| * PBoC hints at new status quo for China's banks * Repsol rejects Argentina settlement over seizure of YPF * Zuma pulls out of regional summit * Mongolian president wins a second term * GM Korea workers plan partial strike * More economic turmoil in Iran after presidential election * Shares rise as Fed tapering fears fade * India's current account: all good news? * Vietnam growth: not so fast * Kospi rebound: don't get carried away * Emerging economies lead switch to renewable energy * Walmart suffers setback in India with executive's departure * Nigeria dismisses UK migrant bond proposal * Rio Tinto suspends use of Mozambique rail line Markets: mainly up PBoC hints at new status quo for China's banks
The acute phase of China's cash squeeze appears to have ended, with no major casualties to mention. But analysts say the crunch's fallout may be felt for months to come in the form of slower Chinese growth and weaker appetite for commodities from copper to oil.
http://on.ft.com/149H7fE Repsol rejects Argentina settlement over seizure of YPF
Repsol's board has unanimously rejected a settlement with Argentina over last year's expropriation of its YPF unit proposed by one of the Spanish oil group's largest shareholders.
http://on.ft.com/12qs3Ga Zuma pulls out of regional summit
Jacob Zuma, South Africa's president, has cancelled a trip to attend a regional summit in Mozambique on Thursday amid mounting concerns over the health of Nelson Mandela, the country's iconic first black head of state.
http://on.ft.com/18hYKOJ Mongolian president wins a second term
Mongolia's incumbent President Ts Elbegdorj is set for a second term in office after being re-elected in Wednesday's election, paving the way for a period of stability in Mongolian politics as the country seeks to develop its vast resources of copper, gold and coal.
http://on.ft.com/11OUNJX GM Korea workers plan partial strike
Workers at GM Korea plan to stage a partial strike next Thursday in a dispute over wages and production plans, at a time when the US carmaker is already grappling with lawsuits by the labour union.
http://on.ft.com/14vIxQh More economic turmoil in Iran after presidential election
Iran is suffering a new round of economic instability after the unexpected victory of moderate president-elect Hassan Rohani earlier this month.
http://on.ft.com/11IblH0 Shares rise as Fed tapering fears fade
Stocks and commodities are mostly rallying as the recent market fretting over reduced Federal Reserve stimulus and a credit crunch in China continue to fade.
http://on.ft.com/138Mhe4 India's current account: all good news?
India's current account deficit has dropped to 3.6 per cent of GDP, or $18bn, in the January-to-March period, marking a sharp reduction from the 6.7 per cent deficit in the prior quarter. Analysts had predicted a $21bn deficit. But as Reuters pointed out, for the full fiscal year, the deficit is a record high of 4.8 per cent of GDP – $87.8bn compared to $78.2bn in 2011-12, fuelled by rising imports of oil and gold.
http://on.ft.com/17j1gBi Vietnam growth: not so fast
On the face of it, positive news from Vietnam: growth for the second quarter was up 5 per cent, following 4.9 per cent in the previous quarter, according to the country's statistical office. Time to celebrate? Not quite.
http://on.ft.com/17js2JS Kospi rebound: don't get carried away
Are foreign investors returning to South Korea? A bit, but don't get carried away.
http://on.ft.com/1aPX8eo Emerging economies lead switch to renewable energy
Renewable energy will provide more of the world's electricity than gas-fired power plants by 2016, the International Energy Agency has said, as sources such as hydro, wind and solar power grow rapidly in emerging economies, especially China.
http://on.ft.com/19uSILU Walmart suffers setback in India with executive's departure
The executive leading Walmart's expansion in India has left the company suddenly, in the latest setback for the retailer as it deals with allegations of wrongdoing and investment restrictions in the country.
http://on.ft.com/19tOe8k Nigeria dismisses UK migrant bond proposal
Britain's proposal for a migrant bond has been dismissed by Nigeria as a "blunt instrument" that will damage commercial ties. Lagos has threatened to impose similar barriers to Britons entering Nigeria should it be enforced.
http://on.ft.com/16zUtCg Rio Tinto suspends use of Mozambique rail line
Rio Tinto has suspended using the vital rail line that it and other mining companies operating in Mozambique rely on to export coal in the wake of threats made by former rebels to sabotage the network.
http://on.ft.com/10lmRat Emerging Markets
MSCI Emerging Market Index up +1.38% at 914.42 Europe
FTSE up +0.23% at 6,179
RTS down -0.12% at 1,260
Warsaw Wig down -0.51% at 44,664
FTSE 300 Eurotop down -0.07% at 1,149 Americas
DJIA up +1.02% at 14,910
S&P 500 up +0.96% at 1,603
Bovespa down -0.08% at 47,135 Asia
Nikkei 225 up +2.96% at 13,214
Topix up +2.76% at 1,099
Hang Seng up +0.50% at 20,440
Shanghai Composite down -0.08% at 1,950
MSCI Asia ex-Japan up +1.77% at 419.59
CNX Nifty up +1.68% at 5,682 Currencies
€/$ 1.30 (1.30)
$/¥ 98.11 (97.68) Commodities
Brent Crude (ICE) up +0.42 at 102.08
Light Crude (Nymex) up +0.24 at 95.74
100 Oz Gold (Comex) down -4.60 at 1,225 | 
