Today's Headlines

Bloomberg:
- The cost of protecting banks from default fell to the lowest in a month on speculation losses and asset writedowns will slow after JPMorgan Chase & Co.(JPM) reported better-than-expected profit. Credit-default swaps on JPMorgan fell 8 basis points to 117 as of 8:23 a.m. in New York, according to CMA Datavision. Contracts on the 25 European banks and insurers in the Markit iTraxx Financial index of senior debt fell 3.5 basis points to 85.5, the lowest since June 20, according to JPMorgan prices.
- Crude oil fell more than $4 a barrel, the third straight daily decline, as natural gas futures tumbled and on signs slower global economic growth is curbing fuel use. Natural gas dropped more than 7 percent after a government report showed that U.S. supplies rose a greater-than-forecast 104 billion cubic feet last week. ``Any sign of a slowdown in China or India will have a major impact on prices. If there are more signs of a BRIC slowdown prices could be headed for $100.''
- Europe's top trade official urged Democratic presidential candidate Barack Obama to abandon ``crowd- pleasing'' rhetoric that casts doubt on the U.S. commitment to unfettered markets.
- JPMorgan Chase & Co.(JPM), the largest U.S. bank by market value, reported second-quarter earnings that exceeded analysts' estimates, helped by higher investment banking fees and revenue from the consumer business.
- United Technologies Corp.(UTX) said second-quarter profit rose 11 percent and full-year profit and sales will exceed its forecasts on demand for Otis elevators and Sikorsky helicopters. The company's shares rose the most in more than five years.
- PPG Industries Inc.(PPG), the world's second-largest paint maker, rose the most in five years in New York trading after second-quarter profit topped analyst estimates because of a European acquisition and price gains.
- Fannie Mae(FNM) and Freddie Mac(FRE) rose for a second day in New York trading and their debt yields over benchmark rates narrowed as improved earnings at other financial firms eased concern that the mortgage companies need a government bailout.

Wall Street Journal:
- US Fears Threat of Cyberspying at Beijing Olympics.
- GM Gives a Lift to Ohio Town’s Fortunes.
- McCain Surrogate Carly Fiorina Meets With Clinton Supporters.

NY Times:
- Boeing(BA), Airbus Build Environmentally-Friendly Planes.

CNBC.com:
- Nokia Oyj(NOK), the world’s biggest maker of mobile phones, turned in a “solid performance” with second-quarter earnings, said CEO Olli-Pekka Kallasvuo. “It was a solid performance overall,” Kallasvuo said. “We met the expectations of the market, even beat them.” The company said it now expects mobile device unit sales to rise 10% or more this year, versus a previous prediction of approximately 10%.

USA Today:
- Only 14% of Americans approve of the job Congress is doing, the lowest rating in 30 years, according to a July 10-13 Gallup Poll.

Fox 5:
- Three major auto manufacturers are promising to reserve 300 new hybrid vehicles each month exclusively for NYC as it replaces its entire fleet of yellow cabs.

Wealth-Bulletin:
- Investors withdrew $14.6bn from US and European equity hedge funds for the year through May, according to research provider Morningstar.

Miami Herald:
- Secretary of State Condoleezza Rice said Thursday the decision to break with past policy and send a top U.S. diplomat to talks with an Iranian envoy shows that the world is united in trying to eliminate threats from Iran's nuclear program. "The point that we're making is the United States is firmly behind this diplomacy, firmly behind and unified with our allies and hopefully the Iranians will take that message," Rice told reporters at the State Department. "It's going to be very clear to them that the international community and P5-plus-1 are completely united."

Bild:
- Allianz AG Chief Financial Officer Paul Achleitner said the possibility of Germany going into a recession “is real and not to be underestimated,” according to an interview. The effect of a recession may be lessened because German companies have positioned themselves well in the past five years, he added.

Financial Times Deutschland:
- Apple Inc.’s(AAPL) new iPhone was sold out in Germany after less than week. Deutsche Telekom AG’s T-Mobile division, which has the exclusive rights for the iPhone in the country, sold 15,000 of the new model on the first day.

The Scotsman:
- Scotland’s economy in clear slowdown. AN ECONOMIC slowdown is "more evident" now in Scotland than it was three months ago, according to the latest business survey by the Scottish Chambers of Commerce (SCC).

Gulf News:
- Dubai arrested 40 cross-dressing tourists in the emirate’s shopping malls as part of a campaign against transvestism, citing police chief Lieutenant General Dahi Khalfan Tamim. All 40 have been referred to public prosecutors and will be deported. Dressing and behaving like the opposite gender is against the UAE’s traditions and social values, he said.

Business Standard:
- India’s inflation accelerated to 11.9% in the week ended July 5^th.