Britain's Prime Minister has slammed the European Union's demands for an additional 2.1 billion euros, branding it "unacceptable".» Read More
CNBC's Michelle Caruso-Cabrera reports that has been no official announcement that the banks will reopen on Thursday.
European shares closed lower on Wednesday as investors grow increasingly worried over the political stalemate in Italy, adding to concerns about Cyprus, which is poised to impose capital controls on its banks.
CNBC's Simon Hobbs reports on all the market moving events in Europe today.
Amjad Bseisu, CEO of EnQuest, tells CNBC that oil reserves in the north sea are declining, although a relaxation of government regulations has prompted a boom of investment in the area.
Jan Randolph, head of sovereign risk at IHS Global Insight, tells CNBC that Italy is in a state of 'suspended animation' without a government, but expects the suggestion of ECB OMT should constrain bond yields.
After more than a week's closure, the world's biggest security firm G4S will be on hand with 35 armored vehicles when Cypriot banks re-open on Thursday, ready to deliver cash to ATMs and deal with any panic.
Cyprus is to impose a ban on cashing checks and limit the amount of cash that can be taken out of the country, a Greek newspaper reported on Wednesday.
European lawmakers voted for an extra 11.2 billion euros in EU spending on Wednesday to fill a funding gap.
Cyprus probably won't be the last euro zone country to ask for an international bailout, according to a Reuters poll of economists.
For Iceland, there was a sense of deja vu when Cyprus's finance minister said capital controls would probably last "a matter of weeks". Five years after a banking meltdown, the north Atlantic island has just extended its own controls indefinitely.
Investor concern over Cyprus is rapidly being replaced by fears for Italy, as political deadlock continues.
Luxembourg, home to several European Union institutions, has rebuffed calls from some of its partners to reduce the size of its powerful banking sector in response to the crisis in Cyprus.
U.K. banks will be need to raise an extra 25 billion pounds ($38 billion), the Bank of England's Financial Policy Committee (FPC) said on Wednesday, detailing the capital shortfall facing the country's financial institutions.
CNBC's Kelly Evans reports on all the market moving events from Europe, including Cyprus.
Prudential, Britain's largest insurer, has been fined 30 million pounds ($45.5 million) for failing to tell the UK financial regulator about its ill-fated takeover attempt of Asian rival AIA.
The euro zone's awkward handling of Cyprus's bailout puts extra pressure on the bloc's sovereign ratings and shows policymakers overestimate their ability to contain the crisis, credit agency Moody's said.
Bill Blain, senior fixed income broker at Mint Partners, explains that while Cyprus is now "a done deal", one of the remaining big issues will be finding out how much money managed to escape the island despite banks being closed.
Nino Tronchetti Provera, CEO of Ambienta SGR, tells CNBC that Europe is leading the way in energy efficiency and these technologies are being exported to the emerging markets.
Lucy MacDonald, CIO of Allianz Global Investors, tells CNBC that there could be a big structural shift out of bonds, but there is no evidence it is happening yet.
With thousands of jobs axed and many more under threat in London's financial center, City workers are leading an exodus from the City as they consider alternative careers and dramatic life changes.
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Nicolas Véron, senior fellow at Bruegel says the European banking stress tests will show how rigorous a supervisor of the banks the ECB will be.
David Enrich, European banking editor at the Wall Street Journal says problems in the European bank stress tests are likely to be concentrated in Austria and Italy
U.K. Prime Minister David Cameron has slammed the European Union's demands for an additional 2.1 billion euros ($2.65 billion) as a result of the U.K.'s strong economic performance, branding it "unacceptable".