Nikkei Widens Losses to 6% in Volatile Trade
Western Europe
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France has a special responsibility as a euro zone heavyweight to take deficit cuts seriously, even though its budget deficit is above target, Bundesbank chief Jens Weidmann said in an interview published Sunday.
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Forbes Magazine might have just put German Chancellor Angela Merkel on the throne for the "Most Powerful Woman" in the world, but at home her less exulted throne of government is shaking.
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Germany is playing a cat and mouse game with less successful European economies as negotiations over the euro zone crisis continue at the country level, Giles Keating, head of research at Credit Suisse, told CNBC Friday.
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"I am looking for dislocation, opportunities to add value over a long period of time. You take a company like GlaxoSmithKline, profitability is up two-fold in the last 13 years, yet the share price is down 30 percent. So as a long-term investor, if I can buy Glaxo at 30 percent less, and 12 years on it has doubled its profitability, that's a good trade," Haig Bathgate, CIO at Turcan Connell, told CNBC.
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In any murder mystery film, it pays to watch the boring gray man (or woman) in the corner; quiet, unobtrusive characters can be deadly. So, too, in finance. Four years ago, the giant US money market funds seemed some of the dullest actors in the global financial scene. But in 2007, they quietly helped to spark the crisis in the mortgage-backed securities world.
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Whether or not Bernanke announces a third round of quantitative easing on Friday, it's definitely coming by the end of the year, economist Nouriel Roubini told CNBC.
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Federal Reserve Chairman Ben Bernanke may be willing and able to provide more monetary stimulus for the U.S. economy, but the more effective medicine—fiscal aid out of Washington—isn’t in the wings, say economists.
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Chris Wheeler, bank analyst at Mediobanca joined CNBC to discuss the latest news on the European markets and what would happen if the Greek bailout fails.
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"In the US we are not only getting volume growth, but getting price mix. Consumers are coming back to the higher price point brands," Paul Walsh, chief executive at Diageo, told CNBC.
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French President Nicolas Sarkozy is due to meet with Prime Minister Francois Fillon, Finance Minister Francois Baroin and Budget Minister Valerie Pecresse on Wednesday morning to decide where to slash the national budget.
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The car insurance market in the UK is incredibly competitive, and in 2010 it recorded the worst results ever. That competition has been made more severe because almost 60 percent of people now buy their car insurance on price comparison sites," David Stevens, the COO of UK insurer Admiral, told CNBC during a discussion about the firm's earnings.
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On July 21, EU leaders agreed to a second bailout for Greece, one that was supposed to draw a line under the euro zone debt crisis and give the new government in Athens a chance come to grips with the huge debts it inherited when it was elected. One month later, and the situation appears to be getting worse rather than better, according to Simon Derrick, the head of currency research at Bank of New York Mellon.
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"I think longer-term we're still in a stable range, or even a decline on economic trends, with potentially slowing economic growth in the United States, a lack of direction in fiscal policy, and the issues in Europe that are still unresolved," Michael Cuggino, president of Permanent Portfolio Funds, told CNBC.
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Security and outsourcing company G4S is planning to spend 200 million pounds ($330 million) per year on acquisitions, the company's CEO told CNBC Tuesday, after the company beat analyst expectations to post first-half earnings growth of 8 percent.
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"I think the German PMI announcement will have an impact on spread widening, because investors will see it as an indication that the world is slowing, Germany is slowing, and in general, risk is increasing," Adrian Schmidt, FX strategist at Lloyds Bank Corporate Markets, told CNBC.
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"For the Swiss franc to look like an attractive funding currency again when it is in competition with so many other currencies at the moment we would need to see....direct intervention on the part of the Swiss National Bank," Adam Cole, head of currency strategy, RBC. He added that he did not expect much in the way of dovish comments from Fed chairman Ben Bernanke when he speaks on Friday.
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Charges against former head of the International Monetary Fund Dominique Strauss-Kahn may be dropped altogether this week in New York.
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The prospect of a second recession in the developed world looked closer Monday after figures from the Organisation for Economic Co-operation and Development (OECD) showed GDP growth contracted further in the second quarter of 2011.
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As markets around the world prepared for another turbulent week, worries that a rerun of the events of 2008 is in the cards are adding to uncertainty, investors told CNBC Monday.
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Euro bonds are exactly the “wrong answer” to the current crisis and would merely lead the euro zone to a "debt union" rather than a “stability union” according to German Chancellor Angela Merkel.
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Europe’s economic and monetary union as constructed does not work and the euro zone needs some collective and determined leadership according to Jim O’Neill, the chairman of Goldman Sachs Asset Management.