Yields on top-rated German 10-year Bunds, the benchmark for European borrowing costs, fell as some investors chose to preserve their capital in low-yielding but relatively safe assets. The moves were marginal, though, as investors did not want to position too heavily on either side. "The European market is frozen ahead of the Greek referendum," said Markus Allenspach, head fixed income research at Julius Baer.
By Michele Kambas and Lefteris Papadimas ATHENS (Reuters) - Tens of thousands of Greeks took to the streets on Friday in rival rallies that laid bare the deep divide heading into a referendum that may decide the country’s future in Europe’s single currency. Prime Minister Alexis Tsipras, elected in January on a promise to end years of austerity, urged people packing Syntagma square in central Athens to spurn the tough terms of an aid deal offered by international creditors to keep the country afloat. Tsipras says they are bluffing, fearing the fallout for Europe and the global economy.
Health insurer Aetna Inc on Friday said it would buy smaller rival Humana Inc for about $37 billion in cash and stock, in the largest ever deal in the insurance industry. The combination will push Aetna close to Anthem Inc's No.2 insurer spot by membership, and would nearly triple Aetna's Medicare Advantage business. The deal will face antitrust scrutiny but if it goes through it would dwarf the previous largest insurance deal announced just this week, where Swiss property and casualty giant ACE Ltd announced it was buying Chubb Corp for $28 billion.
Chinese stocks tumbled again on Friday, taking the week's losses to more than 10 percent, as the securities regulator said it was investigating suspected market manipulation and announced a slew of measures aimed at heading off a full-blown crash. After a slump of nearly 30 percent in Chinese stocks since mid-June, the China Securities Regulatory Commission (CSRC) has set up a team to look at "clues of illegal manipulation across markets". After market close, a CSRC spokesman said China would cut initial public offerings and capital raisings and support long-term investors entering the market to help stabilize prices.
SAO PAULO (Reuters) - Swiss lender UBS AG made a whistleblower deal with Brazilian authorities investigating the suspected rigging of Brazil's currency market and will receive no punishment in the case, a local newspaper reported on Friday. The investigation, which involves 15 of the world's largest banks, began following the presentation of evidence by UBS, Valor Economico reported, without naming its sources. A UBS press representative did not immediately respond to a request for comment. ...