James Ferguson News
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European stocks tumbled the most in more than three months as Spanish and Italian banks retreated with the nations’ government bonds amid signs of returning political uncertainty in the region’s weakest economies.
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U.K. stocks climbed, extending the FTSE 100 Index’s highest level since May 2008, as China’s economy accelerated for the first time in two years.
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The European Central Bank may be making it harder for the region’s banks to revive bond sales by giving them access to unlimited cheap cash.
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A top lobbyist for France’s largest bank says European lawmakers will have only themselves to blame if pressure to bolster capital too quickly results in more Boeing Co. planes at the expense of European rival Airbus SAS.
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European stocks climbed for a fourth day as better-than-estimated earnings from UBS AG outweighed a report that China tightened capital targets for its biggest banks.
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U.K. stocks declined, led by a selloff in financial and mining companies, after European Central Bank President Mario Draghi damped speculation he would take immediate steps to support the economy.
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European lenders, more reliant than ever on emergency aid after borrowing $1.3 trillion from their central bank, may need additional cash infusions until policy makers stem the crisis engulfing Spain and Italy.
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Borrowing costs for consumers and companies will rise as efforts to revive confidence in Libor increase the number of banks involved in setting the rates, which determine more than $300 trillion of securities.
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The U.K. must accept substantial losses on its stakes in Lloyds Banking Group Plc and Royal Bank of Scotland Group Plc if the government is to sell off its holdings within five years, say Britain’s biggest investors.
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Europe’s banks will compete with their governments to borrow $2 trillion next year as the two groups refinance maturing bonds and bills.
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