U.S. AVERAGES

With little economic news scheduled for release today, trading may be dull ahead of tomorrow's July monthly employment report.

On Thursday investors will get July sales reports from major retail chains. Analysts expect that sales at stores open at least a year, a closely watched retail measure known as same-store sales, advanced 4.1% in the month, stronger than the 3.1% increase in that measure a year ago.

The dollar stabilized vs. European currencies ahead of interest rate decisions from the Bank of England and European Central Bank, while oil futures bounced back above $61 a barrel in electronic trade.

Wal-Mart Stores (WMT: chart), the world's largest retailer, said Thursday that July same-store sales, or sales from stores open at least a year, rose 4.4%. Wal-Mart's namesake stores posted a 4.2% gain, while Sam's Club increased 5.1%. Total sales for the 4 weeks ended July 29 advanced 10.7% to $22.81 billion vs. $20.61 billion last year. For August, the world's largest retailer forecast a 3% to 5% same-store sales increase. Shares in Wal-Mart dipped 12 cents to close at $49.68 Wednesday.

ECONOMIC NEWS

While investors gear up for the monthly employment report due Friday, weekly data on initial jobless claims is to be released before the opening bell on Thursday. Economists expect claims to come in at 315,000 for the week ended July 30, an advance from the previous week's level of 310,000.

INTERNATIONAL MARKET NEWS

Asian benchmarks closed lower with the Japanese Nikkei down 0.8% ahead of political uncertainty, retreating from a 15-month high on profit-taking in automakers, banks and select blue-chip stocks. The other regional markets followed the suit as Hong Kong’s Hang Seng lost 0.1%, South Korea’s Kospi dropped 0.5%, and Taiwan’s Straits Times was down 0.2%. In Tokyo the dollar was trading at 111.17 yen.

European markets traded lower at mid-day ahead of an unexpected interest rate cut from the Bank of England and bank stocks down after earnings reports from France’s Societe Generale and Royal Bank of Scotland. Oil shares also erased some of their recent gains after an overnight decline of oil prices below $61 a barrel. The German DAX 30 was flat, the French CAC 40 lost 0.3%, and London’s FTSE slipped 0.1%.

ENERGY, METALS AND CURRENCIES MARKETS

Crude-oil futures edged up after an overnight oil prices decline, despite positive U.S. inventory data, as traders remain cautious because of possible supply concerns, caused by refinery shutdowns and an approaching hurricane season. Light sweet crude for September delivery rose 17 cents to trade at $61.03 a barrel on the NYME. London Brent September delivery gained 13 cents to reach $59.78.

Gold futures rose in early European trading. In midmorning trading in London traders fixed a recommended price of $435.60 bid per troy ounce, up from $434.60. In Hong Kong gold gained $3.10 to close at $436.35. Silver opened at $7.25, down from $7.26.

The U.S. dollar was mixed in early European trading. The euro quoted at $1.2310, down from $1.2311. The greenback bought 111.38 yen, up from 111.14. The British pound stood at $1.7759, down from $1.7794.

EARNINGS NEWS

GPC Biotech, genomics and proteomics developer, posted a 2Q net loss of 53 euro cents per share, vs. a net loss of 43 euro cents per share in the year-ago comparable period on revenue decline.

Newcastle Investment, real estate investment trust, reported 2Q profit of 64 cents per share, up vs. 51 cents per share a year ago on strong revenue, matching analysts’ expectations of 64 cents per share.

Tesco, supermarkets, hypermarkets, and convenience stores operator, posted 2Q net income of 10 cents per share vs. a net loss of 4 cents per share in the same quarter a year earlier on revenue growth.

Gold Fields, gold exploration and development company, posted 4Q net earnings of 8 cents per share, up vs. 4 cents a share last year on revenue growth, topping analysts’ estimate of 3 cents per share.

AIXTRON, chip equipment maker, posted 2Q net loss of 2 euro cents per share vs. a net income 1 euro cent per share in the same period last year, despite a rise in revenue.