IMF: Spain should raise taxes to reduce deficit

WSJ Markets

• Markets Flinch as Fed Eyes Easy-Money End
  Bernanke said the Fed could start winding down its $85 billion-a-month bond-buying program later this year, setting up a high-stakes test to see if the economy and markets can begin to stand on their own.
• Fed Result, China PMI Weigh on Asian Shares
  Asian markets were lower Thursday in the wake of Wednesday's Federal Reserve policy meeting outcome and a weak China PMI reading. The Hang Seng fell 2.2%.
• China Manufacturing Hits a Nine-Month Low
  China saw a fresh sign of economic weakness on Thursday, as an initial gauge of manufacturing health slumped to a nine-month low in June.
• As Sanctions Bite, Iran Invests in Georgia
  Economic sanctions against Iran have made it hard for Iranians to do business abroad. But Iranian businessmen are flocking to Georgia, a U.S. ally in the Caucasus region, to pursue profits.
• Banks Blundered on Mortgage Pact
  Four of the largest U.S. mortgage servicers failed to comply with parts of a $25 billion landmark national mortgage settlement, the watchdog overseeing the process said.