Moody's Investors Service has published an in-depth Banking System Outlook on Finland in which the rating agency reiterates that its fundamental credit outlook for the banking system is negative, having changed the outlook from stable in April. This reflects its view that the severely contracting economy will likely contribute to a further weakening in banks'
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Moody's has restated that its view on the fundamental credit outlook for the Italian banking system remains negative, having been changed to negative from stable in May, reflecting the impact of the ongoing weak economic conditions on banks' asset quality and profitability, says Moody's Investors Service in its new Banking System Outlook on Italy. "Italy
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Moody's stripped Ireland of its last AAA credit rating on Thursday and warned Prime Minister Brian Cowen he needed to inflict more fiscal pain on his recession-wracked country or risk a further costly downgrade. Cowen has had to put Ireland on a five-year austerity diet after a debt-fuelled property binge transformed the former "Celtic Tiger"
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European shares fell further in afternoon trade on Thursday after new data showed U.S. employers cut 467,000 jobs in June, far more than expected and increasing the U.S. unemployment rate to 9.5 percent. At 1300 GMT the pan-European FTSEurofirst 300 index was down 1.8 percent at 850.26 points after hitting the session's low of 849.27.
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Swelling gasoline stocks and a far bigger than expected rise in U.S. unemployment drove oil markets down around $2 on Thursday towards $67 a barrel. In the latest signal the economy of the world's biggest energy consumer was still struggling, data on Thursday showed U.S. employers had cut 467,000 jobs in June and the unemployment
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New Bank of England policymaker David Miles warned that any signs of a rapid economic recovery were likely to prove a false dawn, and joined BoE colleague Tim Besley on Thursday in ruling out tighter monetary policy in the short term. Miles, in his first appearance before legislators since his appointment to the BoE's Monetary
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U.S. employers cut 467,000 jobs in June, far more than expected, while the unemployment rate rose to 9.5 percent, the government said on Thursday in a report that showed a labor market continuing to struggle with a deep recession. The June job losses were more than 100,000 greater than the 363,000 consensus of Wall Street
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The European Central Bank left its main refinancing interest rate unchanged at a record low of 1.0 percent on Thursday, as expected by analysts. Markets are now turning their attention to President Jean-Claude Trichet's news conference at 1230 GMT, when he will explain the decision and may fill in some of the missing details of
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China hopes for diversification of the international currency system in the future and it would be "normal" for the issue to be raised at next week's Group of Eight summit, Vice Foreign Minister He Yafei said on Thursday. But He, who is in charge of China's G8 preparation, told a news briefing he had not
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Britain's top share index was down 0.7 percent at midday on Thursday, as equities fell broadly, led lower by energy and mining stocks which fell on retreating commodity prices ahead of key U.S. payrolls data. Energy companies, which gained in the previous session tracking higher oil prices, took most points off the index as crude
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