Spreadex Market Update
No deal reached
Republicans and Democrats in Congress are starting to talk about the benefits of waiting until January to reach a budget deal.
UBS AG will pay around $1.5 billion to settle charges that a group of traders at its Japanese unit rigged Libor interest rates. The fine, to be imposed by the United States and Britain, would be the latest blow to UBS after a $2.3-billion rogue trading loss in London last year, a $780-million fine after a U.S. tax investigation in 2009 and its near collapse in 2008 under the weight of losses on U.S. sub-prime mortgage lending.
The FTSE 100 meanwhile has dropped, led lower by temporary power provider Aggreko which warned on its 2013 outlook, and heavyweight Vodafone hit by concerns about the cost of new generation wireless networks.
The falls offset gains among miners, which have found support of late after improving economic data from China, following a year of underperformance which has seen the sector fall 1.6 percent compared with the FTSE 100's 6.3 percent rise.
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