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While U Slept: Biz & Buz. Big 5 Business Stories Breaking Overnight. 07/13/10

July 13, 2010

CHINA SHARES END LOWER ON TIGHT PROPERTY MARKET Chinese shares end down Tuesday, after Beijing reiterated its intent to regulate a hot property market. (WSJ)

EUROPEAN STOCKS RISE, BP SURGES European stocks are up in early trading, as BP stocks rise 4.9-percent, in the wake of a new cap placed on the lingering Gulf oil spill. (Bloomberg)

IEA SAYS WORLD OIL DEMAND WILL RISE 1.6% IN 2011 The IEA forecasts global oil demand to rise by 1.6% next year, on the strength of a growing world economy. (BusinessWeek)

UK INFLATION FALLS IN JUNE UK’s inflation falls from 3.2% in June, from 3.4% in May, although the year-on-year rise is still well above the Bank of England’s target of 2%. (BBC)

MOODY’S DOWNGRADES PORTUGAL’S BOND RATING Moody’s cuts Portugal’s bond ratings by two notches, due to weak growth prospects and the lingering possibility of further financial deterioration. (MarketWatch)

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