CNBC's Simon Hobbs reports on all the market moving events in Europe today, including January industry production data falling, and earnings misses.» Read More
The Italian government approved a 2008 budget inthe early hours of Saturday morning identifying nearly 11 billion euros in new receipts and spending cuts, though a decision on the thorny question of welfare spending has been put off to October 12.
European stocks ended the third quarter lower, with banks taking the hit, but Federal Reserve rate cuts should help markets calm down in the fourth quarter and even finish the year on a positive note if no other major bad news emerge.
The credit market squeeze helped to drive growth in euro zone corporate borrowing to a record high in August, figures showed on Thursday, as some firms found that their usual funding channels had dried up.
Credit markets eased Wednesday, not from any big improvement in underlying conditions but because the U.S. Federal Reserve is expected to throw moral hazard concerns to the wind and cut rates again in October.
Credit market conditions tightened on Tuesday sending euro money market overnight rates to a three week high as worries about the economic cost of the credit crunch spooked lenders.
European stocks closed mixed under the weight of the impact of the global credit turmoil on the banking sector and with scattered good news from other sectors.
Luxury goods manufacturer Prada on Monday reported first-half revenues up 23%, powered by its Miu Miu brand which surged in Asia.
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Troubled British mortgage lender Northern Rock has taken legal advice about whether to pay out a 59 million-pound (US$119 million) dividend to shareholders, the Financial Times said on Monday.
Three leading hedge funds are planning a break-up of beleaguered British bank Northern Rock, according to a newspaper report on Sunday.
The European Central Bank needs to look at the impact of the high-flying euro when it meets next month and draw the appropriate lessons, French Finance Minister Christine Lagarde said on Friday.
Norwegian Petroleum and Energy Minister Odd Roger Enoksen has resigned, the prime minister's office said on Friday without naming his replacement.
Italy's Deputy Prime Minister Francesco Rutelli said that Alitalia should remain in Italian hands, the daily La Repubblica reported, citing Rutelli.
The current financial turmoil will translate into banks' profits rising more slowly and fewer buybacks, while disclosure rules need to be tightened, Gordon Scott, managing director of financial institutions at Fitch Ratings, told "Squawk Box Europe."
The European Commission said on Tuesday it was monitoring events at British mortgage bank Northern Rock but it was too early to say whether guarantees pledged by the British government to worried depositors amounted to illegal state aid.
Commerzbank is bracing itself for a higher-than-predicted loss from investments related to risky U.S. mortgages that are set to knock a hole in profits, sources familiar with the matter told Reuters.
The global credit crunch may force banks to take back up to 1.2 trillion euros ($1.66 trillion) in debt on their balance sheets if investors are unable to refinance it, the Dutch Central Bank (DNB) said on Monday.
The euro zone's trade surplus was smaller than expected in July, unadjusted data showed on Monday, but exports continued to grow more quickly than imports.
Qatar's state investment fund is close to buying Nasdaq's 31% stake in the London Stock Exchange Group, newspaper reports said on Sunday.