Business Today: Futures point to flat open with Dow, S&P at highs

		Click to View in Browser 05/8/2013 Futures point to flat open with Dow, S&P at highs NEW YORK (Reuters) - Stock index futures pointed to a flat open on Wednesday as investors found little reason to push shares decisively one way or the other, following gains that took indexes to fresh highs a day earlier. China opens new front in war as yuan speculation distorts export data SHANGHAI (Reuters) - China's central bank signaled on Wednesday it was prepared to change its monetary strategy to fend off inflows of speculative capital, as Beijing struggles to control a tide of cash washing in from overseas markets. European telco revenues drop as price wars heat up FRANKFURT/MADRID (Reuters) - Two of Europe's biggest telecom operators reported lower revenues on Wednesday, blaming the weak European economy and stiff regulation while seeing some bright spots in markets abroad. Freddie Mac posts second biggest profit in its history in first quarter WASHINGTON (Reuters) - Freddie Mac , the No. 2 provider of U.S. mortgage money, said on Wednesday it posted its second largest quarterly profit in company history in the first quarter due to rising home prices, falling mortgage delinquencies and increased refinance activity. Fed's credibility tested as inflation drifts below target WASHINGTON (Reuters) - With the inflation rate about half of the Federal Reserve's 2.0 percent target, the central bank is facing a major test and some experts wonder whether it will eventually need to ramp up its already aggressive bond buying program. McDonald's April sales down 0.6 percent (Reuters) - McDonald's Corp said on Wednesday that April sales at its established restaurants around the world declined 0.6 percent amid tough competition to attract frugal diners who are shopping around for the best deals. UBS overhaul ups pressure on private banking head ZURICH (Reuters) - In a 16th century Swiss castle in March the boss of UBS challenged the head of its private bank to explain his plans for overhauling the business of managing the money of the rich. Rare wobble for StanChart as profits fall, bad debts rise HONG KONG/LONDON (Reuters) - Standard Chartered Plc said it could miss its revenue target for the year after an increase in bad debts and a flood of cheap money into Asia hit first-quarter earnings, sending its shares down 5 percent. Analysis: Hedge funds in search of distress take a look at Detroit (Reuters) - In the past two decades, a group of specialized hedge funds have transformed corporate bankruptcies, injecting much-needed capital while at the same time drawing fire as "vultures." At cautious Toyota, low risk rules even as profit booms TOKYO (Reuters) - Toyota Motor Corp refuses to be tempted away from its low-risk growth strategy, even as the world's bestselling carmaker met its mid-term profit goals in the year ended March, and foresees even higher earnings this fiscal year. Related Video Market Pulse: Miners out of a hole … for now - Alpari Breakingviews: Portugal marks triumph of Draghi bluff Economic News Fed's credibility tested as inflation drifts below target U.S. Treasury chief blames Washington for slow growth 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