May 5, 2014 / 9:01 AM / 3 years ago

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TOP STORIES

European Commission forecasts lower risk of deflation

BRUSSELS - Euro zone inflation will pick up more slowly than expected in the coming two years due the firming euro and the bloc’s sluggish recovery, the European Commission says, adding the risk of deflation remains very low. (EUROZONE-ECONOMY/INFLATION, expect by 0900 GMT/5 AM ET, by Martin Santa, 500 words)

China factory activity shrinks, new export orders contract

BEIJING - Activity in China’s manufacturing sector contracts for a fourth consecutive month in April, a private survey shows, adding to questions about whether the world’s second-largest economy is still losing momentum. (CHINA-ECONOMY/PMI, moved, by China economics team, 450 words)

+ See also:

- CHINA-ECONOMY/REFORM, moved, by Kevin Yao and Tomasz Janowski, 1,000 words

- CHINA-ECONOMY/TRADE, moved, by Xiaoyi Shao and Jonathan Standing, 350 words

Stocks inch lower after soft Chinese manufacturing data

LONDON - European stocks inch lower after soft Chinese manufacturing data that has also hit oil, while simmering tensions in Ukraine support safe-haven government bonds and gold. (MARKETS-GLOBAL (WRAPUP 4), expect by 0900 GMT/6 AM ET, by Catherine Evans, 600 words)

As Italy regains favour, banks rush to tap investors

MILAN - Italian banks, including troubled Monte dei Paschi di Siena, are exploiting positive investor sentiment to raise 11 billion euros of new capital as a European asset review is seen forcing them to set aside much higher provisions for bad loans. (ITALY-BANKS, expect by 1000 GMT/6 AM ET, by Lisa Jucca, 600 words)

ECONOMY

Portuguese yields dip as Lisbon pledges “clean” bailout exit

LONDON - Portuguese bond yields slip to fresh eight-year lows after Lisbon says it will exit its international bailout later this month without a backup loan, a bold step for a country that two years ago was seen at risk of defaulting. (MARKETS-BONDS-EURO, moved, by Emelia Sithole-Matarise, 600 words)

Side deals thwart drive to wean Europe off Russian gas

LONDON - While officials in Brussels call for Europe to reduce its dependency on Russian natural gas and negotiate with Moscow as a bloc, Austria has been quietly bypassing the European Commission to cut its own bilateral deal on building a pipeline. (UKRAINE-CRISIS/GAS-GAZPROM moved, by Henning Gloystein, 1,020 words)

China unleashes yuan bears, but can it cage them again?

SHANGHAI - Beijing’s attack on yuan speculators proves extraordinarily successful, so much so that traders no longer see it as a short-term intervention but a deeper market shift that has now gained a self-reinforcing momentum. (CHINA-YUAN, moved, by Pete Sweeney and Lu Jianxin, 900 words)

Turkish inflation weighs against quick rate cuts

ANKARA - Turkish inflation rose more than expected in April, staying stubbornly above the central bank’s forecast for the end of the year and weighing against the likelihood of significant interest rate cuts in the near term. (TURKEY-INFLATION (UPDATE 2), moved, 470 words)

Indonesia’s Q1 GDP growth slower than expected

JAKARTA - Indonesia’s economy grows at its slowest pace in more than four years after an export mineral ban and aggressive interest rate rises to rein in a large current-account gap cools momentum. (INDONESIA-ECONOMY/GDP (UPDATE 1), moved, by Adriana Nina Kusuma and Nilufar Rizki, 400 words)

Business looks to Modi to defuse India’s jobs time bomb

GURGAON, India - When Narendra Modi talks about creating jobs in labour-intensive manufacturing, textile entrepreneur Sudhir Dhingra hopes the Indian opposition leader means business. (INDIA-ELECTION/EMPLOYMENT, moved, by Manoj Kumar and Douglas Busvine, 1,050 words)

Chinese billionaire behind grand Nicaragua canal plan

BEIJING - Wang Jing, the enigmatic businessman behind Nicaragua’s $50 billion Interoceanic Grand Canal, shrugs off scepticism about how a little-known entrepreneur can be driving a huge transcontinental project, insisting he’s not an agent of the Beijing government. (CHINA-CANAL/, moved, by Matthew Miller, 1,600 words)

COMPANIES

Big pharma stands to profit by cleaning out medicine chest

NEW YORK - Leading global pharmaceutical companies have started to view their vast portfolios of older, established prescription drugs as vehicles for raising large sums of cash to fuel development of new medicines with far higher profit margins. (PHARMACEUTICALS SALES, moved, by Ransdell Pierson, 800 words)

+ See also:

- ASTRAZENECA-PFIZER/POLITICS, moved, by William James, 520 words

Alstom battle to upstage Siemens chief’s grand strategy

BERLIN - When Joe Kaeser took the reins of German engineering giant Siemens last summer after a boardroom coup, he made clear his priority was closing a yawning profitability gap with rivals such as General Electric. (SIEMENS/, moved, by Noah Barkin and Irene Preisinger, 800 words)

MAN returns to profit on rising European truck demand

BERLIN - German truck maker MAN SE returns to profit in the first quarter as Europe’s fledgling economic recovery lifts demand for heavy-duty commercial vehicles. (MAN-RESULTS (UPDATE 1), moved, 300 words)

China’s Baosteel in $1 bln bid for Aquila Resources

SYDNEY - Chinese steel giant Baosteel Resources and an Australian partner launch a $1 billion takeover bid for Australian explorer Aquila Resources in a move that can help break the grip of mega iron ore exporters Rio Tinto and BHP Billiton. (AQUILA-RSC-BAOSTEEL/ (UPDATE 3), moved, by Sonali Paul, 900 words)

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