President Jacob Zuma said Mandela would be buried on December 15 at his ancestral home in the Eastern Cape.» Read More
The dollar is set to slide, and Poland's finance minister says the euro's on the edge — it's time for your FX Fix.
The eye of Irene made its way over the New York City Sunday, rolling directly over the borough of Queens, and though the storm unleashed intense rains and heavy winds on the city, it was downgraded to a tropical storm from a hurricane.
With speculation growing that the Fed could pull the trigger on QE3 next month and the ECB buying up bonds in the euro zone, analysts at ING in Amsterdam have been asking if it is possible for a central bank to go bust.
Hurricane Irene was the 'Perfect Storm' for insurers in a different sense of the cliche. The weakened storm that spared New York city from major damage gave the wealthy and rarely hit Northeast enough of a scare because of ominous weather forecasts leading up the storm that property insurers will be able to raise pricing even more next year, according to a Morgan Stanley analyst.
EU leaders yesterday rounded on the new Head of the IMF calling her comments on Europe 'misguided'. Christine Lagarde's assessment is certainly stark. The former French Finance Minister argues economies are now in a 'new dangerous' phase' that requires Europe's banks be forced to recapitalize in order to cut the 'chain of contagion'.
In Jackson Hole Wyoming on Saturday Jean-Claude Trichet, the president of the European Central Bank was due to give a speech to a meeting of policy makers hosted by the Federal Reserve. As he prepared to speak the euro zone faced huge problems.
Following weeks of heavy losses for banking stocks across Europe, the Sunday Times in the UK reported Sunday that European officials are working on a "radical plan" to prevent a fresh pan-European credit crunch.
Tom Porcelli, RBC capital markets, and Richard Peterson, Standard & Poor's, parse Ben Bernanke's Jackson Hole speech, in which the Fed chairman challenged lawmakers and the President to take responsibility for the economy.
With more than 50 million people potentially in Hurricane Irene's path, residents along the US east coast stocked up on food and water and worked to secure homes, vehicles and boats.
"It reminds [Bernanke's speech] me of the movie airplane in the scene where one of the gates agents is saying 'don't panic don't panic' where all the passengers are running towards the exits. I think his primary job as Fed chief is just to be calm and to try and reassure markets. The story is kinda wearing thin, the vaudeville act, no-one's really buying it," Andrew Schiff, investment consultant at Euro Pacific Capital told CNBC. "The markets were expecting some kind of QE3 announcement today, they didn't get it but what they did get....was the extended meeting of the Fed in September and maybe they will get some grand QE3 strategy announcement in September."
Federal Reserve Chairman Ben Bernanke is unlikely to announce a third round of quantitative easing in his Jackson Hole speech this afternoon, Tony Fratto, the director of Hamilton Place Strategies, a public policy research firm, told CNBC.
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.
Bernanke is unlikely to announce a third round of quantitative easing in his Jackson Hole speech this afternoon, Tony Fratto, the director of Hamilton Place Strategies, a public policy research firm, told CNBC. "If investors are betting on a Bernanke put, they are setting themselves up for a disappointment. Bernanke hinted at QE3 last year, but I don't think we are going to see that kind of activity today," Fratto said.
"I wouldn't be surprised to see some selling today based on no news [about QE3 from Jackson Hole], but I don't think it will be a big sell-off," Charlie Parker, investment editor at Citywire, told CNBC.
"My favourite candidate [to replace Naoto Kan as Prime Minister] is Yoshiko Noda, the finance minister, but as to who is most likely, that is still very hard to tell," Takuji Okubo, chief Japan economist at Societe Generale, told CNBC.
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.
"Bernanke will set out the possible action the Fed could take if things get worse. The problem is that while I am sure Bernanke would like to do more in the way of quantative easing, it seems he does not have enough support within the Fed and within political circles," Robert Prior-Wandesforde, head of India and South East Asia economics at Credit Suisse, told CNBC.
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.
CNBC's Sharon Epperson discusses the day's activity in the commodities markets and looks at where oil and precious metals are likely headed tomorrow.
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.