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Chinese stocks rallied Friday as traders returned to their desks following a weeklong holiday, when the rest of the world's major markets shot higher amid mounting optimism about the global economic recovery. European markets were mostly unchanged.
HSBC PLC, Europe's largest bank by market value, on Monday reported a 70 percent drop in 2008 net profit and said it would raise $17.7 billion in new capital through a share issue, while cutting 6,100 jobs as it shutters consumer loan businesses in the U.S.
Interest rates on three-month dollar loans between banks fell for the third day running Thursday, while the equivalent European rates also fell ahead of the rate cuts from the European Central Bank and the Bank of England.
Dollar lending rates between banks rose Monday despite the announcement of a U.S. plan to rescue troubled lender Citigroup Inc.
Lending rates on dollar loans between banks increased again Thursday, reversing a one-day improvement and suggesting that banks are again becoming concerned with funding their operations.
Credit conditions among banks improved for a sixth consecutive trading day on Monday, particularly in the U.S., as confidence in the financial sector appeared to be improving after the rescue measures announced in recent weeks by central banks and governments.
Oil prices tumbled to a one-year low below US$83 a barrel Friday in European trading as fears mounted that governments around the world would be unable to keep the ongoing financial crisis from causing a severe global economic downturn.
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