Twenty-two financial companies that have served as primary dealers of U.S. Treasury securities were sued in federal court on Thursday.» Read More
European stock markets closed mixed after the European Central Bank and the Bank of England held interest rates steady.
The world's largest brokerage Merrill Lynch, which is expected to announce third-quarter losses in fixed income, said that global head of fixed income, currencies & commodities, has left the firm.
Stocks are striking a slightly positive tone as investors increasingly believe the credit crunch is being worked out. Tomorrow's jobs report for September remains a top focus. The U.S. dollar is barely changed against most currencies but slightly weaker against the euro and British pound after the European Central Bank and the Bank of England left rates unchanged this morning, as expected.
Citigroup is in talks with private equity firm Kohlberg Kravis Roberts on funding for the purchase of some of the leveraged loans on its balance sheet, the Financial Times reported on its Web site.
U.S. investment bank Citigroup has offered to provide funding to potential buyers of British bank Northern Rock as part of its advisory role, according to people familiar with the matter.
Hard to say what the Dow really represents as a proxy for broader markets - but the S&P is not far from its all time high and that should send a clear enough signal that these equity markets want to go higher. The technicians like the longer term trend lines and so far there is no hint that we retest the August lows.
Here are my midday observations: 1) one reason the market has little upside today is strategists and analysts are now realizing the effect that cuts in bank earnings are having on overall profit projections for the third quarter.
Deutsche Bank expects net profit to rise to more than $2 billion in the third quarter and is sticking to its 2008 targets, despite big hits from global credit market problems, it said Wednesday.
Stocks are waffling and a lot of the talk is focused on Friday's employment report. Traders are also watching this morning's 10 a.m. release of the Institute for Supply Management's non-manufacturing index.
Citigroup has admitted to pulling up lame doing the leveraged buyout dance. Now it must prove the injury was more superficial than disabling.
European shares are seen opening slightly lower on Wednesday after two days of gains prompted by big banks disclosing the extent of the impact of a credit crunch on their results.
Citigroup said it would buy out minority shareholders in scandal-hit Japanese brokerage Nikko Cordial for $4.6 billion, as part of the financial giant's push into the world's second-largest economy.
European stocks closed broadly positive Tuesday after wobbling slightly following a larger-than-expected fall in U.S. pending home sales.
Good morning. Here's what I see for today: 1) We have been talking about the "decoupling" of the U.S. economy from the global economy--not that the U.S. isn't important to global growth (of course it is); but that the world is not as dependent on the U.S. consumer as it had been in the past.
Markets around the world rocked on after yesterday's record setting session on Wall Street and U.S. stocks are set to move moderately higher on the open. Merger activity tops the news with an offer from Canada's TD Bank Financial Group's to buy Commerce Bank for $8.5 Billion.
Citigroup said it would make Japanese brokerage Nikko Cordial a wholly owned unit in a $4.6 billion share swap after the U.S. banking giant lists its shares in Tokyo.
Pressure is mounting on Deutsche Bank to reveal the full impact of a global credit crisis on its results after UBS announced a shock third-quarter loss and Citibank said profits were badly hit.
Financial stocks rallied as if the credit crunch was over Monday despite the fact that Citigroup said earnings will fall 60% this quarter. After this bullish reaction is it time to start buying Citigroup and the bank stocks?
Stocks rallied on the first day of the fourth quarter as new fund inflows and rising hopes for further Fed rate cuts catapulted the Dow into record territory. "Given that Citigroup and UBS reported bad news yet the market still went up, the market is telling us is that all the bad news is already in there," said Douglas Peta, market strategist at J. & W. Seligman.
Bears are besides themselves today. One wrote to me: "If you told anyone that the market would have made a new high with gold, oil, dollar, falling home prices, etc...there would be many takers on that bet."