The US Supreme Court has declined to take on a case involving restructuring of Fannie Mae and Freddie Mac. Perry Capital and other investors had argued the government unlawfully sent the mortgage giants' profit to the Treasury Department, but justices stuck with a lower court's ruling that the investors could not pursue legal claims.
The first day of a presale of Venezuela's new cryptocurrency, petro, raised $735 million, President Nicolas Maduro said. Venezuela hopes the currency, which is backed by Venezuela's crude oil, will help the country circumvent US-imposed economic sanctions and end an economic crisis.
Asian-Pacific stock markets gained Wednesday as doors remained closed at Chinese exchanges for Lunar New Year. Japan's Nikkei 225 rose 0.2%; Hong Kong's Hang Seng Index advanced 1.8%; Australia's S&P/ASX 200 edged up 0.1%; South Korea's Kospi rose 0.6%; and India's Sensex was up 0.4%.
A judge has refused to grant AT&T access to documents between the White House and the US Justice Department about a government lawsuit to block AT&T's acquisition of Time Warner. The judge ruled that AT&T had failed to establish the antitrust enforcement action was selective.
To win the support of shareholders, chipmaker Qualcomm raised its bid for rival NXP Semiconductors to approximately $44 billion. Qualcomm sweetened its offer after coming under pressure from a bid by Broadcom to take over Qualcomm.
Walmart shares posted their biggest drop in three decades after the company reported disappointing online sales and weak earnings. As the stock price plunged more than 10%, several widely followed equity indexes were dragged down.
Franklin Templeton Investments is getting ready to launch an emerging-market fund in coming weeks, as soon as it obtains regulatory approval. The Templeton Emerging Markets Local Currency Bond fund will be actively managed and will invest in emerging-market debt denominated in local currencies.
Italy's Banking Association said the value of nonperforming loans on banks' books declined to €64.4 billion in December from €65.9 billion in November. The December total was 25.8% below the figure from a year earlier.
Yields on three- and six-month Treasurys shot up to the highest levels since 2008 as the US government sold $179 billion in debt to replenish its cash stockpile. The Treasury Department is scheduled to sell $258 billion in debt this week.
Temenos, a Swiss company that specializes in banking software, has agreed to acquire Britain's Fidessa Group, which sells financial software, for £1.4 billion. Temenos Chairman Andreas Andreades said the deal lets the firms cross-sell to each other's clients and increases their combined share of software spending by banks.