Business Today: Stock futures drop on China cash fears, European banks

		Click to View in Browser 10/23/2013 Stock futures drop on China cash fears, European banks NEW YORK (Reuters) - U.S. stock index futures fell on Wednesday, following four straight days of record highs on the S&P 500, amid concern over tightening financial conditions in China and weakness in European banks. Lilly beats Wall Street third-quarter expectations, helped by cost cuts (Reuters) - Eli Lilly and Co on Wednesday reported better-than-expected quarterly earnings, helped by cost cuts and a big price increase for Cymbalta, its top-selling antidepressant that begins facing generic competition in December. Caterpillar posts lower results, cuts outlook on mining weakness CHICAGO (Reuters) - Caterpillar Inc posted a lower-than-expected quarterly profit on Wednesday and cut its full-year forecast yet again as weak demand from mining customers continued to bedevil the heavy equipment maker. US Airways third-quarter profit higher than expected (Reuters) - US Airways Group Inc reported higher-than-expected third-quarter profit on Wednesday as increased ticket prices bolstered revenue. Peugeot and GM scale back alliance as paths diverge PARIS (Reuters) - PSA Peugeot Citroen and General Motors are scaling back their alliance as the French carmaker pursues an investment by China's Dongfeng and the U.S. group seeks greater control of its destiny in Europe. Boeing raises forecast as third-quarter profit jumps (Reuters) - Boeing Co reported a 12 percent jump in profit per share and raised its full-year forecast, sending its shares up more than 3 percent in premarket trading. Luxury goods theft causes Hermes collection preview cancellation MILAN (Reuters) - Hermes accessories worth 400,000 euros ($550,900) were stolen in Milan, forcing the French luxury goods group to cancel a presentation on Wednesday even after the items were recovered by police, a company spokeswoman said. Nasdaq profit beats expectations, helped by deals (Reuters) - Transatlantic exchange operator Nasdaq OMX Group on Wednesday reported a higher third-quarter profit that beat analysts' expectations, helped by recent acquisitions and increased market data revenue. Bribery scandal slashes GlaxoSmithKline's Chinese drug sales LONDON (Reuters) - GlaxoSmithKline's drug sales in China slumped 61 percent in the third quarter, hit by a bribery scandal that has damaged its ability to market products in the country and pushed some sales into the hands of rivals. ECB, on new mission, sets out tougher bank health tests FRANKFURT (Reuters) - The European Central Bank promised on Wednesday to put top euro zone banks through rigorous tests next year, staking its credibility on a review that aims to build confidence in the sector. Related Video Breakingviews: ECB tests - pain or pragmatism? China's earnings extravaganza: Three sectors to watch Economic News Most U.S. primary dealers see Fed trimming purchases in March 2014: poll U.S. construction spending approaches 4-1/2 year high 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