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  • Euro on shaky ground as ECB easing talk mounts, stocks up

    Wads of euro banknotes are stacked at the GSA company's headquarters in ViennaThe euro slipped back towards seven-month lows, bond yields fell and European shares gained on Thursday as talk of aggressive stimulus from the European Central Bank next week grows. The euro remained under pressure a day after euro zone central bank officials told Reuters that they are considering options such as staggered charges on banks hoarding cash and buying more debt ahead of next week's ECB meeting. "Ultimately, I think the ECB will be aggressive and that divergence in policy with the United States must imply a weaker euro," said Chris Scicluna, head of economic research at Daiwa Capital Markets in London.

  • Big banks accused of interest rate-swap fixing in U.S. class action suit

    Goldman Sachs sign is seen above floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New YorkNEW YORK (IFR/Reuters) - A class action lawsuit, filed Wednesday, accuses 10 of Wall Street’s biggest banks and two trading platforms of conspiring to limit competition in the $320 trillion market for interest rate swaps. The class action lawsuit, filed in U.S. District Court in Manhattan, accuses Goldman Sachs Group , Bank of America Merrill Lynch , JPMorgan Chase , Citigroup , Credit Suisse Group , Barclays Plc , BNP Paribas SA , UBS , Deutsche Bank AG , and the Royal Bank of Scotland of colluding to prevent the trading of interest rate swaps on electronic exchanges, like the ones on which stocks are traded.

  • VW's Audi suspends two engineers in emissions probe

    The Audi powerplant is reflected in an Audi in BrusselsVolkswagen's luxury flagship Audi has suspended two engineers after its larger diesel engines were found evading emissions limits in the United States, Audi CEO Rupert Stadler said in a newspaper interview published on Thursday. Volkswagen (VW) and Audi notified U.S. authorities last Thursday that about 85,000 vehicles with 3.0 liter V6 diesel engines were fitted with emissions-control equipment that was not disclosed to U.S. regulators.

  • Pimco, others sue Citigroup over billions in mortgage debt losses

    A Citibank ATM is seen in Los AngelesAccording to a complaint filed Tuesday night in a New York state court in Manhattan, Citigroup breached its duties as trustee for the 25 private-label trusts dating from 2004 to 2007 by ignoring "pervasive and systemic deficiencies" in how the underlying loans were underwritten or being serviced. The investors said Citigroup looked askance at the loans' "abysmal performance" out of fear it might "jeopardize its close business relationships" with loan servicers including Wells Fargo & Co and JPMorgan Chase & Co, or prompt them to retaliate over its own problem loans.

  • Oil eases on glut, production outlook

    A pumpjack brings oil to the surface in the Monterey ShaleWest Texas Intermediate (WTI) futures were down 21 cents at $42.83 per barrel after the U.S. crude rose to $43.30 earlier the session. A day earlier oil recorded a sixth consecutive gain after a smaller-than-expected U.S. inventory build and a fall in U.S. oil rig counts.

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