A Quick Glance at News

v Asian stocks fell, with the regional benchmark index heading for a three-week low, after Japan downgraded its assessment of the world’s third-biggest economy and as investors await indications of policy direction from the Federal Reserve.

v The European Central Bank is pushing global banking regulators to relax a draft liquidity rule so that lenders can use some asset-backed securities and loans to businesses in a buffer they must hold against a possible credit squeeze, according to three people familiar with the talks.

v China National Offshore Oil Corp. offered foreign companies oil and gas blocks that lie near waters also claimed by Vietnam and Japan as tensions flare among the countries over rights to resources in the area.

v Singapore should let its inflation rate rise temporarily to accommodate price gains from tighter labor markets even as those stemming from credit growth should be “forcefully tackled,” the International Monetary Fund said.

v Australian sales of newly built homes dropped to the second-lowest level on record in July, undermining the central bank’s view that interest-rate cuts were helping stabilize the housing market.

v Oil traded near the lowest level in two weeks on speculation Tropical Storm Isaac’s impact on output in the Gulf of Mexico will be limited. Gasoline was near a four- month high amid a fire at Venezuela’s biggest refinery.

v Shares of Apple climbed to another record on Monday, keeping the Nasdaq index afloat in the lowest trading volume of the year, with investors looking ahead to a key speech by Federal Reserve Chairman Ben Bernanke on Friday.

v The Nikkei average fell to a two-week closing low on Tuesday as some investors made bearish bets after a recent strong run and as concerns over China's economic growth outweighed expectations the U.S. Federal Reserve will soon launch more stimulus.

v Gold edged lower on Tuesday after rising to its highest in over four months in the previous session, as caution prevailed ahead of a central bankers' meeting this week.

v Apple Inc. (AAPL) is seeking a U.S. sales ban on eight models of Samsung Electronics Co. (005930) smartphones and the extension of a preliminary ban on a tablet computer after winning a patent trial against the South Korean company.

v Tiffany shares rose 6% to $62 Monday morning after the struggling high-end jeweler projected a "resumption of growth in the fourth quarter." This forecast came as Tiffany cut its fiscal year profit outlook to $3.55 to $3.70 a share from $3.70 to $3.80 a share.

v Retail stocks edged lower Friday, as reflected in the S&P 500's consumer discretionary index's 0.6% slide. Best Buy Co. Inc extended losses 3.5% to $17.38 a share, having fallen 30% over the past 12 months.