In a closed-door meeting at a Manhattan mansion, executives outlined changes to controversial software that was implicated in two crashes.Aerospace & Defenseread more
Current and former Tesla employees working in the company's open-air "tent" factory say they felt pressure to take shortcuts to hit aggressive Model 3 production goals,...Technologyread more
Minutes from the Reserve Bank of Australia's monetary policy meeting in July showed the central bank was ready to adjust interest rates if required.Asia Marketsread more
President Donald Trump and the RNC are picking up key supporters in the business community who did not back him as a candidate in 2016.2020 Electionsread more
Amazon workers in Minnesota and Germany are striking as Prime Day kicks off, in a stand against working conditions and wage practices. The action in Minnesota represents the...Retailread more
Treasury Secretary Steven Mnuchin is raising red flags ahead of Facebook's proposed cryptocurrency launch.Marketsread more
Epstein is accused of sexually exploiting dozens of underage girls from 2002 through 2005 at his New York and Florida residences. He is a former friend of Presidents Donald...Politicsread more
When you think of Prime Day, you might be thinking about deals on Instant Pots and Amazon Echo devices — not half-off dresses and designer heels. But the market for apparel...Retailread more
David Marcus, the head of Facebook's digital currency project, said the company expects Libra will drive more advertising revenue for the company.Technologyread more
Some White House officials expect the Cabinet secretary, who has known the president for years, to depart as soon as this summer.Politicsread more
"The important thing is that you shouldn't try to hit homeruns this week, because you're much more likely to end up striking out," Jim Cramer says.Mad Money with Jim Cramerread more
European equities closed sharply lower on Monday after talks between Greece and its creditors collapsed at the weekend, raising the prospect that Greece could default on its debt obligations.
The pan-European FTSEurofirst 300 closed around 1.4 percent lower, with Greek stocks tumbling down to close around 4.7 percent, as peripheral bond yields spiked during session.
The U.K. benchmark FTSE 100 index closed around 1.1 percent lower, having traded at three-month lows during the session. The French CAC and German DAX underperformed, both closing lower around 1.75 and 1.9 percent.
Talks between Greece and its creditors over the weekend yet again failed to resolve the impasse over reforms, with European officials blaming Athens for failing to offer concessions in return for a final tranche of desperately-needed financial aid.
Greek banks faced severe selling on Monday as investors digested the news, with Pireaus Bank tumbling to close over 12 percent lower, while Alpha Bank and Eurobank Ergasias both traded down around 9 and 6.9 percent respectively. Italian and Spanish banking stocks also fell sharply.
Bond yields in Greece and peripheral Europe also spiked during trade. Greek 10-year yields hit 12.2 percent at the close, up from its 11.8 percent close on Friday.
Greek Finance Minister, Yanis Varoufakis, ruled out a "Grexit" -- Greece leaving the euro zone -- in an interview with a German newspaper Bild published Monday, but said that Germany needed to play a bigger part in talks. The only way Greece would be able to repay its debts is if there is a restructuring, he wrote, and a deal could be possible if German Chancellor Angela Merkel took part in the talks, Reuters reported.
Around the Europe close, U.S. stocks were paring losses, after opening sharply lower, following a decline in European equities.
In other Europe news, the U.S. plans to store heavy military equipment in the Baltics and Eastern European nations to reassure allies made uneasy by Russian intervention in Ukraine, and to deter further aggression, Reuters reported Sunday, citing an unnamed senior U.S. official.
Russia's central bank cut its key interest rate once again on Monday, in a further bid to stimulate economic growth in the country. It slashed interest rates by 100 basis points to 11.5 percent, in line with analyst expectations, in the fourth consecutive month of cuts.
In other individual stocks news, budget U.K. airline easyJet closed around 2.3 percent lower, after RBC analysts cut its rating to underperform from outperform.
Follow us on Twitter: