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The U.S. Treasury sold a new government security with a three-month maturity and a yield of zero for the first time on record yesterday, reflecting the highest demand since June.  In essence, buyers gave a free short-term loan to the U.S. government in exchange for a highly liquid debt instrument for their portfolio.  The result reflects diminishing expectations in financial markets that the Federal Reserve would raise short-term rates before year-end after Friday’s disappointing jobs report. (wsj)


U.S. industries as diverse as aerospace, agriculture and apparel lauded a historic 12-nation Pacific trade deal struck Monday, while pharmaceutical makers, tobacco companies and others criticized the pact as falling short in key areas.  Completion of the Trans-Pacific Partnership, the biggest trade deal in a generation, marks a victory for President Barack Obama, who said it would open new markets to American products and set high standards for protecting workers and the environment. (WSJ)


Shares in SABMiller have taken a downwards turn following a report that the London-listed brewer behind brands including Miller, Peroni, and Grolsch rejected an informal offer made last week by its bigger rival, Anheuser-Busch InBev.  The offer was apparently rejected as being too low. According to some shareholders, the offer price should eclipse $110bn, which would be the largest merger of the year.  (FT)
 

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