Morning in brief: Cameron admits debt-cut difficulties, US super-committee fails

David Cameron suggests that the government is finding it harder than anticipated to cut the deficit, while plans to create the world’s third largest stock exchange are suggested in Japan.

Markets

European and US equity futures rise and hint that rallies from six-week lows could soon emerge in benchmark indices, according to Bloomberg.

Companies

The estimated shortfall in failed broker-dealer MF Global’s customer accounts increases to $1.2 billion, almost one-quarter of the $5.45 billion in client funds that the firm should have held separately from its own funds, the Financial Times says.

The Tokyo Stock Exchange and the Osaka Stock Exchange unveil plans to merge to fight a slowing in Japanese market conditions and to create the world’s third largest bourse, the BBC reports.

UK

Prime minister David Cameron admits that tackling the government’s debts is “proving harder than anyone envisaged”, according to the Daily Telegraph, raising fears that the coalition will be unable to bring down the deficit on deadline.

US

The leaders of the ‘super-committee’ tasked with curbing the US’ national debt say they are “deeply disappointed” by their failure to achieve their goal, the Washington Post reports.

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