Business Today: Wall Street set for anemic open as fear lingers

Click to View in Browser 06/4/2012 Wall Street set for anemic open as fear lingers NEW YORK (Reuters) - Wall Street looked set to tread water on Monday after a steep drop in the previous session that erased the Dow industrials' gain for the year, and analysts said there may be more declines now that indexes have fallen below key technical support levels. Chesapeake shareholders to replace four directors (Reuters) - Chesapeake Energy Corp agreed to replace four of its current board members with new directors chosen by two of its largest shareholders, as the company has come under intense pressure to improve its corporate governance. Europe mulls major step toward "fiscal union" BERLIN/PARIS (Reuters) - When Jean-Claude Trichet called last June for the creation of a European finance ministry with power over national budgets, the idea seemed fanciful, a distant dream that would take years or even decades to realize, if it ever came to be. Analysis: Economic pain takes toll on U.S. earnings forecasts NEW YORK (Reuters) - Expectations for U.S. corporate earnings are deflating fast as the euro zone crisis deepens and economic data around the world disappoints. Russian court to hear $13 billion lawsuit against BP MOSCOW (Reuters) - A Russian court has ordered a new hearing into a $13 billion lawsuit brought against BP by minority shareholders in its Russia's venture, TNK-BP , over a failed deal between BP and Rosneft , a BP lawyer said on Monday. Ford says studying indigenous brands for China market TAIPEI (Reuters) - Ford Motor is in talks with its partners to introduce indigenous brands in China, while it focuses on building up its own brand in the world's biggest auto market, its China chief said on Monday. French rogue trader Kerviel launches appeal PARIS (Reuters) - Ex-trader Jerome Kerviel began his appeal on Monday against a three-year prison sentence for his role in France's biggest rogue trading scandal, arguing he was not responsible for a 4.9 billion euro ($6.1 billion) loss at banking group Societe Generale . Debt, property risks curb China stimulus firepower BEIJING (Reuters) - Investors counting on China to repeat its huge 2008-09 stimulus to backstop global economic growth are failing to recognize Beijing's limited scope to deliver another major spending surge. HP and Oracle set for court clash over Itanium (Reuters) - Lawyers for Hewlett-Packard Co and Oracle Corp will face off in court on Monday for opening statements in a bitter lawsuit over Oracle's decision to end support for HP's Itanium-based servers. Risk-exposed Portugal sticks to tough bailout goals LISBON (Reuters) - Portugal's budget targets for 2012 are ambitious but it has the capacity to hit them, its international lenders said on Monday, saying the recession-mired country's bailout program was on track despite being undermined by rising unemployment. Related Video U.S. Morning Call: Markets mixed; focus on Merill Lynch Reuters Breakingviews Economic News Obama, Romney campaign advisers trade blame on job creation Fed's Kocherlakota: No comment on policy, economy 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