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NEWS ABOUT: financial markets

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Pound Plunges to Record Low Against Euro

Gloomy economic outlook sends British currency tumbling

(Newser) - The British pound has sunk to its lowest level ever against the euro since the European currency was introduced in 1999, the Financial Times reports. The fall follows Chancellor Alistair Darling's dire warning that the outlook for the British economy is the worst in 60 years. The pound dropped to... More »

Financial Faith Is Crisis' Top Casualty

One year in, credit crunch has upset all expectations about modern markets

(Newser) - Last summer, central banks injected hundreds of billions of dollars into the financial system, desperate to restore liquidity to battered markets. But by then the credit crunch was on—and after 12 months, it shows no signs of abating. The Financial Times looks at how risky US mortgages set off... More »

Public Silence Greets Wall St. Blunders

Small savers are suffering, but giving financiers a free ride

(Newser) - America's financiers have driven the country into crisis with stunning recklessness, James Grant writes in the Wall Street Journal, but public anger seems strangely dormant. Populist politicians railed against Wall Street during past financial crises, Grant notes, but today's politicians appear largely uninterested in taking aim at the easy target. More »

Demonizing Shorters Won't Save the Likes of Lehman

Darwinian market bloodletting may eliminate raider targets

(Newser) - Short-sellers have the power to utterly crush Lehman Brothers, as they did Bear Stearns, writes James Cramer in New York, but it's largely Lehman's own fault. Lehman shares much of the "mismanagement, arrogance and recklessness" that brought down Bear, Cramer opines in a piece that says excoriating short-selling hedge... More »

Here Comes Era of Activist Government

It's necessary, and McCain is better suited for the job: Brooks

(Newser) - With daunting issues demanding immediate action—energy, the markets, and crumbling infrastructure to name but a few—the US is about to enter a phase of "government activism," writes David Brooks in the New York Times. Bad news for John McCain, right? Maybe not. As past periods of... More »

World Markets Tumble, Dollar Hits New Low

Euro hits $1.60 as banks lead declines

(Newser) - World stocks hit their lowest level since 2006 today as credit-market losses and weakening consumer confidence sent shares falling, reports Bloomberg. The big banks, from UBS in Europe to Cathay in Asia, led declines. The MSCI World Index, Morgan Stanley's indicator of global finance, has now slid into bear market... More »

Fed Feared 'Contagion' If Bear Failed

Bernanke and crew felt they had to act, minutes show

(Newser) - If the Fed hadn't taken the unprecedented step of helping bail out Bear Stearns, a sweeping "contagion" would have doomed the markets, its members say. In newly released minutes from its March 16 meeting, the Fed reasons that the “prominent position of Bear Stearns” left it no choice... More »

Citi's Blahs Make Little Dent

Drop in oil prices help stocks finish slightly higher

(Newser) - Stocks posted moderate gains today as oil futures dropped below $135 per barrel on news of China's move to raise prices by trimming subsidies, MarketWatch reports. With traders little moved by warnings of further writedowns ahead for Citigroup, the Dow closed up 34.03, at 12,063.09. The Nasdaq... More »

Industry Shakeout Clips Hedge Funds

It's a fund-eat-fund world as companies mature, face crunch

(Newser) - A massive shakeout is transforming the world of hedge funds, the Wall Street Journal reports. Tougher market conditions mean smaller funds are merging or closing their doors, and new ones are facing difficulty getting started. The business, which mushroomed from a few hundred firms to 8,000 over a decade,... More »

'Monster' Markets Brought World to Edge: German Prez

Köhler, former head of IMF, rips lust for profit, calls for tightened regulaion

(Newser) - Germany's president, a former head of the International Monetary Fund, blasted the system of financial markets responsible for the global credit crisis as a “monster," Der Speigel reports today. Horst Köhler said the world “came close to a collapse of the global financial markets" as the... More »

Treasury Wants Mega-Fed to Monitor Markets

Plan would merge agencies, allow Fed to swoop in on threats

(Newser) - The Treasury wants a newly empowered Federal Reserve to monitor market stability and swoop in on institutions that threaten it, the New York Times reports. If approved by lawmakers, the Treasury plan would merge a jumble of regulatory agencies and combine the SEC with the Commodity Futures Trading Commission. But... More »

Why Close the Markets Today?

Observing Good Friday one reason; superstition about 1907 panic another

(Newser) - The Big Board is closed today—but the reason is open to some debate, Bloomberg reports. The last time the markets opened on Good Friday was 101 years ago, when they saw one of two huge crashes that made up the Panic of 1907. Fear of repeating that catastrophe may... More »

Goldman Sachs Switches Forecasters

'Belle of the bull market' Cohen has more pessimistic successor

(Newser) - Goldman Sachs has replaced its famously bullish chief forecaster, Abby Joseph Cohen,  with a less upbeat analyst, Bloomberg reports. Cohen will remain as senior investment strategist, handing over the daily predictions to David Kostin. Kostin sees a decline for the S&P 500 to 1160 in the short run,... More »

Will Lehman Be the Crunch's Next Victim?

Shaky confidence means its biggest fear may be fear itself

(Newser) - After a collapse of confidence sank Bear Stearns last week, some traders are betting that Lehman Brothers will be the next victim of the credit crunch. Its stock went on a rollercoaster ride yesterday—plunging 40% at one point and closing down 19%, the biggest fall since the firm went... More »

Did Fed Freak With Emergency Rate Cut?

Decision smacks of panic—and worse trouble yet to come

(Newser) - Yesterday's steep interest rate cut—just a week ahead of a scheduled policy meeting—made the staid Federal Reserve come across as spooked and jumpy, leaving many to wonder if the Fed knows of worse news to come, Reuters' Ros Krasny writes. The surprise .75-point cut "is a declaration... More »

Stocks Dive on Citigroup News

Only energy stocks advance, with oil briefly hitting $86 a barrel

(Newser) - Stocks fell more than they had in over a month today after Citigroup reported a 57% third-quarter loss. Of the S&P's 10 industry groups, only energy advanced, with oil closing at a record $86.13 a barrel. The Dow lost 108.28 to close at 13,984.80, the... More »

Windy City Finance Biz Lures New Yorkers

Hedge fund says prices, lifestyle win converts

(Newser) - If a Chicago-based hedge fund goes public, can it relocate East Coast talent to the Windy City? Citadel Investment Group, which is signaling interest in an IPO, says many New Yorkers fall in love with the city. Yet some still give it the cold shoulder:  "A lot of... More »

Market Rallies on Corporate Gains, Labor News

GM, McDonald's bolster stocks

(Newser) - US stocks rallied today, with blue chips and Countrywide Financial at the helm. A General Motors' analyst upgrade and  a higher-than-anticipated dividend at McDonald's helped drive the Dow up 133.23 points, to 13,424.88. Countrywide rose 14% on news that the battered lender has lined up $12 billion... More »

Dollar Plummets to 15-year Low

Job loss data fuels panic about US economy

(Newser) - Panic over the state of the US economy pushed the dollar to a 15-year low against major currencies yesterday. The drop came on larger-than-expected July payroll declines, data one analyst called “simply horrific.” Many fear that the credit crunch will drive down consumer spending, igniting a recession. Investors... More »

Dow Breaks 14,000 Barrier

(Newser) - The stock market swept aside sub-prime anxieties today to surge past the 14,000 mark; the 82.19-point run-up was fueled by strong results from IBM and Exxon Mobil. It was the 32nd record close for the Dow Jones Index this year, and—with just 58 trading days since the... More »

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