European banks post third week of losses Deutsche Bank among top decliners STOXX down 1.4%, still set for weekly gains March 24 (Reuters) – A steep sell-off in banking stocks hit European indexes on Friday as worries about the stability of the financial sector intensified, with Deutsche Bank tumbling as …
Read More »US labor market still tight; housing market close to bottoming out
Weekly jobless claims fall 1,000 to 191,000 Continuing claims increase 14,000 to 1.694 million New home sales rise 1.1% in February WASHINGTON, March 23 (Reuters) – The number of Americans filing new claims for unemployment benefits edged down last week, showing no signs yet that the recent financial market turbulence …
Read More »Stocks up, bond yields fall as markets mull Fed policy pause
European shares dip as UK, Switzerland and Norway hike rates Dollar stuck near 7-week low after mixed Fed message Oil prices slip in commodity markets LONDON, March 23 (Reuters) – World stock markets rose on Thursday as shares on Wall Street rallied, and Treasury yields fell, after investors took comfort …
Read More »Lower mortgage rates boost US home sales in February
Existing home sales jump 14.5% in February Median house price falls 0.2% to $363,000 from year ago Supply increases 15.3% year-on-year to 980,000 units WASHINGTON, March 21 (Reuters) – U.S. existing home sales rebounded more than expected in February as lower mortgage rates and the first year-on-year decrease in prices …
Read More »Scramble for safety subsides as markets digest Credit Suisse rescue
Bank shares rally after emergency takeover of Credit Suisse Credit Suisse slumps over 55% European banks claw back some ground after initial 5% tumble Government bond yields rise in cautious bid for risk Wall Street gains, First Republic Bank tumbles NEW YORK/LONDON, March 20 (Reuters) – Bank stocks rallied on …
Read More »Central banks try to calm markets after UBS deal to buy Credit Suisse
UBS to pay 3 bln Swiss francs ($3.23 bln) for Credit Suisse Yellen, Powell welcome deal to support financial stability UBS to assume up to $5.4 bln in losses; deal to close this year CS writes down $17 bln of bonds to zero, angering holders S&P lowers First Republic Bank’s …
Read More »UBS to take over Credit Suisse, assume up to 5 bln Swiss francs in losses
BERN, March 19 (Reuters) – UBS (UBSG.S) agreed to buy rival Swiss bank Credit Suisse (CSGN.S) for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking …
Read More »Analysis: Financial or price stability? Fed faces calls to pause
March 18 (Reuters) – With the U.S. and European banking crisis wreaking havoc in global markets, some financial industry executives are calling on the Federal Reserve to pause its monetary policy tightening for now but be ready to resume raising rates later. Investors are currently pricing a 60% probability that …
Read More »Dysfunction in ‘wildly illiquid’ bond markets unnerves investors, officials
LONDON, March 17 (Reuters) – Wild price swings in government bonds on a scale not seen in decades given banking sector turmoil have sparked concern about the smooth functioning of a market considered vital to the global financial system. Trading in short-dated German bond futures was briefly interrupted due to …
Read More »Volkswagen to invest in mines in bid to become global battery supplier
BERLIN, March 17 (Reuters) – Volkswagen (VOWG_p.DE) plans to invest in mines to bring down the cost of battery cells, meet half of its own demand and sell to third-party customers, the carmaker’s board member in charge of technology said. Its strategy aligns with a wider trend of carmakers seeking …
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