European shares rose on Friday, recording their biggest weekly gain since late 2008, on hopes Eurozone leaders were coming together to find a solution to the Eurozone debt crisis.
European shares rose on Friday at mid-day and were headed for their biggest weekly gain in three years on hopes of a bold solution to the euro zone debt crisis at a summit next week.
Oil jumped above the psychologically-significant $100 level on Wednesday after a coordinated move by central banks to address pressures in global money markets.
Stock index futures pointed to a mixed open on Wall Street on Tuesday, with futures for the S&P 500 up 0.15 percent, Dow Jones futures up 0.1 percent and Nasdaq 100 futures down 0.27 percent at 4:19 a.m. ET.
LONDON, Nov 25 - European companies are in for a tough time next year. The euro zone debt crisis is sparking caution on all fronts, as consumers keep their cash in their pockets, corporate treasurers take a knife to investment plans and investors desperately seek a haven for their wealth.
Unnerved by a second profit warning in a month, investors sent HTC Corp shares tumbling for a second straight day on Friday on concern the world's No.4 smartphone maker may be running out of ideas in an increasingly competitive market.
Latest data on new claims for unemployment sent mixed signals to the market, showing that while the week ended Nov. 19 was the third straight week for initial claims to hold below 400,000, a mark that most economists believe is essential for the economy to add more jobs than it is shedding, application for jobless insurance increased 2,000 to 393,000.
Citigroup, BNP Paribas and UBS all announced job reductions in this week.
As equity investors play the ups and down of the stock market, fixed income money managers that provide day-to-day financing to the banks, investors in medium-term bonds and the peer banks themselves are scrambling for cover. The result: a dollar financing crunch that could deeply affect the banks and how they do business.
Profits at Italian bank UniCredit have all but evaporated and capital has shrunk to dangerous levels, results due on Monday will show as the bank prepares a $10 billion rights issue and 5,000 job cuts to get back on track.
Stock index futures pointed to a higher open on Wall Street Friday, with futures for the S&P 500 up 0.6 percent, Dow Jones futures up 0.4 percent and Nasdaq 100 futures up 0.7 percent at 0924 GMT (4:24 a.m. ET).
The banking sector, enduring rounds of deep job cuts, faces the grim prospect of having nowhere to turn to for immediate employment in the industry, as nearly all branches of finance have pulled back on hiring.
Agricole’s problems may just be starting.
The head of India operations at UBS AG, Manisha Girotra, has resigned, according to an internal memo.
The head of India operations at UBS AG , Manisha Girotra, has resigned, according to an internal memo, the latest high-profile exit from the Swiss bank in the world's second-fastest growing major country.
Societe Generale , France's second-biggest listed bankon, scrapped its 2011 dividend on Tuesday to help bolster capital when reporting quarterly profit fell sharply, hit by charges including Greek debt writedowns.
World leaders on Friday identified 29 banks deemed so important to the global financial system that they require more capital and closer supervision, as well as a plan that would safeguard taxpayers should they fail.
Commerzbank is 25-percent-owned by the German government
European shares extended the previous session's strong gains Friday as signs Greece would seek political consensus on a new aid package and dump a referendum helped cap some fears of an imminent default, although the outcome remains uncertain.
Italy, under fierce pressure from financial markets and European peers, has agreed to have the IMF and the EU monitor its progress with long- delayed reforms of pensions, labor markets and privatization, senior EU sources said Friday.
Egypt's net foreign reserves slid by $1.93 billion last month, their worst drop since April, as investors dumped more treasury bills and other assets because of uncertainty over a peaceful transition to civilian rule, analysts said.
Pressure mounted on Italy's besieged premier Silvio Berlusconi to quit Thursday as six former parliamentary loyalists called for a new government and the squabbling Cabinet failed to agree an urgent economic reform program.
