NEWS
- Timothy Geithner, president of New York Federal Reserve
Bank, expected to be nominated U.S. Treasury secretary
- Citigroup (C.N) shares skid for second day, speculation that
bank might sell major businesses
- Data shows Euro zone demand has plunged
- Bank of Japan leaves benchmark interest rate at 0.3 pct
- U.S. Federal Reserve expected to cut rates to 0.5 percent
next month.
- Letting U.S. auto industry die not an option, House of
Representatives speaker says
- Goldman Sachs lowers U.S. growth forecast, expects GDP to
fall 5 pct in current quarter
- U.S. President George W. Bush heads to Asia-Pacific summit
to seek support for global financial reform
MARKETS
- U.S. stocks rally on reports of Geithner nomination, Dow
.DJI jumps 494.37 points
- European stocks slip in a broad selloff, dropping for
seventh time in nine sessions
- Nikkei share average .N225 hits a three-week low, bounces
back to close 2.7 percent higher
- Oil rises 1 pct as stock markets recover from early lows
- Dollar falls against basket of other currencies. Yen drops 1
pct to 94.62 per dollar
QUOTES
"It's fear that businesses and consumers will stop doing
business with Citigroup. It's fear that they won't be a survivor
and fear of possibly unknown off-balance sheet items or exposures.
It's a bit of a witch hunt and we have to have the next victim." -
Tim Ghriskey, chief investment officer at Solaris Asset
Management.
"Fear is going to take over. We have a new president and the
faster we can get the policies out there and tell us where we're
going to go and what this administration is going to do, the
better off we're going to be." - former GE chief Jack Welch.
"The darkest hour is just before dawn. The actions being taken
are the key difference between the 1930s and now." - Justin
Urquhart Stewart, director at Seven Investment Management.
"I would not rule out that over one or two months we might
have a falling price index" -- European Central Bank Governing
Council member Yves Mersch to Dow Jones news agency.
"The global economy is expected to experience a severe
adjustment for some time." -- BoJ Governor Masaaki Shirakawa.
EVENTS
Friday, Nov 21
- The Federal Reserve releases weekly assets and
liabilities of commercial banks at 2115 GMT
Saturday, Nov 22
- Leaders from 21 Pacific Rim economies gather in Peru's
capital for the Asia Pacific Economic Cooperation (APEC) forum.
