MARKETS / FINANCE

The Swiss National Bank announced a shock cut in interest rates and threatened more action to cap a soaring Swiss franc, but the impact was expected to be short-lived given the currency's safe-haven appeal amid mounting concerns about global growth.

The pace of growth in the services sector ticked down unexpectedly in July to the lowest level since February 2010, while the number of jobs created by the private sector also slowed, separate reports showed on Wednesday.

Wall Street stocks tumbled on Wednesday with the S&P falling to a new low for the year after another round of soft economic data.

The S&P 500 fell to a new low for the year on Wednesday as service sector growth was less robust than expected in July, another discouraging sign for the economy.

U.S. private employers added 114,000 jobs in July, topping economists' expectations, a report by a payrolls processor showed on Wednesday.

Private employers added 114,000 jobs in July, topping economists' expectations, a report by a payrolls processor showed on Wednesday.

The credit ratings of most Asian nations remain sound despite the debt problems in Europe and the United States, with the notable exception of Japan, a senior official at Standard and Poor's ratings agency said on Wednesday.

Congress has done the urgent -- passed the U.S. debt deal to help eliminate the budget deficit. But what about an equally important U.S. problem: the jobs deficit?

Wall Street equity futures rose on Wednesday, indicating the market may snap its longest losing streak since October 2008, as investors awaited data on the labor market.

The European Union voiced support for Italy and Spain under attack on financial markets but acknowledged that investors now doubt whether the euro zone can overcome its sovereign debt woes.

The United States stepped back from the brink of default on Tuesday but congressional approval of a last-ditch deficit-cutting plan failed to dispel fears of a credit downgrade and future tax and spending feuds.

U.S. and European automakers better watch their rear-view mirrors as competition from Chinese rivals will result in a day of reckoning down the road, the head of Fiat SpA and Chrysler Group LLC said on Wednesday.

Wall Street equity futures were set for a higher open on Wednesday as buyers looked to halt the market's longest losing streak since October 2008 after a better-than-expected reading on the labor market.

Italy sought European political support on Wednesday as its stocks and bonds gained some respite from a selloff triggered by the euro zone's unresolved debt crisis and fears of a global economic slowdown.

Comcast Corp's quarterly earnings beat Wall Street expectations on a better-than-expected rise in Internet and phone subscribers and advertising sales growth at its NBC Universal joint venture.

Wall Street equity futures added to their gains on Wednesday after a reading on private sector employment came in stronger than expected.

Would distributing $3,000 gift cards to every American over age 16 get the U.S. economy out of its slump, and create more jobs? The tactic is unconventional, but if the economy doesn't start creating more jobs soon, Congressional leaders may have to implement the unconventional.

On Tuesday, President Barack Obama signed a bill to raise the U.S. debt ceiling, preventing the nation from defaulting for the first time in its history.

Wall Street equity futures rose on Wednesday, indicating the market may snap its longest losing streak since October 2008, as investors awaited data on the labor market.

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.

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.

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.

The United States had its triple-A rating confirmed by two key ratings agencies on Tuesday after Washington struck a last-minute deal to avoid a debt default, but threats of future downgrades remain.

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.

In a matter of days, investor relief that the United States avoided default has been replaced by fears Europe's debt crisis is deepening and the world's biggest economy may be slipping back into recession.

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.

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.

Asian stocks fell more than 2 percent and gold sat near a record above $1,660 an ounce on Wednesday, with fears increasing that Washington's efforts to cut spending will slow growth at a time when global factory output is already stagnating.

China is considering a proposal to create a ministerial-level body to manage its state-owned banks and non-bank financial enterprises, two sources with knowledge of the plan said, a move that would strengthen Beijing's grip on its lenders.