ING Group (NYSE:ING) said that it has reached an agreement to sell its life insurance and wealth management venture in Australia and New Zealand to ANZ Banking Group, its joint venture partner.
Overnight Wall Street was lower for a second consecutive session on a weak home sales report. The National Association of Realtors said sales of existing homes fell 2.7 per cent in August to an annual rate of 5.10 million units, breaking a string of four increases in six months. The surprise drop in home sales raised more concerns over the economy recovery strength.
Daiwa Securities Group Inc. (TYO:8601) will invest in China through its affiliate, jointly with a Chinese state-run investment entity, to buy stakes in inland Chinese businesses.
US stocks were lower Friday over consumer data. Commerce Department said that consumer spending rose mildly in July, while personal income was unchanged. The downbeat data of US consumer sentiment also weighed on the market.
US stocks plunged significantly overnight despite a better-than-expected US manufacturing survey data. Falls in Asia and Europe markets put heavy pressure on the US stocks. Shanghai stocks dropped 5.8% Monday.
US stocks fell overnight ahead of the Federal Reserve's latest decision on monetary policy and guidance on the outlook for recovery from the recession. The market was also weighed down by the worries that the banking sector has yet to fundamentally improve.
US Stocks declined on Wednesday on a weak sales outlook from P & G and concerns over the service and labour sectors. Economic data showed an unexpected fall in activity in the service sector and larger-than-expected losses of private sector jobs.
