MARKETS / FINANCE

Drugmaker SciClone Pharmaceuticals Inc said it would cut about 17 percent of its U.S.-based jobs, mostly in research and development, following its decision to drop the development of its cancer drug earlier this month.

Consumer Confidence in US unexpectedly fell in October on job concerns.

European shares hit a three-week low on Wednesday as banks came under pressure following results from Banco Santander (SAN.MC), while earnings by BG Group (BG.L) weighed on energy stocks.

Britain's leading shares were 1.8 percent lower around midday on Wednesday, with falls by heavyweight oils, miners and banks dragging the FTSE 100 .FTSE index to a three-week low.

Top officials from Magna and Opel expressed confidence on Wednesday that General Motors will go through with selling its European arm to Canada's Magna despite a second chance to review the deal.

U.S. stock index futures fell on Wednesday after disappointing results from bellwethers overseas, while investors awaited figures on U.S. durable good orders and new home sales.

U.S. stock index futures fell on Wednesday after disappointing results from bellwethers overseas, while investors awaited figures on U.S. durable good orders and new home sales.

The Obama administration made gains on Tuesday in its push for U.S. financial reform, unveiling a landmark bill to tackle systemic risk in the economy and winning congressional committee approval for a measure to expose hedge funds to more government scrutiny.

U.S. stock index futures fell on Wednesday with more company results and durable goods and housing sales figures on tap as investors seek insight into the health of the economy a day after disappointing consumer confidence data.

Oil fell below $79 a barrel on Wednesday, pressured by weaker equities and a stronger dollar, and as prices struggled to break through the psychological $80 mark.

Magna International thinks it can clinch a contract to buy a majority stake in carmaker Opel from General Motors even as GM's board weighs its final word, Magna's co-chief executive said.

World stocks slid on Wednesday on worries about the pace of economic recovery after a dip in U.S. consumer confidence, while the Australian dollar fell as inflation figures pared bets on an aggressive rate rise.

Stock index futures pointed to a lower open on Wall Street on Wednesday, with futures for the S&P 500 down 0.4 percent, Dow Jones futures down 0.12 percent and Nasdaq 100 futures down 0.28 percent at 5:10 a.m. EDT.

Oil edged down toward $79 a barrel on Wednesday, giving up some of the previous day's 1.1 percent gain on weaker Asian equities and a steady dollar, but losses were limited after industry data showed a surprise large drawdown in U.S. crude inventories.

Kenneth Feinberg, the Treasury bailout program's special master for compensation, who cut total compensation for top earners at seven bailed-out firms last week, increased base salaries at the companies, the Wall Street Journal said, citing its own analysis of Treasury data.

Global consumer confidence is rebounding, and in the United States has risen for the first time since 2007, amid signs the world economy is picking up although spending is still restrained, a survey showed on Wednesday.

The U.S. Treasury and GMAC Financial Services are in advanced talks to prop up the lender with a third tranche of taxpayer-backed funding, the Wall Street Journal reported on Tuesday.

A former chief executive of Advanced Micro Devices became the biggest name to be linked to the Galleon Group insider-trading scandal, when the Wall Street Journal reported on Tuesday that he leaked information about the microprocessor maker in 2008 to a hedge fund manager.

While TD Ameritrade Holding Corp predicted a bold jump in trading by individuals next year, smaller online broker E*Trade Financial Corp , dealing with in-house loan losses, cautioned that much uncertainty still lies ahead.

The U.S. government would gain far-reaching new powers to regulate, and even shut down, large financial firms that threaten economic stability under a draft bill released in Congress on Tuesday.

The U.S. government would gain far-reaching new powers to regulate, and even shut down, large financial firms that threaten economic stability under a draft bill released in Congress on Tuesday.

The U.S. government would gain far-reaching new powers to regulate, and even shut down, large financial firms that threaten economic stability under a draft bill released in Congress on Tuesday.

Social networking sites like Facebook and LinkedIn raise serious new challenges for financial regulators, the head of the largest U.S. independent securities regulator said on Tuesday.

Social networking sites like Facebook and LinkedIn raise serious new challenges for financial regulators, the head of the largest U.S. independent securities regulator said on Tuesday.

After months of industry hype, Hollywood on Tuesday rolls out the red carpet for Michael Jackson movie This Is It showing the final performance of the fallen King of Pop.

Visa Inc posted higher-than-expected quarterly earnings on Tuesday, as consumers used their debit cards more, and the company raised prices, sending shares up 2.4 percent.

Barry Diller may be about to hang a 'for sale' on Ask.com, saying on Tuesday that his search advertising business could be open to a takeover given the competition it faces from Google Inc and Yahoo Inc.

Treasury Secretary Timothy Geithner on Tuesday told a packed room of Wall Street dealers and bankers they could not look America in the eye and argue that financial regulation is fine as it is.

The Obama administration's executive pay czar said his authority should not be expanded beyond setting compensation guidelines for seven banks and automakers that have received extraordinary taxpayer bailouts.