The 17 finance ministers of the countries that use the euro converged on EU headquarters today in a desperate bid to save their currency — and to protect Europe, the United States, Asia and the rest of the global economy from a debt-induced financial tsunami.
The monthly U.S. jobs data, which often set the market tone in markets for a week or two after their release, were keenly awaited after Thursday's rout, when stocks suffered one of their worst days since the collapse of U.S. investment bank Lehman Brothers in 2008. Watch video report at bottom of article.
UPDATED 12:06 P.M. Stocks sank in midday trading Monday after warnings about the finances of several European countries stoked fears that the region's debt crisis is worsening. The euro dipped briefly to its lowest level against the dollar in two months.
Europe’s economic picture darkened further today as Britain’s prime minister declared the nation’s finances to be worse than feared — requiring sacrifices that will affect “our very way of life” — and the euro slid further toward parity with the dollar.
Winston Churchill famously observed that, “You can always trust the Americans. In the end, they will do the right thing, after they have eliminated all the other possibilities.” Is that still true for our generation? We’re going to find out.
The developer's chairman said it cost about $1.5 billion to build the tapering metal-and-glass spire billed as a "vertical city" of luxury apartments and offices. It boasts four swimming pools, a private library and a hotel designed by Giorgio Armani.
The heavily indebted Dubai World is not guaranteed by the emirate's government, a top financial official from the city state said today, offering little direction to anxious investors on a day when the United Arab Emirates registered a record fall on the back of Dubai's debt mess.
UPDATED 12:27 P.M. U.S. stock futures plunged this morning as a wave of fear swept through world markets over concerns that financial trouble in the Middle Eastern city-state of Dubai will upend a global economic recovery.
The possible spillover effects from Dubai fed fears that international banks could suffer big losses if the debt-laden emirate is forced to default. That sent stock and commodity markets tumbling in New York, London and Asia as investors flocked to the U.S. dollar as a safe haven.
Stocks jump after G-20 pledge to aid economies Stocks jumped to new highs for the year Monday as the dollar extended its slide, boosting prices for commodities including gold and oil. Energy and materials stocks led the market higher.
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