Business Today: Stock futures sink, bill failure may make fiscal deal unlikely

		Click to View in Browser 12/21/2012 Stock futures sink, bill failure may make fiscal deal unlikely NEW YORK (Reuters) - Stock futures were sharply lower on Friday, dropping more than 1 percent, after a Republican proposal for averting the "fiscal cliff" failed to pass, further eroding hopes that a deal would be reached quickly. Consumer spending rises most in three years WASHINGTON (Reuters) - Consumer spending rose in November by the most in three years as incomes climbed, suggesting fourth-quarter economic growth might be stronger than currently expected. Gauge of business investment posts solid gain WASHINGTON (Reuters) - A gauge of planned U.S. business spending rose much more than expected in November, a hint that worries over tighter fiscal policy may not be holding back the factory sector as much as feared. World's investors stirred, not shaken by U.S. fiscal crisis LONDON (Reuters) - Global investors are betting Washington will overcome its budget deadlock despite an apparently serious setback. GE to buy Avio's aviation business for $4.3 billion MILAN (Reuters) - U.S. conglomerate General Electric has agreed to buy the aviation business of Italian aerospace company Avio for 3.3 billion euros ($4.3 billion), or 8.5 times Avio's 2012 EBITDA, the companies said on Friday. ICE's NYSE swoop creates derivatives giant LONDON (Reuters) - IntercontinentalExchange's $8.2 billion takeover of New York Stock Exchange owner NYSE Euronext allows it to tap into a dramatic expansion of demand for clearing financial derivatives expected next year. Insight: Wall Street, facing fiercer watchdog, flees U.S. power markets NEW YORK (Reuters) - When federal regulators proposed a six-month penalty on JPMorgan Chase & Co's electricity trading arm last month, they took aim at what is now a rare sight on Wall Street: a large and growing power sales business. UK data point to meager growth, public finances worsen LONDON (Reuters) - Britain's dominant services sector posted meager growth in October, which may be just enough for the economy as a whole to avoid contraction in the last three months of 2012. Insurer Aviva sells U.S. unit for $1.8 billion LONDON (Reuters) - Aviva , Britain's No. 2 insurer, has agreed to sell its U.S. business for $1.8 billion, far less than it paid for it and the biggest disposal so far in a reorganization aimed at boosting its underperforming share price. ArcelorMittal takes $4.3 billion write-down on weak Europe BRUSSELS (Reuters) - ArcelorMittal , the world's biggest steelmaker, is to write down the value of its European business by $4.3 billion, underscoring gloom about prospects for the region's recession-hit manufacturers. Related Video Market Pulse: Stocks stumble on edge of 'fiscal cliff' Reuters Asks: What will be the funding currency of 2013? Economic News Gauge of business investment posts solid gain Consumer spending rises most in three years 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