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Consumer credit growth slows in February



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Asia stocks slump on US job growth worries



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Wall Street slips as China trims growth target



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Asian stocks slide further on China growth worries (AP)



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Wall Street slips as China trims growth target (Reuters)



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Wall Street falls as China cuts growth target (Reuters)



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Wall St drops after China cuts its growth target (Reuters)



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NYSE Euronext eyes new sectors for growth (Reuters)



LONDON (Reuters) – NYSE Euronext (NYX.N) signaled it would shift focus to faster-growing areas like supplying computer systems and information from trading, as the U.S. exchange looks to an independent future following the collapse of a takeover by Deutsche Boerse.

NYSE, whose $7.4 billion takeover by German peer Deutsche Boerse (DB1Gn.DE) was scuppered last week, on Friday posted a 13 percent rise in fourth-quarter operating profit to $212 million, compared with a forecast for $208 million.

"Despite challenging market conditions, our fourth-quarter results were solid with an increasing contribution from non-trading revenue sources and continued cost discipline," chief financial officer Michael Geltzeiler said.

Information and technology were the drivers behind the profit hike, with revenue in that unit up 11 percent to $127 million, compared with a 1 percent fall in futures trading and a 2 percent rise in share trading.

NYSE, like rivals Deutsche Boerse, the London Stock exchange (LSE.L) and Nasdaq OMX (NDAQ.O),has seen its core trading units squeezed by cheaper rivals in recent years.

This has prompted the world's top exchanges to reassess their role and look to non-core areas, such as supplying trading systems and information to clients, to drive growth.

NYSE chief executive Duncan Niederauer said after the Deutsche Boerse deal failed last week that five of NYSE Euronext's past six acquisitions were technology assets and he expected more of these deals.

"I would not expect us, nor anyone else in the industry, to do a mega-merger any time soon," Niederauer said. "Everyone is going to kind of take a pause and reassess the landscape."

The European Commission killed the NYSE-Boerse deal, which would have created the world's biggest stock exchange operator, saying the combined entity's near-monopoly would make it hard for new players to compete.

NYSE Euronext has also been seen by analysts as an obvious rival bidder for European clearing house LCH.Clearnet, which has been in exclusive sales talks with the London Stock Exchange (LSE.L) since September.

NYSE was in talks about a possible joint bid for LCH with data vendor Markit but the plan was scrapped in the middle part of last year as the LSE emerged as the front-runner.

LCH.Clearnet chief executive Ian Axe said on Friday: "We are willing to take calls but we are currently in negotiations with the LSE."

Geltzeiler said on Friday NYSE Euronext will detail its two-year growth plan at an investor day in April.

($1 = 0.7517 euro)

(Additional reporting by Kylie MacLellan; Editing by David Cowell and Dan Lalor)

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Asia stocks fall as US economic growth falls short (AP)



BANGKOK – Asian stock markets fell Monday, with slower-than-expected growth in the U.S. and uncertainty about a tentative deal to resolve Greece’s debt crisis weighing on investor sentiment.

Japan’s Nikkei 225 index fell 0.7 percent to 8,781.92. South Korea’s Kospi was 0.7 percent lower at 1,951.23 and Hong Kong’s Hang Seng dropped 0.5 percent to 10,394.33. Australia’s S&P/ASX 200 lost 0.3 percent at 4,274.70.

Benchmarks in Singapore and the Philippines also fell. Shares in mainland China were mixed after being closed for a week for Chinese New Year holidays. Taiwan and New Zealand rose.

European leaders were to meet later Monday in Brussels to discuss austerity and belt-tightening measures as well as a tentative deal reached Saturday between Greece and its private investors that could avert a disastrous Greek default on its debt.

If the deal holds and works, it will help prevent a potential shock to the world banking system. But it doesn’t resolve the weakening economic conditions in Greece and other European nations as they rein in spending to get their debts under control.

Stan Shamu of IG Markets in Melbourne said that “the Greece debt issues will remain a source of uncertainty and might dampen the risk mood ahead of the EU summit today.”

Under the agreement, investors holding 206 billion euros ($272 billion) in Greek bonds would exchange them for bonds with half the face value. The replacement bonds would have a longer maturity and pay a lower interest rate.

The deal would reduce Greece’s annual interest expense from about 10 billion euros to about 4 billion euros. When the bonds mature, Greece would have to pay its bondholders only 103 billion euro.

It is unclear how investors who buy and sell the bonds of other debt-burdened countries, such as Italy, Spain and Portugal, will react. If they drive up borrowing costs for those countries, the debt crisis could get worse.

Private investors hold two-thirds of Greece’s debt, which is equal to an unsustainable 160 percent of its annual economic output. By restructuring the debt, Greece hopes to make it a more manageable 120 percent by decade’s end.

On Wall Street, stocks mostly fell Friday after the government said the U.S. economy grew more slowly than expected in the last three months of 2011.

Economic growth for October through December came in at an annual rate of 2.8 percent. That was the fastest of 2011 but lower than the 3 percent that economists were looking for.

The Dow Jones industrial average fell 0.6 percent to 12,660.46. The Standard & Poor’s 500 index fell 0.2 percent to 1,316.33. The Nasdaq composite rose 0.4 percent to 2,816.55.

Benchmark oil for March delivery was down 36 cents to $99.20 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 14 cents to end at $99.56 per barrel on the Nymex on Friday.

In currencies, the euro fell to $1.3180 from $1.3208 late Friday in New York. The dollar rose slightly to 76.74 yen from 76.72 yen.

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World stocks slide as US growth data disappoint (AP)



LONDON – World stocks turned lower on Friday after official data showed the U.S. economic recovery was not as fast as many had hoped.

The Commerce Department said that the U.S. economy, the world’s largest, grew at a modest 2.8 percent in the final three months of last year. While that is the fastest growth in 2011, economists had expected growth of 3 percent.

A cut in government spending was offset partly by a rise in inventories, which are expected to slow back down in the early months of 2012, hurting growth. After that, “growth will pick up again by late spring,” said Harm Bandholz, chief U.S. economist at UniCredit Bank.

With the data suggesting the U.S. recovery would continue to be a slow process, investors sold off stocks to cash in on gains made so far this month.

Britain’s FTSE 100 was down 1.1 percent to 5,733 while Germany’s DAX fell 0.4 percent at 6,511.98 and France’s CAC-40 lost 1.3 percent to 3,318.76. The euro was up 0.83 percent at $1.3189.

Wall Street edged lower on the open — the Dow Jones industrial average fell 94 points to 12,639 and the S&P 500 5.8 points to 1,312.

Other economic and corporate news released Friday contributed to sour market sentiment.

Consumer products maker Procter & Gamble Co. cut its earnings outlook and Ford Motor Co. fell short of Wall Street expectations, while Japanese games and electronics companies Nintendo and NEC issued profit warnings.

In Europe, traders digested grim statistics from Spain showing more than 5 million people without jobs. The National Statistics Institute said the jobless rate shot up from 21.5 percent — already the highest in the eurozone — to 22.8 percent in the fourth quarter.

Attention was also focused on the resumption of talks to reach a deal on how Greece can avoid a catastrophic default on its debt. Greece and its bailout rescuers — other countries that use the euro and the International Monetary Fund — are asking private creditors to swap their Greek bonds for new ones with a lower value, interest rate and much longer maturity.

The two sides have so far disagreed over what interest rate the new bonds should take. Some negotiators have said they hope to have a deal this weekend, in time for a European leaders’ meeting on Monday.

While investors appear to expect a deal at some point — the euro was up and eurozone borrowing rates were down, suggesting a steady increase in confidence — some worried that the crisis was far from over.

Portugal’s markets have worsened in recent days on fears that its austerity efforts will not be enough to achieve its deficit-reduction targets and that it may end up like Greece, needing a second bailout effort and possibly a debt writedown.

Getting economies like Portugal to grow is fast becoming a priority and is expected to be one of the main topics of discussion at the European leaders’ summit in Brussels on Monday.

Earlier in the day, Asian markets showed little momentum ahead of the weekend.

Japan’s Nikkei 225 index fell 0.1 percent to close at 8,841.22 while South Korea’s Kospi rose 0.4 percent to 1,964.83. Hong Kong’s Hang Seng rose 0.3 percent to 20,501.67 and Australia’s S&P/ASX 200 gained 0.4 percent to 4,288.40.

Japanese exporters continued to be hit by a strong yen, which reduces the value of repatriated profits. The dollar fell to 76.81 yen from 77.49 yen.

Nintendo Corp., the Japanese gaming giant behind the Super Mario and Pokemon games, plummeted 4.1 percent, a day after it lowered its annual earnings forecast to a 65 billion yen ($844 million) loss. The company blamed the strong yen for much of the loss.

Japanese electronics company NEC Corp. plummeted 7.1 percent after announcing Thursday that it was slashing 10,000 jobs worldwide and would slide into the red for the full year.

Benchmark oil for March delivery was up 5 cents at $99.75 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 30 cents to finish at $99.70 per barrel on the Nymex on Thursday.

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Pamela Sampson in Bangkok contributed to this report.

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