European shares waver but oil giant BP gains

Date: Mon, 05 Jul 2010 12:00:57 -0400

EUROPEAN SHARES WAVER BUT OIL GIANT BP GAINS
European shares struggle for direction on Monday with U.S. markets
closed for a holiday amid lingering worries about growth, although oil
giant BP managed to gain ground.

U.K. SERVICE-SECTOR GROWTH HIT BY BUDGET
Activity in Britain's services sector slowed more sharply than
expected in June, undercut by worries about government spending cuts
and a tax rise, according to a monthly survey of purchasing managers
released Monday.

DOLLAR MOSTLY HIGHER
The dollar gains slightly versus the euro and pound after purchasing
managers indicated a slowdown in U.K. service-sector activity last
month.

BP BRACING FOR SHAKE-UP: REPORT
Investors are braced for a change in BP PLC's leadership once its
leaking oil well in the Gulf of Mexico is capped, which could come in
the next few weeks, according to a media report Saturday.

BP TESTS TAIWANESE OIL-SKIMMING SHIP
Vessel's owners claim it can remove 300,000 to 400,000 gallons of
spilled oil from the Gulf of Mexico every day.