SNAPSHOT - Financial Crisis - 2335 GMT

NEWS

- World stocks rally in their biggest single-day gain in
three months and dollar slides on positive Citibank report

- U.S. stocks helped after Rep. Barney Frank, chairman of
the U.S. House financial services committee, said he expects
the uptick rule to be restored in about a month

- World economy to contract in "Great Recession," IMF head
Strauss-Kahn says

- U.S. EIA revises down 2009 world oil demand forecast

- U.S. Congress approves $410 billion bill to fund most of
the government through Sept. 30, sending it to President Barack
Obama for signing despite Republican objections to its size

- Dire European data point to sharp Q1 contraction

- Forex won't be a big topic at this weekend's G20 -Japan

MARKETS

- Australian stocks rise 2 percent to a one-week high as
financial stocks rose on Citibank profitability statement.

- Japan's Nikkei average expected to rebound after booking
a 26-year closing low Tuesday

- Dow Jones industrial average ends up 379.44 points, or
5.80 percent, at 6,926.49. Standard & Poor's 500 Index surges
43.05 points, or 6.36 percent, to 719.58. Nasdaq Composite
Index added 89.64 points, or 7.07 percent, at 1,358.28.

- Citigroup shares, which closed Monday down 95 percent on
year-ago levels, rose 38 percent on Wall Street, pushing up
other bank stocks

- Banks lead European stocks higher on Citigroup optimism;
commodity stocks track firmer raw material prices

- FTSEurofirst 300 ends 5.1 percent higher at 690.89
points

- Dollar retreats as mounting confidence erodes its
safe-haven status. Against the yen, the dollar fell 0.11
percent to 98.68 and the euro rose 0.52 percent to $1.2676.

- Oil slips below $46 after Saudi supply reports, EIA
forecast

- U.S., euro zone government debt prices drop on rally in
equity markets, prospect of $182 billion in new U.S. supply.
Benchmark 10-year U.S. Treasury note drops 38/32 in price to
yield 3.00 percent

- Gold prices end down more than 2 percent on stock
rebound, falling below $900 for first time in a month

QUOTES

"I am most encouraged with the strength of our business so
far in 2009. We are profitable through the first two months of
2009 and are having our best quarter-to-date performance since
the third quarter of 2007." - Citigroup Chief Executive Vikram
Pandit in memo to staff

"What really got the market going was the Vikram Pandit
memo from this morning. Any little hint of good news and this
market was going to take off." - Stephen Massocca, managing
director at Wedbush Morgan in San Francisco.

"We're seeing a general rebound in risk appetite given
improving stock performance." - Omer Esiner, senior market
analyst at Ruesch International in Washington.

"We're doing more in weeks than other countries do in
years." - U.S. Treasury Secretary Timothy Geithner

"It was like some kids saying the emperor has no clothes,
and then after he says that, he says now that the emperor
doesn't have any underwear either." - Warren Buffett on
severity of U.S. home price declines and effects

DIARY

(all times GMT)

Tuesday, March 10

WASHINGTON - Fed Chairman Bernanke speaks on financial
reform to address systemic risk"

Wednesday, March 11

WASHINGTON - Treasury Secretary Tim Geithner holds a news
briefing in advance of the G-20 finance ministers and central
bank governors meeting at 1700.

WASHINGTON - Federal budget deficit data for February is
due at 1800 and is expected to show a deficit of $205.7 billion
for the month, up from January's $175.6 billion.

WASHINGTON - Neel Kashkari, interim assistant secretary of
the Treasury for financial stability, testifies on TARP
oversight before the House of Representatives Committee on
Oversight and Government Reform, Domestic Policy Subcommittee,
1400.

WASHINGTON - House Financial Services Committee holds a
hearing on mortgage lending reform at 1930 and House Trade
Subcommittee Chairman Sander Levin discusses the outlook for
trade legislation in 2009 at 1300.

WASHINGTON - Energy Information Administration issues
weekly petroleum stocks and output data, 1430

WASHINGTON - Treasury Dept sells 10-year notes, 1700

(Compiled by Eric Walsh, World Desk, Americas +1 202 789
8569)