Friday December 12, 10:43 PM
SNAPSHOT - Financial Crisis - 2230 GMT
NEWS
- Bush warns economy cannot withstand auto collapse and
says he might provide it TARP funds. U.S. retail sales drop 1.8
percent in November.
- Madoff $50 billion fraud accusations rattle Wall
Street.
- EU backs stimulus
pact worth 1.5 percent of bloc's GDP,
agrees climate change plan after easing its impact on
industry.
- Japan to expand funds to recapitalize banks to 12
trillion yen ($131.1 billion) from 2 trillion yen, considers
intervention to halt surge of the yen.
- Eurozone industrial output falls 5.3 percent year-on-year
in Oct. Russia says it is now in recession.
MARKETS
- U.S. stocks close up 65 pts, led by technology
- Yen at 13-year high vs dollar
- Oil down nearly $2 a barrel
QUOTES
'If there's something positive here, share it with me. I
see nothing here that is going to give anyone any reason to buy
the market.' -Peter Kenny, managing director Knight Equity
Management.
'It appears that at least $15 billion of wealth, much of
which was concentrated in Southern Florida and New York City,
has gone to 'money heaven.'' -Veteran money manager Douglas
Kass of losses related to Bernard Madoff's advisory fund.
'The expectation is that tech will be one of the first, not
the last of the sectors to rebound.' -Michael James, trader at
Wedbush Morgan.
'November itself has been a terrible trading month ...
(and) December so far is pretty terrible.' -Jamie Dimon,
JPMorgan CEO.
EVENTS/DATA
Friday, Dec.12
- Bank of France November survey
- France October current account
- Euro zone October industrial production figures
- U.S. November Producer Prices
- U.S. November Retail Sales
- U.S. October Business Inventories
- U.S. weekly assets and liabilities of commercial banks
Keywords: FINANCIAL/SNAPSHOT 2230 GMT
(Compiled by World Desk Americas 202-898-8457)
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