Stock Market Today - Greece's Parliament Approves Required Creditor Reforms
Also: Downward pressure on China's industrial sector intensifying due to weak demand, slowing exports, falling investment. British pharmaceuticals company AstraZeneca to buy ZS Pharma for $2.7 billion.
NEW YORK (TheStreet) -- Greece's parliament approved a bill of reforms required by the country's creditors three days before a meeting of eurozone finance ministers who will discuss whether the country qualifies for further bailout funds.
- Downward pressure on China's industrial sector is intensifying due to weak demand, slowing exports and falling investment, the industry ministry said. It said it would encourage Chinese firms to merge and restructure, and continues to recommend that firms look overseas for opportunities.
- Meanwhile, the switch to a consumer-driven economy in China is a painful and hard process, the country's Prime Minister Li Keqiang said in an editorial published by state-owned media. He repeated previous statements that China's economy needs to expand by 6.5% a year by 2020 to meet the government's goal of doubling 2010 GDP per capita.
- British pharmaceuticals company AstraZeneca (AZN) said it agreed to buy U.S. biotech firm ZS Pharma (ZSPH) for $2.7 billion. AstraZeneca has engineered several acquisitions lately to keep its drugs pipeline fresh.
- The SEC has charged a trader with creating two false Twitter accounts and tweeting false information in order to profit from the moves in the share prices that would follow. One of the companies the trader is alleged to have targeted saw its share price fall 28% before trading was halted.
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