Spot Gold Extends Losses, Falls 3.3% to Weakest Since October 2010
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The banking watchdog said the aggregate capital shortfall at five major U.K. banks at the end of 2012 was 27.1 billion pounds, slightly higher than its 25 billion initial estimate in March this year.
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Several high profile investors made "gutsy" calls in 2011, some which proved successful and others disastrous, with CNBC's Kayla Tausche & David Faber.
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CNBC's Rick Santelli analyzes this week's jobless claims, coming in at 381,000 - up 15,000 from last week. Santelli also weighs in on currencies, specifically the euro vs the dollar.
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CNBC's Mary Thompson takes a look ahead of the bank stress test scheduled for the first quarter of 2012 and how the revealing of banks' balance sheets will impact business.
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European markets are slightly up as the Italian 3-year bond yields 5.62 percent, while the 10-year yield falls to 6.98 from 7.56 for November's auction. Euro pressure continues, with no respite from Italian auction. Chemicals, basic resources among leading European sectors.
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U.S. futures are mixed this morning. In Europe, slim gains as markets look to respond to today's 8.5 billion euro Italian 3- and 10-year bond auction. Yields are lower than in November. The euro is down against the dollar. In Asia, markets are also looking to the Italian auction. The euro/yen hits a decade low. And the Shanghai Composite is slightly higher.
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Robert Rennie, Joint Head of Market Strategy, Westpac Bank, says even though there is a reasonable degree of liquidity in Europe currently, further weakness of the currency is expected.
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Marco Bardelli, Managing Director at BDG Singapore, thinks that although reforms in Italy might gain support, the crisis of solvency in Europe continues unabated.
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Anthony Scaramucci, SkyBridge Capital predict there will be fiscal unity in Europe; stocks will rally 20%; and gold will drop 30% next year.
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Daryl Guppy, CEO of Guppytraders.com, says the euro is unlikely to sustain at the 1.29 level, and will fall back down to the 1.24 level for the new year. He adds that the euro is expected to "go further south" against the Yen as well.
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Investors are experiencing developing debt worries and interest rate burdens, so how can they play the market? Ira Jersey, Credit Suisse and Donald Coxe, BMO Capital Markets share advice for investors in moving forward.
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Tens of thousands of people are protesting to demand for free elections and to end Putin's 12-year rule in Russia and the state funeral of Dictator Kim Jong-Il takes place today. Tony Cordesman, Center for Strategic and International Studies senior adviser weighs in.
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The euro dragged stocks lower despite the better-than-expected Italian debt auction Wednesday, with CNBC's Carl Quintanilla, Melissa Lee & Bob Pisani.
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CNBC's Rick Santelli and Todd Colvin, RJ O'Brien discuss Italy billion dollar bond sale and what the markets will take from it.
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In the next twelve months, overhang from European debt will improve, says Alec Young, S&P Capital IQ senior equity strategist.
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"We are cautious in the first six months of 2012 - we are concerned about Europe - but the last six months could be okay," says Tom Forester, Forester Value Fund portfolio manager. Forester adds, unless central banks kick in, financials are difficult the first half.
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U.S. futures are mixed. In Europe, stocks are up in light trading after a successful Italian short-term bond auction. Funding costs are sharply lower in Italian auction.
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U.S. futures are mixed this morning. In Europe, the markets respond to Italy's 9 billion euro, 6-month Treasury bill auction -- the average yield is set at 3.251 percent. Italy plans to auction 8.5 billion euros in 3- and 10-year bonds Thursday. The German 2-year Shatz yield hits a record low. Very thin trading in Asia, as investors search for bargains. Most Asian stocks drop on European debt concerns. And China shares are flat after reversing earlier losses.
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Christian Carrillo, Head of Asia-Pacific Interest Rate Strategy at Societe Generale Corporate & Investment Banking, says the Italian 3-year bond auction, not the 10-year bond, will go "reasonably well" despite the existing volatility.
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The European debt crisis has lasted through much of 2011, and CNBC's Michelle Caruso-Cabrera breaks down her predictions for whether a rescue will be made in 2012. Also, Wasif Latif, United-ICAP chief technical analyst and Walter Zimmerman, United ICAP technical analyst weigh in.
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