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• Stocks head lower, market on track for weekly loss
  

  NEW YORK (AP) — The stock market headed lower in midday trading Friday, putting it on track for its first weekly loss in a month.

  
  
  
  
• Pullback on FTSE deepens as HSBC declines
  

  By Sudip Kar-Gupta LONDON (Reuters) - The FTSE 100, which had raced to its highest level in nearly 13 years this week, fell sharply for the second straight session on Friday as a decline at major bank HSBC hit the market. Some traders felt the pull-back could accelerate in June although many still believed the stock market's longer-term rising trend remained intact and that the market would end 2013 higher than where it was at the end of 2012. The blue-chip FTSE 100 fell by 0.6 percent, or 42.45 points, to 6,654.34 points, following on from a 2. ...

  
  
  
  
• Economy secretary: no "lull" in RBI's bond purchases
  

  MUMBAI (Reuters) - The government doesn't think the central bank has slowed the pace of its bond purchase programme, economic affairs secretary Arvind Mayaram said on Friday. Commercial banks operating in the bond market say cash conditions remain tight and they are disappointed that the Reserve Bank of India has not announced an open market operation since May 7, when it bought 96.58 billion rupees of federal bonds. "I don't see that there is any lull," Mayaram told reporters on the sidelines of an event organised by the Indian stock market regulator. ...

  
  
  
  
• Stimulus fears haunt world share markets, dollar recovers
  

  By Herbert Lash NEW YORK (Reuters) - Global equity markets drifted lower on Friday as investors were beset by worries that central bank stimulus may be curtailed, but the dollar recovered against the euro to trade almost flat after better-than-expected U.S. durable goods data for April. Wall Street opened lower, heading toward its first weekly decline since mid-April, and European stocks also fell after testimony by Federal Reserve Chairman Ben Bernanke earlier this week sparked speculation the Fed will soon trim its bond buying. ...

  
  
  
  
• RLPC-Royal Mail sounds out market for 1.5 billion pounds IPO loan
  By Tessa Walsh LONDON (Reuters) - Banks have been asked to gauge by the end of this week the appetite for a 1.5 billion-pound syndicated loan to back the planned privatisation of Britain's Royal Mail Group , banking sources said. A group of around 10 banks are looking at the financing, which is expected to consist of a revolving credit facility and a term loan and will provide working capital to the group before its planned stock market flotation, two senior bankers said. Royal Mail declined to comment. ...
  
  
• Stocks open lower, market headed for a weekly loss
  

  NEW YORK (AP) — Stocks are opening lower on Wall Street, putting the market on track for its first weekly loss after four weeks of gains.

  
  
  
  
• Banks in the spotlight in debate over UK listing rules
  By Clara Ferreira-Marques and Kylie MacLellan LONDON (Reuters) - As Britain's stock market watchdog pores over the implications of scandals at mining companies ENRC and Bumi, the role of sponsor banks who helped lead their listings is coming under scrutiny. Such banks act as liaison with regulators and vouch for the firms they are listing in an "eligibility" letter, putting them potentially in the firing line if problems develop at the companies they worked for. ...
  
  
• S.Africa's Tongaat full-year earnings up 15 percent
  

  JOHANNESBURG (Reuters) - South Africa's Tongaat Hulett reported a 15 percent rise in full-year earnings on Friday as sugar production rose and said it expected further growth in the year ahead. The agri-processing company said diluted headline earnings per share for the year to end-March totalled 942.3 cents from 819.4 cents a year ago. Total sugar output rose 9 percent to 1.254 million tonnes. Tongaat Hulett has interests in land management and property development, but its main business is sugar production and milling.

  
  
  
  
• Sun Pharma falls after unit's earnings disappoint
  Reuters Market Eye - Shares in Sun Pharmaceutical Industries Ltd fall 3 percent after its unit Taro Pharmaceutical Industries Ltd posted a lower-than-expected January-March net profit, dealers say. New York-listed Taro said quarterly net profit rose to $49.2 million from $47.3 million a year earlier. Earnings were impacted by settlements and loss contingencies of $22 million, which the company said was "related to certain price reporting litigation". Taro did not provide more specifics about the litigation in a statement that came overnight India time. (Reporting by Abhishek Vishnoi)
  
  
• Salesforce.com's quarterly results disappoint Wall Street
  

  By Noel Randewich (Reuters) - Salesforce.com Inc's quarterly earnings and outlook disappointed investors as costs rise following a spree of acquisitions, sending its shares lower. Under Marc Benioff, Salesforce's CEO and founder, the company's fast revenue growth has made it a favorite with investors eager to own part of the growing trend among businesses to outsource their information technology needs - from servers to software, a phenomenon known as cloud computing. But Salesforce has struggled to earn consistent profits. ...

  
  
  
  
• U.S. options clearer moves to end trade type dominated by Nasdaq
  

  By Ann Saphir SAN FRANCISCO (Reuters) - The clearinghouse for all stock options said Thursday it will adopt a policy aimed at abolishing a dividend-linked trading strategy that critics say could destabilize markets if left unchecked. The change at Chicago-based OCC is likely to hurt market share at Nasdaq OMX Group Inc's biggest options venue, where nearly all of U.S. dividend-linked options trading takes place. "The new policy will likely result in a significant reduction in dividend plays," OCC said in a statement. ...

  
  
  
  
• Royal Mail chief set for 500,000 sterling bonus - Sky News
  

  (Reuters) - The chief executive of Royal Mail, Moya Greene, who is responsible for leading a turnaround of the business, is set to receive an annual bonus worth nearly 500,000 pounds, as the company readies itself for a stock market listing this year, Sky News reported. Royal Mail's remuneration committee has yet to sign off on the pay proposals for the 2012-13 financial year, but is expected to do so ahead of the release of the company's annual report, which will be published by the end of July, Sky News said on its website. ...

  
  
  
  
• Mass sell-off in Spain's Bankia hit small investors
  

  MADRID (Reuters) - Small investors in shares of in Spain's nationalised lender Bankia suffered new massive losses on Thursday as the stock plunged by more than 50 percent amid an abnormally high volume of trading which the stock market regulator said would be looked at closely. Tens of thousands of small savers, who were often missold preference shares and hybrid debt in Bankia, swapped their investment for ordinary shares on Thursday at a an average discount of around 40 percent. ...

  
  
  
  
• Stocks edge lower as investors reassess Fed fears
  

  NEW YORK (AP) — Investors recovered their poise after a shaky start to trading on Wall Street that sent stocks sharply lower.

  
  
  
  
• Summary Box: Stocks recover from an early swoon
  UPS AND DOWNS: Stocks plunged at the opening of trading but recovered by midday. A rout overseas and in the early going on Wall Street was set off by a slowdown in China and worries that the Federal Reserve ...
  
  
• How the Dow Jones industrial average fared
  Investors recovered their poise after a shaky start to trading on Wall Street that sent stocks sharply lower. The dip gave investors who missed this year's stock market surge an opportunity to get into ...
  
  
• NYSE says AEP, NextEra trades stand after crash at open
  

  By Caroline Valetkevitch NEW YORK (Reuters) - All trades in American Electric Power Inc and NextEra Energy Inc in a crash that happened in the first minute of trading on Thursday will stand, the New York Stock Exchange said, following the latest in a flurry of unexplained sharp drops in the market. The stocks each dropped more than 50 percent in the first minute of trading, though ended just down slightly. The share drops were the latest such incidents for the market since the May 6, 2010, "flash crash," a computer-driven trading glitch that caused a sudden afternoon tumble in the major U.S. ...

  
  
  
  
• Wall Street sags, but ends off session lows; HP hits 52-week high
  

  By Angela Moon NEW YORK (Reuters) - Stocks slipped on Thursday but finished sharply off their session lows as a rally in Hewlett-Packard's shares offset worries about weak Chinese manufacturing data and the prospects of the Federal Reserve reducing its monetary stimulus. Trading was choppy as many traders were adjusting their positions ahead of the long holiday weekend. Markets will be closed on Monday for Memorial Day. Hewlett-Packard shares jumped more than 17 percent to a fresh 52-week high a day after the world's largest PC maker raised its outlook. ...

  
  
  
  
• U.S. prosecutors sought testimony from top SAC executives: WSJ
  

  NEW YORK (Reuters) - U.S. prosecutors are seeking testimony from three senior executives of the $15 billion hedge fund SAC Capital Advisors, the Wall Street Journal reported on Thursday. The U.S. Attorney's office for the Southern District of New York issued subpoenas to SAC's president, chief compliance officer and head of trading, according to the Journal's report. Others at SAC, including the firm's founder Steven A. Cohen, were asked last week to testify before a grand as part of the U.S. government's insider trading probe of the hedge fund, Reuters has previously reported. ...

  
  
  
  
• US stock market recovers most of an early loss
  

  NEW YORK (AP) — Stock prices are slightly lower at midday on Wall Street after manufacturing contracted unexpectedly in China this month.

  
  
  
  
• Stock slump continues on Wall Street
  

  NEW YORK (AP) — A global stock market slump is continuing on Wall Street as traders worry about how committed the Federal Reserve remains to keeping up its bond-buying program.

  
  
  
  
• HOW TO PLAY IT-Despite hot stock market, you should avoid Japan
  By David Randall NEW YORK, May 23 (Reuters) - Japan's white-hot stock markethas investors crowding in, but there are a few reasons why youshouldn't follow the pack. It's a temptation, of course. The benchmark Nikkei 225 indexis up 50 percent for the year, more than any other developedmarket, and nearly triple the approximate 17 percent gain forthe Standard & Poor's 500 stock index through May 21. This streak prompted investors to put a net $9.1 billioninto Japan equity funds and exchange-traded funds in April. Infact, that's the bulk of the $9. ...
  
  
• US equities sell-off goes on; futures slump
  

  NEW YORK (AP) — The momentum of a late sell-off on Wall Street carried over into a second day, sending U.S. futures and global stock markets into retreat.

  
  
  
  
• Angola to open bourse in 2016, secondary bond market end-2013
  By Shrikesh Laxmidas LISBON (Reuters) - Angola plans to open its much-delayed stock market in 2016 and could even bring it forward to 2015 if the bourse was used to privatise state-owned companies, the country's Capital Markets Commission (CMC) said on Thursday. A Luanda bourse, a potential entry point for foreigners, has been in the pipeline for more than a decade, but delays - most due to lack of transparency - have frustrated investors looking to tap into one of Africa's fastest-growing, but most impenetrable economies. ...
  
  
• Abu Dhabi's holding firm Senaat plans share sale - sources
  By Stanley Carvalho and David French ABU DHABI, May 23 (Reuters) - An Abu Dhabi government-ownedholding company may sell its own shares or off-load a stake inone of its main businesses as part of plans to spur listings onthe local stock market, three sources familiar with the mattertold Reuters. General Holding Corp (Senaat), which has nearly $7 billionin assets, has approached banks with a proposal for a potentialshare listing. Oil-rich Abu Dhabi, the capital of United Arab Emirates, andits neighbouring city state Dubai are leading a revival ofeconomic growth in the United Arab Emirates. ...