If an independent Scotland gets voted in later this year, Scottish banks could be at risk of an Iceland-style collapse, a ratings agency has warned.» Read More
A breakdown of the fourth quarter GDP numbers, with Mark Olson, Treliant Risk Advisors co-chairman/former Fed governor; CNBC's Steve Liesman & Rick Santelli
A lot of big advertisers are very positive about the economy, says Tim Armstrong, AOL chairman/CEO, who adds the content company is seeing strong growth in advertising segment which is our future business. "People are positive; they are planning," he says. "It's not like 2008, 2009."
CNBC's Andrew Ross Sorkin reports that EU officials announcing that a deal on a Greek debt solution should happen today or in the next few days, and takes a look at the euro.
When we look to Europe what we are seeing PEs and valuation already pricing in some mid-cycle slowdown, so that gives us more stock opportunities in Europe, as opposed to the U.S. right now, says Stuart Reeve, Global Dividend Income Fund Manager, BlackRock
US stock index futures pointed to a higher open on Wall Street despite signs the month long rally was beginning to stumble as weaker than expected home sales and mixed earnings reports tempered investor sentiment. European shares are steady on hopes that there may soon be a resolution to the Greek debt talks.
US futures pointed to New York starting the final session of the week in a cautious mood ahead of the US GDP data. European shares are starting to push into the green following a panel in Davos which hinted that Greek talks are close to a conclusion, analysts say stocks still remain on course for their sixth week of gains. Asian markets ended mostly higher as investors awaited the outcome of the Greek debt talks and U.S. gross domestic product data due out later today.
"Europe needs a two-speed euro," Dr Gerard Lyons, chief economist at Standard Chartered, said on CNBC, "You don't have any room for flexibility, any room for manoeuver and that's why here at Davos, one of the big worries that people have is that this European problem is going to run."
Eric Schmidt, Google executive chairman, explains that the world economies feel sluggish due to a lack of demand, with CNBC's Maria Bartiromo.
Banking leaders are sounding off on the road ahead for Europe and the industry overall.
Interest rates and consumer prices in the U.S. are lower than they would be if there wasn't uncertainty in Europe, says Peter Schiff, Euro Pacific Capital. "Fundamentally things will move slow but the direction is positive," adds Robert Zagunis, Jensen Quality Growth Fund.
Should investors be worried about U.S. banks if Greece does default? JPMorgan CEO Jamie Dimon isn't concerned. He told CNBC the direct impact would be zero. Neil Weinberg, American Banker, discusses whether Dimon is right.
Deutsche Bank CEO Josef Ackerman says he thinks nothing is going wrong with negotiations on Greek debt problems and a solution is very close. Ackerman says a default in Greece would be damaging because people underestimate the collateral damages that include the payment system within the central bank and exposure to Greek companies, not just a sovereign consequence. He adds that Deutsche Bank reduced its risk to sovereign debt early on.
CNBC's Jackie DeAngelis reports the U.S. markets pare early gains. Weekly jobless claims up but still under 400,000. Netflix surges following blowout quarterly earnings. Caterpillar profits jumps 58 percent. But AT&T posts a quarterly loss of $1 billion even though revenues beat the Street.
European markets close higher on the heels of yesterday's Fed announcement. Miners lead the markets higher. Talks between Greece and private sector debt holders resume today. The euro touches a five-week high against the U.S. dollar. Italy sees solid demand at auction for 2-year debt. Lagarde says that if necessary, the public sector should participate in debt reduction. With Deutsche Bank CEO Josef Ackermann.
"I am trying to limit the number of variables that I am betting on," says William Browder, Hermitage Capital Management CEO, who says banks in Europe currently have a zero percent interest rate when they should be a six percent.
US stock index futures pointed to a higher open on Wall Street today which will add about 0.2 per cent, reaching its highest point since July, after the Federal Reserve indicated on Wednesday that interest rates were likely to remain at near zero until at least 2014. Europe is following a 1 per cent gain for the FTSE Asia-Pacific index, where trading was again thinned by holidays in China, Australia and India, and the FTSE Eurofirst 300 is up 0.8 per cent.
US futures point to Wall Street opening higher. European shares rose today halting two days of losses, after the U.S. Federal Reserve said interest rates would remain low for a considerably longer period than expected and it was ready to offer additional stimulus to boost economic growth. Asian shares firmed on the same news.
George Soros, Soros Fund Management chairman, explains why the European debt crisis could be worse than the 2008 crisis in the U.S. While Europe has a common central bank, he points out, it has no common Treasury. By contrast, the U.S. had the authorities in place to deal with its financial crisis in 2008, he tells CNBC's Maria Bartiromo.
CNBC's Steve Liesman asks Fed chief Ben Bernanke about the recent strength of economic data, and whether the Fed is baking in further quantitative easing. "We are hoping the strength we saw in the fourth quarter will continue in 2012," says Bernanke.
Greek creditors are meeting in Paris just as IMF head Christine Lagarde says the ECB should share in the losses of Greek debt, with CNBC's Brian Sullivan.
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European shares closed higher on Thursday, despite fresh Ukraine concerns returning to the market. Stocks managed to recover earlier gains after a slew of earnings in the U.S. and Europe boosted investor sentiment.
Victor Anthony, managing director at Topeka Capital Markets, says Facebook is performing "exceptionally well" with engagement at an all-time high and revenue growing for the third quarter in a row.
Grigoris Kouteris, general manager at Upstream, says one of the key lessons from Apple's results is the focus on emerging markets and the company's "move beyond the developed world."