- China’s president warns his country’s competitiveness, trade strength threatened by a sustained global economic downturn
- U.S. early rush to stores slower this year, not likely to change a weak outlook for the season, analysts say
- Iran oil minister says oil market estimated to be oversupplied by about 2 million barrels per day
- Romania’s opposition Social Democrat Party appears to have won Sunday’s parliamentary election, exit polls show
- Conditions ripe for further interest rate cuts, European Commission President Jose Manuel Barroso says
- Citigroup (C.N) plans to sell NikkoCiti Trust and Banking Corp, its trust bank unit in Japan, Japanese media say
- South African Airways [SAA.UL] says labor union calls off strike after deal reached over outsourcing of call center staff
- Heads of two key negotiating groups in Doha talks to update texts this week in anticipation of a December ministerial meeting
- German econ minister said drawing up plan to ease total income tax burden in Germany by 25 billion euros ($32 billion)
- Canada’s minority Conservative govt to focus on long-term stimulation, not one-time tax rebate checks as in U.S.
- Iceland prime minister says it was “an open question” if his country would maintain its own currency in the longer term
- Dubai’s main index .DFMGI ends up 1.85 percent at 1,964 points, tracking gains in global markets on Friday
- Saudi Arabia’s benchmark .TASI declines nearly 2 pct, pushed lower by profit-taking following Saturday’s 10 pct surge
“In this coming period, we will starkly confront the effects of the sustained deepening of the international financial crisis and pressure as global economic growth clearly slows” - Chinese President Hu Jintao.
“I don’t believe that up 3 percent on Black Friday means we can look forward to up 3 percent for the rest of the season. I think we’ll see a lot of aggressive discounting in the last two weeks.” - Michael Unger, principal in the retail practice at Archstone Consulting.
“Regardless of retail sales, retail profits are another matter. Everything they sold was at a razor-thin margin.” - National Retail Federation spokeswoman Ellen Davis.
“We are very concerned about overproduction.” - Qatari Oil Minister Abdullah al-Attiyah.
“People are looking into the possibility of ‘dollarisation’, or unilateral adoption of the euro, which would probably raise a lot of eyebrows in the European Union, and a third possibility might be a currency board.” - Iceland Prime Minister Geir Haarde.
MONDAY, Dec 1
WASHINGTON - Commerce Department issues construction spending for October at 1500 GMT.
WASHINGTON - Federal Reserve issues weekly selected interest rates.
THURSDAY, Dec 4
WASHINGTON - Labor Department issues weekly Jobless Claims report at 1330 GMT.