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British bank Barclays said profits fell by an undisclosed amount in the first quarter and refused to rule out a rights issue after a 1 billion pound ($1.95 billion) writedown on assets tarnished by the credit crunch.
Profits at Barclays, Britain's third biggest bank, were well below those of a year earlier in the first quarter after its investment bank and fund management arms were hit by tough financial market conditions.
Europe's two biggest casualties from the subprime crisis tomorrow face shareholders who will want answers on how, between them, the two banking giants lost well over $50 billion.
European shares snapped a two-day winning streak to end Tuesday 1 percent lower, led down by banks on persistent worries of more losses from a global credit crisis, and by weakness in technology shares.
Ambac's plan to raise up to $1.5 billion in capital is nearly complete, bankers say, which should help the troubled bond insurer keep its crucial triple A debt rating.
Ambac Financial Group announced plans to raise up to $1.5 billion in capital in an attempt to keep its crucial triple A debt rating.
The week started and finished with news of the nationalization of British troubled bank Northern Rock, ending a five-month period of uncertainty about the bank’s future. In between, results from banks caused investors ecstasy or agony.
Volatility will continue to be the name of the game in European stock markets next week, as jittery investors fear more surprises from the banking sector, analysts said on Friday.
Barclays raised the value to its 2007 writedowns to 1.6 billion pounds ($3.1 billion), but its profit was in line with expectations and the risks are under control, Barclays President Bob Diamond told CNBC Europe on Tuesday.
The fate of European stocks rests with banks next week, as big financial institutions are due to report earnings and investors will remain very nervous about the health of the sector, analysts said on Friday.
Efforts to help bail out troubled bond insurers are escalating, with one group of big banks focusing on a potential rescue of Ambac Financial Group, CNBC has learned.
Standard & Poor's fired a fresh shot across the bows of the battered European banking sector on Wednesday, cutting its outlook on five European banks to negative from stable, suggesting downgrades are more likely.
It will take at least a year to assess the impact that the fallout of the U.S. subprime crisis has on the European banking sector, but investors can bottom fish for some good opportunities, analysts said on Monday.
Without a doubt, CNBC's coverage will be comprehensive. We'll be interviewing -- among many others -- attendees such as Henry Kissinger, Cerberus Chairman John Snow, Merrill Lynch CEO John Thain, BT CEO Ben Verwaayen, Barclays President Bob Diamond and US Secretary of State Condoleezza Rice. But if time runs short and one of our anchors follows up with a question when the cameras have stoped rolling, or a reporter gets the inside word on a big deal, they'll be blogging about it here.
Stocks closed sharply higher after a rebound by the battered financial sector spread across the entire market.
European shares recovered some of Tuesday's lost ground, led by a sharp bounce on Wall Street and a turnaround in some of the defensives sectors such as food stocks that had fallen earlier in the day.
Barclays said it is on track to meet expectations for earnings growth of 4 percent and diversification had shielded it from turbulence in capital markets.
European equities are set to start weaker on Tuesday, extending the previous session's losses as markets track sharp falls on Wall Street which was hit by credit worries.
Gains in energy shares helped European equities end more than 1 percent higher on Tuesday, paring the previous session's 2 percent fall.
Stocks closed sharply lower as investors remained skittish about the housing slump's toll on the economy and potential credit losses at big financial services companies.