Reuters - The U.S. economy is facing a tough second quarter and Europe will not be immune to the impact, Treasury Secretary Henry Paulson was quoted as saying on Wednesday.

Reuters - U.S. auto sales plunged in June to a 15-year low, but a month-end clearance sale helped General Motors Corp retain its No. 1 spot and steer clear of the wipeout many had feared, sending its shares higher.

AFP - Europe's main markets slumped on Tuesday, the start of the third quarter, as oil prices jumped back toward record highs, fuelling worries about rising inflation.

AP - Each week, Ira Cooper opens a letter from another supplier with the same message as the last: We're raising our prices, effective immediately. We can't tell you how long the new prices will last.

Reuters - Former New York Stock Exchange chief Richard Grasso won another big victory on Tuesday in his efforts to keep his $187.5 million pay package, with a court throwing out state officials' remaining claims against him.

Reuters - Manufacturing expanded in June for the first time in five months, helped by a weak dollar, but inflation pressures soared to their highest since the stagflation-ravaged 1970s, according to a report that highlighted the bind facing policy-makers.

Reuters - Stocks cut losses on Tuesday, with both the S&P and the Nasdaq (.IXIC) turned positive after General Motors Corp reported stronger-than-expected June sales, helping temper worries about the impact of high fuel prices on corporate earnings.

Reuters - General Motors Corp posted an 8.3 percent decline in June U.S. auto sales after adjusting for sales days in the month, a better-than-expected result for the embattled automaker.