Stocks were set to open higher on Tuesday as Chinese data fueled the belief the government may move to stimulate growth, overshadowing recent credit downgrades in Europe and a mixed bag of bank earnings.
Citigroup Inc fourth-quarter profit fell 11 percent and missed Wall Street estimates as the European debt crisis battered capital markets trading and discouraged clients from doing deals.
Japan's Nikkei average edged higher on Tuesday and recovered its footing after better-than-expected Chinese economic data and solid demand at a French treasury bill auction reassured investors in the wake of European debt downgrades.
Stock index futures rose on Tuesday as investors looked to corporate profits as earnings season picks up and Chinese data fueled the belief the government may move to stimulate growth.
Iran's effort to recover some $1.75 billion frozen in a U.S. bank faces a new obstacle due to a law President Barack Obama signed last month, potentially further squeezing Tehran's economy and exacerbating tensions between the two countries.
A group that represents CEOs of major U.S. corporations, including Citigroup, defended the SEC's settlement with the financial giant that allowed the company to avoid admitting any liability or wrongdoing in a securities fraud case.
Eastman Kodak Co is in advanced talks with Citigroup Inc to obtain financing that would be used if the money-losing photography company files for bankruptcy protection, Bloomberg News said on Thursday, citing three people familiar with the matter.
New consumer financial chief Richard Cordray has been calling the heads of some of the top U.S. banks in an effort to build support for his agency, which is viewed skeptically by the financial industry.
A group of chief executives at more than 200 large U.S. companies urged a federal appeals court to undo a judge's controversial decision making it harder for companies to settle Securities and Exchange Commission fraud cases.
The top aftermarket NYSE gainers on Wednesday were: Torch Energy Royalty, Walter Energy, Citigroup, Jaguar Mining, Freeport-McMoran Copper, Bank of America Corp, Hovnanian Enterprises, HHGregg, Liz Claiborne and Liz Claiborne.
A recent rise in loans to businesses is spurring hope that bank earnings reports, which begin Friday, will show that the outlook for this economically critical industry is better than its battered stock prices and weak investment banking volumes would suggest.
Stock index futures dipped on Wednesday, a day after major indexes hit a five-month high, with pressure on the euro testing the recent view that the U.S. market was decoupling from Europe.
The abrupt exit of Jasjit Bhattal, the highest-ranking ex-Lehman executive at Nomura Holdings, marks a crucial juncture for Japan's top brokerage as it decides whether to replace him with an experienced global banker to foster expansion, or with an in-house local to focus on the home market.
The New York state's financial regulator is probing several large banks, including Bank of America Corp and Citigroup Inc, on whether they overcharged customers on force-place insurance, a source familiar with the matter said.
Jacob Lew, a former Citigroup executive, reportedly received a $900,000 bonus from the company after it took $45 billion in taxpayer bailout funds in 2008.
Bank of America Merril Lynch's (NYSE:BAC) move to fire one-fifth of the managing directors in its Asia operations, while significant, is only the latest sign foreign banks are jumping ship on investment banking opportunities within that market.
As the U.S. government nears a deal with top banks to resolve mortgage abuses, the Justice Department has begun reaching out to other banks to gauge their interest in joining the wide-ranging settlement, according to a person familiar with the matter.
The top pre-market NASDAQ stock market gainers are: Idenix Pharmaceuticals, Achillion Pharmaceuticals, VIVUS, MAKO Surgical, Questcor Pharmaceuticals, Research In Motion and Apple. The top pre-market NASDAQ stock market losers are: IPC The Hospitalist Company, Pacira Pharmaceuticals, Akamai Technologies, Logitech International and Costco Wholesale.
German exports bounced back in November boosting the country's trade surplus, a sign that Europe's largest economy may avoid a sharp slowdown in contrast to France which is expected to have run up a record trade deficit in 2011.
Defendant companies that are convicted in criminal cases or plea to charges will no longer be able to make deals with the Securities and Exchange Commission without admitting or denying allegations.
The top after-market NASDAQ Stock Market gainers are: ViroPharma, WebMD Health, Jazz Pharmaceuticals, Oritani Financial, and Momenta Pharmaceuticals. The top after-market NASDAQ Stock Market losers are: RF Micro Devices, Vical, Integra LifeSciences Holdings, Morgans Hotel Group, and Zoltek Companies.
Grooveshark has been sued by the large record company EMI Group Ltd, which accused the popular digital music service of paying no royalties since entering a licensing agreement to stream music nearly three years ago.
