Financial Watch

World stock markets fell Thursday as mounting concerns about Greece’s debt crisis eroded investor confidence following a bright finish on Wall Street the day before.

In Europe, the FTSE 100 index of leading British shares was down 43.95 points, or 0.8 percent, at 5,679.48 while Germany’s DAX fell 53.15 points, or 0.9 percent, to 6,177.23. The CAC-40 in France fell 40.82 points, or 1 percent, to 3,936.85.

Wall Street was poised to open lower too — Dow futures fell 30 points, or 0.3 percent, to 11,029 while the broader Standard & Poor’s 500 futures fell 4.4 points, or 0.4 percent, to 1,196.

President Barack Obama’s plan to tax financial institutions to recoup funds spent during the government’s bailout of financial firms received tepid enthusiasm from the top tax writer in the U.S. Senate.

Senator Max Baucus, the conservative-leaning Democrat who heads the Senate Finance Committee said on Tuesday he will hold a series of hearings to examine the plan.

But he also said good news on the government’s recouping of its bailout investments may cast doubt on the need for the funds Obama wants to raise.

“We need to learn whether banks will pass it on to consumers, and how it might affect lending to small businesses,” Baucus said.

Lael Brainard won Senate confirmation on Tuesday as the Treasury Department’s top financial diplomat, giving her a key role in U.S. efforts to persuade China to adopt a more flexible currency.

The Senate gave its blessing on a 78-19 vote, a day after Brainard, who served in the Clinton White House, cleared a Republican procedural hurdle.

Nineteen Senate Republicans joined 57 Democrats and two independents in confirming Brainard as Treasury Department’s under secretary for international affairs. Her nomination was stalled for more than a year because of objections by some Republicans.

President Barack Obama will push for his plan to tighten Wall Street regulations in New York on Thursday, the White House said on Monday, as he attempts to overcome solid Republican opposition.

The battle over a financial regulatory overhaul represented a new election-year fault line in Washington after the bruising healthcare debate, and poses a new challenge for Obama as he seeks to gain passage of one of his key domestic priorities.

Democrats have seized on a fraud suit against Goldman Sachs as an example of why Wall Street needs to be cleaned up after a financial crisis that triggered the worst U.S. recession since the Great Depression.

“The battle over reshaping the country’s financial regulation escalated on several fronts Wednesday, with President Obama stepping up his personal efforts to win Senate passage of an ambitious bill while senators from both parties fought to claim the anti-Wall Street mantle. After a White House meeting between Obama and congressional leaders, Republican leaders criticized the Democrats’ proposal for leaving the door open to future bailouts of big financial firms. But the president, who has turned his attention to the financial overhaul after winning passage of health-care legislation, said he was confident that a bipartisan bill could be worked out to ensure that the economy is protected from the collapse of large financial companies.”

U.S President Barack Obama will try to turn up the pressure for an overhaul of Wall Street regulations as he meets on Wednesday with top Democratic and Republican lawmakers to discuss a sweeping package of reforms.

Republicans are seizing on a provision that would allow regulators to step in to dismantle large, troubled firms. They argue that would set the stage for “endless” bailouts of Wall Street, a claim the White House says is false.

The White House meeting, at 10:45 a.m. (1445 GMT), will include Senate Republican leader Mitch McConnell and House Republican leader John Boehner. Obama’s Democrats will be represented by Senate Majority Leader Harry Reid, House of Representatives Speaker Nancy Pelosi and House Democratic leader Steny Hoyer.