Sarah Hewin News
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German exports declined more than economists forecast in November as the sovereign debt crisis weighed on euro-area demand.
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Greece is entering the home stretch of its first election campaign since becoming a global financial pariah and the polls show no party gaining a mandate to enforce the austerity policies needed to stay in the euro.
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Gilts rose for the first time in seven days on speculation the central bank will need to boost asset purchases again as the U.K.’s economy worsens.
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Spanish government bonds are facing a selloff by investors concerned that the nation’s credit rating will be cut to non-investment grade after Standard & Poor’s lowered its ranking for the debt to one level above junk.
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The European Union’s failure to contain the Greek debt crisis is sending fresh shockwaves through currencies, money markets, equities and derivatives.
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The European Central Bank should follow through on recent pledges by President Mario Draghi and start buying Portuguese and Irish government debt, Portugal’s President Anibal Cavaco Silva said.
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The pound weakened against the dollar for a third day after an industry group lowered the U.K.’s growth forecasts and Standard & Poor’s cut Greece’s sovereign debt rating, curbing investor demand for higher-yielding assets.
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German Finance Minister Wolfgang Schaeuble declared bond traders all wrong in driving up Spanish borrowing costs to unsustainable levels.
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The pound slid the most in a week versus the euro after European Central Bank President Jean- Claude Trichet said interest rates may rise next month, increasing the euro area’s yield allure over the U.K.
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British Prime Minister David Cameron ’s once-in-a-generation budget gamble is paying off for now as the economy’s unexpected strength eases investors’ qualms over the risk of a renewed recession.
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