A Quick Glance at News

v  European stocks dropped, even as the benchmark Stock Europe 600 Index headed for its longest stretch of weekly gains in more than six years. U.S. index futures and Asian shares retreated.
v  European shares edged away from four-month highs and the euro dipped on Friday with concern focused on Spain's fiscal position despite the expected approval of its bank bailout plan later in the day.v  Euro zone finance ministers are expected to approve an agreement on Friday to lend up to 100 billion Euros to Spain so it can recapitalize its banks, but the exact size of the loan will probably only be determined in September.v  The euro slid against most of its major peers before data next week that economists say will show a gauge of consumer confidence was near a three-year low and manufacturing continued to shrink in the 17-nation region.v  Aussie declined against most of its 16 major peers before data next week forecast to show consumer prices grew at the slowest pace since June 1999, increasing scope for the Reserve Bank of Australia to lower borrowing costs. Losses in the Australian and New Zealand dollars were limited ahead of U.S. data that may add to the case for more monetary stimulus from the Federal Reserve.
v  Commodities headed for the longest rally since February as the worst U.S. drought in more than half a century threatened crops and on speculation that monetary easing by central banks will boost demand for raw materials.

v  China’s stocks fell, sending the benchmark index to a fifth week of declines, after the government said it won’t relax property controls and the nation’s two largest-listed brokerages posted profit declines.v  U.S. 10-year Treasuries edged higher in Asian trading on Friday after a volatile overnight session, with demand for safe-haven U.S. government debt on the rise as Spain's fiscal woes kept markets on edge. v  Corn and soybean traders are bullish for a 13th consecutive week on mounting concern that yields will keep dropping amid the worst U.S. drought in a half centuryv  Twenty analysts surveyed by Bloomberg expects soybeans to climb next week, after reaching a record yesterday. A further five were bearish and three neutral. Nineteen predicted gains in corn, five saw a decline and three anticipated little change.v  Vodafone Group Plc, Europe’s largest mobile-phone company, reported first-quarter service revenue that trailed analysts’ estimates as consumers and companies in Spain and Italy cut spending.v  The slowdown in the economy persisted early in the third quarter as factory activity in the U.S. Mid-Atlantic region contracted in July for a third straight month and new claims for jobless aid surged last week.v  Ford Motor Co. (F), with overseas losses reducing total profit, is under pressure to close at least one factory in Europe, where it may have more excess capacity than General Motors Co. (GM).v  Google Inc. (GOOG), owner of the world’s most popular search engine, said second-quarter revenue surged 35 percent, helped by its acquisition of Motorola Mobility Holdings and as more users clicked on advertisements.v  Microsoft Corp. (MSFT) reported fourth- quarter unearned revenue, a yardstick of future sales that topped analysts’ estimates, a sign that the largest software maker will benefit from corporate demand for its programs.v  Apple Inc. (AAPL) began selling the latest version of its iPad tablet computer in China, seeking to build on gains in a market that contributed 20 percent of its revenue.