Americans wait with bated breath to see what the US Senate will do with the revised financial bailout plan scheduled for a vote sometime tonight, and they aren’t alone. Financial watchers across the globe, some extremely worried, are watching and waiting too.
In Asia, Japanese stocks opened slightly higher with all eyes on the U.S. Senate.
The White House and European policy makers called the bailout measure crucial to world financial health with recessionary signals mounting in the world’s largest economy and the credit crisis reverberating among European banks.
… In Europe, France and Germany clashed over the idea of a U.S.-style financial rescue fund for Europe amid further signs of contagion from the global credit crisis.
Italy’s UniCredit became the latest bank under scrutiny after backing away from its 2008 earnings targets.
Lobbyists from the banking industry and the U.S. Chamber of Commerce were trying to identify House members who might reconsider their Monday “no” votes, and business executives around the world warned that the crisis would hit growth.
After Wall Street giants Bear Stearns, Lehman Brothers and Merrill Lynch were swallowed by rivals and with commercial banks teetering or collapsing, European banks have undergone their own tumult.
Lloyds TSB Group Plc was poised to take over British rival HBOS Plc, potentially at a cut-rate price.
This came after the Dutch-Belgian bank Fortis was partially nationalized through an 11 billion euro bailout on Sunday. J.P. Morgan Securities forecast more pretax write-downs to come.
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