Ben Bernanke may indicate to Congress that the recovery is tentative and that the $600 billion QE2 program is still necessary. (Reuters)

Future US auto sales may be undermined by high gas prices. (Reuters)

China warned its banks about excessive lending. (Reuters)

Japan reported a low inflation rate. (Reuters)

The US Trade Representative put search engine Baidu (NASDAQ: BIDU) of China on its list of  “notorious markets” because of  counterfeit and pirated goods sales. (Reuters)

Morgan Stanley (NYSE: MS) experienced an attack on its servers by Chinese hackers. (Bloomberg)

More mergers of stock exchanges are likely. (Reuters)

Barclays (NYSE: BCS) will buy the assets of Citigroup’s (NYSE: C) Egg lending system. (Reuters)

The Government Accountability Office found huge waste among US government agencies. (WSJ)

PNC Bank said it would keep basic fees for bank accounts free. (WSJ)

States may move workers to 401(k) plans from the current pension system. (WSJ)

Freddie Mac and Fannie Mae borrow money from the Treasury to pay the Treasury dividends that they own. (WSJ)

The Administration has started to approve deepwater drilling applications. (WSJ)

Berkshire Hathaway (NYSE: BRK-A, BRK.B) added another manager who could eventually take Warren Buffett’s job. (WSJ)

Gambling revenue in Macau rose 48% last month (WSJ)

A new Administration report will show that women still make much less than men in comparable jobs. (WSJ)

Obama backed a program to allow state flexibility in implementing new healthcare laws. (WSJ)

Inflation is causing nations to add to programs which offset the increase in prices. (WSJ)

The International Energy Agency said the rise in crude prices could damage the global recovery. (WSJ)

China purchases part of small companies and has raised joint venture participation outside its borders. (WSJ)

The Justice Department has started an investigation into antitrust violations by Fedex (NYSE: FDX) and UPS. (NYSE: UPS) (WSJ)

Google (NASDAQ: GOOG) said the online ad industry could reach $100 billion over the next several years. (WSJ)

AT&T (NYSE:T) will send alerts to mobile phones about shopping opportunities when subscribers are near stores. (WSJ)

Investors have moved out of the dollar into the euro even though there are still sovereign debt problems in the region. (WSJ)

Republicans have blocked a free trade agreement with South Korea. (NYT)

The Sustainable Apparel Coalition, a group of major retailers, will begin to report on the products used in clothes they sell. (NYT)

VCs have invested more money in digital music business. (NYT)

The China PMI showed slower growth last month. (FT)

The Office of the Comptroller of the Currency said it is worried about how Citigroup (NYSE: C) values its assets  The concerns were in a report by the Financial Crisis Inquiry Commission. (FT)

Renault and Fiat face sales pressure from VW in Europe. (Bloomberg)

Commodities prices have beaten stock prices over the last six months. (Bloomberg)

Sony Ericsson has moved its developer base to the US and Asia as it accelerates its use of Google’s (NASDAQ: GOOG) Android. (Bloomberg)

Douglas A. McIntyre

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