International News -
Expand AllEuropean shares edge lower, banks continue to fall
[at MarketWatch] - European stocks markets moved lower in early trading Wednesday, adding to the previous session s losses as bank stocks continued to lose ground. Barclays and Royal Bank of Scotland were both down 1.3% in London.
European Markets Open Lower
[at The Wall Street Journal] - European Markets Open Lower European stocks fell, following a triple-digit decline for the Dow Jones Industrial Average overnight, as sovereign-debt concerns return to haunt the markets.
Euro hits all-time low vs Swiss franc
[at Reuters] - The euro hit a lifetime low against the Swiss franc on Wednesday as ongoing concerns about the euro zone banking sector prompted investors to seek refuge in the safe-haven Swiss currency.
Onyx licenses to Ono Japanese rights to cancer drug
[at Reuters] - * Japan rights go for $59 mln upfront, total exceeds $300 mln * Onyx to retain rights outside of Japan By Deena Beasley
Oil falls below $74 on EU bank debt worries
[AP] - Oil prices skidded below $74 a barrel Wednesday in Asia as crude traders followed regional stocks down on reports European banks may be saddled with more debt than previously estimated.
Asia stocks down on Europe debt worries, yen surge
[AP] - Most Asian stock markets slid Wednesday, pressured by the yen hitting a fresh 15-year high and new concerns about European banks after a report they may have more risky government debt than thought.
Eurozone worries linger over markets
[at Financial Times] - Wednesday 07:00 BST. Bourses in Europe are expected to open with losses of about 0.6 per cent, following declines in Asia and Wall Street as concerns about Europe s banking sector rumble on.
Bank of Japan Vows to Step Up, if Necessary
[at New York Times] - The Bank of Japan stood pat on monetary policy on Tuesday but vowed timely action when needed, setting the stage for possible easing next month when it has clarity on political leadership and the strong yen s damage to the slowing economy.
A New Center to Educate Traders in Singapore
[at New York Times] - Nanyang Technological University and the Singapore Exchange on Tuesday opened the Center for Financial Education, promoting it as Asia s first live trading lab within a university.
Vodafone selling China Mobile stake for $6.6 bln
[at MarketWatch] - U.K. telecoms operator Vodafone Group said Wednesday that it will dispose of its entire 3.2% stake in China Mobile in a sale that will generate proceeds of around 4.3 billion pounds , before tax and transaction costs.
Depression costs Japan s economy $32 billion
[AP] - Suicides and other depression cases cost Japan s economy about 2.7 trillion yen last year, the government said Wednesday, releasing such data for the first time in a bid to raise public awareness of the nation s long-battled social woe.
Germany s exports, imports drop in July
[at MarketWatch] - Germany s exports dropped 1.5% in July from the previous month, the Federal Statistical Office reported on Wednesday. Imports fell 2.2% month-on-month. In calendar and seasonally adjusted terms, Germany posted a trade surplus of 12.7 billion euros in July.
German exports slightly lower on month in July
[AP] - Official data show that German exports dipped by 1.5 percent in July compared with the previous month but were still up a strong 18.7 over the same month last year.
Futures point to European shares falling
[at Reuters] - Index futures pointed to a lower opening for European shares on Wednesday, tracking declines in Asia and on Wall Street, weighed by renewed concerns about the financial strength of European banks.
Britain Backs New E.U. Oversight Plan
[at New York Times] - Britain s chancellor of the Exchequer, George Osborne, on Tuesday endorsed a variety of new watchdog agencies to supervise financial activities across the European Union.
Transgene, Jennerex to develop anti-cancer virus
[at Reuters] - * Transgene makes undisclosed equity investment * Jennerex could earn up to $116 mln in milestones LOS ANGELES, Sept 7 - Privately held cancer drug developer Jennerex Inc is partnering with French biopharmaceutical group Transgene SA to develop and commercialize in Europe, Russia and the Middle East an experimental cancer-fighting virus called JX-594.
UK Stocks -- Factors to watch on Sept 8
[at Reuters] - Britain s FTSE 100 is seen opening 30-35 points lower on Wednesday, tracking overnight falls in Asia and the United States on concerns about the health of the global economy, and particularly with the European banking system.
Renewed European Worry Hurts Shares
[at New York Times] - Concerns about the health of banks resurfaced in Europe as finance ministers met to consider a new levy on lenders.
Maersk to Use Cleaner Fuel in Its Hong Kong Shipping
[at New York Times] - Maersk Line, a Danish company, said it hoped to start a trend by having its ships use low-sulfur fuel when they are in pollution-heavy Hong Kong.
Japan officials voice concern over economy
[at MarketWatch] - Japanese officials sound growing alarm about the state of the economy and the negative impact from the yen s rise, but talk of intervention in the foreign exchange markets fail to curb gains.
[$$] Singapore s GIC Looks to Buy Stake in Brazil s BTG
[at The Wall Street Journal] - Singapore s GIC Looks to Buy Stake in Brazil Bank GIC, Singapore s sovereign wealth fund, is in advanced talks to buy a roughly 15% stake in Banco BTG Pactual, one of Brazil s top investment banks, for about $2.4 billion.
Japan s intervention hints fail to stop yen rally
[Reuters] - Japan s government sharpened its rhetoric on foreign exchange intervention on Wednesday as a rise in the yen to a 15-year high underlined concerns that the currency s strength could threaten the economic recovery.