Standard Chartered, a UK bank which in common with HSBC has deep roots in Asia, today announced it would invest $500m in of shares in Agricultural Bank of China (AgBank) in next month’s flotation IPO (initial public offering) to become one of the biggest shareholders.

The euro has been hit by concerns that the European Central Bank (ECB) is scaling back its emergency liquidity support for Eurozone banks too soon and the currency on Tuesday plunged to an eight-and-a-half year low against the Japanese yen.

Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.

Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.

Japan’s manufacturing sector continued to expand at a solid rate during June supported by marked gains in both output and new orders but growth slowed. Payroll numbers increased for a third successive month, while there was a marginal rise in stocks of finished goods for the first time in nine months. Meanwhile government data also issued Wednesday, showed that Japan’s industrial production and household spending dipped in May and the unemployment rate unexpectedly increased, in a signal that the recovery of the world’s second-largest economy may slow.

US Economy: Tuesday’s sharp 9.8-point dip in the Conference Board’s index of US consumer confidence in June, together with other data, particularly from the housing sector, have raised questions as to whether the economy is facing just a wobble, a double-dip recession or a fragile recovery that will be a long, painful process?

Dr. Peter Morici: Friday, forecasters expect the Labor Department to report the economy shed about 110,000 jobs in June and unemployment rose to 9.8 per cent.

Markets news on stocks, currencies and oil; Shares plunged after the US Conference Board Consumer Confidence Index which had been on the rise for three consecutive months, was reported to have declined sharply in June. The Index now stands at 52.9 (1985=100), down from 62.7 in May.

The US Conference Board Consumer Confidence Index which had been on the rise for three consecutive months, declined sharply in June. The Index now stands at 52.9 (1985=100), down from 62.7 in May. The Present Situation Index decreased to 25.5 from 29.8. The Expectations Index declined to 71.2 from 84.6 last month.

Data through April 2010, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, show that annual growth rates of all 20 MSAs (metropolitan statistical areas) and the 10- and 20-City Composites improved in April compared to March 2010. However prices show  no signs of sustained recovery.