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While U Slept: Biz & Buz. Big 5 Business Stories Breaking Overnight. 07/22/10

July 22, 2010

BERNANKE’S COMMENTS SEND DOLLAR TO 7-MONTH LOW VS. YEN The dollar slides to a 7 month low against the yen, after Ben Bernanke announced that the US economic outlook was “unusually uncertain.” (Reuters)

EUROPEAN SERVICES, MANUFACTURING ACCELERATE GROWTH IN JULY Growth in European services and manufacturing accelerates unexpectedly in July, amid easing concern over Europe’s sovereign debt crisis. (BusinessWeek)

CREDIT SUISSE REPORTS SMALL RISE IN PROFIT Credit Suisse announces a sharp drop in second quarter trading revenue, but says its profits grew by a small margin. (NYT)

VOLVO BEATS PROFITS FORECAST, BENEFITS FROM TRUCK DEMAND
Volvo reports its second consecutive net profit, but sticks to its yearly forecasts, despite the strong second quarter showing. (WSJ)

EUROPEAN BANK STRESS TEST RESULTS COULD COME EARLY Sources tell Reuters that results from a pan-European bank stress test could be published earlier than expected. (ABC/Reuters)

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