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Hedge funds seen behind sell-off in U.S. large caps

Big wasn't beautiful on Thursday.

Credit worries send stocks tumbling

Stocks tumbled on Thursday, with the Dow and S&P down nearly 3 percent, after a French bank froze three funds that invested in U.S. subprime mortgages, prompting central banks to take steps to calm investors. Evidence the U.S. mortgage market crisis was having a global impact and spreading to other markets hammered financial stocks.

Goldman pounded by hedge fund rumors

Goldman Sachs Group Inc., known for its Midas touch, again found itself on the defensive Thursday amid speculation that two of its hedge funds had fallen sharply in recent weeks and were selling down positions.

Second Goldman Sachs fund sells positions: report

A second hedge fund managed by Goldman Sachs Group Inc. is suffering from losses and is selling down some of its positions, The Wall Street Journal reported on Thursday.

More news

Shares swoon on subprime distress

Stocks fell sharply on Thursday as another shoe dropped in the U.S. subprime mortgage sector meltdown, causing investors to flee riskier assets for the relative safety of government bonds. Stocks added to their declines after the Wall Street Journal reported a second Goldman Sachs Group Inc. hedge fund was suffering losses and was selling its positions.

Yen rallies as investors spooked again by risk

The low-yielding yen jumped against the dollar and euro on Thursday as investors trimmed exposure to carry trades after BNP Paribas said three of its funds were hit by problems in the U.S. subprime mortgage sector.

BNP freezes $2.2 billion of funds over subprime

France's biggest listed bank, BNP Paribas, froze 1.6 billion euros ($2.2 billion) worth of funds on Thursday, citing U.S. subprime mortgage sector problems. The news sent shivers through nervous financial markets. It came as Germany's Bundesbank met to discuss a rescue package for lender IKB, which has been hit by the subprime crisis too.

Stocks gain for 3rd day on Cisco; AIG up late

Stocks rose for a third session on Wednesday, a day after the Federal Reserve reassured investors about the economy and technology bellwether Cisco Systems Inc. raised its revenue outlook.

Federal Home Loan Banks of Chicago, Dallas talk merger

The Federal Home Loan Banks of Chicago and Dallas announced on Wednesday that they have begun preliminary talks about a possible merger as both banks face challenges turning a profit.

Emerging economies to edge past developed nations by 2050: study

Emerging economies will edge past the developed countries in terms of economic growth by 2050, the Ernst and Young European Attractiveness Survey 2007 has revealed.

Dollar slips, yen resumes decline in wake of Fed

The yen fell across the board on Wednesday after a Federal Reserve statement cooled expectations for a near-term U.S. interest rate cut and boosted stocks and other riskier assets.

Top company executives see more demergers

Top executives at the world's largest companies expect a rise in demergers over the next year as shareholders pressure companies to focus on core activities and unlock value, legal firm Allen & Overy said on Wednesday.

Top Japan court rejects Steel Partners' appeal

Japan's Supreme Court rejected an appeal by U.S. hedge fund Steel Partners on Tuesday to prevent Worcester sauce maker Bull-Dog from invoking anti-takeover measures.

Wall St gets mild lift from Fed view, Cisco up late

Stocks rose on Tuesday after the Federal Reserve said it still saw moderate economic growth ahead even though credit conditions have tightened for some consumers and businesses.

Gold slips ahead of Fed meeting, focus on dollar

Gold drifted lower on Tuesday as the dollar broadly gained ahead of a U.S. Federal Reserve policy meeting and accompanying statement.

Debt market doldrums delay Virgin Media auction

British cable operator Virgin Media on Tuesday postponed the sale of the company after it became apparent buyers would not have access to the debt needed to do a deal right away.

Asian stocks, dlr steady after Wall St rebound

Asian stock markets steadied on Tuesday and the dollar held on to gains versus the yen following a rally on Wall Street, but lingering concerns about a global credit squeeze kept many investors sidelined.

Vulture investor Ross turns sights on subprime

He's made a fortune picking through the bones of failed steelmakers, textile mills and coal miners.

Bear Stearns may be attractive for JPM, BofA, HSBC

Banks including JPMorgan Chase, Bank of America and HSBC might be interested in buying Bear Stearns Cos at the right price, but there would be real obstacles to a deal happening anytime soon, analysts said.

Dow up almost 287 as financials rally

Stocks rallied on Monday as investors snapped up beaten-down shares of financial companies after a sharp drop at the end of last week on mounting concerns about the stability of the credit markets.

Global Markets: Credit, growth fears batter stocks, hit dollar

Fears of a global credit squeeze and worries about U.S. economic strength swept across financial markets on Monday, shaking up stocks, knocking the dollar to a 15-year low and straining popular currency trades.

JPMorgan India loses 4 senior executives to rival

Investment bank JPMorgan's India unit has lost four senior executives, the latest in a series of moves in the country's financial sector, where salaries have soared on the back of a booming stock market.

HK financier Francis Leung joins CVC as adviser

Private equity firm CVC said on Sunday that Hong Kong financier Francis Leung has joined the company as senior adviser focusing on developing investment opportunities in Greater China.

Court will wait to rule on CBOT rights

A Delaware court will wait for a U.S. regulatory review to be completed before it decides what economic rights Chicago Board of Trade exercise right holders have in the Chicago Board Options Exchange, the parties involved in the case said on Saturday.

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