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The European Commission on Monday proposed to amend existing rules on the supervision of financial conglomerates as part of making the financial system resilient against future crisis.
"Drawing lessons from the financial crisis, the Commission proposes to equip national financial supervisors with new powers to better oversee the conglomerates' parent entities, such as holding companies," the Commission said in a statement.
The changed rules will allow supervisors to apply banking supervision, insurance supervision and supplementary supervision at the same time, thereby remedying to unintended loopholes identified in the context of the financial crisis, the Commission said. In this way, supervisors would be getting better information at an earlier stage of a trouble and allows them to be better equipped to intervene.
The proposal will be passed to member states and the European Parliament for consideration. Financial conglomerates are financial groups that are usually active in more than one country and operate in both the insurance and banking businesses.
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The world economic climate looks slightly clouded in the third quarter of 2010, latest survey results from the Ifo Institute for Economic Research showed Wednesday.
The think tank said its world economic climate indicator fell to 103.2 in the third quarter from 104.1 in the second quarter. It suggests that the recovery of world economic activity will continue at a slower pace in the second half of the year, the Munich-based Ifo said.
The world economic climate indicator fell in North America and in Asia, but rose in Western Europe. In North America, the assessments of the current economic situation were more favorable than in the previous survey and expectations for the coming six months were less optimistic. In Asia, the favorable economic situation has improved further, but the optimism for the next half year has declined somewhat.
In Western Europe, the assessments of the current economic situation have improved more clearly than the worldwide average. Since the six-month economic outlook has not clouded so strongly, the climate indicator as a whole rose marginally, the think tank said.
Although the surveyed experts have given better assessments of the current economic situation than in the first half of 2010, the economic expectations for the coming six months have been revised downwards. The corresponding indicator declined to 112.3 from 126.3.
In contrast to the previous surveys, the euro was assessed as slightly undervalued against the U.S. dollar. Overall, in the coming six months, after adjustments have occurred, the experts foresee largely stable exchange rates for the four major world currencies, the euro, the U.S. dollar, the Japanese yen and the British pound, Ifo said.
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The euro was taking yet another beating on Tuesday, but snapped back after the release of data suggesting the US housing market is in even worse shape than the most pessimistic economists have feared.
Before finding its footing, the euro dropped to its lowest since 2001 versus the yen, and extended its steep recent losses versus the dollar.
Stocks continued to sell off, and commodity prices fell further on renewed risk aversion.
A mixed bag of economic data from Europe failed to generate any confidence that the region is on a path toward a sustainable recovery.
Euro zone industrial new orders rose by 2.5% month-on-month in June, slower than the revised 4.1% growth in the prior month, the European Union's statistical agency Eurostat said on Tuesday.
The German economy logged its biggest expansion since its 1991 reunification' in the second quarter. The economy grew by a seasonally adjusted 2.2% sequentially in the second quarter.
The euro dropped to a 7-week low of $1.2586 in early dealing versus the dollar, but stormed back to $1.2715 after industry data showed a record drop in US existing home sales.
The National Association of Realtors said existing home sales fell by 27.2 percent to an annual rate of 3.83 million units in July from a downwardly revised 5.26 million unit rate in June.
The euro fell to a more than 8-year low of Y105.41 versus the yen, then improved to Y106.45. At the same time, the US dollar fell to its lowest since 1995 versus the yen, which has become the preferred safe haven option.
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The dollar struggled for direction Monday morning as traders contined to digest Friday's remarks from Federal Reserve Chairman Ben Bernanke, who said the US economic recovery is on track.
Still, this week's deluge of data is likely to confirm that the economy is slowing down. In addition to the government's monthly jobs report, traders will be treated to data on the pending homes sales, manufacturing, and consumer confidence.
US personal spending is estimated to have risen by 0.3% in July, helped by a small bounce in core retail sales and solid auto sales. At the same time, economists estimate a 0.2% increase in personal income.
The dollar came under pressure versus the yen in early dealing, giving back most of its rebound from the previous session. The buck slipped to 84.60, moving back towards a recent 15-year low of 83.63.
The Bank of Japan announced an expansion to its low-interest lending program after an extraordinary policy board meeting on Monday. At the same time, the bank also maintained its key interest rate at near-zero.
The buck firmed a bit versus the euro, improving to $1.2700 from $1.2765. At the same time, the dollar remained stuck in the mud near $1.5550 against the sterling.
The British Chambers of Commerce hiked U.K.'s 2010 GDP growth forecast to 1.7% from the earlier 1.3%. Similarly for 2011, the Chamber upped its forecast to 2.2% from the 2% predicted in June.
Eurozone economic confidence rose in August to 101.8 from 101.1 in July, a monthly survey from the European Commission showed Monday. The economic sentiment index remained above its long-term average and expected reading of 101.6.
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The dollar continued to hover around a 15-year low versus the yen but eked out gains versus the euro Tuesday morning in New York, as traders returned to their desks following the Labor Day weekend.
Stocks rose on Friday after better-than-expected jobs data, but momentum has not carried over into this week. Stocks are down around the world this morning amid renewed fears about the European banking system.
The dollar was again testing its worst levels since 1995 versus the yen, slipping to 83.80 in very early dealing. Two weeks ago, the dollar hit a 15-year low of 83.58.
The Bank of Japan maintained its key interest rate at near-zero at the end of its two-day policy meeting on Tuesday. It also promised to take more policy actions if judged necessary to kick start the deflation-ravaged economy.
Still, the markets have considered the BoJ's recent moves far too tepid to either bolster the economy or stop the yen from rising further.
Germany's factory orders declined 2.2% in July from the prior month, the Federal Ministry of Economics and Technology said on Tuesday. Economists were expecting factory orders to rise 0.5%.
The dollar rose to 1.2750 versus the euro, up a penny from Monday morning. The pair has been unable to sustain any direction for the past month.
The buck bounced back and forth near 1.5360 versus the sterling, having edged higher over the past few weeks.
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The robust expansion of the south east Asian economies may weaken in the next quarter, the Organization for Economic Cooperation and Development, or OECD, said in its latest Asian Business Cycles quarterly report.
Both leading and coincident indicators for the Association of South East Asian Nations, or ASEAN, economies point towards steady growth on the back of sound exports and strong domestic demand supported by improved business sentiment, the report said.
However, the leading indicators suggested that growth may slow in these economies during the next quarter. Continued signs of slowing of the Chinese economy constitute a negative factor for the outlook for ASEAN economies, while uncertainty about growth prospects for OECD economies remain.
However, overall growth prospects are stronger on average for the ASEAN economies than for the Emerging Asia area including China and India.
The 10-member association consists of Malaysia, Vietnam, Thailand, Indonesia, Singapore, Philippines, Myanmar, Laos, Cambodia, Brunei Darussalam.
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The dollar dropped to a fresh 15-year low versus the yen on Tuesday, after Japanese Prime Minister Naoto Kan survived a major political battle.
While the buck came under pressure versus the yen, risk aversion gave the dollar a bit of a lift versus the euro. German investor confidence fell to a 19-month low in September, a report showed today.
Trading took place ahead of a busy day on the US economic front.
Looking at this morning's currency charts, the dollar slumped to Y83.06 - its lowest since 1995.
Versus the euro, the buck improved to $1.2835 after hitting a weekly low of 1.2909 overnight.
German investor confidence slumped more than expected in September, according to research firm ZEW institute. The ZEW index of economic sentiment fell to a negative reading of -4.3 from 14.0 in August.
The buck continued to wobble versus the sterling, holding in a range around $1.54 for a second week.
The dollar remained on the ropes versus its Canadian counterpart, hanging around a 4-week low of C$1.0264.
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Egypt's Finance Minister said that the government will protect investors exposed to an ongoing dispute over the sale of state land to real estate firm Talaat Moustafa Group (TMG).
He added that Madinaty issue will be fixed in next few days.
Shares of property firm TMG tumbled last week after a court upheld a ruling that a housing ministry body broke the law by selling land for the company's landmark project without an auction.
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The dollar continued to wobble versus other major currencies on Friday, nearing its lowest in a decade versus the Swiss franc while hovering near a recent 5-month low against the euro.
Another batch of economic news from the housing front may provide clues about the ailing sector. Durable goods data is also on tap this morning, and may shed some light on manufacturing activity.
Lingering economic weakness has fueled speculation that the Federal Reserve is preparing a second round quantitative easing measures. The central bank has few arrows left in its quiver, having long ago lowered interest rates to a record low near zero.
The dollar continued its dramatic slump versus the safe haven Swiss franc, dropping to a 2-year low of .9795. A move below 0.9645 would take buck to its lowest in more than a decade.
Dollar weakness has contributed to the rise of gold, which breached the $1300 an ounce mark for the first time today.
The dollar dropped to a 10-day low of Y84.19 against the yen, edging closer to this month's 15-year low of Y82.86.
Against the euro, the dollar held near $1.3439 -- its lowest level since May. After starting September near 1.2600, the buck has steadily lost ground, returning to levels not seen since the start of the European sovereign debt crisis.
Concerns about public debt in Europe have been soothed by austerity measures and the a series of successful bond offerings.
German business sentiment improved unexpectedly in September to the highest level since June 2007, despite concerns of a double-dip in the largest eurozone economy.
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The euro area unemployment rate continued to stay at a 12-year high in August as the region's economy started to cool, reflecting slowing trends in global economy. Official figures suggest large disparities in unemployment figures among core and peripheral economies of the single currency bloc.
The euro area unemployment rate came in at 10.1% in August, unchanged from July, data published by Eurostat, the statistical office of the European Union showed Friday. The rate for July was revised up from 10%. The jobless rate was 10.1% since May.
"Eurozone unemployment appears to have reached a plateau at a high level," said ING Bank economist Martin van Vliet.
Around 15.87 million people were unemployed in August. From the previous month, the number of persons unemployed decreased by 20,000 compared to an increase of 9,000 in July. From August 2009, unemployment rose by 0.569 million.
Compared with a year ago, the unemployment rate fell in seven member states, remained stable in one and increased in nineteen. The largest decreases were observed in Malta and Austria, while Estonia and Lithuania showed largest increases.
As the labor market situation improved in some major economies and deteriorated in some peripheral economies, the ING Bank economist said the devil is very much in the detail. When the Spanish and Ireland unemployment rose to 20.5% and 13.9% respectively, the rate fell to 8.2% in Italy.
Data released by Germany's Federal Labor Agency said the number of unemployed decreased sharply by 40,000 in September, taking the level to 3.15 million. The jobless rate fell to 7.5% in September, the lowest since 1992.
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