Business Today: Stock futures climb after China data; banks eyed

		Click to View in Browser 07/13/2012 Stock futures climb after China data; banks eyed NEW YORK (Reuters) - Stock futures rose on Friday, indicating the S&P 500 may snap its longest losing streak since May, after data in China allayed fears a slowdown in the economic giant could further hinder growth worldwide. JPMorgan loses $4.4 billion on trades; traders may have hidden losses (Reuters) - JPMorgan Chase & Co, the biggest U.S. bank, posted $4.4 billion of losses from its "London Whale" trades, but also said some of its traders might have tried to conceal bad credit bets in the first quarter. Wells Fargo profit up 17 percent, mortgage banking strong (Reuters) - Wells Fargo & Co reported a 17 percent increase in second-quarter profit on strong mortgage banking income and improved credit quality. Producer prices unexpectedly rise in June WASHINGTON (Reuters) - Producer prices unexpectedly rose in June despite big drops in energy prices, a sign that some inflation pressures could keep the Federal Reserve on guard. China data buoys stocks, euro under pressure LONDON (Reuters) - World stocks and oil rose on Friday after China GDP data soothed worries of a drastic hit to the world's No. 2 economy, while the euro hovered near two-year lows against the dollar after Moody's downgrade of Italy added to pressure on the single currency. Peregrine Financial trustee seeks approval on liquidation plan (Reuters) - The trustee of Peregrine Financial Group Inc, the regulated unit of the collapsed Iowa-based brokerage PFGBest, has sought bankruptcy court permission to operate the business with the aim of liquidating its assets, according to a court filing. China's economy cools, shows need for policy action BEIJING (Reuters) - China's growth rate slowed for a sixth successive quarter to its slackest pace in more than three years, highlighting the need for more policy vigilance from Beijing even as signs emerge that action taken so far is beginning to stabilize the economy. Coca-Cola eyes Myanmar, no immediate prospects SIEM REAP, Cambodia (Reuters) - Coca-Cola Co sees big potential in Myanmar and is in talks with prospective local partners, but it could be a long time before it begins operations, its regional head said on Friday. Geithner pressed British regulators in 2008 on Libor WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner pressed the Bank of England in June 2008 to make changes in the way that Libor, a key interest rate benchmark, was set, according to documents obtained by Reuters. Exclusive: Barclays' Diamond turns to top lawyer for Libor scandal LONDON/WASHINGTON (Reuters) - Barclays' embattled former chief executive Bob Diamond is being represented by top white-collar defense lawyer Andrew Levander in a widening scandal over the manipulation of benchmark interest rates, people familiar with the matter said. Related Video Market Pulse: "Junk" status awaits Italy...just not yet Reuters Asks: Is the party over for planemakers? Economic News Jobless claims fall as plants put off retooling Producer prices unexpectedly rise in June 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