic crises triggered by global factors.
Elsewhere, in a CNBC interview, Deputy Governor Subir Gokarn said tackling high inflation remains the top priority of the central bank. Interest rate cuts can bring rebound in economic activity, but the central bank is dealing with a relatively uncomfortable inflationary situation.
During the quarter ended March 2012, India's GDP logged its weakest pace of expansion in nine years. Weak domestic economy and lower external demand pulled industrial production down in June.
Recently, many forecasters lowered India's growth outlook and raised inflation estimate. CRISIL projects the economy to grow 5.5 percent for 2012-13, and inflation is seen at 8 percent.