IBT Staff Reporter

Stock index futures pointed to a fall of about 1 percent on Wednesday as a drop in Chinese shares prompted renewed selling in global equity markets on fears stock prices have outpaced the economic recovery.

Microsoft Corp said on Tuesday it filed a motion to stay an injunction imposed by a federal court last week which threatened to halt sales of some versions of its popular Word application.

Stock index futures dropped about 1 percent on Wednesday as a fall in Chinese shares prompted renewed selling in global equity markets on fears stock prices have a run too far ahead of the economic reality.

Oil fell below $69 a barrel on Wednesday after a near 5 percent slump in Chinese shares sent doubts rippling through global markets about the strength of the world economic recovery.

U.S. securities regulators warned investors on Tuesday that leveraged exchange-traded funds could lead to big losses even if the market index or benchmark they track shows a gain.

Asian electronics makers are forecasting a turnaround in the second half of this year, citing a pick-up in global demand.

The dollar and yen rose on Wednesday after Chinese shares extended losses, prompting investors to pull back from riskier assets.

British American Tobacco, the world's second-biggest cigarette maker, has recruited Richard Burrows, the former chairman of Bank of Ireland , to be its new chairman.

Details of a deal to settle a U.S. tax case against Swiss bank UBS AG could come as soon as Wednesday and could have far-reaching implications for other wealth managers.

Macquarie Group Ltd , Australia's top investment bank, agreed to buy U.S. asset manager Delaware Investments for $428 million in cash from Lincoln National Corp , continuing a trend of consolidation in the fund management business.

Microsoft Corp's Bing search engine continued to make small gains on rivals Google Inc and Yahoo Inc in the U.S. Internet search market in July, according to the latest data from research firm ComScore.

Three detained Chinese employees of Australian miner Rio Tinto appeared healthy and calm, their defense lawyers said on Wednesday after visiting their clients for the first time early this week.

Wealthy U.S. citizens using a government tax-evasion amnesty program have identified almost 10 European banks where they have accounts, the Wall Street Journal said, citing people familiar with the situation.

Stock index futures pointed to a lower open on Wall Street on Wednesday, tracking a sell-off in Chinese shares on renewed worries the buoyant market had gone too far ahead of the economic recovery, and as oil prices dipped.

Oil fell toward $69 on Wednesday, after surging more than 3 percent in the previous session on data that showed a surprise fall in U.S. crude stocks, boosting hopes of demand recovery in the world's top energy user.

Citigroup Inc was under direct pressure from U.S. regulators to replace former chief financial officer Ned Kelly, the Financial Times said, citing parts of a confidential agreement it viewed.

Asian stocks edged up on Wednesday but hovered near three-week lows hit the previous day, with investors cautious ahead of Chinese bank results and wary that profit taking will continue to stall a six-month rally.

Oil extended gains toward $70 on Wednesday, after surging more than 3 percent in the previous session on data that showed a surprise fall in U.S. crude stocks, boosting hopes of demand recovery in the world's top energy user.

Japan's Nikkei average dipped 0.2 percent in choppy trade on Wednesday, weighed down by investor caution after disappointing U.S. housing data, but blue-chip stocks such as Canon Inc and carmakers jumped after brokerage upgrades.

Celine Dion is pregnant with her second child after undergoing fertility treatment at a clinic in New York, her spokeswoman said on Tuesday.

Figure skater Brian Boitano always dreamed of opening his own restaurant even while on a strict diet of salads and potatoes when he was competing.

Film director Oliver Stone has a secret -- 10, at least -- and he is about to tell some them in a new documentary for U.S. cable television.

Oscar winning actor Sean Penn and his wife Robin's rocky marriage is headed for divorce for the third time, and this time it's Robin who has filed the court papers.

Japan's Nikkei average dipped 0.2 percent in choppy trade on Wednesday, weighed down by investor caution after disappointing U.S. housing data, but blue-chip stocks such as Canon Inc and carmakers jumped after brokerage upgrades.

Banks are lowering bonuses to defuse popular outrage, but by curtailing employee incentives, compensation experts say the banks and the U.S. government are failing to fix practices that led to the financial crisis.

Apple is investigating media reports that one or more of the company's iPhones have exploded in Europe, a European Commission spokeswoman said Tuesday.

Microsoft Corp has confidently described its planned search advertising deal with Yahoo Inc as a win-win, but the software company's legal chief is prepared to concede that the outcome is not certain.

Japan's Nikkei average rose 0.2 percent on Wednesday, buoyed by blue-chip stocks such as Canon Inc and carmakers after brokerage upgrades, while upbeat results from big U.S. retailers helped investor confidence.

The Australian Dollar opens higher today against the greenback at 0.8260.