| * China fines milk formula makers in pricing probe * India chooses Rajan to restore stability as it tackles 'tryst with destiny' * Egypt's interim government aims to revive stalled economy * Nikkei leads Asian stocks lower; dollar dips * StanChart: EM stung * Australia's coal miners feel the heat as China investment cools * Mongolian bonds suffer amid frontier correction * European companies catch a cold in emerging markets Markets: down! China fines milk formula makers in pricing probe
Milk formula makers Mead Johnson and Fonterra have reached settlements with Chinese regulators after an official review of their pricing practices in the country.
http://on.ft.com/13EZvOX India chooses Rajan to restore stability as it tackles 'tryst with destiny'
In 2005, Raghuram Rajan, then the chief economist of the International Monetary Fund, irked top US economic policy makers at a gathering at Jackson Hole when he criticised the US financial system, andwarned that a global economic crisis could be looming.
http://on.ft.com/1equvnf Egypt's interim government aims to revive stalled economy
Egypt's army-backed interim government will introduce a raft of short-term measures aimed at reviving the country's battered economy, which has been badly scarred by more than two years of political turmoil and was thrown deeper into crisis following last month's ouster of Mohamed Morsi, the Islamist president.
http://on.ft.com/1bak33p Nikkei leads Asian stocks lower; dollar dips
Asian stocks fell to their lowest in a month on Wednesday following a second day of losses on Wall Street, led by a steep decline in the Nikkei as a firmer yen took a toll on Japanese exporters.
http://in.reuters.com/article/2013/08/07/markets-global-idINDEE97602120130807 StanChart: EM stung
Having a heavy exposure to emerging markets can be a mixed blessing. For proof, just ask Standard Chartered. Just a day after HSBC reported a sharp drop in profits in many of its emerging markets, it was the UK bank's turn on Tuesday to be stung by its exposure to emerging markets.
http://on.ft.com/191quVJ Australia's coal miners feel the heat as China investment cools
It is mid morning at the Bulga Bridge Café in the Hunter Valley 200km north of Sydney. For the past half an hour customers, mainly workmen in high visibility vests, have been dropping into the general store to buy a snack or something for lunch.
http://on.ft.com/11JKDNS Mongolian bonds suffer amid frontier correction
One day you are hot, the next day you are not – and so it is with Genghis bonds which have suffered a sharp market correction in the wake of June's market rout. Back in November, eyebrows were raised in the emerging markets debt investment community when Mongolia – a country that has been rescued five times in the past 22 years by the International Monetary Fund – managed to raise $1.5bn at a price below Spain's borrowing costs.
http://on.ft.com/14xi1LK European companies catch a cold in emerging markets
Times are getting tough for European firms in emerging markets where HSBC talks of a cyclical "slowdown", Diageo sees "choppy conditions" and Unilever views deceleration as the "new normal".
http://reut.rs/13JO7xC Emerging Markets
MSCI Emerging Market Index down -0.36% at 942.90 Americas
DJIA down -0.60% at 15,519
S&P 500 down -0.57% at 1,697
Bovespa down -2.09% at 47,422 Asia
Nikkei 225 down -2.15% at 14,091
Topix down -2.14% at 1,168
Hang Seng down -0.17% at 21,887
Shanghai Composite up +0.36% at 2,068
MSCI Asia ex-Japan down -0.47% at 513.74
CNX Nifty up +0.13% at 5,549 Currencies
€/$ 1.33 (1.33)
$/¥ 97.44 (97.74) Commodities
Brent Crude (ICE) down -0.19 at 107.99
Light Crude (Nymex) up +0.05 at 105.35
100 Oz Gold (Comex) down -4.10 at 1,279 | 
