By: Reported by Julia Chatterley, written by Holly Ellyatt
Wednesday, 22 May 2013 | 4:27 AM ET
Martin Schulz, president of the European parliament, has warned that revelations of tax evasion by major companies were leading to a loss of trust among the European public.
Mike Crofton, President & CEO of The Philadelphia Trust Company and Axel Merk, President of Merk Investments, say that the failure of the debt super committee to reach a deal did not have a major impact on the markets.
CNBC's Jim Cramer, David Faber, Carl Quintanilla and Melissa Lee break down today's market moving headlines, including the Super Committee failing to reach a deal, Europe spooking investors, and retailers getting ready for holiday shopping.
Any given day, the markets are going to go up or down, says Howard Ward, GAMCO Growth Fund portfolio manager, who endorses buying stocks with a sustainable dividend yield . Ward also weighs in on the plan for new governments in Italy, Spain and Greece.
A check on the markets before the beginning of the U.S. trading week, with Lou Brien, DRW Trading Group strategist, who weighs in that the Super Committee failing to make a decision on U.S. debt is an extra layer of worry, besides Europe.
Billionaire investor Warren Buffett, chairman of Berkshire Hathaway, told CNBC there were a number of European stocks he liked and singled out British supermarket group Tesco, in which he already has a stake, as a buying opportunity if it came down in price.
After Mariano Rajoy's Spanish right-wing Partido Popular unsurprisingly won this weekend's general elections in Spain, CNBC's Stephane Pedrazzi explains the impact this will have on the country's economy.
Martin Lakos, Division Director of Macquarie Private Wealth says the Spanish election shows voters want harsher measures to be taken to solve the debt crisis.
John O'Donoghue, head of equities, Cowen & Co., says all eyes are on Europe and will be for some time. Nevertheless, he says that despite the bad news, we should see the market going higher.
Ann Miletti, Wells Fargo Advantage Funds, and David Darst, Morgan Stanley Smith Barney, discuss how investors should approach the market going into next week. The Super Committee, oil and Europe, however, are all weighing on the market's mind.
European shares closed higher on Wednesday, mirroring gains in the U.S. after Federal Reserve Chairman Ben Bernanke reiterated his commitment to maintaining loose monetary policy.
David Cameron, British prime minister, tells CNBC ahead of the EU Summit on tax fraud that he 'believes in low taxes for businesses' and highlights that international cooperation is crucial to tackle tax evasion.