Quick Overview

• The number of U.S. workers filing for initial unemployment benefits fell by 1,000 to 312,000 for the week ended July 30, the Labor Department reported Thursday.
  
  

• OPEC produced 30.2 million barrels of oil per day in July, the most since 1979 Reuters said.
  
  

• With oil at record prices, U.S. refiners are upgrading their facilities but are not adding more capacity, and the upgrades will not necessarily lead to retail fuel price reductions, the Wall Street Journal reported Thursday.
  
  
  

• The Bank of England reduced its interest rate from 4.75% to 4.50%,
  

• German factory orders were up 2.4% in June, stronger than expected.
  

• The European Central Bank kept its interest rate unchanged at 2.0%.

• Singapore and South Korea have signed a free trade agreement, Seoul's first with an Asian neighbor.