China's monetary stimulus measures and currency depreciation could trigger a wave of deleveraging across cross-border carry trades, warns Josh Klaczek, head of Asia financial services equity research at J.P. Morgan.» Read More
A group of financial institutions unveiled a plan Thursday to ease a credit crunch in Canada's C$116 billion ($108 billion) asset-backed commercial paper market, winning tentative market applause though jitters remained.
Moody's Investors Service analysts said the credit crunch rattling global financial markets could cause the collapse of a major hedge fund, Dow Jones Newswires reported on Thursday.
The U.S. Federal Reserve said on Thursday it added $5 billion of temporary reserves to the banking system through 14-day repurchase agreements.
The dash to raise capital, as clients demand their money back from ailing hedge funds, could put the best market merchandise on sale.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
A bruising selloff in world stock markets is about to extract more pain on Wall Street, where stock index futures are pointing to a sharply lower opening.
The European Commission will review a voluntary code used by credit rating agencies as they appeared too slow in warning about problems in the U.S. subprime mortgage sector, a spokeswoman said on Thursday.
Asia Pacific central banks and financial chiefs kept a tight watch on money markets and attempted to reassure investors on Thursday as fears of a worsening global credit storm gripped the region.
Australian mortgage lender RAMS Home Loans Group said on Thursday it had extended the refinancing period for A$6.17 billion (US$5.1 billion) in maturing notes, slicing its share value in half.
The asset-backed commercial paper market is effectively becoming closed for some issuers, including companies that originate mortgages. For instance, dealers in the commercial paper market are currently quoting Countrywide Financial's 30-day commercial paper at a yield of 12.54%.
So we are finally approaching the mythical "correction" phase: the S&P 500 is 9.5% off its historic high of July 19, close to the 10% that is considered a "correction."
Thornburg Mortgage's president told CNBC Wednesday that the residential mortgage lender is still having having problems raising financing but has begun to "turn the corner" and hopefully "by next week it will be pretty much back to business as usual."
Wall Street is bracing for a weaker opening, joining a sell off in stock markets around the world. Europe's major markets were lower after a selling spree across Asian markets, sparked by credit fears.
The Philippine peso and Singapore dollar led the losses in Asia on Wednesday as investors extended their aggressive sales of risky assets on fears U.S. credit market woes were spreading overseas.
Shares of Mitsubishi UFJ Financial Group, Macquarie Bank and other large banks in Asia tumbled on Wednesday, hit by renewed concern about their exposure to the high-risk U.S. subprime mortgage market and turmoil in global credit markets.
More credit problems surfaced in the financial sector on Tuesday, battering stocks and fueling worries that things will get worse before they get better. "The market is still jittery," said Stephen Porpora, managing floor broker with William O'Neil. "Everybody's looking for the next shoe to drop in this subprime problem."
Thornburg Mortgage's president told CNBC that the mortgage lender is having problems raising financing but has "no intention" of filing for Chapter 11 protection. In an exclusive interview, Larry Goldstone said: "We've been able to meet all of our obligations. We've been rolling over and financing our portfolio. It's been an amazing struggle to get that done."
The task of watching literally thousands of headlines go by each day in search of breaking news can be mind-numbing. In order to preserve sanity and still do the job well, any good newsperson will develop a mental filtering system. ... But every so often, you find it’s time to readjust the radar.
Countrywide Financial, the largest U.S. mortgage lender, said on Tuesday it funded a lower amount of home loans in July than in June after tightening lending standards, but added more than 1,100 employees as smaller rivals folded.
The U.S. Federal Reserve took the unusual step of refraining from undertaking an openmarket operation so far Tuesday, in the aftermath of last week's substantial infusions of liquidity into the banking system.
Stock in structured-finance firm Coventree lost more than half its value Tuesday after it said various Coventree-sponsored trusts could not fund maturities of Canadian asset-backed commercial paper due to what it called a "market disruption."