Updated from 6:01 a.m. ET

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Here are five things you must know for Thursday, July 13:

1. -- U.S. stock futures were rising Thursday, July 13, while European and Asian shares gained following a Wall Street rally that was fueled by dovish comments from Federal Reserve Chair Janet Yellen.

In her semiannual testimony to Congress on Wednesday, July 12, Yellen said the Federal Reserve still thinks the U.S. economy warrants tighter monetary policy but not that much and at a slow and steady pace.

Yellen reiterated that interest rate increases would be gradual.

The S&P 500 gained 0.74% and the Nasdaq added 1.1% on Wednesday. The Dow Jones Industrial Average rose 0.58% to close at a new record of 21,533.

Yellen will testify before Congress again on Thursday, but this time before the Senate Banking Committee in Washington at 10 a.m. ET.

The economic calendar in the U.S. on Thursday includes weekly Jobless Claims at 8:30 a.m. ET, the Producer Price Index for June at 8:30 a.m.

Earnings are expected Thursday from Delta Air Lines Inc. (DAL) - Get Report .

2. -- Global oil prices were lower Thursday after a report from the International Energy Agency said compliance from OPEC members on its agreement to cut production fell to the lowest level of the year in June.

In its regular monthly report, the Paris-based group said cartel members' compliance with the pact to trim production by 1.2 million barrels per day -- which was extended through the end of March 2018 -- slipped to 78% in June from 95% in May. Global oil supply, the IEA said, rose to 720,000 barrels per day last month as major producers such as Saudi Arabia, Libya and Nigeria lifted output.

"Each month something seems to come along to raise doubts about the pace of the rebalancing process," the IEA said. "This month, there are two hitches: a dramatic recovery in oil production from Libya and Nigeria and a lower rate of compliance by OPEC with its own output agreement."

West Texas Intermediate crude futures for August delivery fell 0.6% early Thursday to $45.21 a barrel while September contracts for Brent, the global benchmark, declined 0.8% to $47.36 a barrel.

3. -- American Airlines Group Inc. (AAL) - Get Report said it would end its code-share agreements with two Middle East airlines but Qatar Airways said it will still move forward with plans to buy up to a 10% stake in the U.S. carrier.

"Our stock purchase request and filing is going ahead as normal. We had to clarify certain questions of the regulator, which we complied with," Qatar Airways CEO Akbar Al-Baker said Thursday. Qatar announced its plans last month.

American said Wednesday it was cancelling code-share agreements with Qatar Airways and Etihad Airways as "an extension of our stance against the illegal subsidies that these carriers receive from their governments," Reuters reported.

U.S. airlines have accused the Gulf states of unfairly subsidizing their government-run airlines.

"American Airlines continues to believe that the president and his administration will stand up to foreign governments to end massive carrier subsidies that threaten the U.S. aviation industry and that threaten American jobs," American said in a filing.

Prior to America's announcement, Al-Baker apologized for recent remarks insulting U.S. flight attendants and airlines, in which he said, "You know you are being served by grandmothers on American airlines," and "there is no need to travel on those crap American carriers."



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4. -- Daimler AG (DDAIF) shares were under pressure after a report said prosecutors in Stuttgart, Germany, were probing the use of so-called defeat devices used to beat emissions tests in Europe and the United States.

German daily Sueddeutsche Zeitung cited a search warrant when it reported late Wednesday that the Mercedes-Benz maker was alleged to have used so called defeat devices in more than a million of its cars between 2008 and 2016. The report comes just days after the same office said it's investigating employees at Volkswagen AG's (VLKAY) Porsche unit for fraud and false advertising, both allegations which are also connected to the use of defeat devices in cars.

5. -- Amazon.com Inc. (AMZN) - Get Report is working on a new Echo that will improve on the first speaker - which debuted more than two years ago -- in practically every way, Engadget reported, citing a source. The new Echo, Engadget reported, is aiming to take some of the hype away from Apple Inc.'s (AAPL) - Get Report HomePod.

The new Echo will be both shorter and slimmer than the original. Amazon also is softening its design with rounded edges and a cloth-like covering, rather than the current Echo's plastic shell and flat ends.

The company also is improving the sound of the speaker, packing in several tweeters instead of just relying on one large tweeter and a woofer for low-end sounds.

The new device could be released in the fall, the report said.

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