Several key second-quarter earnings reports could either validate or undercut assertions that the U.S. economy is poised for recovery.

Brazilians used to joke that their country was the country of the future – and always would be because a new crisis seemed to crop up every time the economy came close to fulfilling its potential.

With sales volume plunging in Western markets, Molson Coors Brewing Co. (NYSE: TAP) and SABMiller PLC (OTC ADR: SBMRY) are tapping into emerging markets for refreshing growth.

Having last month addressed concerns about inflation by outlining a stimulus “exit strategy,” U.S. Federal Reserve Chairman Ben S. Bernanke may turn his attention to the growing threat posed by commercial real estate at the Federal Open Market Committee’s (FOMC) two-day meeting taking place tomorrow (Tuesday) and Wednesday.

The U.S. unemployment rate slipped to 9.4% in July from 9.5% in June, the most encouraging sign yet that the U.S. recession is easing.

China’s economy grew by 7.9% in the second quarter, exceeding most analysts’ expectations, and lending credence to Beijing’s goal of 8% annual growth. Now, with the nation awash in liquidity and the economy picking up steam, the only task ahead of the central government is deciding when to rein in lending and let the economy stand on its own two feet.

Eurozone consumers expect prices to continue to slide over the next few months, raising concerns about a deflationary spiral in the European bloc, the Financial Times reported. 

With a deadline looming for financial firms that received government bailout funds to submit their 2009 compensation plans to Treasury Department’s pay czar, there’s a possibility that Citigroup Inc. (NYSE: C) will lose the head of its secretive and extremely profitable energy trading arm.

CNOOC Ltd. (NYSE ADR: CEO) and Sinopec Corp. (NYSE ADR: SHI) have agreed to buy a 20% stake in an oil field off the shore of Angola for $1.3 billion, illustrating China’s persistent attempts to acquire resources for its economic expansion at a time of weakness for many Western oil majors.