Stocks slid more than 2 percent on Wednesday as a spike in Italian bond yields heightened fears the debt crisis in Europe was spreading.
HSBC gave its starkest warning to date that new regulations might force it to leave Britain and said its U.S. bad debts had jumped as more homeowners stopped payments on their mortgages.
Gold and silver mining company stocks rose Wednesday, defying a global downdraft in equities and underscoring the traditional role precious metals have as a safe haven for investors.
Stocks fell about 2 percent on Wednesday as a spike in Italian bond yields heightened fears the debt crisis in Europe was spreading.
Global markets stampeded Wednesday after the bond market signaled that Europe's third-largest economy can no longer survive without a rescue.
The major European bourses are down anywhere from 2.0 percent to 2.6 percent.
Too bad Greece never had a Tea Party. If it had, it wouldn't be in the mess it's in now. It wouldn't have become the beggar of Europe, eking out a living on the kindness of strangers.
Stocks dropped more than 2 percent in early trading on Wednesday as a spike in Italian bond yields prompted fears the region's debt crisis was spiraling.
One message from financial markets has become quite clear: attempts by the euro zone to ring-fence Greece and stop contagion to other, more significant economies has failed.
One message from financial markets has become quite clear: attempts by the euro zone to ring-fence Greece and stop contagion to other, more significant economies has failed.
Portugal, Ireland and Greece all were forced to accept a rescue package once their national bonds reached that emergency yield.
Prime Minister Silvio Berlusconi's pledge to resign after implementing economic reforms did nothing on Wednesday to staunch a perilous collapse in market confidence in Italy.
Stock index futures tumbled on Wednesday as a spike in Italian bond yields fueled fears the country will need a bailout, ratcheting up the region's debt crisis to another level.
Italian borrowing costs reached breaking point on Wednesday after Prime Minister Silvio Berlusconi's promise to resign failed to raise optimism about the country's ability to deliver on long-promised economic reforms.
Gold prices slipped Wednesday as skyrocketing Italian government bond yields signaled the beginning of a possibly terminal phase in that nation's economy.
Stock index futures tumbled on Wednesday as a spike in Italian bond yields sparked fears the country will need a bailout, ratcheting up the region's debt crisis to another level.
Italian borrowing costs reached the breaking point Wednesday after Prime Minister Silvio Berlusconi's promise to resign failed to raise optimism about the country's ability to deliver on long-promised economic reforms.
Prime Minister Silvio Berlusconi on Wednesday confirmed he would resign after implementing urgent economic reforms demanded by the European Union, and said Italy must then hold an election, in which he would not stand.
European shares looked set to follow Asian equities higher Wednesday and the euro steadied after Italian Prime Minister Silvio Berlusconi said he would resign, raising hopes the debt-ridden country would proceed with reforms that may keep Europe's debt crisis from spreading.
We asked the prime minister to stand aside, Bossi told reporters outside parliament.
Financial markets held their breath on Tuesday as Italian Prime Minister Silvio Berlusconi's reform-shy government teetered on the brink and debt-crippled Greece's leaders struggled to put together a national unity government.
European shares climbed sharply and Wall Street was set to join in on Tuesday as positive corporate earnings allowed stock investors to look beyond the euro zone debt crisis.
