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Morning Reading: European Dreams

Some Tuesday mornings readings, courtesy of Yahoo! Finance's Liz Trotta

Economic data today:

8:30 a.m.: productivity

8:30 unit: labor costs

2:45 FOMC rate decision

On the Yahoo! Finance mother ship:

QE3?: Federal Reserve officials may strengthen their commitment to record monetary stimulus after a faltering economic recovery and a U.S. credit- rating cut provoked a rout in global stocks. (Bloomberg)

 Oil Slick: Oil prices tumbled to their lowest in almost a year Tuesday amid a global sell-off of equities and commodities triggered economic fears. Meanwhile, OPEC said Tuesday that world demand for oil will grow this year and next despite signs that the international economic recovery waning. (AP)

 Or not: OPEC sees growing world oil demand (AP)

 Dept. of Like They Have a Choice: Asia to keep buying US debt despite downgrade (AP)

 China Rising: China's inflation rose to a 37-month high in July, adding to pressure on Chinese leaders to cool living costs while keeping economic growth on track as the U.S. and European outlook worsens. (AP)

 Bringing Down the House: Another bearish report on housing prices (CNNMoney)

 Euro Trashed: ECB head Trichet says the central bank is buying bonds (Reuters)