- Chinese stocks had their biggest one-day loss in eight years, falling by more than 8% on new fears over the health of the economy. Chinese industrial profits, which rose on an annual basis in April and May, dropped in June. Profit at China's industrial firms dropped 0.3% in June from a year earlier, reversing a 0.6% rise in May and 2.6% gain in April.
- Teva (TEVA) said it would buy Allergan's (AGN) generics unit in a stock and cash deal worth $40.5 billion in a transaction that is expected to close in the first quarter or next year. As a result, Teva dropped its bid for rival Mylan (MYL).
- The world's biggest oil groups have frozen investment projects worth around $200 billion because of the drop in oil prices, with companies implementing cost cutting in order to protect shareholders' dividends, the Financial Times reports.
- McGraw Hill (MHFI) is near a deal to buy financial information provider SNL Financial for around $2 billion from private equity firm New Mountain Capital, Reuters reports quoting sources.
- Swiss bank UBS (UBS) posted profit that beat expectations in the second quarter, up 59% to $1.26 billion from the same period of last year. The bank, which was due to release results tomorrow, released them a day earlier after an erroneous report quoting anonymous sources was published by a Swiss newspaper.
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