| * China drug audit gives pharmaceutical groups the chills * Morsi loyalists set to protest in Egypt * HSBC to exit Korean retail banking * China's Rongsheng warns on profits * EM bond funds: flood becomes a trickle * Malaysia: exports fall raising questions about economic growth * Batista begins shake-up of troubled empire * Samsung earnings undershoot forecasts * Emerging Stocks Advance, Led by Chinese Banks as Samsung Tumbles * Pakistan agrees to $5.3bn IMF loan * 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 Morsi loyalists set to protest in Egypt
Supporters of Egypt's ousted president Mohamed Morsi were on Friday preparing to demonstrate against his removal and the crackdown against the Muslim Brotherhood.
http://on.ft.com/12KWTxW HSBC to exit Korean retail banking
HSBC is to close its retail banking and wealth management operations in South Korea, admitting defeat in its 14-year struggle to break into consumer finance in the country.
http://on.ft.com/12qcxvd China's Rongsheng warns on profits
One of China's biggest shipbuilders issued a profit warning on Friday and said it was "actively seeking financial support from the government" to avoid running out of cash in a stark illustration of how China's credit crunch has raised pressure on the already troubled shipbuilding industry.
http://on.ft.com/1cY8z1U EM bond funds: flood becomes a trickle
After the worst-ever weekly outflow for emerging market bond funds, with $5.6bn draining away, fund managers have rightly been worried about what the latest figures would show.
http://on.ft.com/17QgPR8 Malaysia: exports fall raising questions about economic growth
Trade figures published on Friday showed a 5.8 per cent drop exports in May, nearly double forecasts of around 3.0 per cent and April's 3.3 per cent decline.
http://on.ft.com/1bbpm3B 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 Samsung earnings undershoot forecasts
Samsung Electronics undershot analysts' forecasts despite estimating record earnings for the second quarter, lending weight to fears that the world's biggest electronics company by sales could struggle to meet bullish market expectations.
http://on.ft.com/16a3NLc Emerging Stocks Advance, Led by Chinese Banks as Samsung Tumbles
Emerging-market stocks rose for a second day as Chinese banks surged and exporters rallied on optimism European policy makers will keep borrowing costs low.
http://bloom.bg/12gCvjX 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 $7.3bn.
http://on.ft.com/12giZ75 European EMs most at risk from Fed shift
Developing countries in and around Europe are the most at risk from tougher financing conditions as the US Federal Reserve's shift in monetary policy rattles emerging markets, rating agency Standard & Poor's has warned.
http://on.ft.com/12oxc2R Beyondbrics analysis: Guest post: Egypt's long road ahead
Hani Sabra and Alexander Kliment of Eurasia Group argue that the challenges for Egypt today are greater than those that faced the country after the ouster of Hosni Mubarak just two and a half years ago.
http://blogs.ft.com/beyond-brics/2013/07/05/guest-post-egypts-long-road-ahead/ China: luxury dining goes mid market
Patti Waldmeir on the response by restuarants of Beijing's austerity drive
http://blogs.ft.com/beyond-brics/2013/07/05/chinese-luxury-dining-goes-middle-market/ Emerging Markets
MSCI Emerging Market Index up +0.34% at 925.20 Europe
FTSE up +0.49% at 6,453
RTS up +0.09% at 1,282
Warsaw Wig down -0.27% at 45,489
FTSE 300 Eurotop down -0.01% at 1,179 Americas
DJIA up +0.38% at 14,989
S&P 500 up +0.08% at 1,615
Bovespa up +1.60% at 45,763 Asia
Nikkei 225 up +2.08% at 14,310
Topix up +1.53% at 1,189
Hang Seng up +1.89% at 20,855
Shanghai Composite up +0.05% at 2,007
MSCI Asia ex-Japan up +0.74% at 425.41
CNX Nifty up +0.53% at 5,868 Currencies
€/$ 1.29 (1.29)
$/¥ 99.97 (100.03) Commodities
Brent Crude (ICE) up +0.78 at 106.32
Light Crude (Nymex) up +0.62 at 101.86
100 Oz Gold (Comex) down -18.30 at 1,234 | 
