Australia's consumer prices cooled in the third quarter, giving the central bank room to hold interest rates low for longer.» Read More
Citigroup said third-quarter profit fell 57 percent, hurt by losses and writedowns for subprime and leveraged loans, fixed-income trading and weakness in its consumer business.
This morning, the world's second biggest drug company, GlaxoSmithKline, announced that Andrew Witty will replace JP Garnier as CEO at the end of next May. It's been known for a while that Garnier would be retiring next year, and the question was who would be tapped to succeed him.
Is it time to get more bullish on the economy? That much awaited jobs number today certainly drove some of the recession scare out of the markets, but it hasn't really changed the picture for slowing growth so far.
Stocks ended lower on Wednesday as strong manufacturing data released this morning offset broad declines in the tech sector. "From a technical perspective, seeing this kind of pullback is not bad, you want to see consolidation and see some base build," said Sean Brodrick, senior commodities analyst at MoneyandMarkets.com.
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.
Deutsche Bank held its annual news conference in Frankfurt this morning. Despite taking hits from the credit markets, they are sticking to their 2008 earnings targets because of robust earnings in other business areas, capital gains, and tax benefits.
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.
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.
U.S. stocks finished lower on Monday as concern about the impact of the housing slump and credit squeeze hurt shares of financial companies.
Hopes of an early resolution to world credit market problems were hit Monday as the IMF warned turmoil would continue and more banks detailed damage.
An affiliate of billionaire investor Wilbur Ross has offered to buy bankrupt American Home Mortgage's loan servicing unit for a price expected to be more than $400 million, court papers filed on Friday show.
Bankrupt American Home Mortgage is attempting to seize as much as $27 million that former employees set aside from paychecks for retirement, according to an attorney representing them.
Banks need to be more transparent about the distribution of their risk across the financial system in order to restore confidence among investors, Germany's top banker said on Wednesday.
Germany's Deutsche Bank said in a surprise trading update Tuesday that it has suffered some impact from recent credit market problems, but said it hasn't made unsecured loans to hedge funds and that its margin calls are being met.
Private equity firm Kohlberg Kravis Roberts is unlikely to make major compromises in talks with banks over the financing of a $24 billion deal to take over electronic payment processor First Data, the Wall Street Journal reported on its Web site on Thursday.
Deutsche Bank Americas Chief Executive Seth Waugh said Tuesday that the difficulties in credit markets are beginning to end, but risk is still being repriced and more bad news may emerge.
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