European Central Bank

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Europe's Markets Dive Despite Intervention

Central banks pump cash, but bourses tumble

(Newser) - Europe's central banks pumped huge amounts of cash into markets today as stock exchanges dove and interbank lending slowed to a trickle. Just after midday in London, the FTSE 100 was down by nearly 2%, with investment banks and insurers leading declines. The Bank of England injected $35.8 billion...

European Banks Loosen Purse Strings
European
Banks Loosen Purse Strings
Sep 15, 2008 10:02 AM CDT

European Banks Loosen Purse Strings

Inject billions into markets; offer more to keep crisis at bay

(Newser) - The weekend’s storm on Wall Street has prompted Europe’s central bankers to make billions of dollars available on the cheap to global money markets as a levee against a rising flood of fresh turmoil, the New York Times reports. The European Central Bank has pledged $43 billion and...

Europe Hikes Interest Rates to Curb Inflation

Central bank's quarter- point increase to 4.25% is first move in a year

(Newser) - The European Central Bank today adjusted interest rates for the first time in more than a year, reports MarketWatch, raising the main rate by a quarter-point to 4.25%. The increase comes just after a report that inflation in the eurozone has reached 4%, the highest rate since the introduction...

Dollar Rallies at Last
 Dollar Rallies at Last 
Apr 25, 2008 6:46 AM CDT

Dollar Rallies at Last

Greenback posts biggest advance since March as eurozone sputters

(Newser) - The dollar rose to a three-week high against the euro today and looked set to post its biggest weekly advance since March. The dollar advanced to $1.55 per euro this morning in London, after falling below the $1.60 barrier on Tuesday. The dollar also gained against the yen,...

Fed Pours $200B Into Global Credit Relief Push

Central banks around the world try to ease liquidity problem

(Newser) - The Fed will inject huge quantities of cash into financial markets as part of a coordinated global attack on the credit crisis, Ben Bernanke announced today. The central bank will loan out another $200 billion, this time on a 28-day basis rather than overnight, the AP reports. The effort will...

$1.50 Euro Sparks Biz Plea for Help
$1.50 Euro Sparks Biz
Plea for Help
Feb 28, 2008 4:39 AM CST

$1.50 Euro Sparks Biz Plea for Help

Pricey currency crushing competition for European industry

(Newser) - Now that its common currency is trading above the $1.50 barrier, eurozone industry is calling for action to remain competitive in global markets. BMW, which has already laid off 5,600 employees, will have to take further action in the event of a "sustained rise" of the euro,...

Service Sector Records Shocking Contraction

January stats fan recession fears

(Newser) - US service industries took a staggering and unexpected plunge in January, contracting at a pace not seen since the last recession. In today’s non-manufacturing report, which leaked nearly an hour early, the index plummeted from 54.4 to 41.9, far more than the 53 analysts forecast. Stocks fell...

Fed to Inject $64B Into Global Money Markets

Will lend $24B to European and other central banks, $40B in four auctions, to ease credit crisis

(Newser) - The Federal Reserve will inject some $64 billion into the global economy, fearing that the ongoing credit crunch could spark recession. In the most significant international economic cooperation since 9/11, the Fed will supply up to $24 billion to the ECB and other central banks to ease the money supply...

UK Cuts Interest Rates, But EU Holds Steady

Subprime woes force first rate cut in Britain in over two years

(Newser) - The Bank of England cut its benchmark interest rate for the first time in over two years today, reducing the bank rate by a quarter-point to 5.5%. The cut drove the pound down to about $2.02, its lowest in 2 1/2 months. The European Central Bank in Frankfurt,...

Euro Slips on Interest Rate Speculation

Down from record high; fading German consumer confidence a factor

(Newser) - The euro dropped against the dollar on speculation that the European Central Bank might hold off on raising interest rates, AP reports. The euro hit a record $1.4966 Friday as investors worried about US stability. It was down to $1.4732 this morning in European trading. Germany is feeling...

ECB Pumps Cash Into European Markets

Key interest rates left unchanged in effort to reduce turmoil

(Newser) - The European Central Bank pumped $57.7 billion of emergency cash into the markets today and left their key interest rates unchanged, in an effort to ease the cost of borrowing and calm markets made volatile by the US subprime collapse, Bloomberg reports. The ECB action followed a day in...

BlackBerries Save Vacations for Bankers With Sand

It's required beach reading in a crisis

(Newser) - As the volatile global markets continue to burn investors, tan-fan investment bankers are managing to keep tabs on crisis-threatened portfolios and still rack up required hours on the beach—with the help of their BlackBerries. The devices have become as de riguer as umbrellas and suntan oil on sands from...

Euro Bank Injects $190B to Avoid Crash

ECB's largest-ever emergency cash injection aims to stave off crisis

(Newser) - The European Central Bank has released $190 billion in emergency funds in a desperate attempt to restore liquidity to the region's markets. The Financial Times reports that the ECB's emergency injection echoes moves by central banks in Japan, the US and Canada but is unprecedented in scale. The move rattled...

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