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• Wall Street steady on China, mixed U.S. data
• Weak orders point to sharp slowdown in U.S. manufacturing
• Spain 2013 budget to focus on spending cuts rather than tax hikes: government
• Pending home sales dip in August due to supply shortage
• Goldman to pay $12 million to settle "pay-to-play" probe
• No respite in European car slump, says Renault's Ghosn
• U.S. commercial paper market shrinks for fourth straight week
• Ex-Credit Suisse trader to fight U.S. extradition
• EU wants $12 billion trade sanctions on U.S. in Boeing row
• Euro zone economic outlook darkens with fall in confidence
• US economy grew 1.3 percent rate in second quarter
• US unemployment aid applications at 2-month low
• Stocks higher after 5-day losing streak
• Tempur-Pedic buying Sealy for about $228.6M
• Oil prices rise after 3 days of declines
• Google Brazil head freed; Arrest stirs debate
• US Navy tests mine-seeking sub during Gulf drills
• Contracts to buy US homes fell slightly in August
• Rate on 30-year mortgage hits record low 3.40 pct.
• European carmakers braced for grim future
• Monti: would consider govt role after elections
• Markets steady as focus remains on Spain, Greece
• Campbell closing plants as soup consumption falls
• Google Brazil head freed; Arrest stirs debate
• New Jaguar F-Type looks to glory days, tweaks them
• Stocks higher after 5-day losing streak
• Wall Street steady on China, mixed U.S. data
• American Airlines tells pilots to end disruptions
• U.S. commercial paper market shrinks for fourth straight week
• Spain cuts ministerial spending by 8.9 percent in 2013
• Fiat CEO: Europe car problem needs Europe solution
• Ex-Credit Suisse trader to fight U.S. extradition
• Australia & New Zealand Banking settles on limit violations: CFTC
• News Summary: Tempur-Pedic to buy Sealy
• Stocks hold on to gains
• Want some taste with that ice cream?
• Russian metals moguls reach out-of-court settlement
• France demands restart of idled ArcelorMittal furnaces
• US Navy tests mine-seeking sub during Gulf drills
• Bank of England urges banks to raise capital from markets

Wall Street steady on China, mixed U.S. data Posted: 27 Sep 2012 09:03 AM PDT NEW YORK (Reuters) - U.S. stocks eked modest gains on Thursday, putting the S&P 500 on track to snap a five-day retreat, as hopes the Chinese government would take steps to bolster the giant Asian economy overshadowed a mixed bag of U.S. data. China has severely underestimated this year's global economic slowdown, and further cuts to Chinese interest rates or bank reserve requirements will hinge on any new deterioration in the external environment, a central bank adviser said on Thursday. ...

Weak orders point to sharp slowdown in U.S. manufacturing Posted: 27 Sep 2012 07:36 AM PDT WASHINGTON (Reuters) - Orders for long-lasting U.S. manufactured goods fell sharply in August, suggesting the main engine of economic growth was stalling and offsetting the hopeful sign provided by a drop in new claims for jobless benefits. The Commerce Department said on Thursday durable goods orders dived 13.2 percent, the largest drop since January 2009, when the economy was in the throes of a recession. The decline primarily reflected weak demand for aircraft and automobiles, although orders were down for a wide range of goods. Excluding transportation, orders were off 1.6 percent. ...

Spain 2013 budget to focus on spending cuts rather than tax hikes: government Posted: 27 Sep 2012 08:38 AM PDT MADRID (Reuters) - Spain's Deputy Prime Minister Soraya Saenz de Santamaria said on Thursday the budget for 2013 would focus on cutting spending rather than hiking taxes, and the government would pass 43 new laws to reform the economy over the next six months. While presenting draft for the 2013 budget she also said Spain would establish an independent fiscal authority to help oversee its deficit cutting promises. (Reporting by Andres Gonzalez and Julien Toyer; Writing by Nigel Davies; Editing by Paul Day)

Pending home sales dip in August due to supply shortage Posted: 27 Sep 2012 07:09 AM PDT WASHINGTON (Reuters) - Contracts to buy previously owned U.S. homes slipped in August due to a shortage of lower priced inventory in most of the country, an industry group said on Thursday. The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in August, fell 2.6 percent to 99.2, but was 10.7 percent higher than last year. July's reading was revised up to 101.9, the highest level since April 2010, when buyers were racing to use the home-buyer tax credit before the deadline, the group said. ...

Goldman to pay $12 million to settle "pay-to-play" probe Posted: 27 Sep 2012 08:34 AM PDT WASHINGTON (Reuters) - Goldman Sachs Group Inc agreed to pay about $12 million to settle charges that it violated "pay-to-play" rules in a case involving undisclosed campaign contributions to a former Massachusetts state treasurer who was a candidate for governor in the state, U.S. securities regulators said on Thursday. A former vice president in Goldman's Boston office, Neil Morrison, worked on the campaign of Timothy Cahill around the same time that he was also soliciting underwriting business from the Massachusetts treasurer's office, the Securities and Exchange Commission said. ...

No respite in European car slump, says Renault's Ghosn Posted: 27 Sep 2012 07:56 AM PDT (Reuters) - European auto sales are headed for an 8 percent drop this year and further declines next year, said Carlos Ghosn, the chief executive officer of both Renault SA and Nissan Motor Co. Despite the continent's financial crisis, Ghosn saw "zero chance" for a government-led restructuring of Europe's auto industry, akin to the restructuring of the U.S. industry in 2009. The U.S. restructuring was spurred by the bankruptcies of General Motors Corp., now reorganized as General Motors Co. , and Chrysler Corp. ...

U.S. commercial paper market shrinks for fourth straight week Posted: 27 Sep 2012 09:00 AM PDT NEW YORK (Reuters) - The amount of seasonally adjusted U.S. commercial paper contracted for a fourth consecutive week in the week ended September 26, Federal Reserve data showed on Thursday. U.S. seasonally adjusted commercial paper outstanding fell $18.1 billion to $990.1 billion in the latest week. Non-seasonally adjusted commercial paper outstanding - which some analysts consider is a more reliable reading than the seasonally adjusted one since it has been distorted by the financial crisis - declined $14.8 billion to $970.2 billion. U.S. ...

Ex-Credit Suisse trader to fight U.S. extradition Posted: 27 Sep 2012 08:55 AM PDT LONDON (Reuters) - A former Credit Suisse Group AG trader, accused by U.S. authorities over a $3 billion fraud involving subprime mortgage bonds, said he would fight a U.S. extradition request when he appeared in a British court on Thursday. Kareem Serageldin, former global head of structure credit trading for Credit Suisse, was arrested on Wednesday in London where he has been since U.S. prosecutors filed charges against him earlier this year. ...

EU wants $12 billion trade sanctions on U.S. in Boeing row Posted: 27 Sep 2012 07:01 AM PDT GENEVA (Reuters) - The European Union has asked the World Trade Organization (WTO)for the right to impose annual trade sanctions worth up to $12 billion on the United States in retaliation for illegal U.S. subsidies to planemaker Boeing . The EU request is the latest legal move in the world's biggest trade dispute. The wrangling over subsidies given to Boeing and its European rival Airbus stretches back more than seven years. ...

Euro zone economic outlook darkens with fall in confidence Posted: 27 Sep 2012 04:22 AM PDT BRUSSELS (Reuters) - The outlook for Europe's economy darkened on Thursday with euro zone business confidence falling to a three-year low and a range of economic indicators across the continent pointing towards recession. Shrinking lending and rising unemployment in Germany, until now a mainstay for growth in the euro zone, added to the gloom, with economists saying there was now no hope of growth for the region in the third quarter of the year. "It is bad. ...

US economy grew 1.3 percent rate in second quarter Posted: 27 Sep 2012 06:37 AM PDT The U.S. economy grew at a sluggish 1.3 percent annual rate in the April-June quarter, held back by the severe drought that reduced farm production in the Midwest.

US unemployment aid applications at 2-month low Posted: 27 Sep 2012 06:33 AM PDT The number of Americans seeking unemployment benefits plunged 26,000 last week to a seasonally adjusted 359,000, a hopeful sign for the job market. It's the lowest level of weekly applications in nine weeks.

Stocks higher after 5-day losing streak Posted: 27 Sep 2012 09:08 AM PDT Stocks climbed modestly Thursday on Wall Street, perhaps headed for their first gain of the week, after unemployment claims in the United States fell to their lowest level in two months.

Tempur-Pedic buying Sealy for about $228.6M Posted: 27 Sep 2012 08:12 AM PDT Mattress rivals Tempur-Pedic and Sealy are becoming bedfellows.

Oil prices rise after 3 days of declines Posted: 27 Sep 2012 07:24 AM PDT The price of oil is rising after three straight days of declines as weekly unemployment claims in the United States fell to their lowest level in two months.

Google Brazil head freed; Arrest stirs debate Posted: 27 Sep 2012 09:11 AM PDT Police have released the head of Google Inc.'s Brazil operations after his detention for not taking down YouTube videos a judge ruled violated local electoral law.

US Navy tests mine-seeking sub during Gulf drills Posted: 27 Sep 2012 08:48 AM PDT The admiral in charge of the U.S. Navy's 5th Fleet says a prototype mine-detecting drone was put through more tests during military exercises in and around the Persian Gulf this month.

Contracts to buy US homes fell slightly in August Posted: 27 Sep 2012 07:43 AM PDT The number of Americans who signed contracts to buy previously occupied homes fell in August from a two-year high in July.

Rate on 30-year mortgage hits record low 3.40 pct. Posted: 27 Sep 2012 07:09 AM PDT Average U.S. rates on fixed mortgages fell again to new record lows. The decline suggests the Federal Reserve's stimulus efforts may be having an impact on mortgage rates.

European carmakers braced for grim future Posted: 27 Sep 2012 08:28 AM PDT European carmakers were preparing for a future of labor strife, lower sales and more financial uncertainty as they set out their latest models at the Paris Auto Show on Thursday.

Monti: would consider govt role after elections Posted: 27 Sep 2012 09:12 AM PDT Italian Premier Mario Monti says he would consider a role in government after the next elections, but only under special circumstances.

Markets steady as focus remains on Spain, Greece Posted: 27 Sep 2012 09:11 AM PDT Financial markets recovered their poise Thursday, though investors remained concerned that Greece and Spain will struggle to implement thier debt-reduction strategies.

Campbell closing plants as soup consumption falls Posted: 27 Sep 2012 09:11 AM PDT Campbell Soup Co. is closing two U.S. plants and cutting more than 700 jobs as it looks to trim costs amid declining consumption of its canned soups.

Google Brazil head freed; Arrest stirs debate Posted: 27 Sep 2012 09:11 AM PDT Police have released the head of Google Inc.'s Brazil operations after his detention for not taking down YouTube videos a judge ruled violated local electoral law.

New Jaguar F-Type looks to glory days, tweaks them Posted: 27 Sep 2012 09:09 AM PDT Its predecessor is widely agreed to be among the most stunning sports cars ever - and Jaguar showed it was trying to go one better than the glory days of the 1960s with the new F-Type.

Stocks higher after 5-day losing streak Posted: 27 Sep 2012 09:08 AM PDT Stocks climbed modestly Thursday on Wall Street, perhaps headed for their first gain of the week, after unemployment claims in the United States fell to their lowest level in two months.

Wall Street steady on China, mixed U.S. data Posted: 27 Sep 2012 09:03 AM PDT NEW YORK (Reuters) - U.S. stocks eked modest gains on Thursday, putting the S&P 500 on track to snap a five-day retreat, as hopes the Chinese government would take steps to bolster the giant Asian economy overshadowed a mixed bag of U.S. data. China has severely underestimated this year's global economic slowdown, and further cuts to Chinese interest rates or bank reserve requirements will hinge on any new deterioration in the external environment, a central bank adviser said on Thursday. ...

American Airlines tells pilots to end disruptions Posted: 27 Sep 2012 09:02 AM PDT American Airlines says if pilots don't end actions that are disrupting its flights, it will take their union to court.

U.S. commercial paper market shrinks for fourth straight week Posted: 27 Sep 2012 09:00 AM PDT NEW YORK (Reuters) - The amount of seasonally adjusted U.S. commercial paper contracted for a fourth consecutive week in the week ended September 26, Federal Reserve data showed on Thursday. U.S. seasonally adjusted commercial paper outstanding fell $18.1 billion to $990.1 billion in the latest week. Non-seasonally adjusted commercial paper outstanding - which some analysts consider is a more reliable reading than the seasonally adjusted one since it has been distorted by the financial crisis - declined $14.8 billion to $970.2 billion. U.S. ...

Spain cuts ministerial spending by 8.9 percent in 2013 Posted: 27 Sep 2012 08:59 AM PDT MADRID (Reuters) - Spain's Treasury Minister Cristobal Montoro said on Thursday the government ministry spending would be cut by 8.9 percent in 2013, while overall budget spending would increase by 5.6 percent. Presenting the budget for the year ahead, Montoro also said that tax revenue would grow by 3.8 percent in 2013 compared with this year. New tax measures previously announced would boost tax revenue by 4.7 billion euros ($6.0 billion) over the next 2 years, he added. ($1 = 0.7775 euros) (Reporting by Julien Toyer and Fiona Ortiz; Writing by Nigel Davies; Editing by Paul Day)

Fiat CEO: Europe car problem needs Europe solution Posted: 27 Sep 2012 08:58 AM PDT The chief executive of Fiat and Chrysler thinks Europe's carmakers can only survive if they reduce their enormous overcapacity together, rather than retreating behind national borders to find piecemeal solutions.

Ex-Credit Suisse trader to fight U.S. extradition Posted: 27 Sep 2012 08:55 AM PDT LONDON (Reuters) - A former Credit Suisse Group AG trader, accused by U.S. authorities over a $3 billion fraud involving subprime mortgage bonds, said he would fight a U.S. extradition request when he appeared in a British court on Thursday. Kareem Serageldin, former global head of structure credit trading for Credit Suisse, was arrested on Wednesday in London where he has been since U.S. prosecutors filed charges against him earlier this year. ...

Australia & New Zealand Banking settles on limit violations: CFTC Posted: 27 Sep 2012 08:53 AM PDT WASHINGTON (Reuters) - Australia and New Zealand Banking Group Ltd agreed to pay $350,000 to settle charges it violated position limits in the wheat and cotton futures markets, the U.S. Commodity Futures Trading Commission said on Thursday. The financial services company exceeded limits in wheat futures trading on the Chicago Board of Trade on multiple occasions in August, 2010, the CFTC said. The firm also surpassed position caps in cotton futures trading on ICE Futures US, which is owned by IntercontinentalExchange Inc. in February, 2011. The Chicago Board of Trade is owned by CME Group Inc. ...

News Summary: Tempur-Pedic to buy Sealy Posted: 27 Sep 2012 08:50 AM PDT MATTRESS BEDFELLOWS: Tempur-Pedic International Inc., the 20-year-old leader in foam mattresses, is buying more-than-a century-old rival Sealy Corp. for about $228.6 million in cash.

Stocks hold on to gains Posted: 27 Sep 2012 08:50 AM PDT Stocks are holding on to gains at midday on Wall Street.

Want some taste with that ice cream? Posted: 27 Sep 2012 08:49 AM PDT Nonfat cheese that tastes like plastic. Low-calorie soda that leaves a bitter aftertaste. Sugar-free brownies that crumble like Styrofoam.

Russian metals moguls reach out-of-court settlement Posted: 27 Sep 2012 08:49 AM PDT LONDON (Reuters) - Russian billionaires Oleg Deripaska and Michael Cherney have reached an out-of-court settlement in a dispute over a billion dollar slice of the world's largest aluminum producer RUSAL , shortly before they were due to give evidence in a drawn-out London court case. "Mr. Deripaska announces that Mr. Cherney's litigation in London against him has been terminated," a spokesperson for Deripaska said in a brief statement. "Neither party will be making any further comment in relation to the litigation or matters raised therein. ...

France demands restart of idled ArcelorMittal furnaces Posted: 27 Sep 2012 08:48 AM PDT FLORANGE, France (Reuters) - France's industry minister called on steelmaker ArcelorMittal on Thursday to make the investment needed to restart idled blast furnaces at its Florange site or put it up for sale. "The French government has at the highest level insisted, repeated, recalled ... that we want the restart of these two furnaces at Florange that have been idled for 14 months," Arnaud Montebourg told employees at the site in northeastern France. He urged ArcelorMittal to make investments totaling 150 million euros ($192. ...

US Navy tests mine-seeking sub during Gulf drills Posted: 27 Sep 2012 08:48 AM PDT The admiral in charge of the U.S. Navy's 5th Fleet says a prototype mine-detecting drone was put through more tests during military exercises in and around the Persian Gulf this month.

Bank of England urges banks to raise capital from markets Posted: 27 Sep 2012 08:45 AM PDT LONDON (Reuters) - British banks should take advantage of any lull in euro zone turmoil to tap markets for fresh capital to bolster their defences, the Bank of England's Financial Policy Committee said on Thursday. The minutes of the FPC's September 14 meeting add urgency to its existing call for banks to raise capital, saying banks should tap outside investors for capital instead of simply relying on curbing bonuses and keeping back profits. ...

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