US equity markets retreated, with the much of the selling being triggered mid-session and with investors struggling to pinpoint a particular catalyst for the sudden move - Dow fell -135-points or -0.46%, paring an earlier -388-point drop. Intel Corp (down -2.5%) was the worst performing index constituent. Coca Cola Co increased its quarterly dividend to US$0.41c per share from US$0.40c. The broader S&P500 fell -0.38% and the technology NASDAQ -0.72% after both indices hit record highs in the previous session. In merger and acquisition (M&A) news, Morgan Stanley announced a deal to acquire discount brokerage E*Trade Financial Corp in an all scrip transaction worth US$13B. The deal marks the largest takeover by a big US bank since the global financial crisis (GFC). Sprint Corp and T-Mobile US Inc have agreed their merger after tweaking the terms of the deal.
