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World Market Overview 04/07/2011

Traders work on the floor of the New York Stock Exchange
U.S. stock markets ended higher on Wednesday, led by gains from technology and banking sector stocks. Cisco Systems led gains in technology stocks after CEO John Chambers said in a memo to employees that the company has lost its way and will need to restore its credibility. Chambers suggested Cisco might change operations to narrow the company's focus.
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Madoff trustee sues Tremont for $2.1 billion

The trustee seeking money for victims of Bernard Madoff's Ponzi scheme has sued Tremont Group Holdings for $2.1 billion, saying it missed warning signs the business could be a fraud.
7. Michigan

Foreclosure deal slowed by infighting: sources

U.S. regulators' efforts to settle with banks over improper mortgage foreclosures are being hampered by infighting among the groups involved in the talks, and a settlement may take a while, according to sources familiar with the matter.
Kansas City Federal Reserve President Hoenig speaks at the American Economic Association Conference in Atlanta

Fed's Hoenig: Big banks too risky, rates too low

Wall Street's financial giants continue to pose major risks to the U.S. economy, and must be broken up to avoid another meltdown, Kansas City Federal Reserve Bank President Thomas Hoenig said on Wednesday.
Fidelity seeks to enter China via trust venture -source

Fidelity seeks to enter China via trust venture -source

Mutual fund giant Fidelity is actively preparing to enter China by securing a trust company licence in one of the world's fastest-growing asset management market, a person familiar with the situation said on Wednesday.
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White House backs standard for mortgage servicers

The Obama administration favors creating a national standard for mortgage servicers such as Bank of America Corp and JPMorgan Chase & Co that have been accused of botching home foreclosure procedures.
U.S. President Barack Obama

Obama tries to woo business, slams burdensome tax

President Barack Obama stepped up efforts to woo the U.S. business community on Monday, seeking its help to tackle burdensome corporate taxes in a speech to a business group that has long been a fierce critic.
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JPMorgan ignored suspicions about Madoff: lawsuit

JPMorgan Chase & Co executives stood by silently as their client Bernard Madoff ran his epic Ponzi scheme, hoping to protect the bank's investments and continue doing business with him, a newly released $6.4 billion lawsuit claims.
Bernard Madoff walks back to his apartment in New York

Top JPMorgan execs were warned about Madoff: trustee

JPMorgan Chase & Co executives were concerned that Bernard Madoff was running a Ponzi scheme, but they silently stood by for years to protect the bank's investments, the trustee for Madoff's investors said.
The Morgan Stanley headquarters is seen in New York

Wall Street expands in red-hot mainland China

JPMorgan Chase and Morgan Stanley received approval from Chinese regulators to form joint ventures with domestic firms, which would allow them to participate in underwriting Chinese stock and bond offerings.
Foreclosed Home

Bank shares falling on Mass. Court ruling on foreclosures

Bank shares are weakening after the Massachusetts State Supreme Judicial Court upheld a decision that two foreclosures from U.S. Bancorp (NYSE: USB) and Wells Fargo (NYSE: WFC) were not valid because the banks did not properly show they held the mortgages at the time of the foreclosure.
The highest index on the DAX board is pictured at the Frankfurt stock exchange

European equities to fare well in 2011: Bloomberg survey

European equities will beat 2010 gains by the end of next year, as companies get some help from better earnings and record-low interest rates that will overcome the sovereign debt crisis, Bloomberg said, citing a survey of 13 strategists.

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