SHANGHAI (Reuters) - Raising capital has become "fundamentally impossible" for European banks, the chairman and CEO of France's Societe Generale said on Friday, in a stark reflection of the concern over the health of banks in the region.
SHANGHAI (Reuters) - Raising capital has become "fundamentally impossible" for European banks, the chairman and CEO of France's Societe Generale said on Friday, in a stark reflection of the concern over the health of banks in the region. "Investors lack confidence," Frederic Oudeahe told a financial forum in Shanghai. "Raising capital today is fundamentally impossible." Europe's widening debt crisis has left many of the continent's banks strapped for cash and dependent on the European Central Bank. ...
After years of waiting, a major trade agreement between the EU and the U.S. – the world’s two biggest trading partners – is finally on the negotiating table. Aimed at expanding commerce by unifying regulations and cutting tariffs, the Trans-Atlantic Trade and Investment Partnership (TTIP) negotiations come at a time when Europe is only just emerging from recession and the U.S. continues to grapple with its own aggravatingly slow recovery. If the two sides agree on an ambitious deal, it could provide a major boost for both economies and create millions of new jobs.
The jobs report is on Friday. On Friday morning, the BLS will release its September report on nonfarm payrolls. Last month, the jobs report disappointed, with nonfarm payrolls gains in August coming in at 142,000, well below expectations for 230,000.
Stress tests conducted by the European Central Bank (ECB) on Sunday revealed that 13 banks across Europe are still short of meeting their capital requirements. With initial reports suggesting that 25 banks had failed the stress tests, ECB maintains that most banks have made substantial efforts to cut their capital deficits since the end of last year (the cutoff date).
Societe Generale economist Brian Jones is super bullish on Friday's jobs report. Jones expects US payrolls grew by 305,000 while the unemployment rate fell to a six and a half year low of 5.6% in December.
The war of words between Europe's unelected monetary-policy dictator Mario Draghi and Germany's "but it's us that pays for all this" Bundesbank has been gaining momentum since Jens Weidmann penned his Op-Ed slamming Draghi's OMT 'whatever it takes' as "too close to state financing" in 2012.