UNITED STATES

Stock index futures pointed to a higher open on Wall Street on Wednesday following the previous session's sharp sell-off, with futures for the S&P 500 up 0.51 percent, Dow Jones futures up 0.34 percent and Nasdaq 100 futures up 0.54 percent at 0925 GMT.

With more than 14 million people out of work, consumer spending falling by the day, the GDP growth outlook remaining grim and rising inflation denting confidence of ordinary people, a massive spending cut of more than $2 trillion would be the proverbial last straw on the camel's back.

The Swiss National Bank announced a shock cut in interest rates and threatened more action to cap a soaring Swiss franc, but was seen fighting a losing battle as investors seek respite from debt crises elsewhere.

Major stock indexes around the world lost all of their gains on the year and gold hit a record on Tuesday after a deal to raise the U.S. debt ceiling gave no comfort to investors preoccupied with sluggish global growth.

Asia's best hope for insulation against a worsening economic outlook in the United States and Europe rests on China, and it may not be willing or able to do the job.

Japan kept markets on guard for currency intervention and more monetary easing on Wednesday, with the finance minister vowing to stem the yen's rise and the prime minister calling for central bank action to protect the economy.

Hackers breached the computer networks of 72 organizations around the world over a five-year period, in the biggest hacking campaign discovered to date, security firm McAfee said on Wednesday.

President Barack Obama suffered a defeat in the battle over raising the U.S. debt limit that may have repercussions for his efforts to restore growth to the U.S. economy and win re-election in 2012.

The S&P 500 turned negative for the year on Tuesday as the wrangling over the U.S. debt ceiling faded and investors turned their attention to the stalling economy.

The Swiss National Bank cut its interest rate target band on Wednesday in a surprise move to stem the rapid rise of the Swiss franc, which investors have flocked to seeking harbor from the European and U.S. debt crises.

Outback Australian farmers - hardened from dealing with extreme weather, fires and pests - now have to wrestle with modern trading tools and technology after a tough day tilling the land as they adapt to the rigors of a deregulated market.

World stocks tumbled toward five-month lows on Wednesday and top-rated government bonds rallied as worries grew that fiscal cutbacks and stagnating factory output would prolong a global economic slowdown and aggravate Europe's debt crisis.

The Academy of Motion Picture Arts and Sciences announced on Tuesday that Oprah Winfrey along with James Earl Jones and makeup artist Dick Smith will be honored with Oscar.

Asia-focused bank Standard Chartered reported a record-beating 17 percent rise in first-half profits on Wednesday as a booming Hong Kong market and increased restraint on costs outweighed a slump in India.

Security company McAfee has uncovered a new series of cyber attacks, which, according to security experts, is the biggest ever discovered. The intrusions involve permeation of the networks of 72 organizations that include the United Nations, governments and companies across the world.

A senior official at rating agency Standard & Poor's said on Wednesday that global markets have already discounted a possible U.S. ratings downgrade, and that Asian nations' ratings were generally on an uptrend despite global economic woes.

If you thought that space exploration and zero-gravity experience is only for astronauts and celebrities, then think again.

Rumors continue to swirl about when Apple will release the iPhone 5.

Japan tried to keep yen bulls on guard on Wednesday, with finance minister repeating his warning that he was closely watching markets after the currency shot near record highs early this week.

Goldman Sachs has stuck with the same auditing firm since 1926, Coca Cola since 1921, General Electric since 1909 and Procter & Gamble since 1890. That's going back 85, 90, 102 and 121 years.

China's central bank governor urged Washington Wednesday to act responsibly to deal with its debt issues, saying uncertainty in the Treasuries market will undermine the international monetary system and hamper global growth.