TOP STORIES
U.S. ECONOMY GROWS 3.7%, FASTER THAN FIRST ESTIMATED
The U.S. economy expanded at a brisker pace than initially
thought in the second quarter as businesses ramped up spending.
MARKET RECOVERY GAINS STEAM
Stocks in the U.S., Europe and Asia rose sharply, building on a
rebound that began after reassuring comments from central bankers
and positive U.S. economic data.
GOOGLE REBUFFS EUROPEAN UNION ON ANTITRUST CHARGES
Google rebuffed the European Union's demand that it change the
way it ranks online comparison-shopping services in its search
results, setting up a potentially drawn-out legal battle.
OIL SURGES WITH STOCKS
Oil prices surged to their biggest one-day rally since January
on Thursday as gains in global stock and commodity markets and
positive U.S. economic data spurred a rebound for a market that has
been trading at six-year lows.
PENDING HOME SALES INDEX RISES
The National Association of Realtors said its pending home sales
index rose 0.5% in July from the previous month.
DOLLAR GENERAL EARNINGS EDGE ABOVE EXPECTATIONS
Dollar General Corp.'s profit edged above expectations for its
second quarter, though revenue growth missed views despite
continued gains in store traffic and transaction value.
FDA WARNS CIGARETTE MAKERS ON 'NATURAL' LABELING
The FDA sent warning letters targeting the owners of top-10
cigarettes brands Winston and Natural American Spirit for violating
federal law by marketing the brands as "additive-free" or
"natural."
FREEPORT-MCMORAN CUTS CAPEX 29%
Freeport-McMoRan Inc. on Thursday cut its capital spending plans
for 2016 by 29% and said it would reduce head count at U.S. mining
operations as copper prices near six-year lows.
PBOC USES UNUSUAL TOOL TO TAME YUAN FALL EXPECTATIONS
Intervention by the People's Bank of China caused U.S.
dollar-yuan foreign exchange swaps to fall sharply.
GREECE CLOSER TO FORMAL ELECTION CALL
Greece is set to officially begin its second election campaign
period of the year, after opposition parties, as expected, conceded
they can't assemble a ruling majority in parliament to replace the
outgoing government of Alexis Tsipras.
LILLY LUNG-CANCER DRUG STIRS PRICE DEBATE
An experimental Eli Lilly & Co. lung-cancer drug hasn't
reached the market, but some doctors are already weighing in on how
much it should cost-arguing the price should be below average
because the drug extended patient lives by only six to seven weeks
in a clinical trial.
KANSAS CITY FED INDEX DECLINES IN AUGUST
Conditions for plains states manufacturers continued to decline
in August, as weak oil and gas activity along with a stronger
dollar continued to weigh on regional factories.
MEDICAL-DEVICE COMPANY GREATBATCH TO BUY LAKE REGION MEDICAL
Medical-device company Greatbatch has agreed to buy Lake Region
Medical for about $730 million in cash and stock to expand in
advanced-surgical and interventional cardiology.
U.S. JOBLESS CLAIMS FALL AS LABOR MARKET REMAINS STRONG
The number of Americans seeking first-time unemployment benefits
fell last week, suggesting the labor market remains healthy.
TOTAL SELLS ASSETS WORTH $905 MILLION
French oil company Total has agreed to sell a gas pipeline and
gas terminal in the North Sea to North Sea Midstream Partners for
585 million pounds ($905 million) as it battles against the oil
price collapse.
SAIC BLAMES SLOWING CHINA ECONOMY FOR REDUCED PROFIT GAIN
SAIC Motor, China's largest auto maker by sales, said its
first-half net profit rose just 4.4% from a year earlier, reeling
from slowing sales volumes and falling car prices.
ABSOLUT DRAG: PERNOD WRITES DOWN ITS VODKA
Pernod Ricard took a hefty write-down on its struggling Absolut
vodka brand, leading to a 15% drop in fiscal full-year profit.
ECB'S COEURÉ SAYS MONETARY POLICY ALONE WON'T BRING STRONG GROWTH
European Central Bank executive board member Benoî t Coeuré says
cheap energy and monetary policy alone won't bring strong
growth.
UKRAINE CENTRAL BANK CUTS INTEREST RATE
Ukraine's central bank lowered its key interest rate, saying
slowing inflation meant "it is possible to start a softening of
monetary-credit policy."
TORONTO-DOMINION BANK EARNINGS BEAT EXPECTATIONS
Toronto-Dominion Bank posted fiscal third-quarter earnings on
Thursday that beat analyst expectations, with results powered by
higher profits in its retail and wholesale banking divisions.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
Business
ADVISERS HELP INVEST CASH DURING STOCK PLUNGE
The stock market's sharp drop on Monday presented an
opportunity-but also a risk-for advisers with clients looking to
invest a large chunk of cash from an inheritance, home sale or
other life event.
Heard on the Street
CHINA'S OIL GIANTS DON'T FIT INTO CHEAP-OIL WORLD
PetroChina, Sinopec and Cnooc's latest results show China's oil
giants are still spending too much.
(END) Dow Jones Newswires
August 27, 2015 13:10 ET (17:10 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.