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TOP STORIES
China's slowing wholesale deflation takes pressure offcentral bank
BEIJING - China's factory price deflation moderated furtherin July, with prices falling at their slowest pace in two years,taking pressure off the central bank to cut rates aspolicymakers turn their focus to structural reforms andballooning credit (CHINA-ECONOMY/INFLATION (UPDATE 2), moved, byElias Glenn and Yawen Chen, 400 words)
Search for yield drives stocks higher, pound falls vs dollar
LONDON - Shares rose in Europe and Asia while sterling fellto its weakest in a month against the dollar on the prospect offurther monetary easing following Britain's vote last month toleave the European Union (GLOBAL-MARKETS/ (WRAPUP 4, PIX),expect by 0900/ 5 AM ET, by Nigel Stephenson, 400 words)
Pokemon Go eludes cloning attempts by big game studios
SAN FRANCISCO - Top video game companies, caught off-guardby the runaway success of Pokemon Go, are wrestling with how toplay catch-up to the augmented reality app that has become aworldwide phenomenon. (NINTENDO-POKEMON/RIVALS (PIX), moved, byJeffrey Dastin, 740 words)
BP seeks buyers for China petchem JV stake in up to $3 blndeal
FRANKFURT/HONG KONG - British oil major BP is seeking buyersfor its 50 percent stake in a Chinese petrochemicals jointventure, its single largest investment in China, in a deal thatwould fetch $2-$3 billion, people familiar with the matter toldReuters. (BP-CHINA/M&A (UPDATE 1), EXCLUSIVE, PIX), moved, byArno Schuetze and Denny Thomas, 305 words)
COMPANIES
ANZ 9-mth profit drops, shares jump on austerity measures
Australia and New Zealand Banking Group posts a small dropin unaudited nine-month cash profit but shares jump more than 3percent as investors cheered the lender's commitment to shrinkin Asia to boost overall returns. (ANZ BANK-RESULTS/ (UPDATE 3,PIX), moved, by Swati Pandey, 450 words)
Developer Evergrande nudges up stake in China Vanke to 5 pct
China Vanke's new shareholder China Evergrande Group nudgesup its stake in its bigger rival to 5 percent, but investorsremain in the dark about its intentions concerning what isalready a very messy battle for control of Vanke. (CHINAVANKE-M&A/EVERGRANDE, moved, 300 words)
India ride-hailing firm Ola sideswiped as Uber, Didi team upin China
NEW DELHI - Didi Chuxing's acquisition of Uber's Chinabusiness last week reshapes the landscape in Asia's growingride-hailing sector, and leaves India's Ola more vulnerable toattack by Uber in its $12 billion home market. (UBER-INDIA/OLA(PIX), moved, by Aditya Kalra and Aditi Shah, 700 words)
UK competition body relies on fintech for banking revolution
LONDON - Britain's competition watchdog has published itsfinal recommendations for boosting competition in retail bankingby 2018, relying on "revolutionary" technology to increasechoice, dismaying consumer groups who wanted faster action.(BRITAIN-BANKS/COMPETITION (UPDATE 2), expect by 1000/ 6 AM ET,by Huw Jones and Andrew MacAskill, 450 words)
MARKETS
Sterling slides as BoE rams home easing message
LONDON - Sterling fell half a percent to a 1-month lowagainst the dollar, by far the biggest mover on major currencymarkets after the Bank of England's biggest hawk on policysignalled his willingness to ease policy further (GLOBAL-FOREX/(UPDATE 2), updating throughout the day, by Patrick Graham, 540words)
Oil slips to $45 as glut overshadows producer action hopes
LONDON - Oil fell below $45 a barrel after rallying to atwo-week high the previous day, as concern about a supply glutoutweighed hopes of producer action to prop up prices.(GLOBAL-OIL/ (UPDATE 3), moving shortly, by Alex Lawler, 340words)
Gold recovers from 1-week low on bargain hunting
Gold holds steady after recovering from one-week lows hitthe day before, with investors using the price correction tohunt for bargains on hopes of more economic stimulus fromcentral banks. (GLOBAL-PRECIOUS/ (UPDATE 1), updatingthroughout the day, by Sethuraman N R, 400 words)
ECONOMY
India's Rajan calls on govt to set up monetary panel soon;holds rate
MUMBAI - At his last policy review as head of the ReserveBank of India, Raghuram Rajan kept key interest rates unchanged to cool inflation running near two year highs, while alsopushing for policy panel to be formed in time for a review inOctober. (INDIA-ECONOMY/RATES (UPDATE 2, PIX), moved, bySuvashree Choudhury and Rafael Nam, 553 words)
Rising German imports narrow trade surplus at end of weak Q2
BERLIN - A rise in German imports outstripped a modest gainin exports in June, narrowing the trade surplus as Europe'slargest economy ended the second quarter struggling to maintainits strong momentum from the start of the year(GERMANY-ECONOMY/TRADE (UPDATE 1), moved, by Paul Carrel, 350words)
COLUMN-Fed dependent, for sure, but who knows on what
Federal Reserve data dependency isn't what it used to be.While there is still much talk by the Fed and itsrepresentatives about how it will be guided by incoming economicdata, something appears to have broken down in the calculations,with far less certainty among observers and investors over whatdata leads to which policy. (MARKETS-SAFT/ (COLUMN), moved, byJames Saft, 800 words)
Australia business conditions resilient in July-NAB
SYDNEY - Australian business conditions cool a little inJuly after a very strong run, though firms reported solid demandfor labour that could augur a pick up in jobs growth ahead. (AUSTRALIA-ECONOMY/BUSINESSSENTIMENT, moved, 300 words)
Corporate Indonesia gears up for consumer demand revival
JAKARTA - Indonesian firms ranging from restaurant chains tosnackmakers are stepping up investment and launching newproducts as improving economic conditions and easier access tocredit drive a spurt in consumer demand in the country of 250million people. (INDONESIA-ECONOMY/CONSUMERS (REPEAT, PIX),moved, by Cindy Silviana and Eveline Danubrata, 500 words)
COMMODITIES
Pollution crackdown on China tin producers could spurimports, lift prices
MELBOURNE/SHANGHAI - China could ramp up imports of refinedtin as a string of environmental inspections at smelters in theworld's top producer of the metal curbs local output.(METALS-TIN/SMELTERS (PIX), moved, by Melanie Burton and RubyLian, 450 words)
BP (BP.)