International lenders told Greece on Monday it must shrink its public sector and improve tax collection to avoid default within weeks as investors spooked by political setbacks in Europe dumped risky euro zone assets.
U.S. stocks fell sharply on Monday as renewed fears of a Greek debt default prompted investors to book some of last week's gains and turn toward the safety of U.S. government debt.
Gold fell Monday in midday trading as investors decided to diversify their safe-haven opportunities by increasing their holdings of U.S. Treasuries, the dollar and the Japanese yen, said George Cocalis, senior market strategist for PFGBEST.
European equity markets are again plunging in Monday trading largely on fears of a Greek default.
Gold prices held steady Monday, as concerns about Europe's sovereign debt crisis, its weak financial sector and divisions among leaders about how to solve the crises drove investors into safe-haven securities like the U.S. dollar.
Stock index futures pointed to a sharply lower open on Wall Street on Monday, as renewed fears of a Greek debt default prompt investors to book some of last week's gains and turn to safer assets such as gold.
Samsung Electronics Co. has accused Apple of patent infringement in Australia, widening a growing dispute between the two companies over smartphone technologies. Samsung is also appealing a German court's ruling to ban the sale of its Galaxy Tab in Germany.
ECB Governing Council member Jens Weidmann, an opponent of the bank's bond-buying program, told Germany's Spiegel magazine the ECB had burdened itself with considerable risk and it was wrong to abandon established principles of monetary policy.
Brown explained that the financial woes in Europe are, at their essence, a crisis in banking, not debt.
A moved Jean-Claude Trichet neared the end of 24 years of policymaking on Saturday after attending his last informal meeting of European finance ministers as head of the European Central Bank.
US Equity markets advanced modestly as concerns over the European debt crisis overshadowed international central banks efforts to stabilize the European monetary system.
At a meeting with E.U. finance ministers, U.S. Treasury Secretary Timothy Geithner made the case for a leveraged E.U. buyout fund ala the U.S.'s successful 2008 TALF, to help address Europe’s banking crisis, but the structure and size of any beefed-up intervention mechanism remained undetermined as of Friday night in Europe.
The European Union will decide in the coming months whether to start stockpiling raw materials that are critical for the bloc's industrial and high-tech production, an EU spokesman said on Friday.
Geithner is currently in Warsaw, Poland to meet with Eurozone finance ministers to find a way out of the continent’s huge debt problems after more than two years of bailouts, wrecked economies and bickering.
Stock index futures were lower on Friday after equities notched four days of gains and as European policymakers gathered to discuss the region's debt crisis, while Research in Motion weighed on the technology sector after a weak earnings report.
Treasury Secretary Timothy Geithner told EU finance ministers on Friday they should end loose talk about a euro zone break-up and work more closely with the European Central Bank to tackle the debt crisis.
The world will not see the kind of coordinated response policymakers organized during the global financial crisis in 2009 but the United States and the European Union must work closely together to overcome the current economic challenges, Treasury Secretary Timothy Geithner said on Friday.
Helle Thorning-Schmidt is set to become Denmark's first woman prime minister after her leftist alliance defeated the coalition led by current Prime Minister Lars Lokke Rasmussen in Thursday's election.
Stock futures pointed to a weaker open for equities on Wall Street on Friday after strong gains in the previous session, with futures for the S&P 500, for the Dow Jones and for the Nasdaq 100 down 0.4-0.7 percent.
Treasury Secretary Timothy Geithner pressed euro zone ministers on Friday to leverage their 440 billion euro bailout fund and free up more resources to tackle a two-year-old debt crisis, a senior euro zone official said.
Morocco's trade deficit expanded 22.6 percent in the January-August period from a year ago to 122.2 billion dirhams due mainly to higher spending on energy imports, official data showed on Thursday.
Gold and silver fell hard Thursday after five major central banks announced a coordinated plan to inject U.S. dollars into European banks straining under the load of the continent's sovereign debt crisis.
