Dollar falls on European data, geopolitical concerns

Investing.com - Investing.com - Upbeat industrial production figures out of France coupled with geopolitical pressures stemming from airstrikes in Iraq and Russia's backing off in Ukraine weakened the dollar on Friday.

In U.S. trading on Friday, EUR/USD was up 0.35% at 1.3410.

Earlier Friday, data revealed that French industrial production rose 1.3% in June, exceeding expectations for a 1.0% gain, after a decline of 1.6% in May, whose figure was revised from a previously estimated 2.3% drop, which gave the euro an edge over the dollar.

Elsewhere, Germany's trade surplus narrowed to €16.2 billion in June from €18.8 billion in May.

Analysts had expected the trade surplus to narrow to €17.5 billion in June.

The data gave the euro strength over the greenback, which remained soft as investors digested rapidly unfolding events in Ukraine and Iraq.

Reuters, citing Russia's Interfax, reported earlier that Russia had ended its military exercises near the Ukrainian border, while in the U.S., President Barack Obama gave the go-ahead for air strikes in Iraq to halt a Sunni insurgency to protect Iraqi civilians from the uprising as well as U.S. personnel in Iraq.

The Iraqi government requested assistance, and gold fell on perceptions that U.S. airstrikes could stabilize the country even if temporarily.

Investors flocked to stocks on sentiments that a Russian decision to back off Ukraine coupled with hopes U.S. airstrikes will halt Iraq's insurgency will allow the global economy to continue with military conflicts disrupting commerce, thus giving investors room to sidestep the dollar on Friday for more risk-on asset classes.

The dollar was down against the yen, with USD/JPY down 0.02% at 102.07, and down against the Swiss franc, with USD/CHF down 0.38% at 0.9054.

At the conclusion of its monthly policy meeting, the Bank of Japan maintained its pledge to increase the monetary base at an annual pace of 60 trillion yen to 70 trillion yen, though geopolitical events largely guided trading on Friday.

The greenback was up against the pound, with GBP/USD down 0.33% at 1.6776.

Official data showed that the U.K. trade deficit widened to £9.41 billion in June from £9.15 billion in May, whose figure was revised from a previously estimated £9.20 billion. Analysts had expected the trade deficit to narrow to £8.80 billion in June.

The dollar was mixed against its counterparts in Canada, Australia and New Zealand, with USD/CAD up 0.44% at 1.0971, AUD/USD up 0.02% at 0.9276 and NZD/USD down 0.21% at 0.8459.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.18% at 81.45.

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U.S. stocks spike on news of Russian pull back; Dow rises 1.13%

Investing.com - Investing.com - U.S. stocks jumped up on Friday on news Russian troops were set to withdraw from the Ukraine border.

At the close of U.S. trading, the Dow 30 rose 1.13%, the S&P 500 index rose 1.15%, while the NASDAQ Composite index rose 0.83%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was down 5.34% at 15.77.

Reuters, citing Russia's Interfax, reported earlier that Russia had ended its military exercises near the Ukrainian border, which sent stocks surging on hopes tensions between the two countries will wane.

Fears the conflict could erupt and slow global growth have bruised stock prices in recent trading.

Elsewhere, U.S. President Barack Obama gave the go-ahead for air strikes in Iraq to halt a Sunni insurgency and protect Iraqi civilians from the uprising as well as U.S. personnel in Iraq, though events in Ukraine largely drove Friday's rally.

Still, sentiments that U.S. military action in Iraq will stay limited did add to the geopolitically-driven rally.

The Iraqi government requested assistance, which did water down stocks earlier in the session as investors avoided risk-on asset classes and camped out in safe-haven gold and yen positions.

Leading Dow Jones Industrial Average performers included Home Depot Inc (NYSE:HD), up 2.43%, Goldman Sachs Group Inc (NYSE:GS), up 1.86%, and Chevron Corporation (NYSE:CVX), up 1.75%.

The Dow Jones Industrial Average's worst performers included Intel Corporation (NASDAQ:INTC), down 0.18%, Microsoft Corporation (NASDAQ:MSFT), down 0.15%, and Verizon Communications Inc (NYSE:VZ), which was up 0.09%.

European indices, meanwhile, ended the day lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 0.21%, France's CAC 40 fell 0.05%, while Germany's DAX fell 0.33%. Meanwhile, in the U.K. the FTSE 100 fell 0.45%.

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Crude gains as upbeat U.S. jobless claims report sparks bargain hunting

Investing.com - Investing.com - Crude prices rose on Thursday after data revealed fewer in the U.S. sought first-time unemployment assistance last week, which enticed bottom fishers who felt the commodity had fallen too far on supply concerns.

In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded up 0.32% at $97.23 a barrel during U.S. trading. New York-traded oil futures hit a session low of $96.56 a barrel and a high of $97.48 a barrel.

The September contract settled down 0.47% at $96.92 a barrel on Wednesday.

Nymex oil futures were likely to find support at $96.26 a barrel, the low from Feb. 3, and resistance at $102.10 a barrel, the high from July 28.

Upbeat news out of the U.S. labor market sent oil prices climbing on Thursday on demand from bottom fishers.

The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending Aug. 2 fell by 14,000 to 289,000 from the previous week's total of 303,000.

Analysts had expected jobless claims to rise by 2,000 to 305,000 last week, and the numbers depicted a U.S. economy that continues to improve and will likely consume more fuel and energy going forward.

Despite upbeat U.S. trade balance, service-sector, economic growth and other data, oil prices have slumped on concerns in recent sessions that global supply continues to exceed demand.

By Thursday, investors felt supply concerns had pushed prices too low, especially after digesting a solid weekly U.S. inventory report.

The U.S. Energy Information Administration said on Wednesday that U.S. crude oil inventories declined by 1.8 million barrels in the week ended August 1, beating expectations for a decline of 1.7 million barrels.

Total U.S. crude oil inventories stood at 365.6 million barrels as of last week.

The report also showed that total motor gasoline inventories decreased by 4.4 million barrels, confounding forecasts for a gain of 0.3 million barrels, while distillate stockpiles fell by 1.8 million barrels, stronger than expectations for an increase of 0.9 million barrels.

Geopolitical factors supported oil as well.

Fears the Ukraine conflict may disrupt oil exports from Russia supported oil prices as did news the U.S. is considering launching air strikes in Iraq to halt a Sunni insurgency and airdrops of food and medicine to assist those displaced by the conflict.

Separately, on the ICE Futures Exchange in London, Brent oil futures for September delivery were up 0.66% and trading at US$105.29 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$8.06 a barrel.

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Dollar rises on jobless claims, though geopolitical woes dampen gains

Investing.com - Investing.com - A better-than-expected weekly report on U.S. jobless claims bolstered the dollar over other major currencies on Thursday, though fears military conflicts in Ukraine and in the Middle East may crimp global recovery capped the greenback's advance and sent investors to gold.

In U.S. trading on Thursday, EUR/USD was down 0.13% at 1.3364.

The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending Aug. 2 fell by 14,000 to 289,000 from the previous week's total of 303,000.

Analysts had expected jobless claims to rise by 2,000 to 305,000 last week, and the numbers confirmed market expectations for the Federal Reserve to close its monthly bond-buying stimulus program in October and begin hiking interest rates afterwards in 2015.

Demand for the greenback has been on the rise in recent sessions due to upbeat U.S. trade balance, service-sector, economic growth and other data.

Meanwhile in Europe, the European Central Bank kept its main refinancing rate at 0.15% earlier Thursday in a widely anticipated decision.

ECB President Mario Draghi attributed softening inflation rates to energy concerns and added the monetary authority still expects "moderate" and "uneven" economic recovery in the euro area economy.

Interest rates will remain at present levels "for an extended period of time," while the bank remains committed to using unconventional measures if the outlook deteriorates, Draghi said, adding that inflation is expected to remain soft in the coming months before gradually rising in 2015 and 2016.

Risks to recovery remain to the downside Draghi said, though heightened geopolitical risk could affect the economy.

Monetary authorities are still assessing possible impacts that sanctions slapped on Russia for its alleged meddling in Ukraine may on the euro area economy.

Still, the dollar did face headwinds of its own, mainly in the form of geopolitical concerns that sent investors snapping up safe-haven positions in gold, which tends to trade inversely with the greenback.

Reports that Russia has amassed more troops near its border with Ukraine have bolstered gold prices due to the safe-haven appeal the yellow metal enjoys during times of geopolitical uncertainty.

Since the West slapped sanctions on for allegedly meddling in Ukraine's affairs by supporting separatists, Russian troops along the border have reportedly jumped to 20,000 from 8,000.

News the U.S. is considering launching air strikes in Iraq to halt a Sunni insurgency as well as conduct airdrops of food and medicine to assist those displaced by the conflict bolstered gold and softened the greenback also.

The dollar was down against the yen, with USD/JPY down 0.06% at 102.05, and up against the Swiss franc, with USD/CHF up 0.12% at 0.9087.

The greenback was up against the pound, with GBP/USD down 0.11% at 1.6836.

In the U.K. earlier, the Bank of England said it was maintaining the benchmark interest rate at 0.50% and that the stock of asset purchases financed by the issuance of central bank reserves will remain at £375 billion.

The dollar was up against its counterparts in Canada, Australia and New Zealand, with USD/CAD up 0.06% at 1.0923, AUD/USD down 0.89% at 0.9271 and NZD/USD down 0.07% at 0.8472.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.13% at 81.59.

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Natural gas prices extend gains on rising U.S. temperatures

Investing.com - Investing.com - Natural gas futures rose for a second consecutive session on Wednesday as updated weather-forecasting models called for a warming trend across the eastern half of the U.S.

On the New York Mercantile Exchange, natural gas futures for delivery in September traded at $3.929 per million British thermal units during U.S. trading, up 0.81%. The commodity hit a session low of $3.878, and a high of $3.939.

The September contract settled up 1.64% on Monday to end at $3.897 per million British thermal units.

Natural gas futures were likely to find support at $3.761 per million British thermal units, Monday's low, and resistance at $4.173, the high from July 14.

Seasonably warm temperatures have pushed out a recent cool snap and are sending natural gas prices rising due to expectations that demand for the commodity will rise as households crank up their air conditioning.

Prices have been under pressure in recent weeks as unseasonably cool summer temperatures in much of the U.S. limited demand for the fuel.

"The next week's forecast is still on track with a sloppy but warmer U.S. pattern playing out into next week," Natgasweather.com reported in its mid-day update on Wednesday.

Prices didn't skyrocket due to the possibility of cooler air dipping in out of Canada into the U.S. anew in the coming days.

"The models continue to struggle on how a couple of cool blasts unfold around August 15th and again around the 19th. The latest data is still not sure just how far the Aug 15th cool blast will push into the north-central U.S. late next week," Natgasweather.com added.

Supply data due out this week remained in focus as well.

The U.S. Energy Information Administration's weekly storage report slated for release on Thursday is expected to show an increase of 89 billion cubic feet in the week ending August 1.

Inventories rose by 90 billion cubic feet in the same week a year earlier, while the five-year average change is a build of 49 billion cubic feet.

Total U.S. natural gas storage stood at 2.307 trillion cubic feet as of last week, narrowing the deficit to the five-year average to 21.7% from 23.5% a week earlier and down from a record 54.7% at the end of March.

Injections of gas into storage have surpassed the five-year average for 15 consecutive weeks, alleviating concerns over tightening supplies.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in September were down 0.55% at $96.84 a barrel, while heating oil for September delivery were up 1.00% at $2.8754 per gallon.

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Crude falls despite upbeat U.S. inventory report

Investing.com - Investing.com - Crude prices fell on Wednesday despite an upbeat weekly U.S. inventory report, as investors traded on concerns that the global economy is awash in crude.

In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded down 0.49% at $96.91 a barrel during U.S. trading. New York-traded oil futures hit a session low of $96.75 a barrel and a high of $98.12 a barrel.

The September contract settled down 0.93% at $97.38 a barrel on Tuesday.

Nymex oil futures were likely to find support at $96.26 a barrel, the low from Feb. 3, and resistance at $102.10 a barrel, the high from July 28.

The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories declined by 1.8 million barrels in the week ended August 1, compared to expectations for a decline of 1.7 million barrels.

Total U.S. crude oil inventories stood at 365.6 million barrels as of last week.

The report also showed that total motor gasoline inventories decreased by 4.4 million barrels, confounding forecasts for a gain of 0.3 million barrels, while distillate stockpiles fell by 1.8 million barrels, stronger than expectations for an increase of 0.9 million barrels.

Still, while the U.S. economy continues to show signs of more sustained economic recovery, concerns the rest of the world isn't catching up as quick watered down crude oil prices, as a less robust global economy will consume less fuel and oil.

Italy's economy shrank for a second consecutive quarter in the three months to June, which technically means the country is in recession.

ISTAT, Italy's statistical office, reported that the country's gross domestic product contracted by 0.2% in the second quarter, confounding expectations for growth of 0.2%.

Italy's economy shrank 0.1% in the preceding quarter.

Annualized GDP declined at a rate of 0.3%, worse than expectations for an increase of 0.1%.

Earlier this week, China's HSBC services purchasing managers' index dropped to 50.0 in July from 53.1 in June, right on the 50 mark that separates expansion from contraction, which rattled nerves in energy markets amid fears of supply gluts.

Separately, on the ICE Futures Exchange in London, Brent oil futures for September delivery were up 0.06% and trading at US$104.67 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$7.76 a barrel.

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Crude hammered by supply concerns, shrugs off U.S. data

Investing.com - Investing.com - Concerns that the world is awash in crude offset bullish U.S. data and escalating tensions in Ukraine and sent oil prices falling on Tuesday.

In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded down 1.12% at $97.19 a barrel during U.S. trading. New York-traded oil futures hit a session low of $97.04 a barrel and a high of $98.67 a barrel.

The September contract settled up 0.42% at $98.29 a barrel on Friday.

Nymex oil futures were likely to find support at $96.26 a barrel, the low from Feb. 3, and resistance at $102.10 a barrel, the high from July 28.

Despite data suggesting the U.S. economy is improving, growing concerns that the global economy is not gaining enough steam to make a dent in ample crude supplies sent the commodity tumbling on Tuesday, offsetting otherwise bullish pressures in the U.S. and in Eastern Europe.

The Institute of Supply Management reported earlier that its services purchasing managers' index jumped to 58.7 in July from 56.0 in June.

Economists had expected the index to tick up to 56.3.

The new orders component of the index rose to 64.9 in July from 61.2 in June, the highest reading since August 2005. The employment index rose to 56 from 54.4 in June, the fifth consecutive month of growth.

Also in the U.S., the U.S. Census Bureau reported that factory orders climbed by 1.1% in June, beating forecasts for a gain of 0.6%. Factory orders fell by 0.5% in May.

Still, a China's HSBC services purchasing managers' index dropped to 50.0 in July from 53.1 in June, right on the 50 mark that separates expansion from contraction, which rattled nerves in energy markets.

Escalating tensions between Russia and Ukraine failed to bring up oil prices as well.

Despite fears the conflict could disrupt oil shipments out of Russia and crimp global supply, parallel concerns that sanctions slapped on Moscow by the West will dampen global recovery kept oil prices in the gutter on Tuesday.

Separately, on the ICE Futures Exchange in London, Brent oil futures for September delivery were down 0.77% and trading at US$104.60 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$7.41 a barrel.

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U.S. stocks battered by Fed concerns, Ukraine conflict; Dow falls 0.84%

Investing.com - Investing.com - Concerns higher borrowing costs lurk around the corner in the U.S. coupled with fears the Russia-Ukraine conflict is set to escalate sent U.S. stocks falling on Tuesday.

At the close of U.S. trading, the Dow 30 fell 0.84%, the S&P 500 index fell 0.97%, while the NASDAQ Composite index fell 0.71%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was up 10.65% at 16.73.

A fresh batch of positive economic indicators reminded investors on Tuesday that the days of ultra-loose monetary policy in the U.S. are coming to an end, with rate hikes taking place possibly sooner than once anticipated.

The Institute of Supply Management reported earlier that its U.S. services purchasing managers' index jumped to 58.7 in July from 56.0 in June.

Economists had expected the index to tick up to 56.3, and the better-than-expected figure sparked demand for the dollar over equities as investors adjusted their timetables as to when the Federal Reserve may hike interest rates, with many betting tightening will come sooner than once anticipated.

The new orders component of the index rose to 64.9 in July from 61.2 in June, the highest reading since August 2005. The employment index rose to 56 from 54.4 in June, the fifth consecutive month of growth.

Also in the U.S., the U.S. Census Bureau reported that factory orders climbed by 1.1% in June, beating forecasts for a gain of 0.6%. Factory orders fell by 0.5% in May.

Geopolitical concerns frayed nerves on Wall Street as well.

Reports surfaced earlier that Russia was amassing more troops near its border with Ukraine, which rattled markets worldwide by stoking concerns an escalating conflict could dampen global recovery.

Since the West slapped sanctions on Moscow several days ago for allegedly meddling in Ukraine's affairs by supporting separatists, Russian troops along the border have reportedly jumped to 20,000 from about half the figure.

Leading Dow Jones Industrial Average performers included Boeing Company (NYSE:BA), up 1.06%, Procter & Gamble Company (NYSE:PG), up 0.23%, and Home Depot Inc (NYSE:HD), which was down 0.02%.

The Dow Jones Industrial Average's worst performers included Intel Corporation (NASDAQ:INTC), down 3.60%, Chevron Corporation (NYSE:CVX), down 2.49%, and Exxon Mobil Corporation (NYSE:XOM), down 1.95%.

European indices, meanwhile, ended the day higher.

After the close of European trade, the DJ Euro Stoxx 50 rose 0.04%, France's CAC 40 rose 0.37%, while Germany's DAX rose 0.39%. Meanwhile, in the U.K. the FTSE 100 rose 0.07%.

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Gold falls as stocks gain on U.S. earnings, jobs report

Investing.com - Investing.com - Gold prices fell on Monday after investors ditched safe-haven positions in the yellow metal and went long on U.S. stocks due to earnings and jobs data.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,288.60 a troy ounce during U.S. trading, down 0.48%, up from a session low of $1,287.10 and off a high of $1,296.40.

The December contract settled up 0.94% at $1,294.80 on Friday.

Futures were likely to find support at $1,281.00 a troy ounce, Friday's low, and resistance at $1,314.60, last Tuesday's high.

U.S. stocks rose on Monday after legendary investor Warren Buffett's company Berkshire Hathaway beat expectations, which cut into the need for safe-haven gold positions.

Meanwhile, a second take on Friday's U.S. July jobs report left investors concluding the labor market continues to improve despite persistent slackness, which leaves the Federal Reserve on track to dismantling stimulus programs that have supported the yellow metal for years.

The Labor Department reported Friday that the U.S. economy added 209,000 jobs in July, missing expectations for an increase of 233,000, though July marked the sixth consecutive month that the U.S. economy created over 200,000 new payrolls.

The report also showed that the U.S. unemployment rate ticked up to 6.2% last month from 6.1% in June. Analysts had expected the rate to remain unchanged in July, though the report revealed that more unemployed Americans were entering the labor force in search of work last month, a positive sign.

The unemployment rate does not include discouraged unemployed individuals who have given up actively searching for work, so a decision by many to look for jobs can send the headline rate higher, though it also suggests out-of-work Americans are more hopeful with their job prospects.

Meanwhile, silver for September delivery was down 0.82% at $20.203 a troy ounce, while copper futures for September delivery were up 1.02% at $3.247 a pound.

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Dollar holds steady on data, earnings, central bank meetings

Investing.com - Investing.com - The dollar held steady against most major currencies on Monday, mainly as investors remained in standby mode ahead of key central bank meetings this week.

Sentiments that Friday's July jobs report was better than initially interpreted coupled with rising U.S. stock prices gave the greenback some support over its peers.

In U.S. trading on Monday, EUR/USD was down 0.06% at 1.3420.

Later this week, the Bank of England, the Bank of Europe and the Reserve Bank of Australia will unveil their latest decisions on interest rates and monetary policy, which kept many on the sidelines on Monday and stabilized the dollar.

U.S. stocks rose on Monday after legendary investor Warren Buffett's company Berkshire Hathaway Inc (NYSE:BRKa) beat expectations, which gave the dollar some support.

Elsewhere, a second take on Friday's U.S. July jobs report left investors concluding the U.S. labor market continues to improve despite persistent slackness, which also gave the dollar support.

The Labor Department reported Friday that the U.S. economy added 209,000 jobs in July, missing expectations for an increase of 233,000, though July marked the sixth consecutive month that the U.S. economy created over 200,000 new payrolls.

The report also showed that the U.S. unemployment rate ticked up to 6.2% last month from 6.1% in June. Analysts had expected the rate to remain unchanged in July, though the report revealed that more unemployed Americans were entering the labor force in search of work last month, a positive sign.

The unemployment rate does not include discouraged unemployed individuals who have given up actively searching for work, so a decision by many to look for jobs can send the headline rate higher, though it also suggests out-of-work Americans are more hopeful with their job prospects.

The dollar was down against the yen, with USD/JPY down 0.07% at 102.54, and up against the Swiss franc, with USD/CHF up 0.06% at 0.9067.

The greenback was down against the pound, with GBP/USD up 0.21% at 1.6858.

The U.K. construction purchasing managers' index slowed to 62.4 in July from 62.6 in June, better than expectations for a 62.0 reading.

The overall pace of growth was still the fastest since 2007, which gave the pound an edge over the dollar.

The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.07% at 1.0909, AUD/USD up 0.21% at 0.9334 and NZD/USD up 0.12% at 0.8524.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.01% at 81.40.

On Tuesday, the U.S. is to publish data on factory orders, while the Institute of Supply Management is to release data on service-sector activity.

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U.S. senator: CIA interrogation tactics helped get bin Laden

By Sarah N. Lynch and Aruna Viswanatha

WASHINGTON (Reuters) - Republicans on the U.S. Senate Intelligence Committee will soon release a minority report asserting that the CIA's use of harsh interrogation techniques helped bring down Osama bin Laden and other terrorists, the panel's top Republican said Sunday.

"Information gleaned from these interrogations was in fact used to interrupt and disrupt terrorist plots, including some information that took down bin Laden," Georgia Senator Saxby Chambliss said on CBS's "Face the Nation."

The Senate Intelligence Committee reports will come five years after it authorized a probe into the use of possible torture by the Central Intelligence Agency after the Sept. 11, 2001, attacks.

The Democrats' majority report is expected to allege that the CIA's use of techniques, such as waterboarding, did not help yield valuable intelligence and was not necessary.

It is unclear when the report will be released because committee Chairman Dianne Feinstein has said she may challenge some of the redactions by the Obama administration.

President Barack Obama, who banned the practices after taking office in 2009, said Friday that the CIA had in fact "tortured some folks" during President George W. Bush's tenure.

"We did some things that were contrary to our values," Obama said.

Republicans on the committee have long disagreed with Democrats about the use of the so-called enhanced interrogation techniques, and the Republicans largely boycotted the committee's probe into their use.

"I thought it was a mistake then. I still think it is a mistake," Chambliss said on CBS.

The Senate's investigation has been plagued with difficulties. The CIA conceded last week that it had improperly monitored computers used by committee investigators looking into the torture allegations.

CIA Director John Brennan called Feinstein and Chambliss to apologize when he first learned of the breach. "Once he got all the facts, he came back and he did apologize," Chambliss said. "He was wrong. Senator Feinstein was right."

Arizona Republican Senator John McCain, who is a survivor of torture himself, said on the Fox News program "Sunday Morning Futures" he was in some ways more concerned about the CIA spying on Senate staffers than the torture issue, and he called for an independent investigation into the matter.

U.S. Representative Mike Rogers, the Republican chairman of the House Intelligence Committee, said the CIA's actions were a serious breach of trust but warned against overreactions.

"I don't think this is some conspiracy notion that they wanted to spy on either of our committees. That would of course be intolerable. I think it would be a crime," Rogers said on CNN's "State of the Union."

But these were CIA computers at a CIA facility, he said. "That's a little bit different than spying on Congress, in my mind."

(Additional reporting by Doina Chiacu; Editing by Doina Chiacu)

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Canada's Magic! tops British music chart with debut single

LONDON (Reuters) - Canadian band Magic! moved up one place to top the British singles charts on Sunday with their reggae-infused debut track "Rude", the Official Charts Company said.

The single toppled Cheryl Cole's "Crazy Stupid Love" to take the number one spot, boosted by internet streaming which was added to the charts data last month alongside physical sales.

In the albums chart, British singer-songwriter Ed Sheeran continued his run at number one, topping the bill for a sixth week with "X", while Dolly Parton's "Blue Smoke - The Best Of" remained in second place.

Eric Clapton & Friends were a new entry at number three with "The Breeze", a tribute to late U.S. singer-songwriter J.J. Cale. The album features contributions from a host of musicians including John Mayer, Tom Petty and Dire Straits' Mark Knopfler.

(Reporting by Kylie MacLellan; editing by Keiron Henderson)

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Steps taken by Govt to yield results in few months: Jaitley

Finance Minister Arun Jaitley today said that steps taken by the NDA government will yield good results in the next few months and it will not hesitate to take firm decision for long term welfare of the country.

"The steps government is taking...we will get to see its good results in the next few months. There was an environment of unhappiness (during UPA regime), we will now definitely succeed over it," he said.

Jaitley was speaking at a function 'Budget par Charcha with RWAs representatives' organised by Delhi unit of the BJP.

The minister further said that the NDA government has no problem in taking any decision and will continue to take "firm decision for the welfare of the country in the long run".

Talking about the Delhi Budget, which was recently passed by Parliament, Jaitely said, "We did not impose new taxes so that common man didn't have to face problem."

Attributing bad power situation in the national Capital to poor infrastructure, the Minister said, "Our power minister is working hard to ensure better electricity supply."

In Delhi's Budget, the government had announced subsidy of Rs 0.80 to Rs 1.20 per unit, which will benefit 84 per cent households in the Capital.

Jaitley further said that in the Union Budget, he had raised the exemption limit of income tax from Rs 2 lakh to Rs 2.5 lakh, which would leave more money in the hands of individuals.

The NDA, Jaitley said, has come to power at a time when the country's economy is not doing well. "In the last few year, people have globally lost trust over this country's economy. A question mark on credibility has also been raised regarding country's economy. And even local investors used to think that there will be no profit of investing money," he said, adding that the government is taking all steps to improve the situation.

The minister said government has drawn a plan of financial inclusion under which banking services will be extended to households in all villages of the country.

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Andhra Bank's Q1 net down 53% on delay loan waiver

"The delay in loan waiver resulted in farmers not repaying their loans. This has resulted in farm loans worth Rs 1,078 crore turning into non-performing assets (NPAs)," its Chairman and Managing Director, C V R Rajendran told newspersons on Saturday.

Andhra Bank 's net profit decreased 53 per cent at Rs 107 crore in the first quarter ended June 30, 2014, compared to Rs 231 crore in the year-ago period.

"The delay in loan waiver resulted in farmers not repaying their loans. This has resulted in farm loans worth Rs 1,078 crore turning into non-performing assets (NPAs)," its Chairman and Managing Director, C V R Rajendran told newspersons on Saturday.

The bank, which was expecting a better performance this quarter due to the strong recovery of NPAs in other sectors totalling Rs 1,000 crore, had difficulty in getting board approval for the results. "We had to explain in detail to get the accounts approved," the CMD said.

Net interest income had gone up by 12.5 per cent to Rs 3,810 crore from Rs 3,386 crore. The net interest margin (NIM) came down to 2.14 per cent. Without agricultural NPAs, it would have been above 3 per cent.

The net NPAs had gone up to 3.89 per cent (3.11 per cent). For the full year, the bank is expecting to register 16 to 20 per cent credit growth with a NIM of about 3 per cent, Rajendran said.

Andhra Bank had requested a capital infusion of Rs 800 crore from the Government this year and is expecting a response.

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