U.S. crude was down $1.80, or 3.8 percent, to $45.32 a barrel in afternoon trading in New York, the lowest price in more than four months. Benchmark U.S. crude has been declining since reaching a high this year of $61.43 a barrel on June 10. Brent crude, a benchmark for international oils used by many U.S. refineries, was down $2.38, or 4.6 percent, to $49.83 a barrel in London.» Read More
China’s sluggish growth and contractions in oil supply and demand should be enough to convince oil market bulls that the oil rally can’t continue for long, Neil Atkinson, Director of Energy Research and Analysis at Data Monitor, told CNBC.
Greek and other heavily-indebted euro zone countries' banks are staying afloat thanks to a system which creates a circular flow of cash not unlike a Ponzi scheme, analysts told CNBC on Wednesday.
Banks complain that tighter regulation means that too much capital is tied up in regulatory funds and not enough gets to consumers. But they should get used to it as this is the “new normal” if we want economic growth, Professor Andrew Sentance, senior economic adviser at PricewaterhouseCoopers (PwC) told CNBC.
Another day, another prediction of a Greek exit from the euro zone. But unlike the vast majority who give a medium term timeline for a "Grexit", one strategist told CNBC it could come as early as next month.
Due to increasing U.S. growth concerns and the weakening breadth of demand for equities, small caps face strong headwinds, Gerry Fowler, global head of equity & derivative strategy at BNP Paribas, told CNBC.
The euro is “irreversible,” but leaders must implement changes to prevent the euro zone debt crisis from cascading across the continent, Olli Rehn told CNBC Tuesday.
The member states of the euro zone have become addicted to central bank funding and are on course for years of prolonged stagnation, similar to that seen in Japan in the 1990s, according to Nick Beecroft, Chairman and Senior Market Analyst at Saxo Capital Markets UK.
Though other parts of the continent are improving, Greece actually is worse up close than it appears from the outside, investor Wilbur Ross told CBNC.
Germany’s reputation as the healthy man of Europe has been reinforced by better-than-expected growth in gross domestic product for the second quarter, as growth contracted in the broader euro zone.
Despite yielding extremely low or even negative returns, German Bunds have not lost their safe haven appeal, underscoring the huge appetite among investors for low risk assets as the euro zone debt crisis drags on. But a new asset class is on the rise – and many believe it has a lot more to offer.
For most of the euro zone debt crisis, the distinction between the core and peripheral countries of the euro zone have been quite clear — the periphery seemed to cause all the trouble, and the core picked up the bill.
A leading trade association for British tour operators says tourism slumped during the Olympics.
The Libor scandal, which began in London with bankers accused of manipulating a key global interest rate, has reached the Alaskan wilderness. Or at least that's the hope of New York plaintiffs' lawyer Brian Murray.
The euro zone should have started off with fewer members, and struggling members should be pushed out, a former European Central Bank (ECB) member who helped shape the euro at its inception told CNBC.
Greek police say they have detained some 6,000 people in Athens on suspicion that they have entered the country illegally and will deport more than 1,600 of them to their home countries.
Famously bearish economist Nouriel Roubini has branded the Olympics an “economic failure”, saying Londoners have left the city and tourists have stayed away following “excess warnings”.
Greece’s talks with the European Central Bank, European Commission and International Monetary Fund over the weekend may have gone well but not enough is being done in terms of structural reform and the Greek people expect government action to start bringing about results, Dionyssis Dimitrakopoulos, a senior lecturer in politics at Birkbeck College at the University of London, told CNBC on Monday.
Major banks, which often band together when facing government scrutiny, are now turning on one another as an international investigation into the manipulation of interest rates gains momentum. The NYT reports.
Italy's prime minister warned that the euro zone's debt crisis has created resentment amid the bloc's nations, which could ultimately trigger a breakup of the wider European Union.
European markets were expected to open with a mixed picture Friday, after falling Thursday in the light of disappointment over European Central Bank (ECB) President Mario Draghi’s comments.