Bloomberg:
- Deutsche Boerse in Advanced Talks to Purchase NYSE Euronext(NYX). Deutsche Boerse AG is in advanced talks to buy NYSE Euronext in an all-stock transaction that would create the world’s biggest exchange operator. Duncan Niederauer, New York-based NYSE Euronext’s chief executive officer, will hold the same job at the combined company. Frankfurt-based Reto Francioni, CEO of Deutsche Boerse, will be chairman. Deutsche Boerse will own about 59 percent to 60 percent of the joined corporation.
- Emerging Markets Stocks Decline for Fifth Day on Inflation, Rate Concerns. Emerging-market stocks declined for a fifth day, heading for its worst losing streak since November, on speculation policy makers will take further steps to curb inflation after China raised borrowing costs yesterday. The MSCI Emerging Markets Index slipped 1.3 percent to 1,112.73 at 11 a.m. in New York. The Jakarta Composite index and South Korea’s Kospi index each lost 1.2 percent. Hungary’s BUX index slipped 1.4 percent and Brazil’s Bovespa declined 1.9 percent. China’s Shanghai Composite index retreated 0.9 percent as exchanges resumed trading following a week-long holiday. “Concerns are evident that inflation issues may jack up interest rates and emerging markets may not be able to enjoy such abundant liquidity,” said Lim Chang Gue, who helps oversee about $21 billion at Samsung Asset Management in Seoul. “There’s some portfolio rebalancing to developed markets where corporate earnings are improving.”
- Weber Throws ECB Race Open by Ruling Out Second Bundesbank Term. The race for the European Central Bank’s presidency was thrown wide open as Axel Weber told officials he may not seek a second term as head of Germany’s central bank, casting doubt over his future career plans. Weber told some Bundesbank officials in confidence that he’s not necessarily interested in another eight-year term when his current mandate ends in 2012, said an official who spoke on condition of anonymity. That may also call into question whether he’ll be available to succeed Jean-Claude Trichet as head of the world’s second-most powerful central bank. European Union leaders need to appoint a new ECB chief by the time Trichet’s term expires on Oct. 31 and economists had named Weber as a leading candidate to succeed him.
- U.S.-Bound Supertanker Hijacked by Pirates Off Oman. A 1,100-foot supertanker carrying Kuwaiti oil to the U.S. was seized by pirates off eastern Oman today, the first hijacking of a vessel that size since April. The Irene SL has 17 Filipinos, seven Greeks and a Georgian on board, according to a statement on the website of EU Navfor, the European Union’s anti-piracy force. It is carrying 270,266 metric tons of oil destined for the Gulf of Mexico, owner Enesel SA said in an e-mailed statement.
- India Sensex Slides to Seven-Month Low Amid GDP Growth Concern. India’s benchmark stock index sank to a seven-month low as investigators widened a corruption probe and Credit Suisse Group AG said investor confidence may be dented by concerns that economic growth will slow. “The market is in a bearish grip,” said Apurva Shah, head of research at Prabhudas Lilladher Pvt. in Mumbai. “High interest rates will surely slow economic growth next year. The corruption probe will slow decision-making in the government.” The Bombay Stock Exchange’s Sensitive Index, or Sensex, lost 182.93, or 1 percent, to 17,592.77 at the 3:30 p.m. close in Mumbai as 22 shares fell while eight rose. The gauge is down 14 percent this year, the second-worst performer after Egypt’s EGX 30 Index.
Wall Street Journal:
- Taiwan Says General Spied for China. Taiwan's Defense Ministry said it arrested a military general on suspicion of spying for China in the most high-profile cross-Strait espionage case in decades. Taiwan government officials and some experts said the case highlights a determined effort by China to infiltrate the island's military despite warming economic and political ties between the two sides.
- Nokia(NOK) Considers Adopting Microsoft(MSFT) or Google(GOOG) Phone Platforms. Nokia Corp. as soon as Friday could announce a partnership with Corp. or MicrosoftGoogle Inc. to adopt a new handset operating system.
- Did Obama Just Came Up With A State Bailout That The GOP Can't Oppose?
- 10 Iconic American Factories That Have Closed in The Past Two Years.
- 10 Reasons Why It Has Become Soul-Crushingly Hard To Find a Job In America.
- Greece Will Default Unless It Can Make These 'Frightening and Unrealistic' Fiscal Adjustments.
- Barclays Starts Unwinding Inverse Triple Leveraged ETFs.
- Portuguese 10 Year Bond Yield Hits Fresh Lifetime Highs. (graph)
- S&P Downgrades New Jersey General Obligation Debt From AA to AA-.
- Gasoline Inventories Jump to 20 Year High As Gas Price Surges. (graph)
- JPMorgan(JPM) to Announce $1.5 Billion Commercial Mortgage-Backed Bond - Source. J.P. Morgan Chase & Co. will announce a $1.5 billion commercial mortgage-backed bond on Wednesday, said a person familiar with the matter. The bond will be sold via the private Rule 144a market. The deal comes right after the biggest commercial-mortgage-backed security to come to market since the financial crisis, a $2.2 billion deal, priced on Tuesday. That deal came via Deutsche Bank AG and UBS AG. Demand was strong enough that its biggest slice was priced to yield just 3.51%.
Daily Caller:
- Ryan Confronts Bernanke Over Fed's Purchases of U.S. Debt, Raises Concerns About the Dollar. House Budget Committee Chairman Paul Ryan challenged Federal Reserve Chairman Ben Bernanke’s policy of so-called quantitative easing – the printing of new U.S. dollars to buy government debt – and raised concerns that a weakened dollar and inflation could cause the loss of the currency’s global reserve status. “There is nothing more insidious that a country can do to its citizens than debase its currency,” Ryan told Bernanke. “Chairman Bernanke: We know you know this. We know that you’re focused and concerned about this. The Fed’s exit strategy and future policy – it will determine how this ends.” Ryan said he believed a “course correction here in Washington is sorely needed.” “Endless borrowing is not a strategy,” he said. “My concern is that the costs of the Fed’s current monetary policy – the money creation and massive balance sheet expansion – will come to outweigh the perceived short-term benefits.” “It is hard to overstate the consequences of getting this wrong. The Dollar is the world’s reserve currency and this has given us tremendous benefits in the global economy,” Ryan said.
- Jim Webb to Retire; Dems Eye Tim Kaine. First-term Sen. Jim Webb (D-Va.) announced Wednesday that he won’t seek reelection next year, a decision that offers Republicans a key pickup opportunity in a battleground state.
- GOP Cuts Target EPA, High Speed Rail.
- Three Killed in Egypt Desert Clash With Police. Three people were killed and several suffered gunshot wounds in clashes between security forces and about 3,000 protesters in a western province of Egypt, state TV and security sources said on Wednesday. The clashes in New Valley, a province that includes an oasis in Egypt's western desert, erupted on Tuesday and continued into Wednesday, according to security sources.
- Greece Finance Minister George Papaconstantinou will present an outline of extra fiscal measures for the medium term including at least 2 billion euros in deficit cuts in 2015. The aim is to show markets and European partners that Greece's fiscal overhaul will continue until all its finances are in order.
- The Bank of Spain will demand audited versions of banks' and savings banks' core-capital, liquidity and real-estate risk, citing people with knowledge of the matter. The banks, which have just presented details of their real-estate investments and core capital to the country's stock market regulator, must present the required information to the central bank by March 4.
- Spain's central government will allow the regions to issue new debt to refinance themselves this year, including regional governments that exceeded the deficit limit, citing the government.
- China signed a $13 billion pact with Iran's Construction and Development of Transportation Infrastructures Co. to build a railroad network in the Middle Eastern country, citing a company statement.
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