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Switzerland's banking watchdog warned that the country's two largest banks UBS and Credit Suisse could face write-downs in assets beyond subprime, sending their shares spiraling lower.
Futures dropped at 8:30 ET because jobless claims numbers higher than expected have somewhat hopes that the nonfarm payrolls report tomorrow will be stronger than expected. There are two noteworthy trends from companies announcing earnings:
A stock rally fueled by the Fed's latest interest rate cut lost momentum in the final hour after CNBC reported that two big bond insurers could be downgraded as early as today.
Scandal-hit French bank Societe Generale opened its own inquiry on Wednesday into how it suffered history's biggest rogue trader loss, but resisted heavy pressure to sack its chairman and CEO.
Standard & Poor's fired a fresh shot across the bows of the battered European banking sector on Wednesday, cutting its outlook on five European banks to negative from stable, suggesting downgrades are more likely.
Roller coaster for futures this morning. First the ADP report was big, anticipating job increases of 130,000 from the nonfarm payrolls report on Friday, way above expectations of 40,000, and moved futures up about 4 points.
It will take at least a year to assess the impact that the fallout of the U.S. subprime crisis has on the European banking sector, but investors can bottom fish for some good opportunities, analysts said on Monday.
There seems to be a “coalescence” of good news for the market, Cramer says.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Crisis counselling will replace cosy dealmaking at the business and political summit in Davos this year as bankers face a market slump that has aggravated the worst conditions in generations.
UBS, the biggest European casualty of the U.S. subprime crisis, said it was shrinking its investment banking business, cutting staff and drastically downscaling its exposure to risky investments.
Singapore's biggest sovereign wealth fund said on Wednesday its large investments in banks Citigroup and UBS are unique at a time of financial turmoil and did not represent a strategy shift.
Indian billionaire Anil Ambani's Reliance Power raised $3 billion within a minute when the country's biggest initial public offering was fully subscribed on Tuesday as investors flock to new issues in the booming economy.
UBS, struck with billions of dollars of writedowns on subprime exposures, is trying to persuade investment bankers to stay with the company by allowing them to sell some of their share-based bonuses after just one year, the Financial Times reported.
The Government of Singapore Investment Corporation (GIC), which is investing 11 billion Swiss francs ($9.97 billion) in UBS, was quoted as saying it does not want influence the running of the Swiss bank.
Similar deals are expected to follow Bank of America's agreement Friday to acquire battered mortgage lender Countrywide Financial for a knock-down price of $4 billion in stock.
Continued problems in the credit-card industry that spilled over into the broader markets renewed fears of a recession and sent stocks down sharply Friday, despite hopes for a looming interest rate cut.
UBS has appealed to its shareholders to back a capital injection by the Singapore government and a Middle East investor but warned it still cannot predict how the subprime crisis will play out.
British buy-to-let mortgage lender Paragon announced a deeply-discounted, fully underwritten rights issue on Friday to raise 287 million pounds ($560 million).
UBS's risk exposures have been significantly reduced and the bank does not require further capital injections to shore up its finances, CEO Marcel Rohner told a Swiss newspaper.
What's the trade as BRIC-based IPOs continue to grow?