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US stock markets went up, European stock markets’ benchmark index rose from a two-year low, and American treasuries fell after French banks put to rest rumors that they had no access to financing.

Managers on the US money market, headed by Vanguard Group Inc and Legg Mason Group Inc, are cutting loans to French banks so fervently, that it may force these banks to increase their capital by selling stocks.

Friday was “black” for European stock markets – the leading indices crashed 3-4% while the Milan stock market fell almost 5%.

Yesterday at an expanded session of Congress, US President Barack Obama expressed his disappointment with the national economy, a problem which is threatening his political career.

Switzerland has instigated a new round in the global “currency wars” after fading economic growth gave politicians power to call for intensified efforts on an easing program.

Philipp Hildebrand’s success in bringing the Swiss franc down to its lowest level in seven weeks may turn out to be fleeting, since options prices are serving as his guideline.

Given the lack of market news coming out of the US on this Labor Day holiday, Europe has entertained us with several important events.

Ahead of the publication of the US Department of Labor’s August jobs report, stocks in Europe and Asia fell along with American futures and gold prices.

US stocks rose during trading in New York yesterday, forming a peak in the best eight-day growth for the Standard & Poor’s 500 Index since 2009 amid expectations that the economy will continue to recover.

The recently published minutes from the FOMC's last meeting revealed that its members discussed ways to promote economic recovery and employment, while possibly laying a foundation for action in their next meeting scheduled for the end of September.