* China's gross domestic product expands by 7.9% on year in the second quarter, beating estimates for a 7.7%, thanks to rising domestic consumption and a strong increase in industrial activity. But consumer and wholesale prices drive lower
* China’s foreign exchange reserves balloon at a record pace in the second quarter to top the $2 trillion milestone for the first time, even as the nation’s exports remain under pressure .
* CIT Group, is likely to file for bankruptcy Friday, a source close to the company tells CNBC. The major lender to small-and mid-sized U.S. businesses was taken by surprised at the failure of bailout talks.
* Reliance Big Entertainment has finally sealed the funding for its much-hyped 50:50 joint venture with Steven Spielberg's DreamWorks
* US Industrial production shrank less than forecast and a New York regional factory gauge showed the smallest contraction in more than a year, signaling manufacturing is on the verge of stabilizing. The 0.4 percent decrease in output at factories, mines and utilities in June was the smallest in eight months, Federal Reserve figures showed today in Washington.
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