NEWS
- The United States, China, Japan and 18 other economies in
Asia and the Americas pledged quick and decisive action to
prevent a severe global economic downturn
- APEC nations say free trade and higher government
spending are key and support a push to revive stalled global
trade talks
- Pressure grows for the World Trade Organization to hold a
ministerial meeting on the Doha round next month, despite scant
progress in recent talks
- Chinese President Hu Jintao used a Asian-Pacific summit
to present his government as responsible, engaged and yet
unready for a starring role in efforts to rescue the global
economy
- U.S. President-elect Barack Obama chooses Timothy
Geithner and Lawrence Summers as his two top economic
lieutenants
- Obama may delay tax-cut rollback for wealthy as part of
economic recovery strategy; says to hold Monday press
conference
- Leaders from Asia and the Americas pledge to push for a
global free trade deal and reform international lenders
- U.S. House of Representatives Speaker Nancy Pelosi says
Congress could put together stimulus package of several hundred
billion dollars that should also contain tax cuts
- Britain to unveil $30 billion in tax cuts and extra
public spending on Monday
- Saudi Arabia cuts key lending rate to 3 percent from 4
percent
- Projects planned by provincial governments will add $1.5
trillion to China's economic stimulus package
- South Korea's top financial officials say they have
additional policy options to combat the global downturn
- Two of UAE's biggest property lenders, Amlak AMLK.DU
and Tamweel TAML.DU, to come together under government-owned
bank
MARKETS
- U.S. stocks rally on reports of Geithner nomination to
Treasury, Dow .DJI and the S&P .SPX up more than 6 pct
- Oil rises from a 3-1/2-year low. Exxon Mobil (XOM.N) up
more than 10 pct
- European stocks slip in a broad selloff, dropping for
seventh time in nine sessions. Pharmaceuticals the biggest
drag
- Nikkei share average .N225 hits a three-week low,
bounces back to close 2.7 percent higher
- Dollar surges vs yen, bond yields rise off historic lows
QUOTES
"The main thing now is to get this economic recovery
package on the road, to get money in the pockets of the middle
class, to get these projects going, to get America working
again, and that's where we're going to be focused in January."
- senior Obama adviser David Axelrod.
"China cannot and does not have the ability to be the hero
saving the fair maiden. China does not want to take the
leadership but to share responsibility," Cheng Siwei, former
deputy chief of China's National People's Congress, on his
nation's role in global economic recovery.
"It's important for us to continue to work together in this
time of economic turmoil." - U.S. President George W. Bush.
"Doing nothing is not an option ... We need timely action
now to prevent permanent damage." - British Prime Minister
Gordon Brown in speech to be delivered on Monday.
"These measures are taken against the backdrop of receding
inflationary pressures and ensuring that adequate system
liquidity is available to meet steady domestic demand." - Saudi
Arabian Monetary Agency on rate cut.
"The government is asking the Bank of Korea to lower
interest rates at a faster clip and by a larger margin .. It is
calling for a preemptive action before the economy collapses
further." - Kim Jae-eun, an economist at Hana Daetoo
Securities
EVENTS
Monday, Nov 24
WASHINGTON - National Association of Realtors releases U.S.
existing home sales for October at 1500 GMT.
WASHINGTON - IMF releases Asia and Pacific regional
economic outlook at 1500 GMT.
