AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Thursday, May 10, 2007:

Stocks Recover After Fed Rate Decision

NEW YORK (AP) _ Wall Street wobbled, then regained its stride Wednesday after the Federal Reserve told investors what they expected to hear: that inflation is still too high for comfort, but the central bank is holding interest rates steady. The Dow Jones industrials rose to another record close. The central bank's Open Market Committee as anticipated left interest rates unchanged at 5.25 percent, as it has done since last summer. The statement that accompanied the decision was little changed from the one the Fed released after its last meeting in March; the assessment said policy makers are keeping their inflation watch the priority despite a slower economy.

___

ECB Expected to Keep Rate at 3.75 Pct.

DUBLIN, Ireland (AP) _ The European Central Bank is expected to hold its key interest rate steady Thursday but set the stage for a likely quarter-point increase next month as it keeps a steady hand on the pulse of the euro zone. The bank's governing council _ assembling in Dublin for one of its biannual meetings away from its Frankfurt base _ is expected to discuss the growing pace of economic growth in the 13-nation euro zone, whose 317 million residents generate more than 15 percent of the world's gross domestic product.

___

White House: Give Wolfowitz Fair Hearing

WASHINGTON (AP) _ Embattled World Bank President Paul Wolfowitz deserves a "fair process and a fair hearing of the facts" surrounding his involvement in arranging a promotion and pay package for his girlfriend, the White House said Wednesday. The comments from presidential counselor Dan Bartlett came as the international lending institution's 24-member board edges closer to a decision on Wolfowitz's fate.

___

China Begins U.S. 'Buying Mission'

SAN FRANCISCO (AP) _ China is on another U.S. shopping spree that appears to be as much about salesmanship as the country's rapidly growing purchasing power. Hoping to ease tensions raised by the massive trade imbalance dividing two of the world's economic powers, China has periodically come to the United States on so-called "buying missions" to demonstrate the country's willingness to import more goods and services.

___

Oil Prices Remain Nearly Flat in Asia

SINGAPORE (AP) _ Oil prices were little changed Thursday following a U.S. inventories report that showed that stocks of gasoline, crude and distillate fuels all rose last week. Light, sweet crude for June delivery fell 3 cents to $61.52 a barrel in Asian electronic trading on the New York Mercantile Exchange, mid-afternoon in Singapore. The contract fell 71 cents to settle at $61.55 a barrel on Wednesday.

___

Hu Expresses Hope for U.S. Trade Talks

BEIJING (AP) _ China's president is making a rare personal lobbying effort for upcoming trade talks with Washington, expressing hopes for "positive results" in a phone call with President George W. Bush amid rising U.S. anger at China's ballooning trade surplus. "We believe that with the common effort of both sides, this round of the dialogue can achieve positive results," President Hu Jintao told Bush on Wednesday evening, according to the official Xinhua News Agency.

___

Toll Bros. to Miss Earnings Projections

PHILADELPHIA (AP) _ Hopes of an imminent housing recovery are dimming as the nation's largest homebuilders continue to report slumping sales and profits. Toll Brothers Inc., the nation's largest builder of luxury homes, on Wednesday warned that it won't meet prior earnings projections while homebuilders Hovnanian Enterprises Inc., Pulte Homes Inc. and D.R. Horton Inc. have reported similar malaise.

___

Japanese Stocks Fall; Dollar Up vs. Yen

TOKYO (AP) _ Japanese stocks edged lower Thursday as investors sold shares following sluggish profit growth forecasts offered from Toyota and Sumitomo Chemical. The benchmark Nikkei 225 stock index fell 11.16 points, or 0.06 percent, to finish at 17,736.96 points on the Tokyo Stock Exchange. On Wednesday, the index rose 0.52 percent.

___

Disney Earnings Grow 27 Percent

LOS ANGELES (AP) _ The Walt Disney Co. exceeded second-quarter profit expectations, but its performance for the rest of the year is largely up to a pirate captain named Jack Sparrow and a gourmet animated rat named Remy. The Burbank-based media conglomerate said Tuesday that net profit rose 27 percent in the quarter that ended March 31, boosted by strong results from its film studio, advertising sales at ESPN and international sales of its TV shows, including "Desperate Housewives."

___

Analysts Mixed on Possible Alltel Buyout

LITTLE ROCK, Ark. (AP) _ Analysts are taking a mixed view on whether Alltel Corp. will be bought out by a rival or by private equity interests. Back in February, Alltel President and Chief Executive Scott Ford announced the company was undertaking a "strategic review" and analysts took that to mean that Alltel was on the block. Since then, Alltel has said precious little about its intentions. It's earnings conference call last week shed no new light.

___

Gold Prices

LONDON (AP) _ Gold bullion opened Thursday at a bid price of $679.40 a troy ounce, down from $683.00 late Wednesday.

___

Dollar-Yen

TOKYO (AP) _ The dollar rose in Asia Thursday on lessening prospects of a U.S. interest rate cut, and traders said the dollar may keep rising gradually.

A service of The Associated Press. Copyright 2007 All rights reserved.