The euro turned higher in choppy trading Wednesday as traders reacted to headlines that the ECB is unlikely to take new action early next week.» Read More
It's party time again on Wall Street.
Is it really so bad if an elite cabal of bankers meets once a month in midtown Manhattan to conspire to about the rules governing derivatives trading?
In theory, clearinghouses exist to safeguard the integrity of the multitrillion-dollar derivatives market. In practice, they also defend big banks’ dominance, the New York Times reports.
See what's happening, who's talking and what will be making headlines on Friday's Squawk on the Street.
After you crunch the Primary Dealer Credit Facility (PDCF) numbers, you can see through the noise. What is revealed is this: The Fed's overnight lending to primary dealers concentrated staggering sums of government cash in the hands of a tiny circle of financial institutions. The story of PDCF lending is the story of those few financial institutions that went on to become just six banks.
The Federal Reserve lent a total of $8.95 trillion to primary dealers in exchange for a wide range of collateral under its Primary Dealer Credit Facility.
Although the Dollar is having its best month since May, U.S. equity markets remain fairly mixed in November as the month draws to a close today. However, this has not been the case for most major European indices.
Peter Boockvar at Miller Tabak had the most succinct comment: "If this is the reward for bailing out entire countries, why bother?...What the market is telling the European Union loud and clear is that they have no faith..."
Worries about Europe triggered a few key technical moves; the euro broke the 200-day and the S&P broke its 50-day. Is the market about to crack?
Most major European indices are down 1 percent to 2 percent, as more sovereign debt contagion worries spread. Europe’s FT Deutschland newspaper reported that euro zone countries are seeking to push Portugal to accept a bailout package to prevent its bigger neighbor Spain from doing the same. Portugal has denied the report.
Several issues around euro zone bailouts, traders tell me: Ireland, Portugal and Greece. Is this the end or are we watching for other like Spain to follow suit? What about other 'peripheries' we haven't really been discussing, like Hungary, Czech, etc. And there's more...
Barclays Capital has been quietly laying off employees since this summer. Now, however, the firm is swarming with rumors that big layoffs could be coming in the next few weeks.
Investors ran for the exits on Tuesday pushing the S&P sharply lower as overseas developments threatened to derail the very foundation of recent market strength.
Stocks continued to stall after last week's broad market rally and closed lower across-the-board Tuesday as the dollar rose. Bank of America and Kraft fell, while Exxon rose. .
Stocks extended losses as the closing bell neared, pulling back from last week's rally to two-year highs, as the dollar rose. BofA fell, while Exxon rose.
Stocks fluctuated Tuesday despite largely upbeat earnings releases, and news of corporate acquisitions, as the dollar rose slightly. Chevron and Kraft fell, while Exxon rose.
Stock index futures pointed to a higher open for Wall Street on Tuesday, tracking gains in Europe where upbeat company statements lifted shares.
The most telling sign that mergers are poised for a revival? Risk arbitrage has come back from the dead. Hedge funds are now pouring money into the strategy of betting on the outcomes of deals, the New York Times reports.
A memo sent out to vice-presidents and higher-level employees at Barclays Capital provides a rare glimpse into how Wall Street flexes its political muscles around election times.
The government let Lehman Brothers fail during the financial crisis because there was no other choice, former Treasury Secretary Henry Paulson said Wednesday.