- Emerging Stocks Fall to Five-Month Low as Petrobras(PBR) Sinks. Emerging-market stocks dropped to a five-month low as Petroleo Brasileiro SA to Samsung Electronics Co. slumped amid concern the global economy will slow down. The MSCI Emerging Markets Index declined 0.2 percent to 915.70 at 10:40 a.m. in New York, extending this year’s slide to 8.6 percent.
- Hong Kong Stocks Decline as Casinos Companies Tumble. Hong Kong stocks dropped, dragging the city’s benchmark index down to its lowest level since July, as casino companies tumbled on signs of a slowdown in Macau gambling revenue and property developers declined. Galaxy Entertainment Group Ltd. (27) and Sands China Ltd. (1928) plunged more than 7 percent to lead losses in Hong Kong. Gambling sales growth in Macau slumped to 7 percent in January, the slowest pace since October 2012, according to official data. A gauge of property shares dropped for an eighth day as Cheung Kong Holdings Ltd. (1), the developer controlled by billionaire Li Ka-shing, slid to its lowest level since September. The Hang Seng Index retreated 0.6 percent to 21,269.38 at the close, with more than two stocks dropping for each that rose. The Hang Seng China Enterprises Index (HSCEI) of mainland companies listed in Hong Kong, known as the H-share index, declined 0.4 percent to 9,470.62. China’s markets are closed for holidays until Feb. 7.
- European Stocks Climb as Investors Weigh U.S. Data. European stocks advanced for the first time in four days as investors weighed data that showed U.S. services-industries growth accelerated while employers in the world’s largest economy hired fewer workers than estimated. GlaxoSmithKline Plc gained 1.6 percent after saying it expects revenue and profit to increase this year. Swatch Group AG rose 3.9 percent after posting full-year earnings that beat projections. Svenska Handelsbanken AB jumped 3 percent after announcing a special dividend that boosted its annual payout by 53 percent. Hargreaves Lansdown Plc plunged the most since August 2011 after saying profit margin fell in its first half. The Stoxx Europe 600 Index added 0.1 percent to 318.04 at the close.
- Inverse VIX Fund Gets Record Cash on Calm Market Bet: Options. An exchange-traded fund that appreciates as calm is restored to financial markets has never been more popular. About $196 million was added last week to the VelocityShares Daily Inverse VIX (XIV:US) Short-Term ETN, which rises in value as swings decline, the most since its debut in November 2010, according to data compiled by Bloomberg.
- Fed’s Plosser Sees 3% Growth in 2014 Warranting Faster QE Taper. Federal Reserve Bank of Philadelphia President Charles Plosser, who votes on policy this year, said he expects the economy to expand 3 percent in 2014 as the jobless rate falls to 6.2 percent by year-end, warranting a quicker tapering to bond purchases by the central bank. Policy makers made the first two cuts to asset purchases in December and January, slowing to $65 billion a month from $85 billion. While welcoming the trims, Plosser said they “may prove to be insufficient” if growth keeps accelerating. “My preference is to scale back our purchase program at a faster pace to reflect the strengthening economy,” he said today in a speech in Rochester, New York.
- Contagion Rejected as Biggest Bond Buyers Double Down on Junk. Michael Buchanan knew exactly what to do as markets were rocked in recent weeks on concern turmoil in developing nations from Argentina to China and Turkey would cause the global economic recovery to derail: buy junk bonds.Money managers from Western Asset to AllianceBernstein Holding LP say they are uncowed by the selloff in emerging markets and stocks, betting that the global economy is strong enough to withstand such shocks as central banks keep filling the world with cheap cash.
- Merck(MRK) to Partner With Drugmakers on Immune Cancer Drug Plan. Merck & Co. (MRK:US), the second-biggest U.S. drugmaker by sales, will work with three other drugmakers to find the most-promising combination treatments for its top pipeline prospect, an immune system-based cancer medicine.
- Reserve Bank of Australia's Edwards Flags Further Risks to Aussie Dollar. Board Member Says Currency Is at Risk of Further Declines.
- Apple(AAPL) Hit With $2 Billion Patent Infringement Lawsuit. German Patent Owner Pursing Damages for Infringement.
- CVS(CVS) to Stop Selling Cigarettes. Pharmacy Chain Says Tobacco Products Don't Fit With Push as Health-Care Provider.
- Will Twitter(TWTR) ease worries of overvalued stock? Social network to post first quarterly report going public in November.
- The Obamacare tax deconstructed. Several developments related to the Affordable Care Act will be hitting many filers in the pocketbook this tax season, but they need to keep an eye on two other issues that could begin affecting millions of people next tax season.
- Union vote in Tennessee could be labor rally point. Workers at the Volkswagen assembly plan in Chattanooga, Tenn., will vote next week on whether to join the United Auto Workers union.
- ADP Plunges In January To 175K; Biggest Miss Since August; December Revised Lower: "Cold, Storms" Blamed. (graph)
- BNP Warns "The Run On Ukrainian Deposits May Have Already Started". (graph)
- ISM Services, Immune To Snow And Cold, Beat Expectations. (graph)
- Citi(C), Goldman(GS) FX Heads Leaving In "Entirely Unrelated To FX Probe" Departures.
- The Next Steps For The EM Crisis (In 4 Charts).
- WTF Chart Of The Day: Spanish "Recovery" Edition.
- US Unveils "Climate Hubs" In War Against Climate Change.
- Eurozone Retail Sales Plunge. (graph)
- Argentina's Stock Market Is Getting Skewered.
- 3-D Printing Stocks Are Crashing.
- E.P.A. Staff Struggling to Create Pollution Rule. In marathon meetings and tense all-day drafting sessions, dozens of lawyers, economists and engineers at the Environmental Protection Agency are struggling to create what is certain to be a divisive but potentially historic centerpiece of President Obama’s climate change legacy. If the authors succeed in writing a lawsuit-proof regulation that is effective in cutting carbon emissions from America’s 1,500 power plants — the largest source of the nation’s greenhouse gas pollution — the result could be the most significant action taken by the United States to curb climate change.
- Italy investigates rating agencies over 2011, 2012 cuts. The Corte dei Conti, Italy's main public audit body, has told three rating agencies that it is investigating cuts in Italy's sovereign debt ratings in 2011 and 2012, the prosecutor in charge of the case said on Wednesday.
India's
statistics office is likely to say in two weeks that growth this year
will slump further to an 11-year low, undermining the government's
optimism that it would at least be flat at 5% on the back of a recovery
in the second half.
The advanced estimate for FY14 is set to come in below that level, said an official who didn't want to be named.
The economy expanded 4.6% in the first half and would need to rise 5.4% in the second for growth to come in at 5%, which doesn't lo ..
The advanced estimate for FY14 is set to come in below that level, said an official who didn't want to be named.
The economy expanded 4.6% in the first half and would need to rise 5.4% in the second for growth to come in at 5%, which doesn't lo ..
Gloomy outlook: India's GDP may sink below 5% to an 11-year low
Xinhua:- China reports 11 new H7N9 human cases. Eleven Chinese people were confirmed to be infected with the H7N9 bird flu on Wednesday in four regions, with 8 in critical condition, according to local health authorities. The southern province of Guangdong reported 4 new cases, including a 5-year-old girl and a 42-year-old man in Zhaoqing City, a 49-year-old man in Foshan City and a 56-year-old man in Shenzhen City, said the provincial health and family planning commission.
- Japan’s defence ban must be revised, says government panel. Rewriting constitution is too hard for now, so reinterpretation to let Tokyo help allies is vital to counter a resurgent China, advisers warn. Japan’s defence ban must be revised, says government panel. Rewriting constitution is too hard for now, so reinterpretation to let Tokyo help allies is vital to counter a resurgent China, advisers warn.
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