Monday November 17, 02:44 PM
SNAPSHOT - Financial Crisis - 1430 GMT
NEWS
- Crisis sends Japan into first recession in 7 years
- Citigroup (NYSE: C - news) to slash 50,000 jobs
- IMF says needs $100 billion over six months
- Bank of France sees French GDP contract 0.5 pct in Q4
- British unemployment to hit 3 million by 2010-employers
- IMF's Strauss-Kahn: ECB has scope to cut interest rates
- U.S. Senate to debate auto industry bailout; Germany says
ready to help GM (NYSE: GM - news) 's Opel; Toyota under ratings scrutiny.
MARKETS
- Wall Street set to drop on economic woe, Citigroup cuts
- FTSEurofirst 300 down 1.5 percent
- Oil falls towards $56 a barrel
- 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 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.
- 'While people once thought Citigroup was somewhat
insulated from U.S. shocks because of its global exposure, it
now has vulnerability because of that same global exposure. What
was once viewed a positive is now a negative.' - Marshall Front,
president of Front Barnett Associates LLC in Chicago.
- 'The administration does not want U.S. automakers to fail,
and in fact we support assistance to automakers.' - White House
spokeswoman Dana Perino.
- '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 1430 GMT
(Compiled by World Desk, London +44 20 7542 7917)
COPYRIGHT
Copyright Thomson Reuters 2008. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters (TRI.TO - news) .
NNNN
|
|
|
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
