European banks take their toll
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European markets were in a bearish mood on Wednesday after more disappointing results from the banking sector and overnight losses on Wall Street weighed on stocks.
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Swiss bank UBSâs string of stinging financial disclosures is  symptomatic of how the subprime drama has unfolded in Europe and is stoking fears of more shocks to come.
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European stocks lost steam on Wednesday ahead of a US interest rate decision with banks and oil stocks leading the slide after Swiss investment banking giant UBS (NYSE:UBS) shocked investors with a $4bn writedown.
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Signs of shaky economies in France and Germany have sharpened worries about Europe's less-than-robust recovery &#151; and underscored the struggle to shake up regulation-clogged economies in countries that use the euro.
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European equities fell on Thursday as interest rate concerns resurfaced, with comments due from US Federal Reserve and European Central Bank officials, while the Bank of England is seen keeping UK rates on hold.
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Europeâs biggest bank said it would close an American unit as it scales back risk-taking after writing down the value of subprime mortgage investments by $14.7 billion last year.
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European stock markets mostly fell as investors digested a move by China to hike interest rates for the first time in almost a decade to rein in the country's strong economic growth.
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INSURERS and travel firms across Europe took a knock yesterday after the devastation caused by the South Asian tsunami sparked fears of substantial financial costs.
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Europeans, many of whom worked themselves up about the swooning dollar and the stampeding euro last year, suddenly seem to have mellowed.
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Fears that more losses were lurking on the books of European financials sent the sector shuddering lower on Monday and dragged down the wider market.
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UBS, the biggest European casualty of the U.S. subprime crisis, said it was shrinking its investment banking business, cutting staff and drastically scaling down its exposure to risky investments.
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The European Central Bank lends money to banks at below-market rates as a means of tackling the credit crunch.
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European equity markets were off to a slow start on Thursday as losses for French banks followed results from BNP Paribas, offsetting gains for fashion and luxury goods groups and carmakers.
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As European companies grapple with the impact of the rising euro on sales and exports, another less obvious problem is looming: the switch to new accounting standards that threaten to cause headaches for an array of businesses.
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Many European groups that staged high-profile share listings on Wall Street in the 1990s are now slipping out the back door, giving up a fleeting status that turned out to be expensive and restrictive.
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The central banks for Europe and Britain are facing similar quandaries but are expected to take two different paths when they make interest rate decisions Thursday.
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Signs of shaky economies in France and Germany have sharpened worries about Europe's less-than-robust recovery - and underscored the struggle to shake up regulation-clogged economies in countries that use the ...