Asian stocks came under pressure after rising in the previous session on Japan's monetary easing measures even though China's manufacturing activity stabilised this month. The MSCI Asia Pacific index slipped 0.2% with Japan's Nikkei 225 Stock Average down 0.5%, South Korea's Kospi Composite index off 0.4% and Australia's S&P/ASX 200 index 0.3% lower. China flash PMIs show slightly slower contraction: The preliminary reading was 47.8 for a manufacturing purchasing managers" index released today by HSBC and Markit Economics. It compares with a final 47.6 last month and points to the longest run of readings below 50 in the survey's eight-year history. (Bloomberg) (Statement) Rosneft is seeking $15bn in financing for a potential deal to buy a 50% stake in TNK-BP, people familiar with the matter said. Rosneft could pay more than $20bn in a cash-and-share deal which would leave BP with a sizeable stake in state-controlled Rosneft, one source said. However another source said BP would want the Russian government's support before engaging in serious talks with Rosneft. Karel De Gucht, the EU trade commissioner, has told officials that the anti-subsidy case required stronger evidence before it could proceed. US regulators seek more time for Libor investigations: "The Justice Department recently asked several banks to sign "tolling" agreements, in which the companies promise they won't challenge any enforcement action on the grounds that the alleged wrongdoing occurred beyond the statute of limitations, people close to the investigation said. Bank of America is accelerating its job cutting programme: The bank is targeting shedding 16,000 jobs by the end of 2012, which would see it relinquish its standing as the largest US banking employer. US regulator warns of QE3 bank risk: Tom Hoenig, a director at the Federal Deposit Insurance Corp, said on Wednesday that he is worried that the Fed's open-ended third round of quantitative easing could lead to banks taking on longer-duration and higher-yielding assets as the central bank promises to buy $40bn of MBS a month. Hollande and Merkel to seek agreement on BAE-EADS: François Hollande and Angela Merkel will seek to agree a joint position at a meeting on Saturday on the proposed €35bn merger. FSA warned Agius about Diamond: The City regulator said its Libor investigation had "no bearing" on Bob Diamond becoming CEO of Barclays in 2010. But it privately warned Marcus Agius, then the bank's chairman, that view could change. Nike's board has approved an $8bn share buyback programme, for the company's class B stock. The four-year programme will follow the company's current $5bn buyback plan, once that is completed in Q2 2013. Corporate bond investors are worrying about possible ratings downgrades for Spain and Italy, despite the ECB committing to a new bond-buying programme. "This has come to the top of peoples" agendas," says one. Big commodities market investors are betting the gap between WTI and Brent will narrow. They include Pimco and Goldman Sachs. Finanical Times A former programmer at CME Group has admitted to stealing proprietary software while pursuing plans to provide help to an electronic exchange in China. New Dutch government faces a mortgage mountain. Anatole Kaletsky: September 2012 will be a defining moment in this century's financial history. John Bogle: Fund managers need to break their silence on corporate governance. Same faces, more money: The Forbes 400 richest Americans. (Forbes) (Reuters) It's all about the exporters: Why the BoJ intervened. Asian markets Nikkei 225 down -136.31 (-1.48%) at 9,096 Topix down -9.89 (-1.29%) at 754.91 Hang Seng down -102.44 (-0.49%) at 20,739 US markets S&P 500 up +1.73 (+0.12%) at 1,461 DJIA up +13.32 (+0.10%) at 13,578 Nasdaq up +4.82 (+0.15%) at 3,183 European markets Eurofirst 300 up +4.64 (+0.42%) at 1,116 FTSE100 up +20.32 (+0.35%) at 5,888 CAC 40 up +19.13 (+0.54%) at 3,532 Dax up +43.07 (+0.59%) at 7,391 Currencies €/$ 1.30 (1.30) $/¥ 78.28 (78.36) £/$ 1.62 (1.62) Commodities ($) Brent Crude (ICE) down -0.13 at 108.06 Light Crude (Nymex) down -1.01 at 90.97 100 Oz Gold (Comex) down -2.00 at 1,767 Copper (Comex) down -4.90 at 378.00 10-year government bond yields (%) US 1.77 UK 1.84 Germany 1.60 CDS (closing levels) Markit iTraxx SovX Western Europe -1.36bps at 175.45bp Markit iTraxx Europe +2.01bps at 122.48bp Markit iTraxx Xover +2.34bps at 471.4bp Markit CDX IG -0.3bps at 85.2bp This entry was posted by Kate Mackenzie on Thursday, September 20th, 2012 at 5:40 and is filed under Uncategorised.