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CNBC's Simon Hobbs reports on all the market moving events from Europe today, as the FTSE 100 touches its highest level since September 2000.
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The mood is growing surly in the south of Europe as austerity measures take hold. With unemployment at 20 percent in some countries – and youth unemployment as high as 50 percent – warnings are growing sharper about a troubling rise of populist feeling. The Christian Science Monitor reports.
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With markets closed in the US for the Presidents' Day holiday, the focus was firmly on Europe and the afternoon meeting of euro zone finance ministers with a positive resolution being increasingly priced in by investors. European shares closed up on expectations that Greece will get its second bailout, and after China cut the amount its banks must hold in reserve.
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The next year is likely to bring a period of tepid growth for businesses, and investors should stick to defensive plays even though they are not that sexy, Barry Dixon, head of research at Irish wealth management company Davy told CNBC.
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Greece’s second bailout deal is expected to finally be sealed later Monday at a meeting of the Eurogroup of euro zone finance ministers, but the troubles of the heavily indebted Mediterranean country will stay on the markets' agenda, analysts believe.
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European shares were called higher Monday on the back of hopes that Greece will secure its second bailout when euro zone finance ministers meet later on Monday.
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KNTV's Scott Budman reports a fire has broken out at BP's oil refinery in Cherry Point, Washington; Italian police arrested eight people on charges related to $6 trillion dollars in fake T-Bonds; TNT Express says it is still in talks with UPS, after rejecting the company's $6.5 billion dollar takeover offer; and New Jersey's Gov. Chris Christie has followed through on his promise to veto the same-sex marriage bill.
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The U.S. market is being spurred by better economic news, and a look at the stock moves today, including Apple losing steam in China; Gilead Sciences shares dropping after patients being treated with its hepatitis c drug have had relapses, and Google is slightly lower on a Wall Street Journal reporting the company bypassed Apple browser privacy preferences, reports CNBC's Amanda Drury.
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European stocks rise on renewed hopes for a Greek bailout and CNBC's Michelle Caruso-Cabrera takes a look at the timeline of Greece's race to make the March 20th debt payment and CNBC's John Harwood has the details on the House passing the payroll tax cut extension, and the CNBC news team take a look at the global market movers on the last trading session of the week.
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European finance ministers are set to decide by Monday whether to give a new loans to Greece. But if you want to improve Greece’s debt-to-GDP ratio, don’t give them any more debt.
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"There are huge imbalances within the Euro Zone. It is not just a case of dealing with Greece, there are uncertainties about Italy, Spain, Portugal and Ireland," Stephen King, chief global economist at HSBC, told CNBC.
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Yet another week has gone by without a final resolution of the terms of Greece’s second bailout deal within two years.
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"If you go through the data, on the balance sheets and such," Erik Nielsen, chief economist at Unicredit, told CNBC, "Europe as a whole looks pretty wealthy compared to the US and the UK." The issue, he added, is a matter of distribution.
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The main European markets were expected to open up slightly on Friday, after a week where Greece once again dominated the agenda.
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Check out some of the billionaires from all over the world who have added a major sports team or two to their portfolios.
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CNBC's Mandy Drury looks at the U.S. markets, which are up on strong economic data. Moody's bank downgrade threat has a slight impact on some U.S. banks. GM earns record profit of $7.6 billion for 2011. Marriott says room rates have risen in most areas of the world. Amazon is downgraded by Morgan Stanley and is down today, as a result.
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European markets come off lows after good U.S. economic data. Unemployment in Portugal jumps to 14 percent in Q4. French yields fall below 1 percent at 2-year note sale. Greece's far right Laos Party reportedly won't commit to austerity measures. Polls show 40 percent of Greeks support anti-austerity leftist parties. Greece says it hopes to wrap up bailout agreement by Monday. With Art Nolan, independent trader.
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The major European markets were called lower on Thursday after yet another delay in the Greek bailout deal.
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CNBC's Mandy Drury looks at the U.S. markets, which are mixed after a positive start. Shares of Yahoo are lower after talks with Alibaba break off. Zynga is also lower after the company warns of a booking slowdown. Apple is up again for the ninth consecutive say. And Kellog's is up after agreeing to acquire Pringles from P&G.
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European shares pare early gains on reports of possible delay in Greek bailout. Bank stocks are mostly higher, though off the day's best levels. Bank of England raises 2-year inflation forecast to a higher than expected 1.8 percent. Italy slides back in recession as economy contracts .7 percent in Q4. German economy shrinks less than expected to .2 percent in Q4.
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Although there are similarities with what the United States went through at the onset of the financial crisis, the issues in Europe are are more complex and will take years to resolve, Henry Paulson, former Treasury Secretary and founder of the Paulson Institute told CNBC on Wednesday.