Bank of America has leap-frogged U.S. rival JPMorgan to rank as the world's top bank in terms of capital strength while Industrial and Commercial Bank of China tops the profit league, according to a new study.
The Aussie sold off in Asia yesterday following some weaker than expected Japanese data and general risk aversion.
European Central Bank officials scrambled to reassure nervous markets on Tuesday that the expiry of nearly half a trillion euros of emergency loans would not hurt the banking system, though they acknowledged some individual banks might face strain.
Britain's top shares fell sharply on Tuesday as renewed fears over global growth and worries about Europe's debt problems hit risk appetite, sending commodity-linked assets and banks sharply lower.
Asian stocks fell on Tuesday and were on course for their worst quarterly performance since the end of 2008, while funding concerns in the euro zone sent the single currency tumbling to a record low against the Swiss franc.
The euro hit a lifetime low against the Swiss franc and a three-week trough versus the yen on Tuesday on funding jitters ahead of a deadline for European banks to repay money to the European Central Bank.
The euro was under pressure on Tuesday, slipping against the yen and holding near its latest record low against the safe-haven Swiss franc as funding concerns in the euro zone made investors nervous.
After staging an early morning rally the Aussie dollar ran into some stiff resistance ahead of 0.8780 to pull back and enter offshore exchange around 0.8720.
World shares firmed slightly after a four-day retreat on Monday with investors still cautious about global economic recovery and shrugging off the rather neutral conclusion to a weekend G20 leaders' summit.
Most Asian stock markets rose on Monday, with Europe set to follow, as fears eased that Washington would draft a harsh bill for regulating the banking sector and after an unremarkable conclusion to a Group of 20 leaders' summit.
Most Asian stock markets rose on Monday, with Europe set to follow, as fears eased that Washington would draft a harsh bill for regulating the banking sector and after an unremarkable conclusion to a Group of 20 leaders' summit.
The G20 has agreed to give banks more time to adopt tougher global rules in a concession that the body tasked with coordinating reforms said would both safeguard the recovery and ultimately lead to stronger banks.
Group of 20 leaders pledged on Sunday to push for agreement on greater voting power for emerging economic powers in the International Monetary Fund by the next summit in Seoul, South Korea, in early November.
Deficit pledges made by Group of 20 leaders on Sunday won't provide a big boost for financial markets, with uncertainty about the strength of global economic recovery still the larger concern for investors.
he Australian Dollar dealt above 0.8700 on Friday night as equity markets traded in a wide range.
World leaders agreed on Sunday to take different paths for cutting budget deficits and making their banking systems safer, a reflection of the uneven and fragile economic recovery in many countries.
Daily forex forecast 28/6/2010
The Atlantic hurricane season's first named storm posed an uncertain threat to the Gulf of Mexico on Sunday, as a report said relief wells may halt the worst U.S. oil spill ahead of schedule.
Royal Dutch Shell will continue its deep-water drilling to meet rising global oil demand, its chief executive said on Sunday, despite safety concerns following rival BP's Gulf of Mexico blowout.
World leaders put the finishing touches on plans to build a more stable global economy on Sunday but backed away from one-size-fits-all pledges as two years of crisis give way to an uneven recovery.
The first named storm of the Atlantic hurricane season is posing an uncertain threat to the Gulf of Mexico, even as efforts to contain the worst oil spill in U.S. history are set to ramp up.
With a global recession behind them, world leaders meeting on Sunday will seek to show they can bolster a fragile economic recovery while also cutting massive government debt levels.
