Broadening its horizons: Cisco, known for networking equipment, is looking at cutting edge technologies.
Market wrap: US stocks tumbled on Monday as concern over global growth hit banks and other economically sensitive shares, although a late rally in energy shares left the market well above its lows of the day. - Reuters
The DJIA closed down 177.92 points, or 1.1%, at 16,027.05, the S&P 500 lost 26.61 points, or 1.42%, to end at 1,853.44 and the Nasdaq dropped 79.39 points, or 1.82%, to 4,283.75.
Forex summary
*The ringgit drops 0.36% to 4.1740 per US$
*It falls 0.73% to 4.6725 per euro
*Up 0.44% to 6.0014 to the pound sterling
*0.17% lower to 2.9571 per Singapore dollar
*0.10% higher to 2.9568 per Aussie
*Down 0.81% to 3.6197 per 100 yen
Energy
Global oil markets fell 3% to settle down for a third straight day on Monday on worries that US crude stockpiles had reached new record highs, while a Saudi-Venezuela meeting to boost prices showed little progress. Oil was also hurt by tumbling US equity markets amid persistent fears about the global economic slowdown. Global crude benchmark Brent settled down US$1.18 at US$33.88. - Reuters
Top foreign stories
Cisco's quarterly report to offer gauge of technology demand: Investors spooked by a steep sell-off in enterprise tech stocks will get a fresh glimpse of the health of technology spending on Wednesday when bellwether Cisco Systems Inc posts its quarterly results. Cisco is expected to report a 1.5% drop in revenue for the January-ended quarter, according to Thomson Reuters, but investors fear the current quarter could be worse. - Reuters
Japan's top FX diplomat says watching for any excessive yen moves: Japan's top currency diplomat Masatsugu Asakawa said he was watching daily exchange-rate moves carefully to check for excessive volatility, the daily Nikkei newspaper reported. "Buying pressure has concentrated on the yen as a safe haven as global financial markets were unstable," Asakawa said, adding that the rise in the yen had outpaced rises in other currencies since the start of this year. Reuters
US inflation survey tumbles in red flag for Fed: An increasingly important gauge of US inflation tumbled last month to its lowest level since the Federal Reserve Bank of New York began the survey in mid-2013, in what could be taken as another warning bell for the US central bank. - Reuters
Thai Big C sells major stake in TCC Group for US$3.5b: Investors in Big C, one of Thailand's largest supermarket chains, cheered on Monday an up to US$3.5 billion deal by France's Casino Group to sell its majority holding to TCC Group, owned by whiskey tycoon Charoen Sirivadhanabhakdi. If the deal completes, Big C will hand TCC Thailand's second-largest hypermarket operator after the Thai unit of Tesco Plc. - Reuters
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