Banks to suffer into '09 as credit crunch drags: S&P
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Banks will continue to suffer into 2009 as turmoil in the credit markets drags on, credit ratings agency Standard & Poor's said on Friday.
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European equity markets were choppy in the face of deepening US recession fears, with banking stocks providing the biggest drag.
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Fresh writeoffs at big European and Japanese banks on Wednesday threw the investor spotlight firmly back onto the credit crunch after days gazing at Societe Generale's stunning losses, which it blames on a junior trader.
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S&P 500 and Dow Jones industrial futures slipped on Friday as worries about the impact of the credit squeeze on financial services companies tempered optimism about Google Inc's  solid profit.
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Disappointing data come as credit crisis looms.
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PM names credit crunch as 'our biggest challenge' as he warns country to prepare for turbulence
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Retailers face one of their "toughest ever years" in 2008, a report into the UK-wide sector warns.
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M&T Bank Corp  and Sovereign Bancorp Inc , two of the largest banks in the eastern United States, said on Monday turmoil in credit, mortgage and real estate markets hurt fourth-quarter results.
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Banks, which have used a glut of cheap  money to help fuel a boom in real estate and leveraged company  buyouts, may face a rough ride when lending conditions turn  sour, the Bank for International Settlements said on Sunday.
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Business & money: Swiss bank takes a Â£5.72bn fourth-quarter hit and warns 2008 will be another difficult year
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Britain is likely to face an acceleration of inflation and a slowing of growth in 2008, Bank of England governor Mervyn King said Tuesday, as turmoil shook financial markets worldwide.
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M&T Bank Corp  and Sovereign  Bancorp Inc , two of the largest banks in the eastern  United States, said on Monday turmoil in credit, mortgage and  real estate markets hurt fourth-quarter results.
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DAVOS, Switzerland  - There is no end in sight to fallout from the credit squeeze that may trigger a big slowdown in U.S. growth and chill other economies too, a top central banker said on Friday.
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The FTSE 100 suffered one of its worst sessions in recent years despite moves by the world's leading central bankers to combat the credit squeeze.
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Barclays, the nation's third biggest bank, said Tuesday that net profits sank by about 3.0 percent last year owing to the US subprime housing crisis and related global squeeze on credit.
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WASHINGTON -- A painful credit crunch is taking its worst toll on the already ailing housing market, while its impact on the rest of the national economy at least so far seems limited, the Federal Reserve reported Wednesday.
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Supply of credit has tightened and likely to get worse, Bank of England warns