Japan's Nikkei plumbed a 2007 low and other Asian stock markets fell as much as 6 percent on Wednesday as investors shunned risky trades amid growing credit jitters, pushing the yen to a 4 and a half month high. The nervous sentiment is set to hit Europe, where financial bookmakers are calling for falls of half a percent or more for major indexes.
Citigroup Inc. could suffer as much as $1 billion of after-tax losses from credit turmoil in the third quarter, analysts at Sanford C. Bernstein & Co. said on Tuesday.
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.
Annuities are (a) a great way to make your money last as long as you do; (b) fee-laden, lousy investments pushed by greedy commission-hoarding salesmen; (c) so complicated they make your head hurt.
U.S. Treasuries climbed on Tuesday after several Canadian investment trusts had trouble repaying short-term loans, further evidence that a crisis that began in mortgages has led to a wider credit crunch.
Oil prices rose on Tuesday as concerns about a newly formed tropical storm in the Atlantic countered fresh troubles in credit markets.
Five banks, including Citigroup, Lehman Brothers Holdings Inc., and Merrill Lynch & Co. Inc., said on Tuesday they were setting up a trading platform for privately offered stocks, seeking to tap the growing market for non-public shares.
Intervention by central banks has staved off a crisis, but investors need to know more about the true state of U.S. mortgage markets before calm can be restored to markets, a top manager at UBS said.
Prudential Financial Inc. has the riskiest investment portfolio, including subprime exposure, among life insurers, while MetLife Inc. and Genworth Financial Inc. should be closely monitored, Citigroup analyst Colin Devine said in a report on Monday.
The tightening of the credit markets and fears of a global liquidity crunch have turned a normal summer slowdown in mergers and acquisitions into a deep freeze.
Blackstone Group LP is finding it more difficult to find new deals as credit markets tighten, which will affect near-term results, President Hamilton James said on Monday.
Stocks edged higher on Monday after central banks pumped more cash into the global financial system and a report showed U.S. consumers spent more freely than expected last month.
With world stocks have fallen more than 7 percent in a month and some indexes down more than 10 percent from their highs, some market players are saying the time is near to buy.
Investment bank Goldman Sachs Group said on Monday it and outside investors would pour $3 billion of new capital into Goldman's Global Equity Opportunities fund, a long-short quantitative hedge fund hurt by recent market volatility. In the statement, Goldman acknowledged for the first time that market conditions had led to fund losses.
The havoc in the credit markets could reduce prices that office, industrial, apartment and shopping-center properties have commanded over the past few years.
On the heels of a crisis, investment bank shares are looking cheap. Some say it's a great time to buy.
For investors, the subprime crisis is the first real test of will since the Internet stock bust six years ago.
Wall Street's roller-coaster ride, triggered by the meltdown in subprime mortgage lending, is spreading pain through financial markets -- but has not hit Main Street yet.
Reliant Pharmaceuticals Inc. filed with U.S. regulators on Friday to raise up to $400 million in an initial public offering of common stock.
U.S. regulators are scrutinizing the books of some top Wall Street brokers and investment banks for subprime-mortgage losses, according to a report in the online version of the Wall Street Journal.
The yen firmed broadly on Friday as continued turbulence in global financial markets caused investors to shun risk, cutting their exposure to carry trades.
Man Group Plc, slated to become the first firm to list a hedge fund on the New York Stock Exchange this autumn, will delay the public offering as market conditions have deteriorated dramatically, a source familiar with the company's plans said on Thursday.