With grim headlines from Ukraine and China, a bad week for major global indexes is coming to an end.» Read More
The European Central Bank kept its key monetary policy rate flat at 4% on Thursday due to persistent turbulence in the financial markets because of fears of a spillover of the U.S. subprime crisis.
U.S. service sector growth held steady in August, although employment conditions deteriorated to their weakest level in nearly five years, according to a report released Thursday.
Private equity firm Carlyle Group has closed a 5.35 billion euro ($7.31 billion) fund for European buyouts, a sign that investors remain hot on the industry despite the current chill.
Blackstone Group plans to buy a 20 to 40% stake in chemicals company China National BlueStar (Group) for up to $500 million, marking its first major investment in the world's fastest-growing major economy.
Another rise in euro-zone interest rates looked assured last month, but the turmoil in the credit markets has brought pressure on European Central Bank President Jean-Claude Trichet to keep rates at 4%.
The European Central Bank added 42.245 billion euros ($57.66 billion) in temporary overnight funds to money markets on Thursday to ease tensions on the euro interbank lending market.
Asian stocks closed in broadly positive territory Thursday, with the exception of Hong Kong and Australia, despite U.S. housing data renewing fears over the strength of Asia's top export market.
A gauge of U.S. labor demand was higher in August but recruitment activity recovered lessthan it typically does in the month, in another sign of a cooling job market, a report said Thursday.
China's President Hu Jintao gave qualified support to an Australian initiative on climate change on Thursday as a rift opened at the APEC meeting over the "Sydney Declaration" and its targets for cutting greenhouse gas emissions.
Australian employment surged in August while unemployment held at 33-year lows, suggesting the domestic economy had built a full head of steam even as turmoil in credit markets threatened the outlook for global growth.
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Pending sales of existing U.S. homes plunged by a record 12.2 percent in July, and private employers hired the fewest workers in more than four years in August, according to reports released Wednesday that point to a weakening U.S. economy.
Global Advisors, a commodity hedge fund manager, said Wednesday it would close two of its three funds due to "poor performance" that prompted investor redemptions, the latest commodity funds to belly up.
The Bank of England broke its silence on Wednesday over the current storm engulfing world financial markets and took steps to bring overnight interest rates down.
Euro zone growth next year could be weakened by the credit crisis triggered by high-risk U.S. mortgage debt, the chairman of euro zone finance ministers, Jean-Claude Juncker, said on Wednesday.
Two surveys out Wednesday painted a lackluster picture of the employment market ahead of the government's monthly jobs report, which is due out on Friday.
Applications for U.S. home loans rose last week, while the highest adjustable rate mortgages in over six years put another nail in the coffin of the once-torrid sector, an industry group's data showed on Wednesday.
Asian markets closed mixed following a cautious day ahead of major U.S. data due this week and an interest rate meeting by the European central bank. Japanese stocks boar the brunt of declines, while Hong Kong investors enjoyed resilience in the Hang Seng.
Britain Tuesday endorsed former French Finance Minister Dominique Strauss-Kahn over a former Czech central banker to head the International Monetary Fund in a contest seen as likely to go to the Frenchman.
U.S. President George W. Bush and Australian Prime Minister John Howard cemented a strong alliance on Wednesday as Asia-Pacific ministers began talks ranging from human security and climate change to trade and economic reform.
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