TOPWRAP 2-UBS cuts 8,700 more jobs as losses mount, data weak

* UBS says to cut 9,000 more jobs as losses mount

* China GDP growth hits record low in Q1 - media

* Infosys sees weak 2010, lack of Intel outlook disappoints

* Obama says recovery steps working but US retail sales fall

* Stocks retreat on economic worries, risk aversion (For full crisis coverage, double click on [nCRISIS])

By Lisa Jucca and Lincoln Feast

ZURICH/SINGAPORE, April 15 (Reuters) - Swiss bank UBS (UBSN.VX) said on Wednesday it was cutting a further 8,700 jobs as losses from the global financial crisis mount, while data from the United States to China and Korea gave little hope of an imminent end to the economic slump.

Stocks fell as companies offered grim or vague assessments of the months ahead, raising doubts about the effectiveness of the policy responses so far.

U.S. President Barack Obama said his administration's economic remedies were starting to work, but surprisingly weak U.S. retail sales data sent Wall Street [.N] lower on Tuesday.

"The realities of a still anaemic housing market, extremely weak and arguably worsening labour market conditions, and higher credit costs have once again translated into the appalling reality of consumers cutting back," said Lindsey Piegza, economic analyst at FTN Financial in New York. [ID:nN14527930]

In China, which is rolling out its own $585 billion stimulus plan, gross domestic product probably grew at its slowest annual rate on record in the first quarter, according to a local media report. But the quarter-on-quarter growth, estimated by analysts at above 6 percent, might point to a recovery in the world's third-largest economy. [ID:nPEK270601]

Official GDP data is due for release on Thursday.

In South Korea, the unemployment rate rose to its highest in about 3-½ years in March, and analysts said they expected further job losses in the months ahead. [ID:nSEO73577]

UBS SEES LOSS, CUTS JOBS

Downbeat news from companies around the globe seemed to support the view that profits will suffer and more job cuts will follow before things improve.

UBS said it would post a first-quarter loss of nearly 2 billion Swiss francs ($1.74 billion) and cut 8,700 jobs as it struggles to recover from the crisis. [ID:nLF479909]