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Amid fears that go-it-alone moves such as President Barack Obama's plan to break up big banks will further hamper the fledging economic recovery, finance ministers and central bankers from the Group of Seven major industrial countries meet.
Stocks kicked off February with a rally, after a dismal January, energized by an earnings beat from ExxonMobil and a strong manufacturing report. Alcoa and Exxon led the Dow. Apple gave the Nasdaq a boost but Amazon took a hit.
Stocks advanced on the first day of February, energized by an earnings beat from ExxonMobil and a strong manufacturing report.
There are some who blame the Fed for missing warnings signs leading up to the financial crisis; others have said the Fed caused the crisis with its “easy-money” policies.
Investors started February on an optimistic note, bidding stocks higher after logging the worst month for the market in over a year in January.
Stock index futures pointed to a sharp rise to kick the month off Monday, following a third-consecutive losing January.
There was an agreement that banking regulation and reform was important, but no real plans on what to do.
President Barack Obama's plans to regulate and limit the size of banks is the "right direction," said Vikram Pandit, CEO of Citi, since the company has been weeding out companies that didn't fit into the company already.
Yvo de Boer, executive secretary of the UN Framework Convention on Climate Change, called climate change "an economic agenda rather than a green agenda [that] needs to be explained more clearly that this is about energy security and jobs going in a different direction.”
"I think there's a lot more sensible lending and underwriting going on," says Donald Gogel, president and CEO of private equity firm Clayton, Dubilier & Rice., but business services is doing better than consumer businesses.
Euro zone member states must meet their commitments on budget stability and cannot be bailed out by the euro zone, French Finance Minister Christine Lagarde told CNBC in Davos on Friday.
The tax on banks proposed by President Barack Obama is likely to become law, while a proposal to set up a fund for unwinding troubled financial institutions has little chance of succeeding, Rep. Barney Frank, D-Mass., told CNBC Friday.
Officials in Davos should try to reach a global consensus about the need for a new regulatory regime for banks, Nobel Prize laureate Joseph Stiglitz told CNBC Friday.
The current levels of budget deficits in both Europe and the U.S. are not sustainable and Europe's economic recovery will only be modest, European Central Bank President Jean-Claude Trichet told CNBC Thursday.
Applied Materials CEO Michael Splinter cited strong demand in Asia and in the semiconductor business, offering an “optimistic” outlook on business conditions.
President Barack Obama's proposals to impose a levy on large banks would only work if it was agreed globally and financial regulations set out at the G20 summit should be put in place first, UK Chancellor of the Exchequer Alistair Darling told CNBC Thursday.
The world debt overhang is threatening the world recovery, because markets will realize at some point how risky it is and the yields on bonds will increase, Niall Ferguson, professor of history at Harvard University, told CNBC Thursday.
Withdrawing economic stimuli and tightening monetary policy are difficult choices, but asset bubbles are cropping up, Nouriel Roubini told CNBC in Davos.
The European Central Bank will start phasing out the measures it took to boost liquidity at the height of the crisis and it cannot cater to the needs of individual countries with problems, Axel Weber, ECB governing council member, told CNBC Wednesday.
We have taken the difficult measures needed—in public administration, health care, and education—and will prove the skeptics wrong.