Spain’s benchmark borrowing costs climbed to a record yesterday, raising the specter of sovereign bailouts for the government in Madrid and then Italy that would stretch European Union finances to their limit.
Category: Business News
JPMorgan reveals shock $2bn trading loss on investments
JPMorgan Chase, the biggest US bank, has revealed a surprise trading loss of at least $2bn (£1.2bn) on complex investments made by its traders.
Bank Order Led to Losing Trades
J.P. Morgan’s Efforts to Shield Itself From European Market Fallout Prompted Disastrous Bets
J.P. Morgan Chase & Co. told traders several months ago to make bets aimed at shielding the bank from the market fallout of Europe’s deepening mess. But instead of shrinking the risk, their complicated bets backfired into losses of as much as $200 million a day in late April and early May, people familiar with the situation said.
Central banks join forces to ease financial strains
Some of the world’s biggest central banks have announced a programme of co-ordinated action designed to support the global financial system.
Another Recession is on the way!
WASHINGTON — Discouraging economic data from around the globe have heightened fears that another recession is on the way.
Fresh evidence emerged Thursday that U.S. home sales and manufacturing are weakening. Signs also surfaced that European banks are increasingly burdened by the region’s debt crisis and sputtering economy.
The rising anxiety ignited a huge sell-off in stocks that led many investors to seek the safety of U.S. Treasurys.