Monday November 17, 12:54 PM
SNAPSHOT - Financial Crisis - 1240 GMT
NEWS
- Crisis sends Japan into first recession in 7 years.
- Bank of France sees French GDP contract 0.5 pct in Q4
- IMF says needs $100 billion
- British unemployment to hit 3 million by 2010-employers
- IMF's Strauss-Kahn says ECB has scope to cut interest
rates, says will need more funds over next six months
- U.S. Senate to debate bailout of battered auto industry;
Germany says ready to help General Motors (NYSE: GM - news) ' Opel
MARKETS
- FTSEurofirst 300 down 2 pct
- Oil slips to below $56 a barrel, weakest in almost two
years on recession fears
- Australian shares fall 2.5 percent to 4-year closing low
- MSCI's main world stock index down three-quarters of a
percent for a 46 percent year-to-date loss
QUOTES
- 'The administration does not want U.S. automakers to fail,
and in fact we support assistance to automakers,' - White House
spokeswoman Dana Perino.
- 'As data shows, China's economy seems to be slowing. We
are seeing clear signs that the global financial crisis is also
affecting BRIC economies.'- Japanese Economics Minister Kaoru
Yosano, referring to Brazil, Russia, India and China.
'The risk of Japan posting a third or fourth straight
quarterly contraction is growing, given the fact that we can no
longer rely on exports as overseas economies are slowing down
due to the spread of the financial crisis,' - Takeshi Minami,
chief economist, Norinchukin Research Institute.
'Taken as a whole, it does not appear that the outcome of
the (G20) summit will be sufficient to stem the financial
crisis. This was a high bar from the start,' - Marc Chandler,
global head of currency strategy, Brown Brothers Harriman, New
York.
EVENTS
Monday, Nov 17
WASHINGTON - U.S. Senate Finance Committee at 1900 GMT holds
hearing on nomination of Barofsky to post of Special Inspector
General of the Troubled Assets Relief Program.
WASHINGTON - Paulson to discuss economy, financial markets
at meeting of Wall Street Journal CEO Council (2330 GMT)
FRANKFURT - ECB's Weber speaks at finance conference
TOKYO - BOJ deputy governor to speak at forum.
WASHINGTON - Treasury Dept weekly sale of 3-, 6-month bills
(1800 GMT).
Tuesday, Nov 18
LONDON - BoE's Timothy Besley delivers Royal Economic
Society lecture
Keywords: FINANCIAL/SNAPSHOT 1240 GMT
(Compiled by World Desk, London +44 20 7542 7917)
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