European Central Bank President Jean Claude Trichet warned on Monday that the end of the credit crunch was not yet in sight and the world was experiencing an "ongoing and very significant market correction."
The credit crunch is far from over and is likely to hit sectors other than housing, Marc Faber, Editor and Publisher of “The Gloom, Boom & Doom Report”, told "Squawk Box Europe."
France's biggest retail bank, Credit Agricole, announced a 5.9 billion euros ($9.1 billion) rights issue to shore up its capital after further writedowns at its Calyon investment bank, sending its shares down sharply.
Societe Generale, the French bank hit by the world's worst rogue trader scandal, reported a 23.4 percent fall in first quarter net profit although earnings came in above the average market forecast.
The European Central Bank left its key interest rate unchanged at 4 percent on Thursday, as widely expected, and its president Jean-Claude Trichet warned on inflation pressures.
The European Central Bank will most likely do on Thursday what it has done every month since the credit crunch started last August: keep rates steady and talk tough on inflation.
Engineering group Alstom said on Tuesday some of its employees had been questioned as witnesses in a Swiss legal investigation, but said a report it was being investigated for paying bribes was based on speculation.
A host of news out of France on Tuesday, with Alstom down more than 2 percent on reports that officials are investigating it for bribery.
Nicolas Sarkozy promised the French people more money, faster growth and a break with the past. So how has he delivered?
The financial sector fueled a rally in European shares on Friday, which scored their third weekly gain, after U.S. jobs data suggested the world's largest economy was proving more resilient than expected.
Euro zone inflation slowed more than expected in April, an early estimate showed, but economic sentiment also deteriorated faster than forecast, pointing to slowing economic growth.
I have been covering the credit crunch since around 8:30 cet on August the 9th 2007 when BNP Paribas was forced to announce problems at 3 of their biggest funds. Producing Squawk Box I remember Alchemy Partners Jon Moulton telling Geoff Cutmore that this would be just the start and he was right.
The disparity between U.S. and euro zone interest rates is starting to cause problems, French Economy Minister Christine Lagarde told CNBC Monday, adding that Europe’s rampant inflation will ease.
With the US heading for recession, the European Commissioner for Economic Monetary Affairs could be forgiven for lauding the strength of the European economy when he unveils his spring economic forecast on Monday.
Wage and fiscal policy in the euro zone could buoy inflation and the European Central Bank may need to act on interest rates, ECB policymaker Axel Weber said in a newspaper interview released on Saturday.
The head of Societe Generale, the French bank that recently survived the world's biggest rogue trading scandal, is relinquishing his job as chief executive but will stay on as chairman.
Daniel Bouton will give up SocGen's chief executive role after 15 years but stay on as chairman. Finance Director Frederic Oudea will take the operational helm.
Surging energy and food prices pushed euro zone inflation to a new high of 3.6 percent in March, boosting the euro to a record high against the dollar on fading chances of a ECB rate cut in the near term.
Dutch Philips Electronics was the latest company to say it predicts a slowdown in developed economies after reporting a sharp drop in quarterly operating profit Monday that exceeded analysts' expectations.
European stocks ended lower for the third straight session on Thursday but well off the day's lows as strong gains on Wall Street sparked a late recovery, eclipsing fears of more asset writedowns in the banking sector.