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  • Dow has worst drop since February: What happened? Friday, 1 Aug 2014 | 3:02 AM ET

    The Dow Jones industrial average plunged 317 points on Thursday, wiping out its gain for the year. A number of large U.S. companies reported poor quarterly results or forecasts, including Whole Foods Market and Exxon Mobil.

  • Macau casino revenue falls for 2nd straight month Friday, 1 Aug 2014 | 2:42 AM ET

    HONG KONG— Casino revenue in the global gambling mecca of Macau fell for a second straight month in July as Chinese high rollers stayed away because of Beijing's corruption crackdown. Wealthy Chinese have powered Macau's boom but analysts say some are avoiding the city as the ongoing corruption clampdown discourages lavish spending.

  • Steelmaker ArcelorMittal sees US, Europe improving Friday, 1 Aug 2014 | 2:34 AM ET

    AMSTERDAM— ArcelorMittal, the world's largest steelmaker, says it swung to a profit in the second quarter on higher steel shipments and better margins, and it sees improving markets in the United States and Europe. The Luxembourg- based company reported net profit of $52 million, from a loss of $205 million in the same period a year ago.

  • AP Top Financial News At 2:34 a.m. EDT Friday, 1 Aug 2014 | 2:34 AM ET

    Steelmaker ArcelorMittal sees US, Europe improving GM boosted June sales with discounts to dealers Asia stocks dip on Dow drop, China data cuts loss Solid US job gains expected for 6th straight month Survey: China manufacturing at 27- month high Facebook's Internet.org expands in Zambia Default fuels uncertainty, stock drop in Argentina Iliad of France makes surprise bid for T-Mobile US Tesla posts 2 Q loss, prepares Nevada factory site Twitter: Govt. requests for user data increased

  • TOKYO, Aug 1- Japan's Nikkei share average dropped to a one-week low on Friday, hit by concern that U.S. interest rates could rise sooner than expected, but strong earnings from companies such as Sony Corp limited the losses. The Nikkei ended 0.6 percent down at 15,523.11, the lowest close since July 25. Shares in Sony ended 4.68 percent higher.

  • SYDNEY, Aug 1- Asian shares were mostly under water on Friday after a sudden slump on Wall Street spilled over globally, though a surprisingly strong pick up in manufacturing helped Chinese markets hold at seven-month highs.

  • Leery of recall impact, General Motors boosted June sales with late-month discounts to dealers Asian stocks slide after Dow drop but upbeat China factory data limits losses A sixth straight month of solid 200,000- plus US job growth is expected for July Official survey shows China manufacturing at highest in 27 months after mini-stimulus measures Facebook's Internet.org expands in Zambia with app offering basic Internet services Argentine president reassures public as country enters default forced by creditors Iliad of France makes surprise bid for majority of T-Mobile US, challenging Sprint's overtures Tesla posts bigger 2 Q loss as it invests in Model X and prepares Nevada factory site Twitter says government requests for user data grew sharply in past 6 months USDA overhauls decades-old poultry inspections in effort to improve food safety

  • GM boosted June sales with discounts to dealers Friday, 1 Aug 2014 | 2:01 AM ET

    As General Motors prepares to report monthly sales results on Friday, a look its numbers from June show just how intent the company is on keeping new-car sales on the rise during a record spate of safety recalls. The Detroit automaker has recalled nearly 30 million cars and trucks this year, including some models that had barely rolled off the assembly line.

  • *India derails global trade talks over food security objections. *Bloc of member states could exclude India and forge ahead.

  • Asian stocks slide after Dow drop but upbeat China factory data limits losses A sixth straight month of solid 200,000- plus US job growth is expected for July Official survey shows China manufacturing at highest in 27 months after mini-stimulus measures Facebook's Internet.org expands in Zambia with app offering basic Internet services Argentine president reassures public as country enters default forced by creditors Iliad of France makes surprise bid for majority of T-Mobile US, challenging Sprint's overtures Tesla posts bigger 2 Q loss as it invests in Model X and prepares Nevada factory site Twitter says government requests for user data grew sharply in past 6 months USDA overhauls decades-old poultry inspections in effort to improve food safety Alpha says it plans 1,100 layoffs at coal mines in W.Va., cites weak markets, regulation

  • Yuan barely changed, set to rise 0.2 pct on week Friday, 1 Aug 2014 | 1:36 AM ET

    SHANGHAI, Aug 1- China's yuan was flat against the dollar on Friday after the central bank set its official midpoint barely changed from the previous day and it was set to show a marginal gain on the week.

  • MOSCOW, Aug 1- Russia's largest lenders, Sberbank and VTB, are likely to lead a decline in Moscow shares on Friday after being hit by sanctions, with a slump in U.S. markets on global economy concerns and tensions with Russia also weighing.

  • China Overseas Grand Oceans tumbles on disappointing H1 results. HONG KONG, Aug 1- Hong Kong shares fell on Friday as a month-end swoon on Wall Street hurt sentiment, while China markets eked out slim gains on signs of a pick-up in manufacturing activity on the mainland. The China Enterprises Index of the top Chinese listings in Hong Kong fell 0.9 percent.

  • PARIS, Aug 1- Societe Generale on Friday reported second-quarter net profit of 1.03 billion euros, up 7.8 percent from a year ago helped by lower expenses and a reduced cost of risk.

  • SYDNEY, Aug 1- Activity in China's vast factory sector expanded at the fastest pace in 27 months in July, while industry surveys across Asia showed a pick up in export orders that hinted at a long-awaited revival in global trade. The upbeat result was echoed in the HSBC/ Markit China measure of manufacturing which climbed to an 18- month peak of 51.7, from June's 50.7.

  • Private prison companies Geo Group and competitor Corrections Corporation of America, for example, stand to gain if Congress approves any emergency funding for family detention facilities.

  • DETROIT, Aug 1- The U.S. auto industry hasn't appeared so healthy for years. And yet, a minority on Wall Street and in the autos business are seeing reasons to be wary. Among those seeing a glass half empty is Morgan Stanley auto analyst Adam Jonas who says we may be heading towards what he terms "peak auto."

  • *Nonfarm payrolls forecast rising 233,000 in July. WASHINGTON, Aug 1- U.S. job growth likely cooled a bit in July, but retained enough momentum to suggest the economy remained on solid ground. "As long as we have job growth going in the right direction and the labor market tightening up, we are still in a good place," said Robert Dye, chief economist at Comerica in Dallas.

  • SINGAPORE, Aug 1- Brent crude held near $106 a barrel on Friday as ample supply continued to drag on prices a day after the benchmark posted its worst monthly performance since April 2013. U.S. crude futures for September delivery fell 16 cents to $98.01 a barrel, following a 6.8 percent decline last month, the biggest monthly loss since May 2012.

  • CIA director reverses himself on Senate spying Friday, 1 Aug 2014 | 12:47 AM ET

    WASHINGTON— For months, CIA Director John Brennan stood firm in his insistence that the CIA had little to be ashamed of after searching the computers of the Senate Intelligence Committee. His defiant posture quickly collapsed after a devastating report by his own inspector general sided against the CIA on each key point of the dispute with the Senate.