A Quick Glance at News

v  The Federal Reserve is likely to show on Wednesday that it is ready to act against a weakening U.S. economy but stop short of aggressive measures for now.

v  Asian shares fell on Wednesday as soft Chinese manufacturing data further undermined investor confidence and as hopes faded for bold stimulus action this week by the U.S. Federal Reserve and the European Central Bank to underpin faltering economies.

v  Brent crude slipped toward $104 per barrel on Wednesday after softer official manufacturing data from top energy consumer China chipped away at a fragile market sentiment, while fading hopes for U.S. stimulus measures also weighed on prices.

v  The dollar dipped to a two-month low against the Japanese yen on Wednesday after China's official manufacturing data poured water on hopes increased policy support may be helping to stem a slowdown in the world's second-largest economy.

v  For the first time in more than two years, commodities, equities, bonds and the dollar posted gains, as the U.S. drought sent corn prices to a record and European Central Bank President Mario Draghi’s pledge to protect the euro buoyed stocks.

v  Corn jumped 27 percent last month on the Chicago Board of Trade, touching an all-time high of $8.205 a bushel yesterday, and soybeans rose 15 percent, reaching a record $16.915 a bushel on July 23.

v  Hedge funds and other large speculators are now holding their biggest bet on rising commodity prices since March, according to data from the Commodity Futures Trading Commission

v  China’s manufacturing teetered on the edge of contraction in July and South Korea’s exports and inflation declined, indicating that stimulus efforts have yet to bear fruit.

v  Gains in China’s currency against the U.S. dollar have stalled as export growth slowed. The Yuan has weakened about 1 percent this year.

v  Gold futures rebounded in electronic trading Wednesday as investors waited for the outcome of the Federal Reserve policy meeting later in the day.

v  A gauge of Australian manufacturing declined last month to the lowest level in three years as the local currency strengthened.

v  Samsung Electronics Co Ltd told jurors that its products are not copycats of Apple Inc's iPhone but rather an example of legitimate American-style competition from the South Korean company.

v  Face book Inc's shares slid 6.2 percent to another record low on Tuesday, diving for the third straight day since lackluster results showed decelerating user growth and revived doubts about its ability to sustain its rich valuation.

v  Microsoft Corp. (MSFT), the world’s biggest software maker, will introduce a new, free Web-based e-mail portal under its Outlook brand and phase out Hotmail over time as it seeks to draw users from Google Inc. (GOOG)’s Gmail.

v  Amazon.com Inc. (AMZN) has reached licensing deals with the four major U.S. record companies for a music service that lets users store songs remotely and play them online, competing with Apple Inc.’s iTunes.

v  Shares of Pfizer Inc. were up 3% in midday trading Tuesday after the pharmaceutical juggernaut reported improved second-quarter earnings despite a revenue drop due to the loss of U.S. patent protection for its blockbuster drug Lipitor.