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Tuesday Morning Business Brief

September 11, 2012, 5:43 AM

Tuesday Morning Business Brief

Stocks edged lower in the first trading session on the week for Wall Street. The Dow fell 52 points to 13,254. The other key averages were down 0.6 to 1 percent.

  • Asian stock markets retreated Tuesday as investors sought safety ahead of critical events this week that will test Europe's willingness to unite in order to deal with the debt crisis. Japan's Nikkei, Hong Kong's Hang Seng and South Korea's Kopsi were all down. Oil prices rose slightly. Benchmark crude for October delivery was up 8 cents to $96.62 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract finished up 12 cents to $96.54 on Monday.
  • Investors are reacting warily to comments by Spain's prime minister that he won't accept certain conditions in return for a European Central Bank proposal to buy Spanish government bonds. He didn't specify what "red lines" he wouldn't cross but said separately in a TV interview Monday that he does not want to cut Spanish pension benefits.
  • On today's economic calendar, the Commerce Department releases figures on July international trade. Analysts look for the nation's trade gap to widen to around $44 billion.
  • YouTube is being reprogrammed for the iPhone and iPad. The changes are being made because Google and Apple didn't renew a five-year licensing agreement that established YouTube's video service as one of the built-in applications in the operating system that runs the iPhone and iPad.

Find local business news on the Back To Business page of KELOLAND.com.

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