Spain downgraded by S&P

Standard & Poor's lowered its credit rating for Spain on Wednesday, in a move that could complicate Madrid's effort to avoid requesting a financial bailout.

Giant Japan pension fund to dip toe in emerging markets

TOKYO (Reuters) - Japan's Government Pension Investment Fund, the world's biggest public pension fund, said on Monday it had selected six asset managers to make its first investments in emerging markets as it tries to boost returns in the face of rising payout obligations.