Business Today: S&P 500 faces key test, Wall Street set to slide

Click to View in Browser 05/14/2012 S&P 500 faces key test, Wall Street set to slide NEW YORK (Reuters) - Stocks were set to fall on Monday, tracking global equity markets lower as a political impasse in Greece heightened concerns about Europe's debt crisis and fears mounted about an economic slowdown in China. JPMorgan executives to leave over trading loss: sources LONDON/NEW YORK (Reuters) - JPMorgan will move to limit the fallout from a shock trading loss that could reach $3 billion or more by parting company with three top executives involved in its costly failed hedging strategy, sources close to the matter said. Ally hopes to end mortgage woes with ResCap bankruptcy NEW YORK (Reuters) - Ally Financial Inc's mortgage unit on Monday filed for bankruptcy and the auto lender said it will sell some international operations to help set it on a path to repaying $12 billion in bailout money. Output falling, Euro zone heads for recession BRUSSELS (Reuters) - Output at factories in the euro zone unexpectedly fell in March, the latest in a series of disappointing numbers signaling that the bloc's recession may not be as mild as policymakers hope. Far behind rivals, Ford tries to play catch-up in China CHONGQING, China (Reuters) - Frank Chuang proudly surveys his immaculate new car plant as partly assembled versions of the Ford Focus travel down the production line. Kwok graft case back in spotlight in Hong Kong HONG KONG (Reuters) - Sun Hung Kai Properties board member Thomas Chan had his bail extended on Monday, according to a source familiar with the matter, in a widening graft scandal involving one of Asia's richest families. Yahoo set for growth post management reshuffle: analysts (Reuters) - Yahoo Inc's sweeping out of its chief executive and settling of a proxy fight with an investor open a path for stable growth for the troubled company, analysts said. Spain's top banks set aside extra $19 billion for clean up MADRID (Reuters) - Spain's top five lenders will set aside an extra 15 billion euros ($19.4 billion) in provisions to cover risky property deals, heaping pressure on their finances as the country battles to restore confidence in its banking industry. Francesca's fires CFO over social media activity (Reuters) - Women's specialty retailer Francesca's Holdings Corp said it fired its chief financial officer Gene Morphis after an internal probe found that he had improperly communicated company information through social media. Italy watchdog attacks risky financial products MILAN (Reuters) - Authorities must regulate and even ban financial products that can wipe out people's savings, the head of Italian market watchdog Consob said on Monday, days after JP Morgan unveiled a $2 billion trading loss due to a failed hedging strategy. Related Video Breakingviews: Europe could save itself from a Greek exit Market Pulse: EZ crisis now "as bad as it's ever been" Economic News Consumer sentiment at 4-year high in early May Fewer women in top U.S. tech jobs since 2010: survey A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend