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HSBC looks to sell $9.2B stake in Chinese insurer. HSBC (HBC) is in talks to sell its 15.6% holding in Ping An Insurance, China's second-largest insurer, as the U.K. bank continues its strategy of selling non-core assets. Chinese analyst Wilson Li says HSBC can reinvest the proceeds in its organic business in China and generate a better return than the Ping An stake, which is worth $9.19B.
Yahoo, Facebook in alliance talks. Yahoo (YHOO) CEO Marissa Mayer and Facebook (FB) COO Sheryl Sandberg have reportedly held talks about forming an alliance. The companies already work together on small projects and recently settled a patent spat, although a deepening of their relationship could be complicated by Yahoo's problematic search partnership with Microsoft (MSFT).
Today's Markets:
In Asia, Japan +1.4% to 9153.2. Hong Kong +0.5% to 21262. China +0.1% to 2017. India +0.2% to 18339.
In Europe, at midday, London +1.2%. Paris +1.65%. Frankfurt +1.6%.
Futures at 7:00: Dow +0.5%. S&P +0.6%. Nasdaq +0.7%. Crude +2.4% to $87.95. Gold +0.5% to $1723.50.
Bad loans at Spanish banks rise again. Non-performing loans held by Spanish banks increased to yet another record high of 10.7% of their outstanding portfolios in September from 10.5% in August. The bad debt increased by over €3B to €182.3B, while total loans edged up to €1.7T, or 170% of Spain's GDP.
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