Reuters Daily Investor Update: August 27, 2015

Click to View in Browser Thursday, August 27, 2015 China official blames Fed for global market rout, not yuan BEIJING (Reuters) - The global stock market rout of the past week was sparked by concerns over a possible interest rate rise by the U.S. Federal Reserve and not by the devaluation of China's yuan currency, a senior Chinese central bank official told Reuters on Thursday. Wall St. ends near highs after strong data NEW YORK (Reuters) - Wall Street rallied in a volatile session on Thursday, fueled by optimism after strong U.S. economic data and by hints that a September interest-rate hike was unlikely. Caterpillar Inc plans to cut 475 more jobs amid revenue decline (Reuters) - Heavy machinery manufacturer Caterpillar Inc said it plans a new round of layoffs to cut costs as declining revenues from global mining and construction activities erodes its bottom line. Stocks rebound from China slump, strong U.S. data helps NEW YORK (Reuters) - Stock around the world rallied on Thursday, shaking off a slump related to China growth fears, as strong U.S. economic data boosted investor sentiment and crude oil rebounded sharply. Tiffany earnings fall as high costs, strong dollar bite (Reuters) - Tiffany & Co posted a 15 percent drop in quarterly earnings due to a strong dollar and the cost of developing and bringing out new products, sending shares of the luxury jeweler to an 18-month low. AIG seeking $1.76 billion in 'life settlements' trial in New York NEW YORK (Reuters) - An American International Group Inc unit on Thursday asked a federal judge to order a Pennsylvania firm to pay it $1.76 billion in damages for allegedly overcharging for life insurance policies acquired from elderly individuals. U.S. leaning against regulatory relief for three banks in Libor scandal WASHINGTON (Reuters) - The U.S. Labor Department is leaning toward denying requests for regulatory relief by three big foreign banks that pleaded guilty to manipulating Libor interest rates but want to keep managing retirement accounts for clients. Google rejects 'unfounded' EU antitrust charges of market abuse BRUSSELS (Reuters) - Google Inc has rejected EU antitrust charges that it abused its market power, exposing the company to the risk of a hefty fine if it does not alter its business practices. U.S. second-quarter GDP growth revised sharply higher to 3.7 percent WASHINGTON (Reuters) - The U.S. economy grew faster than initially thought in the second quarter on solid domestic demand, showing fairly strong momentum that could still allow the Federal Reserve to hike interest rates this year. Wal-Mart to stop selling AR-15, other semi-automatic rifles (Reuters) - Wal-Mart Stores Inc , the United States' top seller of guns and ammunition, said on Wednesday it would stop selling the AR-15 and other semi-automatic rifles because of sluggish demand and focus instead on "hunting and sportsman firearms." Related Video I'd be shocked if Fed raised rates in September - Brusca Breakingviews: U.S. GDP trumps markets Related News Young workers in target-date funds hit hard by market drop Wall Street is for sale - but is it cheap? Get a jump on the day with our early morning summary of key news developments for the US markets, as well as global market news. 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 2015 Thomson Reuters Ensure delivery of Reuters Newsmails, add newsletters@email.reuters.com to your address book. Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook