The Traderszone Network

Asian stocks were cautiously up on Wednesday as benign inflation data in China and more gloom in the euro zone economy lent credence to fears of a faltering global economic recovery. “News of a very large drop in German business confidence reinforces concerns about the European economy,” Ric Spooner, chief market analysts at CMC Markets in Sydney, said in a note to clients.

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Intel Corp (INTC.O) gave a current-quarter revenue forecast above expectations and said the supply chain was in good shape ahead of holiday season as demand for personal computers recovered. A global slump in personal computer demand that began with Apple Inc’s (AAPL.O) launch of the iPad four years ago has stabilized in recent months, in part due to companies replacing employees’ older laptops. Intel said in a statement on Tuesday that demand for its chips was in good shape.

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Chicago-based AbbVie, which makes top-selling arthritis drug Humira, is eager to buy Shire to reduce its U.S. AbbVie’s said its board plans to meet on Oct. 20 to consider whether to withdraw or modify its recommendation on the deal with Shire. Under British takeover rules, AbbVie has until July 18 to announce a firm offer for Shire, extend the deadline for an offer, or walk away. Dublin-based Shire sells drugs for rare diseases.

The latest exits were the result of studies the bank began in early 2012 to figure out which countries were not profitable enough for retail banking. A spokesman for Citigroup said the bank has long had systems in place to consistently measure profitability across businesses and geography. The deliberate pace at which Chief Executive Officer Michael Corbat is fixing its business underscores how hard it is to fix a business as sprawling as Citigroup, which operates in more than 100 countries.

Details of Medina-Mora’s departure were not finalized and could change, but he is expected to leave or announce his departure by early next year, the Journal reported. Citigroup said on Tuesday it is pulling out of consumer banking in 11 markets, including Japan and Egypt, as the U.S. Several board members this year had pushed Medina-Mora to leave, but Chief Executive Michael Corbat and Chairman Michael O’Neill have been supportive of him, the report said, citing sources.

Hewlett-Packard Co has ended merger talks with EMC Corp and may announce this development as soon as Wednesday, deciding to walk away after months of fruitless negotiations, people briefed on the matter told Reuters. The official cessation of discussions to merge two of the tech industry’s largest enterprise-oriented firms may come as a disappointment to activist investors Elliott Management, which has pushed hard for storage products maker EMC to pursue merger or spinoff opportunities.

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Toyota Motor Corp’s Chinese joint venture will recall 93,700 cars due to leaking brake fluid, China’s quality watchdog said on Wednesday. Tianjin FAW Toyota Motor Co will recall the Crown model sedans …