A Quick Glance at News

v  Asian stocks fell, nearly erasing this week’s gain, and the Indian rupee slid to a record low as data added to signs of a U.S. economic slowdown. Bond risk rose after Moody’s Investors Service cut ratings for global banks.

v  Wall Street suffers worst loss in three weeks, Stocks posted the worst day in three weeks on Thursday on mounting evidence that slowing manufacturing growth worldwide threatened corporate profits.

v Ratings agency Moody's downgraded many of the world's biggest banks on Thursday, lowering credit ratings of 15 companies by one to three notches.

v The Indian rupee weakened beyond the psychologically important 57 per dollar mark on Friday, hitting a record low for a second consecutive session, with traders seeing no signs of any central bank intervention yet.

v Morgan Stanley, one of the most closely watched firms, had its long-term debt rating lowered by just two notches, one level less than had been expected, and its stock rose in after-hours trading. The downgrade left Morgan Stanley more highly rated than Bank of America Corp (BAC.N) and Citigroup (C.N) but a step below Goldman Sachs Group (GS.)

v Crude-oil prices bounced off October lows but stayed below $80 a barrel in electronic trading Friday, as the dollar weakened and U.S. equity futures edged higher.

v Gold gave up early gains on Friday and was heading for its biggest weekly loss since December after growing fears of a global economic slowdown hit commodities, prompting investors to seek safety in the U.S. dollar.

v Lower gold prices prompted buying by jewelers in Hong Kong, although the low volume suggested consumers were waiting for further declines

v Money managers raised their net length in gold by 1,258 lots, or about 1 percent, to 99,684 lots in the week to June 12, as signs of slowing U.S. economic recovery and the euro zone debt crisis fuelled speculation of monetary stimulus from central banks around the world.

v Euro's big four seek way out of crisis in Rome. The leaders of Germany, France, Italy and Spain will try to find common ground in Rome on Friday to restore confidence in the euro zone ahead of a full EU summit next week, with German Chancellor Angela Merkel likely to be outnumbered.

v Prices of U.S-Treasuries edged down in Asia on Friday as investors took profits after an overnight rise, but concerns about slowing U.S. growth kept bonds in recent ranges.

v China and Brazil have agreed a currency swap arrangement that enables each country to access up to $30 billion as part of efforts to build a financial buffer to help guard against a freeze up in global markets.

v Microsoft Corp is looking at making its own Smartphone to kick start sales of its Windows mobile software, according to a Wall Street analyst who has followed the company for many years.

v Samsung Electronics Co. said it will investigate a complaint that a new Galaxy S III Smartphone overheated, the same day the world’s top mobile-phone maker began U.S. sales of the latest model in its best-selling series.