MARKETS / FINANCE

U.S. stocks slipped on Wednesday on worries that Greece's debt crisis could spread to other euro zone nations, but losses were capped as investors looked for bargains a day after a hefty sell-off.

Bear Stearns' appetite for risk and lack of foresight were criticized at a hearing into the roots of the financial crisis, where former executives argued the firm's collapse was due to events beyond their control.

U.S. stocks fell for a second day on Wednesday as Greece's sovereign debt crisis spread and Moody's Investors Service warned Portugal could be next to have its debt downgraded.

U.S. gold futures dropped to a one-week low on Wednesday as investors opted for cash to cover equities losses, but the risk of contagion spreading in the euro zone beyond Greece provided support to prices, traders said.

The big rating agencies are no longer very useful to investment companies such as the world's biggest bond fund manager PIMCO, which can be quicker to anticipate shifts in credit quality of debt, the company said on Wednesday.

Bear Stearns appetite for risk was questioned at a hearing into the roots of the financial crisis, where former executives testified that the firm's collapse was due to events beyond their control.

Copper prices dropped to seven week low here on fears China may tighten monetary policy further and cause demand to thin from the world's top consumer of many base metals.

Even as gold is set to cash in on the European economic crisis, other metals like steel and copper are set to witness a fall following the debt crisis in Greece, Spain and Portugal. The debt crisis has hit several nations in the Europe and the Euro is also struggling. This will help gold because panicked investors will rush to park their money in gold as a safe haven.

Reports from China and South Africa, two major gold producers in the world, show that gold output this year may witness a surge as several companies have ramped up their production to cash in on the rising prices and increased demand. According to Chinese media, the country produced 70.16 tonnes of gold in the first three months of 2010. This is a gain of around 4.4 per cent year-on-year. The report further added that gold mining companies in China produced 57.3 tonnes of gold in the first three...

Former Bear Stearns executives said the firm became the first major victim of the financial crisis due to unfounded rumors, not because of risky exposures to mortgage-related products with free-falling values.

U.S. private employers added 32,000 jobs in April, roughly in line with expectations, and revised data showed an unexpected rise in March jobs.

Shares in media conglomerate News Corp fell more than 9 percent in early trading on Wednesday as investors appeared to be dissatisfied with the company's full-year profit outlook.

British insurer Prudential Plc fueled worries over its planned $35.5 billion acquisition of AIG's Asian unit as a last-minute regulatory delay forced it to put on ice its bumper cash call.

British insurer Prudential Plc fueled worries over its planned $35.5 billion acquisition of AIG's Asian unit as a last-minute regulatory delay forced it to put on ice its bumper cash call.

No. 1 U.S. homebuilder PulteGroup Inc posted a far narrower than expected quarterly loss on Wednesday and said it expects to record a profit for 2010 overall, as the housing market pulls out of a brutal downturn.

Wall Street was set for a lower open on Wednesday as continued jitters about Greece's sovereign debt crisis and its potential to spread overshadowed data showing jobs growth in the U.S. private sector.

The number of planned layoffs at U.S. firms fell more than 40 percent in April to the lowest level in nearly four years, suggesting employers are more confident about economic conditions, a report on Wednesday showed.

French bank Societe Generale pegged its exposure to Greek sovereign debt at 3 billion euros ($4 billion) for the first time on Wednesday after weeks of market fears over the debt-stricken country.

U.S. stock index futures fell on Wednesday as investors continued to anxiously eye the Greek sovereign debt crisis and its potential contagion.

Euro zone policymakers and the head of the IMF warned of looming financial contagion on Wednesday unless a euro zone debt crisis is stopped in Greece, as nervous investors fled to the safe haven of the dollar.

U.S. stock index futures fell on Wednesday as investors continued to anxiously eye the Greek sovereign debt crisis and its potential contagion.

Global commodity prices dropped Tuesday as new doubts about Europe's ability to resolve the Greek debt crisis sparked a global flight from risky investments. Crude oil and other energy contracts tumbled, a day after oil hit an 18-month high. Prices for copper and other industrial metals also fell sharply. The declines in commodities were made worse by a spike in the dollar as investors sought safe places for their money. The rising dollar tends to sap demand from foreign investors for commoditie...

ODL Group Limited (ODL), a leading, independent forex, derivatives, equities and commodities broker, announces today that it has agreed on terms to be acquired by US-based FXCM Holdings LLC (FXCM), a leading global forex broker that caters to both retail and institutional markets. ODL's strong UK and European businesses will provide an excellent complement to FXCM's sizeable operations in both the United States and Asia. The combined companies will operate as one of the largest non-bank fore...

Warm weather and a desire to refresh wardrobes should have helped retailers increase sales in April, showing consumers are willing to spend a little more in an improving economy.

Reversing its globally recognized identity as a place of world's largest ship breaking yard, the state of Gujarat is now seen emerging with huge investments pouring in to give a complete makeover to its image from a hub of ship breaking industry to the hub for global shipbuilding industry.

Global oil prices continued its southern journey in Asian trade Wednesday mainly on a strong dollar amid Greek debt crisis. Light sweet crude for June delivery was seen trading at $82.16 a barrel at 11.30 am Singapore time while Brent crude was at $85.21 a barrel at the same time in London. The dollar was at $1.2954 per euro in early trade, and touched $1.2937, the strongest since April 22, 2009, from $1.2987 in New York Tuesday.. The Standard & Poor's 500 Index fell 2.4 percent to 1,173.60, the...

A new record was established in April, as ICE Coal Futures volumes exceeded all previous levels with over 146 million tonnes (146,445 lots) cleared via ICE Clear Europe. The volume is a full 37.7 million tonnes above the previous record of 108,730 lots established in January this year, and 2.7 times as much as traded in April 2009. In a statement issued by the globalCOAL Eoghan Cunningham, CEO of the company said, The current volatility we are seeing in coal prices is pushing more and more part...

Gold prices extended losses in Asian trade Wednesday as the dollar gained more momentum against the euro. Gold for immediate delivery was seen trading at $1167.09 an ounce at 11.30 a.m Singapore time while U.S. gold futures for June delivery were at $1,168.00 on the Comex. The precious yellow metal gave up its safe-haven status to the dollar dropping sharply overnight in step with a broad sell-off in commodities and stocks.

As Syria aggressively courts foreign investors to rescue its dwindling oil and gas sector, government corruption and problems settling disputes remain sticking points for some interested international players. But experts are divided over how contentious these obstacles truly are.