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While U Slept: Biz & Buz. Big 5 Business Stories Breaking Overnight. 07/23/10

July 23, 2010

TEN OF 91 EXPECTED TO FAIL EUROPEAN STRESS TESTS, SAYS GOLDMAN SURVEY A Goldman Sachs survey of investors shows not all European banks will pass battery of checks,  with 37.6 billion euros ($48.4 billion) expected to be raised in extra capital following the tests. (Reuters)

WORLD STOCKS RISE ON U.S. EARNINGS, SIGNS OF EUROPE RECOVERY Global markets follow U.S. rally on better-than-expected results from Caterpillar and Microsoft. (AP)

UK OUTPERFORMS ECONOMIC FORECASTSThe U.K. economy grew at fastest pace in more than four years in the second quarter, 1.1% on a quarter-to-quarter basis and 1.6% on the year between April and June. Is the strongest sign of momentum behind nation’s recovery from the recession. (WSJ)

GERMAN BUSINESS CONFIDENCE CLIMBS TO THREE-YEAR HIGH Unexpected surge comes as exports boom and economic growth accelerates. (Bloomberg)

TROPICAL STORM BONNIE KEEPS OIL SPILL EFFORTS ON HOLD Plans to dig a relief well remained suspended Friday as rigs and boats around BP’s ruptured Gulf of Mexico well prepared to evacuate. (CNN)

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