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The dollar teetered close to its all-time lows against the euro on Thursday as the market waited to see whether the European Central Bank would voice concern about the sharp rally in the single currency.

Stocks sank on Thursday after a confidence-shaking downgrade of Citigroup by a brokerage that put the No. 1 U.S. bank's dividend in question and added to concern the mortgage crisis may claim more casualties. Adding to pressure, Exxon Mobil reported earnings that fell short of expectations.

Credit Suisse said third-quarter profit at its investment bank was all but wiped out by writedowns, leading to a 31 percent fall in group net earnings to 1.3 billion Swiss francs ($1.12 billion).

The dollar edged up from the previous day's record lows versus a basket of major currencies on Tuesday as investors marginally trimmed expectations the Federal Reserve will cut rates this week.

China is likely to become the world's second-largest consumer market by 2015, says a new report released by the Boston Consulting Group.

The dollar firmed against the euro on Tuesday as it continued to draw support from a more positive U.S. economic outlook and a growing view the Federal Reserve may not cut interest rates later this month.

Oil prices fell sharply toward $80 a barrel on Monday as investors took profits from the near-record highs of last week and weighed the threat of a deeper economic slowdown in the United States.

Credit crisis woes hit European stocks on Monday and looked set to at least hold back Wall Street after UBS, Credit Suisse and Citi signalled threats to their bottom lines.

Swiss banks UBS and Credit Suisse and America's Citicorp added to the ranks of casualties from a global credit crunch on Monday, prompting money market rates to climb on fresh concern about the depth of the crisis.

Countrywide Financial Corp, the largest U.S. mortgage lender, said on Thursday that it had lined up $12 billion of secured financing to help cope with a housing slowdown that has reduced loan demand and will lead to widespread layoffs.

HSBC Holdings Plc has paid around $254 million for 10 percent of Bao Viet to become the sole foreign investor in Vietnam's largest insurance firm, officials from the Vietnamese company said on Thursday.

Kohlberg Kravis Roberts & Co. is close to making a concession to the banks financing its $26 billion leveraged buyout of payment processor First Data Corp, a source said on Monday.

Lowe's Cos. reported a higher-than-expected quarterly profit on Monday, and its shares rose more than 6 percent as the home-improvement retailer said sales were improving in some regions despite the soft U.S. housing market. The company, which ranks second behind Home Depot Inc., said difficult sales comparisons were starting to lessen, but still cut its full-year profit and sales forecast.

Clients are urged to sell shares and build up cash until stock markets settle and low prices opportunities emerge.

Swiss bank UBS, the world's largest wealth manager, beat forecasts with record second-quarter profits on Tuesday but warned market turmoil was likely to hit its investment banking business in the second half of the year.

Home Depot Inc. reported a 15 percent fall in second-quarter profit on Tuesday as quarterly sales fell for the first time in more than four years in the slumping U.S. housing market.

The quality of Chinese home loans is worse than in the United States, where a subprime mortgage crisis is causing turmoil in global financial markets, according to a prominent academic quoted in a Hong Kong newspaper on Sunday.

Apple Inc.'s shares rose more than 8 percent on Thursday after stronger-than-expected quarterly profits prompted a number of analysts to raise their price targets on the stock.

Scrutiny of banking transactions after 9/11 has led European and Canadian banks to cut back on dealings with Cuba.

Credit Suisse is buying up to 15 percent in Park Hotels in a deal worth up to $55 million, according to reports.

Data storage company EMC Corp.'s subsidiary, VMware, said it expects its initial public offering to be priced between $23 and $25 per share.

Rio Tinto, the world's second-biggest miner, is drawing up plans to gatecrash Alcoa Inc's $28 billion hostile bid for North American rival Alcan Inc., the Daily Telegraph said on Friday.

Risk aversion triggered by troubles with U.S. mortgage securities rippled across financial markets on Wednesday, depressing European and Asian stocks and boosting safe haven government bonds.

Europe's private bank clients are raising exposure to alternative assets like hedge funds, determined to grow their wealth by spreading risks

The battle for the favours of the world's ultra rich is heating up as more banks seek a piece of what they see as the fastest growing sector in the financial industry.

Credit Suisse has told its investment bankers to reduce staff parties, client entertainment and even colour photocopying in a bid to trim costs

The Ministry of Finance of Japan issued a business improvement administrative order to Credit Suisse Asset Management Japan on Friday due to breaches of securities investment trust law, the firm said in official statement released later on the same day.

A group of nine of the world's biggest investment banks said on Tuesday they planned to set up a new system for reporting share trades, bypassing the major European stock exchanges and ahead of new European securities regulations due to come into force later this year.

Nine leading investment banks have signed a Letter of Intent and Team Sheet to create a trade data and market dissemination platform.