Business Today: Wall Street to fall on China data, S&P still up for week

		Click to View in Browser 08/10/2012 Wall Street to fall on China data, S&P still up for week NEW YORK (Reuters) - Stocks were set to open lower on Friday after a far weaker-than-expected rate of growth in Chinese exports, but the S&P 500 was still on track to post its fifth straight week of gains. Exclusive: U.S. banks told to make plans for preventing collapse (Reuters) - U.S. regulators directed five of the country's biggest banks, including Bank of America Corp and Goldman Sachs Group Inc, to develop plans for staving off collapse if they faced serious problems, emphasizing that the banks could not count on government help. U.S. import prices fall on oil, consumer goods WASHINGTON (Reuters) - U.S. import prices unexpectedly fell in July for the fourth straight month as costs declined for imported oil, industrial supplies and many consumer goods, further icing inflation pressures. Pfizer's Torisel drug fails in a combination study (Reuters) - Pfizer Inc said on Friday that a late-stage trial of its drug for renal cell cancer failed to meet its main goal when given in combination with Avastin, a drug made by Roche Holding AG. Canada surprises with big job losses in July OTTAWA (Reuters) - Canada's economy unexpectedly lost 30,400 jobs in July in a third disappointing month for the labor market, suggesting the central bank will stay on the sidelines for longer as growth fails to gain momentum. J.C. Penney sales slide, CEO vows to "stay the course" (Reuters) - J.C. Penney Co Inc on Friday reported a deeper-than-expected drop in quarterly sales, leading to a big loss, in the department store chain's second straight quarter of severe sales declines since changing its pricing strategy. China data signals economy may need urgent policy action BEIJING (Reuters) - Chinese data dealt policymakers fresh blows on Friday as trade and new bank lending suggested pro-growth policies have been slow to gain traction and more urgent action may be needed to stabilize the economy. Barclays shares rise as Walker comes in to clean up LONDON (Reuters) - Barclays shares rose on Friday after the British bank named finance industry veteran David Walker as its new chairman, moving quickly to fill a void and picking an expert in business best-practice to lead its recovery from an interest rate rigging scandal. German economy faces recession fear in threat to euro zone BERLIN (Reuters) - Three years into the euro zone debt crisis, the gravity-defying German economy has stalled and some fear it could fall into recession in the second half of this year. Manchester United IPO shows soccer's limited investor appeal LONDON (Reuters) - Manchester United will make its New York Stock Exchange debut on Friday after a flotation that disappointed the English soccer club's American owners and has enraged some of its fans. Related Video U.S. Morning Call: Exclusive-Big banks got tall order Breakingviews: Barclays' next step Economic News U.S. import prices fall on oil, consumer goods Jobs, trade data supports modest economic growth A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend