| * China drug audit gives pharmaceutical groups the chills * Batista begins shake-up of troubled empire * Asian stocks swept up by Europe rally, euro sulks * Petrol queues and bread lines: Egypt economy's main challenge * Taiwan's fishermen ply their trade in troubled waters * Pakistan agrees to $5.3bn IMF loan * Russia: inflation fall gives rate cut hope * European EMs most at risk from Fed shift Markets: up China drug audit gives pharmaceutical groups the chills
After the gold rush of the past decade, the latest move this week by the Chinese authorities to probe the medicines sector has sent a chill wind through the multinational pharmaceutical groups expanding in the country.
http://on.ft.com/18zjD8i Batista begins shake-up of troubled empire
Brazilian billionaire Eike Batista on Thursday kicked off what is expected to be a wholesale restructuring of his heavily indebted oil, mining and energy empire, mostly involving the sale or closure of his listed companies.
http://on.ft.com/1aH8gM6 Asian stocks swept up by Europe rally, euro sulks
Asian stocks rose on Friday, while the euro and sterling nursed losses after the two most important central banks in Europe surprised by assuring investors they were in no hurry to wind down stimulus.
http://reut.rs/12powt8 Petrol queues and bread lines: Egypt economy's main challenge
Petrol queues, a sliding currency and the decline of a once proud tourism industry provided a telling backdrop to Egypt's President Mohamed Morsi's ousting by the military – and give a clue to big trouble awaiting his successors.
http://on.ft.com/17OaJkc Taiwan's fishermen ply their trade in troubled waters
Trucks laden with headless frozen tuna carcases speed down the waterfront as trading gets under way at the Donggang fish market in southern Taiwan. Less than an hour after dawn, dozens of colourfully painted small boats are unloading their holds after weeks spent fishing in the South China Sea.
http://on.ft.com/1cUXhvj Pakistan agrees to $5.3bn IMF loan
Pakistan is poised to receive a $5.3bn loan from the International Monetary Fund as it tries to stem a fall in its foreign currency reserves and bolster its economy. Islamabad will try to raise the amount to $7.3bn.
http://on.ft.com/12giZ75 Russia: inflation fall gives rate cut hope
A drop in the Russian inflation rate could pave the way nicely for an interest rate cut later this month. Consumer prices grew 6.9 per cent in June, the slowest annual rate this year, down from 7.4 per cent in May, the Federal Statistics Service announced on Thursday. The rouble held firm on the news – rising 0.5 per cent against a weak euro and staying flat against the US dollar.
http://on.ft.com/1b9X5u4 European EMs most at risk from Fed shift
Developing countries in and around Europe are the most at risk from tougher financing conditions as the US Federal Reserve's shift in monetary policy rattles emerging markets, rating agency Standard & Poor's has warned.
http://on.ft.com/12oxc2R Emerging Markets
MSCI Emerging Market Index up +0.40% at 925.83 Americas
DJIA up +0.38% at 14,989
S&P 500 up +0.08% at 1,615
Bovespa up +1.60% at 45,763 Asia
Nikkei 225 up +1.64% at 14,248
Topix up +1.40% at 1,187
Hang Seng up +1.46% at 20,767
Shanghai Composite up +0.24% at 2,011
MSCI Asia ex-Japan up +0.66% at 502.28
CNX Nifty up +0.80% at 5,884 Currencies
€/$ 1.29 (1.29)
$/¥ 100.29 (100.03) Commodities
Brent Crude (ICE) down -0.10 at 105.44
Light Crude (Nymex) down -0.21 at 101.03
100 Oz Gold (Comex) down -9.20 at 1,243 | 
