Financial markets climbed away from a potential abyss on Monday after the European Union and International Monetary Fund agreed a bumper rescue package to prevent a sovereign debt crisis spreading.
The heads of leading U.S. stock market operators have been called to Washington for an emergency meeting on Monday, days after a spine-chilling plunge in stock prices continued to perplex U.S. regulators.
BP Plc said on Monday it had incurred $350 million in costs so far from the huge oil spill in the Gulf of Mexico as fears mounted of a prolonged and growing environmental and economic disaster.
European central banks began buying euro zone government bonds under a $1 trillion global emergency rescue package agreed on Monday, sending the euro and European stocks and bonds surging on relieved markets.
Financial markets stepped back from a potential abyss on Monday after the European Union and International Monetary Fund agreed a bumper rescue package to prevent a sovereign debt crisis spreading.
The U.S. Federal Reserve reopened currency swap facilities with other major central banks on Sunday to help ease market strains in Europe.
U.S. stock index futures pointed to a strong start for Wall Street on Monday, with shares set to rebound as confidence was boosted after global policymakers came up with an emergency rescue package worth around $1 trillion aimed at preventing Greece's debt crisis from spreading through the euro zone.
The euro rebounded from 14-month lows and Asian stocks jumped on Monday after the European Union and IMF carved out an emergency rescue package of up to 750 billion euros ($1 trillion) to keep Greece's debt crisis from spreading through the euro zone.
A $1 trillion global emergency rescue package to stabilize the euro reversed the slide in world financial markets on Monday but left longer-term questions about whether Europe's weakest economies can manage their debt.
Gold prices eased in Asian trade Monday after Greek aid pack approval by EU eased concerns over debt crisis in the region. Gold for immediate delivery was seen trading at $1195.31 an ounce at 11.30 a.m Singapore time while U.S. June gold futures was at 1200.69 an ounce at the same time.
The impact of a proposed tax on mining firms in Australia hit home on Monday as Peabody Energy cut its takeover bid for Macarthur Coal and Xstrata suspended copper exploration work in Queensland, both citing the tax.
The heads of leading U.S. stock market operators have been called to Washington for an emergency meeting on Monday, days after a spine-chilling plunge in stock prices continued to perplex U.S. regulators.
The European Union agreed on a 500 billion-euro ($670 billion) emergency fund in the early hours of Monday to protect highly indebted eurozone countries from the wolfpack of financial markets.
The extreme market volatility of recent days has shaken investors, who still are seeking a clear explanation of what sent U.S. stocks into Thursday's dizzying intraday spiral.
The volatility in financial markets continued on Friday's trade but thankfully not to the same extent as seen the previously.
OPEC's Secretary General said on Sunday global oil markets were oversupplied, but it was too early to talk about the producer group taking action to halt the sharp price fall sparked by the euro zone debt crisis.
The extreme market volatility of recent days has shaken investors, who still are seeking a clear explanation of what sent U.S. stocks into Thursday's dizzying intraday spiral.
European Union finance ministers on Sunday promised to counter the wolfpack of the financial markets as they sought agreement on a 600 billion euro ($805 billion) plan to keep Greece's debt crisis from spreading.
Disappointing Retail Sales data saw the AUD move lower in Asia yesterday falling from 0.9090 to enter offshore exchange hovering on the precipice of the psychological 90 cent level
The two largest U.S. stock exchange operators, NYSE Euronext and Nasdaq OMX Group, called a truce and issued a joint statement on Sunday, pledging to co-operate with each other and regulators to get to the bottom of last week's dramatic stock market plunge.
Three days after a chilling plunge in stock prices and no closer to knowing why it happened, U.S. regulators faced pressure on Sunday to put up emergency measures to prevent a repeat of the episode.
Chief executive officer of Cancer Council Australia has supported the findings of the US cancer report calls for the removal of carcinogens and pesticides from food and water, stating more needed to be done to fully understand the issue.