According to Reuters, Goldman Sachs said European banks may have to raise another 60 billion to 90 billion euors to reach an aggregate Tier I ratio of 9 percent.

Reuters reports that Caterpillar (CAT) sees China sales doubling by 2010.

Reuters writes that the market will get its near-term direction from oil and GE (GE) earnings.

The Wall Street Journal writes that UBS (UBS) expects a small Q2 loss.

The Wall Street Journal writes that BHP Billiton (BHP) and China have reached an agreement on iron ore prices.

The Wall Street Journal writes that assets that the Fed took from Bear Stearns are worth about $1 billion less than expected.

The New York Times writes that the jobs report of 62,000 more people out of work dimmed prospects for a recovery.

The New York Times reports that Starbucks (SBUX) was hurt by picking the wrong locations as its expanded it US store base.

The FT reports that Chrysler is exploring another car manufacturing deal in China.

Bloomberg writes that LBO defaults may rise sharply as borrowing costs rise.

Douglas A. McIntyre

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