Markets: News  

J.P. Morgan, Wells Fargo, China in spotlight

Premarket news

J.P. Morgan Chase & Co. (JPM) reported a $5 billion second-quarter profit despite a $4.4 billion loss on synthetic credit derivatives and said it would restate first-quarter earnings due to a "material weakness" in internal controls over financial reporting. Read more on J.P. Morgan.

Wells Fargo & Co. (WFC) said second-quarter profit rose to $4.62 billion, or 82 cents a share, from $3.95 billion, or 70 cents a share, in the year ago period.

Indications: Stock futures up after extended losing run

U.S. stock futures rose Friday as Chinese data advanced thinking of further efforts to stimulate the global economy and as J.P. Morgan Chase & Co. reported second-quarter earnings.See Indications.

Economic Report: U.S. wholesale prices climb 0.1% in June

U.S. wholesale prices rose slightly in June, up 0.1%, as higher costs of food, trucks and appliances offset decline in energy.Read Economic Report.

Europe Markets: Europe stocks up on China data; oil, telecom rise

European stocks were poised to break a two-day losing streak Friday, as resource firms move higher after second-quarter GDP data from China meet market expectations, while telecom firms rally after a sector upgrade.Read Europe Markets.

London Markets: U.K. stocks up as miners cheer Chinese data

Resource firms boosted U.K. stocks Friday, following the release of Chinese growth figures that met expectations, but still showed a slowdown.Read London Markets.

Asia Markets: China data brings relief for Asia stocks

Asia stocks moved higher in a choppy session, as investors absorbed a slew of Chinese data, including figures showing the nation's economy grew in line with expectations during the second quarter of 2012.Read Asia Markets.

Currencies: Euro straddles $1.22-level after Italy's downgrade

The euro straddled the $1.22-level after Moody's cut Italy's government bond ratings by two notches and the country sold new three-year bonds, while the greenback edged lower against many global rivals after Chinese economic data proved in line with expectations.Read Currencies.

Futures Movers: Oil futures rise on China relief

Oil futures were buoyed as second-quarter GDP data showed China's economy slowed in line with forecasts.Read Futures Movers.

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