| * Asian stocks still in the doldrums; China data looms * China fines milk formula makers in pricing probe * Rajan dusts off plan for modernising India's financial system * Weak real dents Vale profits * Kazakhstan fund chief aims to clean house * Emerging markets key to Publicis-Omnicom deal * Russia: tech leaders mobilise behind Navalny * Ranbaxy Q2 net loss at $85.3 million Markets: up Asian stocks still in the doldrums; China data looms
Asian stocks found a tentative footing early on Thursday, having suffered their biggest one-day slide in a month, though investors were nervous ahead of a slew of Chinese data as a troubling slowdown in the world's second-largest economy has rattled global markets recently.
http://reut.rs/13OwM6J China fines milk formula makers in pricing probe
Chinese regulators have fined six baby formula manufacturers more than $100m for price fixing, in a major escalation of their actions under the country's anti-monopoly law.
http://on.ft.com/13EZvOX Rajan dusts off plan for modernising India's financial system
Raghuram Rajan, the incoming governor of the Reserve Bank of India, once called modernising the country's inefficient and under-developed financial sector a "moral and economic imperative".
http://on.ft.com/19NYIil Weak real dents Vale profits
Profits at Vale, the world's largest producer of iron ore, plunged more than 80 per cent in the second quarter after currency losses and lower sales led to one of the company's worst results in a decade.
http://on.ft.com/1etKWiD Kazakhstan fund chief aims to clean house
Umirzak Shukeyev is trying to clean up some of the most opaque corporations in one of the world's most inscrutable countries. It is not a job for the faint-hearted. Mr Shukeyev is head of Samruk-Kazyna, the sovereign wealth fund of Kazakhstan – a sprawling empire of state-owned companies that symbolises the oil-fuelled power of the Kazakh state.
http://on.ft.com/13lfq1h Emerging markets key to Publicis-Omnicom deal
Part of the rationale behind the $35bn Omnicom-Publicis tie-up is an empire-building land-grab into emerging markets. Growth in advertising spending in eastern Europe, central Asia and Latin America far outpaces that in developed countries. Marketers are opening their wallets in the hope of luring customers from among the world's emerging middle class.
http://on.ft.com/1cJNdrS Russia: tech leaders mobilise behind Navalny
Businessmen in Russia tend to steer clear of politics fearing reprisals from the Kremlin. But in a landmark event more than thirty top managers from Russian internet companies have declared their support for Alexei Navalny's campaign to become mayor of Moscow.
http://on.ft.com/1cKhYNt Ranbaxy Q2 net loss at $85.3 million
Ranbaxy Laboratories, India's top drugmaker by sales, reported a net loss of 5.24 billion rupees for the June quarter on foreign exchange transactions and loss of goodwill booked at its overseas subsidiaries.
http://reut.rs/15KBcB5 Emerging Markets
MSCI Emerging Market Index up +0.31% at 940.75 Americas
DJIA down -0.31% at 15,471
S&P 500 down -0.38% at 1,691
Bovespa up +0.05% at 47,447 Asia
Nikkei 225 up +1.20% at 13,990
Topix up +0.63% at 1,163
Hang Seng up +0.82% at 21,766
Shanghai Composite up +0.48% at 2,057
MSCI Asia ex-Japan up +0.58% at 512.86
CNX Nifty up +0.07% at 5,523 Currencies
€/$ 1.33 (1.33)
$/¥ 96.78 (96.29) Commodities
Brent Crude (ICE) up +0.40 at 107.84
Light Crude (Nymex) up +0.48 at 104.85
100 Oz Gold (Comex) up +7.70 at 1,294 | 
