LONDON, July 29- Banks from Italy, Ireland, Spain and Austria fared worst in the latest European Union stress test, which the region's banking watchdog said on Friday showed there was still work to do in order to boost credit to the bloc's economy. "While a number of individual banks have clearly fared badly, the overall finding of the European Banking Authority- that... » Read More
Euro zone unemployment has risen to its highest level since the euro single currency was introduced, data showed on Tuesday, a day after EU leaders promised to focus on creating millions of new jobs to try to kickstart Europe's floundering economy.
Chancellor Angela Merkel cemented her political ascendancy in Europe on Monday when 25 out of 27 EU states agreed to a German-inspired pact for stricter budget discipline, even as they struggled to rekindle growth from the ashes of austerity.
Germany's unemployment rate fell to a record low in January, data showed, though subdued retail sales figures suggested concern about the euro zone crisis rather than a healthy jobs market had driven consumer spending in the run-up to Christmas.
The dollar is getting a lift as worries about Greece and the European Union summit dent risk appetite. Whether it will last is another matter.
A person familiar with the negotiations to slash Greece's massive debt said private creditors participating in the deal would face an overall loss on their bondholdings of around 70 percent.
There are two primary questions: will a default by Greece actually occur? And, if a default occurs, what will happen?
Markets in Europe extend losses as Wall Street slumps. Bank stocks among the biggest losers. Yields fall in the latest 5- and 10-year auction of Italian debt. Negotiations between Greece and private-sector creditors continue. Underwriters hike cost of insuring Portugal bonds and want upfront payment. And Germany's Merkel to actively support re-election efforts of Frances's Sarkozy.
Gold priced in euros broke above of key trend line Monday morning, as safe-haven buying and upward technical momentum continue to help the precious metal rally.
Slow progress on Greek debt and a looming EU summit sap risk appetite and lift the buck — it's time for your FX Fix.
With the European financial crisis still threatening a trail of defaults, United States banks are betting that their insurance is going to pay out, the New York Times reports.
No country will exit the euro zone this year but a solution to the debt crisis remains elusive, Jim Rogers, CEO and chairman at Rogers Holdings, told CNBC Monday.
Iran’s parliament is to debate a “double-urgency bill” which would halt all oil exports to the European Union in response to expanded sanctions by the bloc.
Benchmark crude oil prices will likely rise this week as risk appetite improves on optimism that Greece and private sector creditors are nearing a deal on a debt swap, CNBC's weekly survey showed.
"I am convinced we can avoid a Greek default," Wolfgang Schauble, Germany Federal Minister of Finance tells CNBC's Maria Bartiromo. "We are trying to do a growth friendly deficit deduction," he adds. Oilli Rehn, European Commissioner for Economic and Financial Affairs, also weighs in.
During Europe's financial crisis the European Central Bank has been "an anchor of stability and confidence," former president Jean-Claude Trichet said.
Sharing his currency trade on the Australian dollar vs the Mexican peso, with Willie Williams, Societe Generale institutional derivatives sales director.
Former president of the European Central Bank discusses the future of the euro zone, bondholders clashing on Greek interest rates and whether or not Europe will have a more centralized power.
Ford fell after missing earnings estimate on weaker sales in Europe and higher input costs. Alan Mulally, Ford Motor president & CEO, explains the earnings shortfall, with CNBC's Phil LeBeau.
The euro rises on happy talk, GDP hangs over the dollar - it's time for your FX Fix.
This is a live blog from "The Future of the Eurozone," an event at the World Economic Forum in Davos, Switzerland, in which our panelists will debate the question, "How will the Eurozone economies emerge from the euro crisis?"