"We are not worried about Italy, we think this is a panic and unfounded fear," Oliver Baethe, chief financial officer at Allianz told CNBC. He added Allianz's exposure to the peripheral debt was now "fairly limited." "We have about 5 billion euros in exposure to the peripheral countries, the largest one of that left is Spain. On all the other ones its much smaller the net unrealised losses on all of the periphery portfolio is around 700 million," he said.
With the threat of failure to reach a debt deal finally out of the way and the worsening global macroeconomic picture gripping investors, it has been a win- win for US Treasurys so far.
Whether it’s the uncertainty of the new health care provisions, the plethora of proposed regulations included in Dodd-Frank, or the current budget and debt debate — one thing is for sure: small business owners are faced with an unprecedented amount of uncertainty.
UBS threatened to scale back its presence in London if the government followed advice from a heritage body that effectively blocked the redevelopment of its City of London headquarters, reported the FT.
Yesterday (Monday), Central Falls, Rhode Island, the smallest city in the smallest state in the nation, commenced a chapter 9 bankruptcy case. Central Falls, like so many other states and municipalities, made retirement promises to its firefighters and police officers that it couldn't keep.
The dollar will face months of weakness in the run up to the U.S elections next year, David Bloom, global head of foreign exchange strategy, HSBC told CNBC Tuesday
A new round of fiscal warfare is in store for the US over the coming months as a new congressional committee is formed to find extra savings from the most sensitive areas of the budget, the FT reported.
"Debt Ceiling Weekend" is over. A tentative deal has been reached. Today, the rank and file members of the Senate and the House need to review the bill and vote on it.
The U.S. should choose to default instead of delaying the inevitable by raising the debt ceiling without dealing with the crux of the financial problems, David Murrin, chief investment officer at Emergent Asset Management told CNBC Monday.
Sunday night's deal that will see the US debt ceiling raised if it passes a vote in the House is merely a "band aid" and certainly not a game changer, according to an assessment from Barclays Capital.
As we head into the weekend, a debt ceiling deal remains elusive. The debates and negotiations are over. The politicians have taken to the airwaves and are pointing fingers and laying blame.
As Republicans failed to agree a plan to raise the US debt ceiling, Dennis Gartman, author of The Gartman Letter, warned that the US stock market was a dangerous place at the moment.
"The world’s financial system could face losses equivalent to that of Lehman’s failure by August 15, and then again on the fifteenth day and the last day of every month until default is rectified,” says one chief economist.
If all goes according to plan, the city of Vallejo will emerge from a three-year bankruptcy.
CNBC's Jane Wells has the story on the largest city bankruptcy filing ever.
Leaders in Alabama's most populous county will meet later Thursday to consider filing what would be the largest municipal bankruptcy in U.S. history.
The current political turmoil may put technical levels for stocks at risk, Philippe Gijsels, the head of research at BNP Paribas Fortis Global Markets in Brussels, told CNBC.com in an interview Thursday.
In the very unlikely event that the United States defaults on its debt obligations, the country's economy would contract by 5 percent and stocks would fall by nearly a third, according to Credit Suisse.
Analysts at Barclays Capital expect the United States to lose its AAA credit rating as a compromise plan is passed by Congress that leads S&P to cut its rating on US debt.