European stocks finished higher on Wednesday after a bumper day of earnings, while investors awaited news from a two-day policy meeting of the U.S. Federal Reserve.» Read More
Now that Barclays has admitted that for years it rigged its submissions for the London Interbank Offered Rate, or Libor, it’s probably worth taking a closer look at how this key interest rate benchmark is calculated.
Ready for some good economic news? Don't ask the currency strategists at Barclays Capital.
Stocks eased off their worst levels in the final hour of trading, but still finished firmly in the red Friday on the heels of a disappointing June government jobs report.
Mark Newton, Greywolf Execution Partners, and Peter Boockvar, Miller Tabak, discuss whether it's time to buy Barclays amid allegations that the bank manipulated the Libor rate.
Barclays may have lost its chairman, chief executive and chief operating officer but the bank remains as defiant as ever about the Libor scandal.
Famed market timer Doug Kass believes the market is at a critical juncture. And he doesn’t think it takes much more for it to tip over, entirely.
Warren Buffett likes bank stocks, just not investment banks. And for good reason.
Philip Parker, Founder, Managing Director and CIO at Parker Asset Management and Justin O'Brien, Director, Centre of Law, Markets and Regulation at The University of New South Wales debate on the impact of the Libor scandal on the banking industry and whether there will be another form of rate that will be used instead.
Stocks closed lower in thin trading Thursday after a round of interest rate cuts by major central banks and as investors remained cautious ahead of Friday’s key government jobs report.
Futures turned negative again in choppy pre-market trading Thursday as grim comments from ECB President Mario Draghi weighed on sentiment and even trumped a pair of better-than-expected employment reports.
Take a look at some of Thursday’s morning movers:
Robert E. Diamond Jr., the former chief executive of Barclays, told a British parliamentary committee on Wednesday that the manipulation of global interest rate benchmarks involving 14 traders at the bank had made him “physically sick.” The NYT reports.
"Given the flurry of news stories I think that first questions will address Bob Diamond and the assertions he has made implicitly regarding contact with the Bank of England " Lord John McFall, former chairman of the Treasury Select Committee, told CNBC.
"Around about the time of the financial crisis a lot of the Libor rates were quite elevated and it was used by the MPC as an indicator of the stress in the financial system when banks were finding it harder to access capital the spread went higher," Andrew Sentance, former monetary policy committee member at the BoE, told CNBC.
"We started last year an investigation from the antitrust point of view, we had signals that some banks were developing illegal agreements according to competition rules and we started an investigation about a group of banks, not only British," Joaquin Almunia, EU commissioner for competition, told CNBC.
Meredith Whitney, CEO of the Meredith Whitney Advisory Group, downgraded JPMorgan to “hold” on Tuesday and told CNBC that it had been a "long time coming."
Britain's growing interest rate-fixing scandal could claim yet another high-level victim: Paul Tucker, the man tipped to eventually become the next head of the Bank of England.
Stocks closed near session highs Tuesday on a holiday-shortened trading session, led by energy, as investors cheered a better-than-expected factory orders report.
"If Diamond had showed up in the company gym, someone would have clocked him," one trader said.
CNBC's Kelly Evans reports the latest details on the departure of Barclays CEO Bob Diamond, amid the developing Libor scandal. Anton Schutz, Mendon Capital Advisors president & CIO, offers insight.