| * Egypt president promises early elections * Chinese money rates return to normal levels * China pushes to make renminbi freely tradable * Eike Batista: no government lifeline * Asian markets buoyed by US jobs data * Baby milk makers slash prices in bow to Beijing regulators * Brazil condemns Morales treatment and warns on EU trade * Chinese property buyers switch from Hong Kong to Thailand, the US and London * Russian oil shipments to Europe at 10-year-low * Nigeria warns on EM borrowing pain * Malaysian premier shrugs off looming threats to economy Markets: mixed Egypt president promises early elections
The head of Egypt's constitutional court promised early elections as he was sworn in as interim president after the military ousted the country's first democratically elected leader.
http://on.ft.com/1b9qaWL Read the latest Egypt FT coverage: http://www.ft.com/topics/places/Egypt Chinese money rates return to normal levels
China's cash crunch appears to have drawn to a close with money rates falling back to normal levels after the central bank steadied the market with a pledge to backstop ailing lenders and provide liquidity injections to support the financial system.
http://on.ft.com/14Tb2HU China pushes to make renminbi freely tradable
China is considering a dramatic relaxation of its capital controls over the next few years as part of an accelerated push to make its currency freely tradable, despite international advisers warning against hasty implementation of reform.
http://on.ft.com/11gLE24 Eike Batista: no government lifeline
Brazil's government will not come to the aid of Eike Batista, the would-be world's richest man whose fortune has evaporated and whose natural resource companies are raising alarm bells about their ability to meet their obligations.
http://on.ft.com/17M1y3O Asian markets buoyed by US jobs data
Australian stocks led Asian markets higher as exporters were buoyed by stronger-than-expected US jobs data. The MSCI Asia Pacific index inched up 0.2 per cent, but trading was subdued ahead of the US Independence Day holiday on Thursday.
http://on.ft.com/1b933LN Baby milk makers slash prices in bow to Beijing regulators
Baby milk manufacturers including Nestlé are to slash prices in China by up to 20 per cent to address regulators' concerns about affordability in the rapidly growing $14.5bn market.
http://on.ft.com/18wQWZC Brazil condemns Morales treatment and warns on EU trade
Latin American governments have responded furiously to the forced landing of Bolivian President Evo Morales' jet in Austria on Tuesday amid suspicions thatUS fugitive Edward Snowden was aboard.
http://on.ft.com/12Fr1uH Chinese property buyers switch from Hong Kong to Thailand, the US and London
With property prices at record highs, the Hong Kong government is trying to turn mainland Chinese buyers away. But other investment destinations are quickly stepping into the breach – and luring the cash-rich mainlanders from Hong Kong.
http://on.ft.com/17IHPSB Russian oil shipments to Europe at 10-year-low
Russian oil shipments to Europe have slumped to a 10-year low, forcing refineries across the continent to pay more for scarce supplies.
http://on.ft.com/1cSqwPA Nigeria warns on EM borrowing pain
Nigeria's finance minister has warned other developing countries that the end of US quantitative easing will rattle emerging markets and lift their borrowing costs further, after her country seized an opportunity to issue bonds this week.
http://on.ft.com/120S1VJ Malaysian premier shrugs off looming threats to economy
A slowdown in the Chinese economy, plunging commodity prices and the looming end of US "QE3" quantitative easing might appear to be a perfect economic storm for Malaysia.
http://on.ft.com/14reJ91 Beyondbrics analysis: Morsi's year of economic pain
After the Arab Spring swept Egypt's former president Hosni Mubarak from power, there would be a tough transition, followed by economic recovery. That was the theory, at least.
http://on.ft.com/1b9zU35 India: borrowing rates stuck high
It's a problem that many countries are experiencing: the central bank cuts rates, but the banks aren't passing the reductions on to borrowers. What can be done to make more credit available?
http://on.ft.com/17LDLkB Emerging Markets
MSCI Emerging Market Index up +0.65% at 918.09 Europe
FTSE down +1.14% at 6,301
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S&P 500 up +0.08% at 1,615
Bovespa down -0.41% at 45,044 Asia
Nikkei 225 down -0.26% at 14,019
Topix down -0.26% at 1,171
Hang Seng up +1.60% at 20,469
Shanghai Composite up +0.59% at 2,006
MSCI Asia ex-Japan up +0.79% at 420.61
CNX Nifty up +1.14% at 5,837 Currencies
€/$ 1.30 (1.30)
$/¥ 99.72 (99.87) Commodities
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