Major U.S. stock exchanges and Barclays won the dismissal of litigation in which pension funds and other investors accused them of rigging markets.» Read More
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.
U.S. stock index futures hovered around the flatline Tuesday ahead of a shortened pre-holiday trading day, as investors awaited the factory orders report.
Take a look at some of Tuesday’s morning movers:
Cormac Leech, bank equity researcher at Liberum Capital and Vasu Menon, vice president wealth at OCBC Bank, joined CNBC to discuss the implications of Bob Diamond's resignation as CEO of Barclays.
Robert E. Diamond Jr., the chief executive of Barclays, told employees on Monday that he was “disappointed and angry” about the bank’s past attempts to manipulate key interest rates to bolster its bottom line.
"I am a little surprised at the timing of this as we got through the weekend and the pretty awful publicity and the attacks on Bob Diamond but I think there has been a discussion on the board that this has started to have a major impact on confidence in Barclays and they want to restore the reputation," Chris Wheeler, bank analyst at Mediobanca, told CNBC.
Bob Diamond, chief executive of Barclays, has pulled out of hosting a London fundraiser for Mitt Romney, the Republican presidential nominee, as the bank faces growing pressure over its role in the price-fixing of lending rates, the Financial Times reports.
Bob Diamond is threatening to reveal potentially embarrassing details about Barclays’ dealings with regulators if he comes under fire at a parliamentary hearing on Wednesday over the Libor rate-setting scandal, according to people close to the bank’s chief executive. The FT reports.
Stocks trimmed most of their losses to close narrowly mixed Monday as hopes for stimulus from the Federal Reserve helped limit losses following a disappointing manufacturing report.