The credit crunch is far from over and is likely to hit sectors other than housing, Marc Faber, Editor and Publisher of “The Gloom, Boom & Doom Report”, told "Squawk Box Europe."
Societe Generale, the French bank hit by the world's worst rogue trader scandal, reported a 23.4 percent fall in first quarter net profit although earnings came in above the average market forecast.
Finmeccanica, Europe's fourth-largest aerospace and defense company, has approached DRS Technologies, proposing a takeover bid of as much $5.41 billion, sources close to the matter told Reuters.
Italian luxury brands Prada and Ferragamo look likely to wait for better market conditions to list their shares, probably after the summer, financial sources said, but competing timing could hurt their plans.
The European Central Bank left its key interest rate unchanged at 4 percent on Thursday, as widely expected, and its president Jean-Claude Trichet warned on inflation pressures.
The European Central Bank will most likely do on Thursday what it has done every month since the credit crunch started last August: keep rates steady and talk tough on inflation.
The financial sector fueled a rally in European shares on Friday, which scored their third weekly gain, after U.S. jobs data suggested the world's largest economy was proving more resilient than expected.
I have been covering the credit crunch since around 8:30 cet on August the 9th 2007 when BNP Paribas was forced to announce problems at 3 of their biggest funds. Producing Squawk Box I remember Alchemy Partners Jon Moulton telling Geoff Cutmore that this would be just the start and he was right.
The disparity between U.S. and euro zone interest rates is starting to cause problems, French Economy Minister Christine Lagarde told CNBC Monday, adding that Europe’s rampant inflation will ease.
With the US heading for recession, the European Commissioner for Economic Monetary Affairs could be forgiven for lauding the strength of the European economy when he unveils his spring economic forecast on Monday.
The Italian government held emergency talks on Tuesday in a bid to keep Alitalia flying after Air France-KLM torpedoed hopes of reviving its failed takeover of the ailing Italian carrier.
Wage and fiscal policy in the euro zone could buoy inflation and the European Central Bank may need to act on interest rates, ECB policymaker Axel Weber said in a newspaper interview released on Saturday.
Surging energy and food prices pushed euro zone inflation to a new high of 3.6 percent in March, boosting the euro to a record high against the dollar on fading chances of a ECB rate cut in the near term.
Conservative billionaire Silvio Berlusconi won a third term as Italy's prime minister on Monday with an unexpectedly strong mandate for reform, but warned of tough times ahead for a country facing deep economic problems.
European stocks ended lower for the third straight session on Thursday but well off the day's lows as strong gains on Wall Street sparked a late recovery, eclipsing fears of more asset writedowns in the banking sector.
The European Central Bank kept rates on hold at 4 percent, as expected, on Thursday, sticking to its mandate to fight inflation at any cost. Economists now think the possibility of monetary easing is more likely as late as the fourth quarter.
Wall Street banks are the first to be blamed for the credit crunch. Central banks come a close second, but as the Federal Reserve's image is suffering, the European Central Bank looks as solid as a rock.
The European Central Bank's mission to fight inflation prevents it from worrying about economic weakness. But an abrupt slowdown could anger politicians and endanger the central bank's very mandate.
European shares snapped a two-day winning streak to end Tuesday 1 percent lower, led down by banks on persistent worries of more losses from a global credit crisis, and by weakness in technology shares.
The European Union is unveiling plans Monday to allow passengers on flights in European airspace to use mobile telephones.