Santander and Credit Agricole led an 11 percent surge by European bank stocks on Monday after policymakers agreed a near $1 trillion rescue package to stop the Greek debt crisis from spreading. The rally by the bank sector was its biggest one-day surge for 14 months and clawed back most of last week's 14 percent
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Financial markets stepped back from a potential abyss on Monday after the European Union and International Monetary Fund agreed a bumper rescue package to prevent a sovereign debt crisis spreading. World stocks rose more than 2 percent, the euro gained and corporate and peripheral debt yields narrowed against benchmarks. "Euro zone policymakers surprised probably even
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A $1 trillion global emergency rescue package to stabilize the euro reversed the slide in world financial markets on Monday but left longer-term questions about whether Europe's weakest economies can manage their debt. The plan, hammered out by European Union finance ministers, central bankers and the International Monetary Fund in weekend negotiations, was the biggest
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BP Plc said on Monday it had incurred $350 million in costs so far from the huge oil spill in the Gulf of Mexico as fears mounted of a prolonged and growing environmental and economic disaster. BP was considering its next move to contain the spill after its most promising short-term remedy struck a snag
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The U.S. Federal Reserve reopened currency swap facilities with other major central banks on Sunday to help ease market strains in Europe. The Fed revived facilities established during the 2007-2008 financial crisis with the European Central Bank, the banks of Canada and England, the Swiss National Bank. The Bank of Japan said it would also
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S&P futures extended their gains on Monday, up 2.4 percent as central banks launched U.S. dollar swap lines, while the European central bank will buy back bonds.
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Wealthy supporters seeking to buy English soccer club Manchester United said they would not overpay, after a source close to the matter said the club last year rejected a bid for 1.5 billion pounds ($2.3 billion). "We have had productive conversations with potential investors in recent weeks which have reinforced our belief that it is
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The Bank of Japan said on Monday it will re-establish its dollar swap agreement with the Federal Reserve and introduce a dollar fund supply operation against pooled collateral. "The BOJ will continue to strive to ensure financial market stability through appropriate money market operations," the central bank said in a statement. The BOJ also decided
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The euro rose and Asian stocks jumped on Monday after the European Union and IMF carved out an emergency loan package of up to 750 billion euros ($1 trillion) to keep Greece's debt crisis from spreading through the euro zone. The size of the package and an unexpected pledge by the European Central Bank to
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European Union finance ministers agreed an emergency loan package on Monday that with IMF support could reach 750 billion euros ($1,000 billion) to prevent a sovereign debt crisis spreading through the euro zone. The European Central Bank also announced steps to contain Greece's debt crisis, saying it would buy euro zone government and private debt
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