Shares in troubled Portuguese lender Banco Espirito Santo slumped 50 percent on Thursday, after trading in the stock resumed following poor results.» Read More
*Portugal's top index rises 0.9 pct after Thursday's slump. LONDON, July 11- Portuguese shares bounced on Friday, outperforming skittish European markets, as investors decided concern over Portugal's biggest listed bank were unlikely to disrupt the country's financial system and affect lenders across the euro zone.
NEW YORK, July 11- Major global equities markets steadied and the yen stabilized against the U.S. dollar on Friday as worries about Portugal's biggest bank eased.
The New York Times columnist Jim Stewart, says he thinks the ownership structure of Portugal's bank Banco Espirito Santo is complicated, and the market overreacted. People don't really understand this, he says.
The old adage, "As goes GM, so goes the nation," can apply to Wells Fargo, which released earnings Friday, Raymond James analyst Anthony Polini tells CNBC.
CNBC's Steve Sedgwick provides insight to the potential default at Banco Espirito Santo, and real worries of a domino effect around the world.
Though Wells Fargo's earnings only met expectations, Jim Cramer says there are several reasons to be bullish on the banking giant.
NEW YORK, July 11- The Japanese yen was stable against the U.S. dollar, after jumping on Thursday as Portugal's largest bank sought to reassure investors about its financial stability. Banco Espirito Santo said on Thursday night that loan losses to the troubled empire of its founding family would not put the bank at risk of running short of capital.
By Sergio Goncalves and Laura Noonan. LISBON July 11- Portugal's government and central bank assured investors on Friday that the southern European country's financial system was sound, aiming to quell worry about the spillover effects of trouble at the Espirito Santo business empire.
SOFIA, July 11- Bulgaria is to allow its fourth-biggest lender to collapse and will hive off its healthy activities into a separate bank as it moves to clear up the mess from the country's worst financial scandal since the 1990 s.
The more I look into Wells Fargo's quarter, the more I like it, says Anthony Polini, Raymond James, breaking down the big bank's quarterly numbers.
*Central Bank outlines two possible leverage ratio supplements. LONDON, July 11- The Bank of England proposed on Friday that Britain's biggest banks should set aside from 2019 more capital than planned under global rules being drawn up to prevent a repeat of the financial crisis.
CNBC's Steve Sedgwick reports European shares pared losses as Banco Espirito Santo seeks to calm concerns over its capital position.
Wells Fargo posted quarterly earnings that met expectations Friday, while revenue exceeded Wall Street estimates.
*Portugal's top index rallies 1 percent after Thursday's slump. LONDON/ EDINBURGH, July 11- European shares rose on Friday as banks and southern European shares rallied once investors decided concern over Portugal's biggest listed bank was unlikely to spread.
Jurrien Timmer, Fidelity Investments, and Steve Miller, AIG non-executive chairman, provide perspective on what would likely relieve the global economic malaise. Also Timmer shares his outlook on the markets.
Europe shares regain footing and Portugal shares post gains, reports CNBC's Karen Tso, with the latest update on Portugal's Banco Espirito Santo.
Patrick Chovanec, Silvercrest Asset Management, and Bruce Kasman, JPMorgan chief economist, share their outlook on the markets and economy. Also Kasman weighs in on Portugal's bank problems and explains why he thinks there's not a systemic threat in Europe.
Mark Grant, Southwest Securities, explains why the Portuguese bank crisis may spread to Brazil and Italy, but will not be a disaster for U.S. markets.
SOFIA, July 11- Bulgaria will strip Corporate Commercial Bank of its license and alert prosecutors to possible malpractice at the lender, the central bank said.
Portugal's bank woes raise concerns of another EU crisis, reports CNBC's Steve Sedgwick.
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