Petrol prices set to rise 5p a litre, retailers warn, as cost of crude oil is pushed up by civil unrest in Syria and Egypt and rise in demand in Asia

• Fall in Libya's oil exports also forced the price of crude oil up, retailers say
• Petrol Retailers' Association predict increase of 5p per litre before October
  

  The Petrol Retailers' Association has warned fuel prices could increase by 5p per litre before the end of September
  
  Petrol prices are set to rise 5p per litre as global factors including the civil unrest in Syria and Egypt push up crude oil prices, retailers have warned.
  The fall in Libya's oil exports and the rise in demand from Asia have also forced the price of crude oil up, the Petrol Retailers' Association has said.
  The association made the prediction as the Goldman Sachs Group suggested Brent crude prices could rise to $115 a barrel in the 'very near term'.
  The association's chairman Brian Madderson said: 'UK petrol prices have not yet seen the full impact of this crude oil increase due to the rapid and slightly unexpected revaluation of pound sterling from $1.48 to $1.56.
  'Therefore it was concerning to read recent comments from the City that the "pound is overblown" and will soon come hurtling down towards the $1.45 level.
  'We calculate at current wholesale prices that this will add a further 5p per litre at the pump before the end of September and hit businesses and households in the pocket at a time when pundits are forecasting a continued increase in retail sales to drive growth in the economy. 
  'Should the Middle East tensions escalate further and crude oil prices react accordingly, the Bank of England’s new inflation targets could be significantly challenged.'
  Last week it was revealed motorists are having to deal with a ‘Jekyll and Hyde’ attitude to petrol pricing as some towns charge far more for unleaded and diesel than others, according to the AA.
  
   
  The motoring organisation said that in some areas there are 'pump price dogfights', as supermarkets and other forecourts battle to be the cheapest. But in areas that lack this competition, prices remain higher.
  
  

  Unrest in Egypt and Syria are among the factors for the rise in crude oil prices, according to the PRA. Much of Cairo has been flooded with armoured vehicles and soldiers in a crackdown on protests
  
  It came as the AA's monthly fuel price report revealed petrol pump prices had gone up by an average of 3p a litre since June and were showing no signs of falling away.
  At 137.52p a litre, petrol last week averaged 1.74p a litre more than a month earlier, at 135.78p, and was almost 3p dearer than June’s 134.6p price plateau – although prices dropped slightly last weekend.
  According to The Times, Wall Street brokers have said global oil demand has gone up by 1.1million barrels a day this year compared to the beginning of last year.
  
  

  The PRA made the prediction as the Goldman Sachs Group suggested Brent crude prices could rise to $115 a barrel in the 'very near term'

Almost two thirds of Greek youth are unemployed

Athens - Unemployment in general in Greece rose to a new high in May with a rate of 27.6 percent, up slightly from 27 percent in April and considerably higher than the 23.8 percent a year ago in May.

The most frightening figure from the Hellenic Statistics Authority was the rate among young people aged 15 to 24, at an astonishing 64.9 percent. There are now almost 1.4 million out of work in Greece but there are also 3.3 million more who are considered economically inactive. Unemployment in Greece in June was more than twice the average 12.1 percent recorded in June in the Eurozone. Greece has been depending upon loans from the Troika (European Commission, International Monetary Fund, and European Central Bank) for some time as its debt has reached crisis proportions. To obtain loans and avoid bankruptcy, Greece has been forced to accept severe austerity measures dictated by the Troika. The situation has caused considerable political turmoil as well as protests and strikes against the austerity measures. Spain's unemployment is not much better than that of Greece, peaking at 27.2 percent in the first three months of 2013. While the austerity measures in Greece may please investors, the tax hikes, pension cuts, downsizing of the public service and selling off of assets, has resulted in economic contraction for the sixth year now. The loans are delivered in installments and before each installment is delivered inspectors investigate to see if the terms of the loan are being met. The latest requirement, just as unemployment reaches a record high, is the firing of thousands of civil servants. The situation is a nightmare for the governing coalition government as it tries to convince a skeptical population that there is light at the end of the tunnel. So far there has been nothing but more cuts to pensions and wages combined with layoffs and tax hikes. While authorities predict that there will be a turnaround next year, the central bank nevertheless predicts that unemployment will peak at 28 percent and will not start to decline until 2015. The Greek government wants to tap European Union regional development funds to help promote job programs that will help boost employment. One bright spot is tourism, which accounts for almost 17 per cent of the Greek economy. A record 17 million visitors are expected to visit this year and revenues to rise 10 per cent. However, this will not be enough to offset the negative effects of the austerity measures according to Nikos Magginas at the National Bank.

Read more: http://www.digitaljournal.com/article/356363#ixzz2cg8Vqorz

Is India preparing to ‘Confiscate’ its Citizens’ Gold?

In 1991, the Indian government pledged the nation’s gold reserves against foreign loans that were provided to the nation from international sources. So they have already trodden the path of using gold to support their international presence and in international dealings.

The Indian Rupee exchange rate continues to decline, and far faster than other currencies. Over the last couple of years the Indian Rupee has fallen from Rs.42 to the dollar to the current rate of over Rs.63 to the dollar. While this reflects, in part, the withdrawal of ‘hot money’ (carry trade investments taking advantage of interest rate differentials between the dollar and the rupee) from the country, it also reflects the waning confidence in the Indian economy –although it continues to grow at over 5%—and its currency. The Balance of Payments continues to worsen.

This has precipitated the imposition of Capital Controls on just Indians, for the moment, but if the situation continues to decay, then we expect these to widen to capture foreign investments within the country and to prevent their exit. India is in crisis!

The Indian gov’t is fully aware that their options are limited, but they have to do something and soon. The use of privately held gold is an option and one, we believe, for which they are preparing.

Please note that there are around 20,000 tonnes of gold in private hands in India, worth currently, US$ 900,200,000,000 at $1,400.  Some believe the tonnage to be closer to 25,000 tonnes. If so, this is worth $1,125,250,000,000 at $1,400.

If the Indian government took this gold out of Indian hands into government coffers, confidence may well return to the Rupee, provided the gold were used to support the Rupee, as collateral. Is this likely? It depends on just how bad the crisis becomes. But those who believe talk of confiscation is scaremongering, would do well to look at what’s happening there right now.

The “Save Gold Campaign”

There is a campaign in India, cynically called, “The Save Gold Campaign”, or “Swarna Bachao Abhiyan,” which targets the enormous amount of gold there. This gold is held by ordinary individuals, high net worth individuals, charitable trusts and even temple trusts and banks.

An announcement in this regard was made at the India International Gold Convention currently on in Jaipur in India. An important gold organization called ‘The All India Gems and Jewelry Trade Federation” –which is behind the call to stop selling gold through their branches in response to government requests—held a meeting recently on the subject, in the light of the widening current account deficit. 

Vinod Hayagriv, the ex-chairman of the All India Gems and Jewelry Trade Federation said India's Reserve Bank of India, is to frame and regulate the national gold deposit scheme, where eligible jewelers can mobilize gold through eligible banks. The stated objective is to bring this huge amount of gold to the ‘market’. In a joint industry/government move the Federation intends to interact with the finance ministry to discuss new guidelines.

Gold owners will be ‘encouraged to bring their gold to authorized jewelers. The jeweler would then check the authenticity of bullion or coins and issue a certificate and seal the gold, handing it back to the consumer. In the case of jewelry, it would be melted down in the presence of the consumer before the certificate is issued. The consumer would then have to take the sealed gold and authenticity certificate to the bank, which would issue a deposit certificate for a valid period, ranging from one and a half to three years. Thereafter, the depositor would get the gold back with interest, as promised by the bank.

There is also talk of lending the gold to a non-banking financial company (NBFC) set up for the purpose. The NBFC would allow investors to withdraw the gold before the maturity period, and would lend the gold to jewelers. What is not made clear is why the jewelers would want to borrow gold, if there business is selling gold. How would they access the gold with which to repay such depositors?

Already Tried without Success

A similar scheme was tried in 1999 with the same objective of bringing privately held stock of gold into circulation and reducing the country’s reliance on gold imports.

Then, the Indian gov’t instituted a Gold Deposit Scheme through the State Bank of India but this met with a weak response, so the scheme was withdrawn and re-launched with modifications in 2009. Again, it failed to meet the objectives, with the reason given that the leading public sector banks in India, which launched the scheme, did not promote it aggressively, as it was done as a government-induced exercise. It excluded the jewelry fraternity. This led to the lack of facilities to melt jewelry, test its purity and convert it into bars which proved a major hurdle. Banks incurred heavy expenditure to melt and convert the jewelry into pure gold bars.

The concept also failed in rural areas, the ‘unbanked’ part of the population, who were reluctant to part with their gold jewelry. They were distrustful of the institutional measurement of their gold and the cost of re-making jewelry once it was to be returned. The religious and emotional attachment to gold and the distrust of government, its bureaucracy and its supportive institutions was completely underestimated. So twice already the scheme has failed.

The government then made certain amendments to the scheme. Mutual Funds and Gold Exchange Traded Funds registered with the Securities Exchange Board of India were asked to deposit part of their gold and make the scheme more attractive for individuals. Then, although the interest income from gold deposit scheme would be taxable like any other income, the gold deposited under the scheme would be exempt from Wealth tax. But again, it excluded the jewelry fraternity.

So Why is it being Tried Again?

Now with the support of the [jewelry] Federation and its extensive reach all over India and understanding of the gold market, retailers and jewelers will be asked to be a major contributor to the success of the scheme.

The Federation has suggested that there should be no questions asked on the source of gold and that wealth tax should be applicable on the realization of gold. The Federation has also asked that the quantum of gold mobilized under the scheme should be reported on a monthly or a quarterly basis. This, the Federation feels, would work.

·         The government would have to overcome such distrust, a near impossible task given their poor record to date. The response of the gold owners in India whether they be institutions or not, should be assessed on their past responses. The previous two efforts failed. Like those before this current attempt, the scheme would require a public disclosure of gold ownership by current owners.

·         The second is that government and its bureaucracies would have access to such knowledge.

·         But will the gold-owning public trust the Jewelry Federation, knowing the government and banks are behind them?

So we ask again, “Why is it being tried again?” It becomes apparent that the Federation is working with government on this, and the government is becoming desperate to overcome what could be an intractable problem of international credibility. They have to do something.

Jewelers Cooperating to Stay in Business

Likewise, the Federation has to do something so they can stay in business. If the government blatantly confiscates privately-owned gold, these jewelers would lose all, or the bulk, of their business. By cooperating and working with government they stay in business.

But we expect that they will, once again, meet with a poor response. If so, government may well act unilaterally and force the acquisition of gold through confiscation.

Thereafter, it would be a very small step for government to step in and use the gold, so taken, for national purposes and to harness it, to bolster the international credibility of the Rupee.

But the success of such an effective confiscation would need the support of the jewelers and government by providing reasonable payment to gold owners.

The concept that they would receive the market-related Rupee gold price should they wish to withdraw from the scheme is a probability, despite a promise that the gold would be returned at the end of the agreed period. But owners have to ask, will they get their gold price back or will the government or jewelers pay back a market-related Rupee price?

The possibility/probability that this repayment would be in (failing) Rupees would be a necessary evil, simply because the gold would have either been sold or in use by the government. Alternatively would gold owners be forced to accept an “extension” of the period of their gold loan?

As to giving a firm date when the gold would be returned to its rightful owner, owners would have to realize that in the nation’s interests, government most likely would require access to the gold for much longer than agreed. After all, in the U.S. the return of confiscated gold took 41 years.

It may be that the Indian government does manage to handle the crisis without resorting to gold confiscation, but they would be wise to be in a position to do so if they can’t overcome the foreign exchange hurdles. Hence plans “to Save Gold”!

What alternative does government have? It has already begun to impose Capital Controls and gold import controls, so as the situation worsens these controls and the likelihood of gold confiscation increases.

Foretaste of the Future?

We are watching a classic case of the breakdown of a currency and the steps needed to hold onto international credibility of a currency.

Will it happen to other currencies? We have written extensively on the coming arrival of the Chinese Yuan on the international scene. Expect a large widening of the convertibility of the Yuan towards the end of this year.

The Chinese are fully aware of the impact on the global monetary system of this change. They are fully aware that this will break up USD hegemony and bring on a multi-currency system for all. That’s why they are buying gold and encouraging their citizens to do so too. We believe that they too see the necessity for a pivotal role for gold in the new regime  and have planned for it.

The fact that there will not be a cohesive system thereafter, calls for gold to have such a role.

We are also sure that the world will not be able to ignore such a role for gold thereafter. Most nations including in the developed world will move to accommodate gold in the future global monetary system for the sake of the international credibility of their own currencies. This will include the present reserve currencies of the world. Central banks across the world will be making contingency plans for such an eventuality for sure.

The Desperation Driven (501c3) Church (Corporation)

The Desperation Driven (501c3) Church (Corporation)
Kim M., California Correspondent
Planet Infowars
August 21, 2013
And you can quote me:

“A 501c3 corporation is not a Church.
A CEO of a corporation is not a Shepherd.
A self-help program is not the Gospel.
Selling out to the federal government is not the same as being sold out for Jesus.
A new program will not save the corporation.
People are hip to the Clergy Response Teams.
People are hip to the pagan influences and the compromise.
The institutionalized church as we know it is dead.”

This is the gist of what I recently hand-wrote across a large, glossy (slick!) postcard sent to me by the CEO of our local Vineyard Church (501c3) Corporation.
I knew this so-called “church”/this corporation was in trouble when I saw the sandwich board they’ve started setting out on the sidewalk of the main drag – practically begging people to please-please-pretty-please come to church.
A few weeks later…
Large, white, professionally-printed (expensive!) banners started appearing around town proclaiming: “WHAT ON EARTH AM I HERE FOR?”
I contend that people could easily diagnose their own personality problems…
If only they could hear themselves talking.
If only they could read between their own lines.
For instance, the judgmental person is always complaining about how judgmental everyone is. The hypocrite constantly points out everyone else’s hypocrisy. The bitter/angry person will blather on about the need for forgiveness. The coward will regale you with epic tales of their own bravery and courage. And on and on it goes.
I mean, how ironic is it for a 501c3 corporation – masquerading as The Bride of Christ – to loudly proclaim: WHAT ON EARTH AM I HERE FOR?!
Exactamundo. I couldn’t have said it better myself.
What on earth ARE they here for? What good are they – to anyone/to the community/to Christ? Why in the world would any community want yet another soul-sucking/energy-draining/time-wasting/disposable-income gobbling entity in their midst during the worst economic downturn in American history? I ask you.
Because it’s not like a bunch of slick advertising is fooling anyone into believing that there’s some kind of glorious revival going on.
Revival needs no harbinger. No trumpets. No alarm bells. No Hollywood-style searchlights sweeping the sky. During true revival, people from all over the world will beat a path to the door even before it hits the news (if ever). Guaranteed. Even hardcore atheists will pop in for a look-see on the off-chance that God might actually show up.
Because when God shows up… Whoa.
The blind see, the deaf hear, the lame walk, the lepers are cleansed, the dead are raised and the good news is preached to the poor. (cf. Luke 7:22) And that’s just God getting warmed up.
In the meantime – back to 501c3 reality – the other side of the postcard says:

“If You Want: … to develop your friendship with God, … to understand what matters most, … to restore broken relationship, … to be transformed by the power of truth, … to learn to utilize God’s power in your weakness, … to fulfill your mission in life, then please join us for a 7 week Series based on Rick Warren’s ‘The Purpose Driven Life.’” [ellipses in original]

Oh God. Tell me it’s not… the Purpose Driven Life (PDL).
The kiss of death for a “church.”
Because PDL promises the world and delivers exactly… Nothing.
Just like every other self-help program in the world. Oh, you’ll probably pick up a few nifty people and/or coping skills here and there along the way… But that’s not the Gospel (gack).
And you’ve just got to love it: It’s not about you…
As they spend seven wondrous weeks with the spotlight shining firmly on… You.
Lol.
(Oh and don’t tell me I can’t touch “America’s Pastor”: Rick Warren. I was actually going to Saddleback Church when that globe-trotting/glad-handing Council on Foreign Relations [CFR] member unveiled his “Peace Plan” and I found out that my highest purpose and mission in life is to help Rick Warren fulfill all of his highest purposes/missions in life as [allegedly] laid out by God. And you know there’s no debate/no voting/no dissension allowed in America’s MegaChurch. You either go along with the program, or get out. This is the “gospel” according to Rick as publicly-documented in his book, “The Purpose Driven Church” – copies of which were being handed out during the time that I became a member – and that “gospel” is firmly reiterated in the several-hours-long mandatory membership classes.)
Because if you’ve got to roll out the most pretentious self-help program ever designed to tickle the itching ears of man…
In a desperate bid to attract yet a few more members to your so-called “church?”
Then face it.
The beginning of the end has already begun.

Fed Minutes Split Metals Traders, India’s Festival Gold “Already Stockpiled”

Fed Minutes Split Metals Traders, India’s Festival Gold “Already Stockpiled”

BULLION prices recovered most of an earlier dip lunchtime Wednesday in London, with gold trading 1.2% lower for the week so far ahead of policy-meeting minutes from the US Federal Reserve.

Asian and European stock markets fell once again, as did commodities and major government bond prices.

Analysts and wholesale gold dealers said they would look for discussion of reducing quantitative easing – held at $80 billion per month – in the US central bank’s notes.

“Wednesday could turn out to be a rather strong day in most markets,” reckons Edward Meir writing for brokers INTL FCStone.

“Should central bank deliberations reveal that officials remain uncertain as to whether or not to remove stimulus, we could see a rather sharp move higher…including [in] gold and silver.”

But “market participants will be looking for some clarity,” says a note from French bank BNP Paribas, “[plus] a possible timeline on the QE tapering plans.”

Silver prices rallied alongside gold ahead of today’s US Fed minutes, recovering 20 cents to rise back above $23 per ounce but holding 1.2% down for the week.

“Any hawkish comments could see small-scale profit taking in gold,” says VTB Capital strategist Andrey Kryuchenkov, speaking to Bloomberg.

What’s more, he adds, “It will be harder to sustain physical demand at higher prices with bargain hunting clearly running out of steam.”

World #1 gold consumer India “remains largely absent [from the market] amid tighter regulations and a weak currency,” says Swiss investment bank and major world bullion dealer UBS in a note.

“Conversations with local participants suggest that there is good interest to re-start import activities soon, especially with authorities currently working to clarify the new rules.”

Looking ahead to Diwali however, “The retail trade has built sufficient stock to cover much of the wedding and holiday season,” says the latest Precious Metals Weeklyfrom Metals Focus.

Reporting from this week’s India International Gold Convention in Jaipur, as well as other major gold centers, “Unofficial flows [ie, smuggling] appear to have increased too,” says the new London-based consultancy.

“We are keeping an eye out for any increase in shipments of 100g bars (at times prefered for this activity) at the expense of kilobars.”

Indian interest rates meantime edged back today from Tuesday’s 12-year highs, with the 10-year bond yield slipping from 9.48% after the Reserve Bank vowed to buy eight thousand crore Rupees ($1.3bn) worth of government debt this coming Friday, injecting cash into the banking system.

Gold futures in Mumbai rose to 8-month highs however as the Rupee fell further, hitting fresh record lows against the US Dollar.

Mumbai shares dropped the same amount, down 1.8% for the day and extending their fall since a month ago to more than 11%.

Ahead of today’s US Federal Reserve minutes, “I think it is the lack of Dollar supply than anything else to blame,” reckons fixed-income analyst Suyash Choudhary at IDFC, quoted by the Economic Times of India.

“Unless QE is to be wound up completely,” says a trading note from Marex Financial’s London-based head of precious metals David Govett – and “it won’t be – I would look to buy dips in the case of a reaction sell off” in gold.

Adrian Ash

Welfare Pays More Than A Minimum-Wage Job in 35 states… Why Work for $7.25 When Welfare Pays $15.00 in 12 States and $8.00 in 33 States?

Welfare pays more than a minimum-wage job in 35 states
Looking for a good paying job? Well, look no further.
No, really, stop looking. In 35 states, welfare benefits pay more than a minimum wage job, according to a new study by the libertarian Cato Institute, and in 13 states welfare pays more than $15 per hour.
“One of the single best ways to climb out of poverty is taking a job, but as long as welfare provides a better standard of living than an entry-level job, recipients will continue to choose it over work,” said Michael Tanner, senior policy analyst and co-author of the study.
Read more: http://dailycaller.com/2013/08/20/study-welfare-pays-more-than-work-in-most-states/#ixzz2cbuOYOik

Why Work for $7.25 When Welfare Pays $15.00 in 12 States and $8.00 in 33 States? Is a Low Minimum Wage the Problem?

Michael Tanner at the Cato Institute notes Welfare Pays Better than Work in 33 states.
 The federal government funds 126 separate programs targeted towards low-income people, 72 of which provide either cash or in-kind benefits to individuals. (The rest fund community-wide programs for low-income neighborhoods, with no direct benefits to individuals.) State and local governments operate more welfare programs.Of course, no individual or family gets benefits from all 72 programs, but many do get aid from a number of them at any point in time.
In the Empire State, a family receiving Temporary Assistance for Needy Families, Medicaid, food stamps, WIC, public housing, utility assistance and free commodities (like milk and cheese) would have a package of benefits worth $38,004, the seventh-highest in the nation.

Welfare is slightly more generous in Connecticut, where benefits are worth $38,761; a person leaving welfare for work would have to earn $21.33 per hour to be better off. And in New Jersey, a worker would have to make $20.89 to beat welfare.
Nationwide, our study found that the wage-equivalent value of benefits for a mother and two children ranged from a high of $60,590 in Hawaii to a low of $11,150 in Idaho. In 33 states and the District of Columbia, welfare pays more than an $8-an-hour job. In 12 states and DC, the welfare package is more generous than a $15-an-hour job.
People Aren’t That Stupid
While it’s beneficial to have a job, assuming there is hope of advancement, for those with no special skills there is little to no hope of advancement.
Moreover, wages are taxed, welfare benefits are not. And what about day-care costs for single mothers? What about transportation costs? What about the value of extra leisure time?
Add it all up and it makes perfect sense for many to remain on welfare for as long as they can.
Minimum Wage Fallacy
Given welfare benefits exceed minimum wage, it should not be surprising to find socialists arguing for higher minimum wages. And they are.
In Seattle, a Campaign Seeks to Push Minimum Wage to $15.
How successful would that be?

Read more at http://globaleconomicanalysis.blogspot.com/2013/08/why-work-for-725-when-welfare-pays-1500.html#sSyeUCgp7v29Ivz8.99

U.S. stock futures off as Fed wait begins

By Kate Gibson and Barbara Kollmeyer, MarketWatch

NEW YORK (MarketWatch) — U.S. stock futures fell on Wednesday as investors waited for U.S. Federal Reserve minutes, which could shed light on when the central bank might begin slowing its bond purchases.

Lowe’s Cos shares rose in premarket after upbeat results, while Staples Inc. shares sank after the group missed its forecasts and cut its outlook. Still to come is a reading on existing-home sales. 

Futures for the Dow Jones Industrial Average DJU3 -0.09%  fell 28 points to 14,957, while those for the S&P 500 index SPU3 -0.03%  lost 3.1 points to 1,647.50. Futures for the Nasdaq 100 index NDU3 -0.07%  lost 5.25 points to 3,075.75.

On the economic front, July existing-home sales data are due for release at 10 a.m. Eastern. Economists polled by MarketWatch expect sales of existing homes rose to a seasonally-adjusted annual rate of 5.21 million, from a rate of 5.08 million in June. See preview.

The minutes of July’s Federal Reserve Open Market Committee meeting will be released at 2 p.m. Eastern. Investors will look for any clues as to when the Fed is thinking of cutting the pace of its $85 billion-a-month bond-buying program. Many expect that tapering could being in September. Read: What to expect from the July Fed minutes

“I think the best we can hope for is to get an indication about what the numbers were like in terms of the voting in July and whether any of the more dovish members were coming around to the idea of tapering in September,” said Craig Erlam, market analyst at Alpari (UK) Ltd., in emailed comments.

Bloomberg Enlarge Image

But that does not look set to happen, he added. “We’ve heard from a number of Fed members since the meeting and the camp seems split pretty evenly on the matter, which again, to me, suggests tapering in September is unlikely,” Erlam said.

U.S. stocks mostly rose on Tuesday, helped by upbeat retailer results. The S&P 500 index SPX -0.58%  climbed 6.29 points, or 0.4%, to close at 1,652.35, halting its longest losing streak this year. The Dow Jones Industrial Average DJIA -0.70%  ended at 15,002.99, down 7.75 points, or 0.1%, extending its losing streak to five sessions.

Retailers are making up a chunk of the corporate focus for Wednesday. Lowe’s LOW +3.92% posted a 26% rise in profit, beating Wall Street forecasts, and lifted its full-year view. Shares rose 4.6% in premarket trading.

Staples SPLS -15.29% said its second-quarter earnings fell 15% and reported lower sales due to weak sales overseas, and it cut its annual view. Shares dropped 11% in premarket trading.

Toll Brothers Inc. TOL +0.03%  said fiscal third-quarter profit fell 24% as it posted a tax expense, but said sales rose. Shares inched down 1.1% in premarket.

“We believe the recovery is real, and we are in the early stages of the rebound,” said Toll Chief Executive Douglas C. Yearley Jr. in a statement.

Target Corp. TGT -3.61%  reported second-quarter earnings of 95 cents a share, just missing a forecast of 96 cents. Stripping out dilution from its Canada segment, profit was $1.19 a share. Shares eased 1.8% in premarket.

In overseas markets, European stocks were largely under pressure as investors looked ahead to the Fed minutes. In Asia it was a mix, with Hong Kong shares among those that fell, while Japan shares rose after a choppy trading session, and Indonesian shares rebounded from a string of recent falls.

Gold prices extended losses, while oil also pushed lower as the dollar moved higher.

Kate Gibson is a reporter for MarketWatch, based in New York. Follow her on Twitter @MWKateGibson. Barbara Kollmeyer is an editor for MarketWatch in Madrid. Follow her on Twitter @MWBarbaraKollmeyer.