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Business update: Europe’s outlook darkens

Mon., June 7, 2010, 10:43 a.m.

Europe’s economic picture darkened further today as Britain’s prime minister declared the nation’s finances to be worse than feared — requiring sacrifices that will affect “our very way of life” — and the euro slid further toward parity with the dollar. From small EU nations like Hungary and Greece to big ones like Germany, which today announced its own harsh austerity measures, the continent’s economic and fiscal crisis is showing no sign of letting up.

Stocks trade mixed: Stocks traded in a narrow range today after the euro touched another four-year low and markets in Europe dropped. The Dow Jones industrials rose about 14 points at midday. The Dow slid 323 Friday to a four-month low on disappointment about the government’s May jobs report.

Crisis panel subpoenas Goldman: A panel probing the causes of the financial meltdown has issued a subpoena for documents from Goldman Sachs Group Inc. The Financial Crisis Inquiry Commission said today that Goldman wouldn’t hand over the documents voluntarily. It said it only issues subpoenas after giving companies time to cooperate. It is not clear what documents the commission was seeking. The bank already has provided reams of documents to the FCIC.


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