China unveils fresh measures to boost growth

China has unveiled a series of moves aimed at boosting growth, indicating that policymakers are concerned about the slowdown in its economy.

The steps include tax breaks for small businesses, reduced fees for exporters and opening up of railway construction.

China's economic growth rate has slowed for two quarters in a row and there are concerns that it may slow further.


Credit Suisse second-quarter profit up on trading revenue

ZURICH | Thu Jul 25, 2013 6:17am BST
(Reuters) - Credit Suisse's (CSGN.VX) net profit rose by a third in the second quarter from a year ago, broadly meeting forecasts, as strong trading in stocks and bonds bolstered its investment banking business.

The Zurich-based bank said on Thursday it generated net income of 1.045 billion Swiss francs ($1.12 billion) for the quarter, compared to 1.017 billion francs seen by analysts in a Reuters poll.

Mirroring a strong performance by Wall Street rivals, Credit Suisse more than doubled pre-tax profits at its investment banking division from a year ago when trading was badly hit by the euro-zone crisis. Compared to the previous quarter, typically the strongest period for capital markets activity, pre-tax profit was down 42 percent.

Nikkei falls as earnings disappoint market; Canon sags

Thu Jul 25, 2013 7:09am BST
TOKYO, July 25 (Reuters) - The Nikkei share average fell for
a second day on Thursday in volatile trade, as investors were
disappointed with company results such as for blue-chip Canon
Inc, which tumbled after slashing its profit outlook.

The benchmark Nikkei fell 1.1 percent to 14,562.93,
after rising as high as 14,748.77 at the open. The broader
Topix dropped 1.4 percent to 1,202.32.

Spanish Unemployment Rate 26.3% 27.2% 27.2%

FTSE100 starts modestly lower after a mixed bag of earnings

German Ifo Business Climate 106.2 106.3 105.9

GBP Prelim GDP q/q 0.6% 0.6% 0.3%

GBP Index of Services 3m/3m 0.8% 0.7% 0.8%

Britain's economy picks up speed in second quarter, still below peak

LONDON | Thu Jul 25, 2013 10:34am BST
(Reuters) - Britain's economy sped up between April and June on the back of stronger spending by consumers and businesses and giving a boost to the government less than two years before an election.

It came at the same time as a raft of UK company earnings reports showing growth picking up.

FTSE100 sharply lower midday on concerns over earnings

USD Core Durable Goods Orders m/m 0.0% 0.5% 0.5%

USD Unemployment Claims 343K 339K 334K

USD Durable Goods Orders m/m 4.2% 1.1% 3.7%

Pre-Market Trading

Stocks: Retreat on tap

Jul 25 6:48am:

U.S. stocks may retreat further from record highs Thursday as investors digest the latest batch of mixed earnings results. More..

Analysis - A year on, Draghi's 'save the euro' pledge remains untested

FRANKFURT | Thu Jul 25, 2013 2:25pm BST
(Reuters) - A year after Mario Draghi vowed to do "whatever it takes" to save the euro, the European Central Bank president can claim to have staved off disaster - but he may have to back up his words with action before long.

Were euro zone turmoil to return, especially with Spain or Italy on the receiving end, Draghi and the ECB will have to prove that his promise - made on July 26 last year - has substance, something he and the ECB have not yet had to do.

FTSE100 ends firmly lower as earnings news disappoints