The European debt crisis drew new cries of alarm on Monday as a top White House adviser warned it could slow a global economic recovery, a European Union official sharply critiqued Germany, and investors worried a Spanish bank bailout could signal further distress.
The European Commission's chief accused Germany on Monday of making naive proposals to combat the euro zone debt crisis, while financial markets took fright after Spain bailed out a small savings bank.
In 2006 or even earlier the only way to connect retail clients with the Banking Market was what was used to be called the Retail Dealers or the Retail Aggregators. So, Retail Dealers are market makers to their customers; and they traded on a home sale basis with their banks. Obviously this lead to a lot of problems. The Retail Dealer chooses not to hedge the client's positions but to take the other side of the trade 100% of the times or a significant percent of the times. So they have a conflict...
The United States suggested Europe's debt crisis would have minimal impact on global growth, but China took a more pessimistic view, warning it would impact demand for its exports and other regions would suffer too.
The euro struggled to hold on to gains on Monday as investors sold into its latest bounce, while Asian stocks recouped ground from last week's eight-month lows on fears the euro zone debt crisis will hit world economic growth.
Oil snapped three straight sessions of declines and rose more than 1 percent toward $71 a barrel on Monday, but analysts said sentiment remains fragile and prices could again be hit by macroeconomic pessimism.
Treasury Secretary Timothy Geithner said on Monday the United States and China need to work together to reduce trade barriers and develop a more balanced global economy.
The Australian Dollar did not revisit the sub 0.8100 territory on Friday's trade as it did the previous day
Volatility will be the name of the game on Wall Street this week as uncertainty over the euro-zone debt crisis remains and investors will need nerves of steel to make bets on risky assets like stocks.
Europe's financial crisis should have only minimal impact on the global recovery as governments put in place necessary policy counter-measures, a senior U.S. Treasury Department official said Sunday.
Greek Prime Minister George Papandreou ruled out defaulting on debt payments or restructuring in a Spanish newspaper interview published on Sunday.
Globally, commodity prices have stabilized after a week of declines although Reuters-Jefferies CRB commodities index dropped 2.3% on the week and 9% so far this month, Financial Times (FT) reported. The report quoting Adam Sieminski, energy economist at Deutsche Bank in Washington said that a combination of the sovereign debt crisis in Europe, credit tightening in China and a cluster of worrisome economic indicators in the US has revived concerns about a W-Shaped recovery.
Germany's parliament approved on Friday a $1 trillion safety net to stabilize the euro as fears swirled that Europe's debt crisis and tougher financial regulation may choke economic recovery.
Treasury Secretary Timothy Geithner said a strengthened global economy is now in better shape to handle the strains emanating from Europe's crisis, China's Xinhua news agency reported on Saturday.
Stocks rose on Friday, with bank shares leading a rebound as worries ebbed over the sovereign debt crisis in Europe and an overhaul of U.S. financial regulation.
Stocks rose on Friday, with bank shares leading a rebound as worries ebbed over the sovereign debt crisis in Europe and an overhaul of U.S. financial regulation.
Stocks rose 1 percent on Friday, with bank shares leading a rebound from earlier declines as worries ebbed over the sovereign debt crisis in Europe and U.S. financial reform.
(Corrects lead to say flash crash was May 6, not last month)
Wall Street was slightly higher in volatile trade on Friday as the S&P 500 fell below the level reached during the market flash crash earlier this month before muscling into positive territory.
Wall Street was slightly higher in volatile trade on Friday as the S&P 500 fell below the level reached during last month's market flash crash before muscling into positive territory.
Toyota Motor Corp said it would take a $50 million stake in U.S. electric carmaker Tesla Motors, a move that gives the Japanese automaker a chance to repair its dented public image and vaults the California start-up on to the world stage.
Wall Street was set for a lower open on Friday as concerns over the euro-zone debt crisis and U.S. financial reform fractured investor confidence in risky assets.
