JAPAN

Japan's largest banks are in talks to provide up to $25 billion in emergency loans to Tokyo Electric Power <9501.T> to shore up its finances and rebuild its power network following a disaster at one of its nuclear plants.

U.S. stocks declined in early trade on Wednesday as renewed concerns over the euro zone’s sovereign debt crisis and higher than expected rebuilding costs in Japan weighed on the sentiment.

Wall Street was poised for a lower open on Wednesday as concerns over debt issues in the euro zone, Japan's nuclear crisis and violence in the Middle East and North Africa persisted.

RBC Capital Markets said the ultimate low in the U.S. equity markets might not have been reached, but a bottoming process has probably started. The brokerage said most of the technical indicators suggest that an intermediate-term low is near. Readings from sentiment, positioning and internal momentum indicators reveal much more damage under the hood than at the index level.

The metropolitan government of Tokyo has advised residents not to allow infants under the age of one to drink tap water (or powdered milk made with tap water) after radioactive iodine was detected in a purification plant in Katsushika Ward.

Corrects headline to show index futures were down

U.S. stock index futures were little changed on Wednesday, after modest losses in the previous session, as worry continued over debt issues in the euro zone, Japan's nuclear crisis and violence in the Middle East and North Africa.

Japan estimated the cost of the damage from its devastating earthquake and tsunami could top $300 billion as authorities in Tokyo warned that babies should not be given tap water because of radiation from a crippled nuclear plant.

The Japanese government on Wednesday estimated the direct damage from a deadly earthquake and tsunami that struck the country's northeast this month at as much as $310 billion, making it the world's costliest natural disaster.

Supply chain disruptions in Japan have forced at least one global automaker to delay the launch of two new models and are forcing other industries to shutter plants and rethink their logistical infrastructure.

Chinese oil demand rose more than 10 percent year-on-year in February to reach the second strongest demand level on record, as refineries scampered to pile up supplies in view of the upcoming peak demand season and adverse weather conditions.

Brent crude was steady near $116 after rising as much as 0.6 percent on Wednesday as intensifying unrest in Yemen highlighted the security risks facing oil output from the Arabian peninsula, home to the world's biggest oil fields.

Following is the update from Tokyo Electric Power Co (TEPCO) on Fukushima Daini nuclear power plant.

Japan's government has said that the cost of March 11 earthquake, tsunami and nuclear radiation woes, which have devastated the country, could reach $309 billion.

The Japanese government on Wednesday estimated the direct damage from a deadly earthquake and tsunami that struck the country's northeast this month at 16-25 trillion yen ($185-308 billion), making it the world's costliest natural disaster.

The Japanese government estimates material damage from a deadly earthquake and tsunami that struck the country's northeast this month at 15-25 trillion yen ($185-308 billion), making it the costliest ever natural disaster, the Nikkei newspaper reported on Wednesday.

- Japan's government said on Wednesday it estimated damage from the devastating earthquake and tsunami that hit northeast Japan this month at about 16-25 trillion yen ($197-308 billion).

The following is the IAEA update on Fukushima nuclear power plant in earthquake-torn Japan, dated March 23.

Japan's top lenders including Sumitomo Mitsui Financial Group <8316.T> are in talks to provide up to 2 trillion yen ($24.7 billion) in emergency loans to Tokyo Electric Power <9501.T> to help the operator of a stricken nuclear plant rebuild its power supply network.

Japanese financial institutions, including the country's top three banks, are considering providing more than 1 trillion yen ($12.3 billion) in emergency loans to Tokyo Electric Power <9501.T>, the operator of a stricken nuclear plant, sources said on Wednesday.

Adobe Systems Inc posted first-quarter profit above Wall Street estimates, but the world's biggest maker of design software cut its second-quarter revenue outlook by $50 million, citing uncertain business environment in Japan following the earthquake.