Apple just misses profit expectations, warns of development costs: The company's earnings per share for the three months to September 29 were $8.67, just below expectations of $8.75. iPad sales fell more than analysts had expected but iPhone sales were strong. Apple warned its many product launches, including the iPhone 5 and iPad mini, would put its profitability under pressure in the run-up to Christmas. Asian stocks fell, with the MSCI Asia Pacific down 0.9% by late morning in Tokyo. More banks subpoenaed in US over Libor: Nine banks, including Bank of America, Credit Suisse, Lloyds and Societe Generale received subpoenas as part of a a joint probe by the offices of the New York and Connecticut attorneys general, according to unnamed sources. This brings the total to 16 banks which could be the subject of civil action. (Wall Street Journal) (Bloomberg) (Financial Times) Samsung has another record quarter: Samsung Electronics posted quarterly earnings of $7.4bn on Friday, its fourth consecutive record. However analysts surveyed by Reuters expect profit growth to slow to 16% in 2013 from 73% this year. The Korean company again sold more phones than any of its rivals. (Reuters) (Bloomberg) S&P downgraded BNP Paribas, citing increased economic risks as the main reason for lowering its rating on France's biggest bank one notch to A-plus. Ten other French banks, including Societe Generale and Credit Agricole, had their outlooks changed to negative. Still no deal for Greece: "Greek politicians on Thursday failed again to finalise an overhauled bailout that would give them two additional years to meet tough deficit targets after a holdout leader of a small coalition party continued to resist sweeping labour reforms." Credit Suisse wants to run an exchange: " an unusual bid that, if successful, would create the only US stock exchange owned outright by a Wall Street bank." Ford Motor says it will cut 1,400 British jobs with the closure of two manufacturing operations, citing slowing growth in Europe. Penguin/Random House tie-up talks confirmed: Penguin's owner Pearson confirmed discussions were taking place over "a possible combination" with Bertelsmann's Random House. However Pearson, which owns FT Alphaville, said there was no certainty that an agreement would be reached. Odey builds 5% stake in Man: Crispin Odey, the prominent London hedge fund manager that specialises in taking stakes in undervalued companies, revealed the £75m holding in a regulatory statement on Thursday. Gillian Tett on the prospects of a Finnish parallel currency. The huge, hidden fortunes of Wen Jiabao's family. New York Times Samuel Brittan on the UK output/employment mystery: it's (possibly) falling real wages. Asian markets Nikkei 225 down -80.24 (-0.89%) at 8,975 Topix down -7.24 (-0.96%) at 744.18 Hang Seng down -167.38 (-0.77%) at 21,643 US markets S&P 500 up +4.22 (+0.30%) at 1,413 DJIA up +26.34 (+0.20%) at 13,104 Nasdaq up +4.42 (+0.15%) at 2,986 European markets Eurofirst 300 up +2.19 (+0.20%) at 1,096 FTSE100 up +0.27 (0.00%) at 5,805 CAC 40 down -14.96 (-0.44%) at 3,412 Dax up +7.38 (+0.10%) at 7,200 Currencies €/$ 1.29 (1.29) $/¥ 80.02 (80.28) £/$ 1.61 (1.61) Commodities ($) Brent Crude (ICE) down -0.70 at 107.79 Light Crude (Nymex) down -0.68 at 85.37 100 Oz Gold (Comex) unchanged 0.00 at 1,712 Copper (Comex) unchanged 0.00 at 356.45 10-year government bond yields (%) US 1.81 UK 1.91 Germany 1.60 CDS (closing levels) Markit iTraxx SovX Western Europe -1.96bps at 107.25bp Markit iTraxx Europe +0.77bps at 128.01bp Markit iTraxx Xover +6.24bps at 528.27bp Markit CDX IG -0.77bps at 97.94bp