- Leaders of Southeast Asian nations agree to ease monetary policy, resist protectionism as they fight financial crisis.
- British PM Brown wants more rigorous global supervision of banking. Says no hedge fund, tax haven should fall through cracks
- American International Group Inc (AIG.N) close to a deal with the U.S. government that would ease terms of its bailout
- Berkshire Hathaway Inc (BRKa.N) (BRKb.N), Warren Buffett's insurance and investment co., barely breaks even in 4th quarter
- British bank HSBC (HSBA.L) set to announce share sale of up to $18 bln. Could become country's biggest-ever rights issue
- China Premier Wen Jiabao says financial crisis still spreading and has not bottomed out, but stimulus starting to work
- U.S. stocks fall, S&P 500 closes at 12-year low after govt announces Citi move. Dow .DJI off 119.15 points, or 1.66 pct
- Europe shares fall on Citigroup deal, U.S. budget plan worries and big loss at Lloyds (LLOY.L). Nikkei up 1.5 pct
- Oil prices fall 1 pct, hit by U.S. data showing economy of world's top energy consumer shrank more than expected
- Dollar up as poor U.S. economic data, weak U.S. stock markets and Citigroup rescue lead to safe-haven buying
- Longer-dated Treasury bond prices fall, but short maturities gain from a safe haven bid flowing out of falling stocks
"We will be severely tested from now on, both as a group and as a part of the broader Asia region. As the financial crisis deepens, the world will look towards our region for action and for confidence." - Thai Prime Minister Abhisit Vejjajiva.
"Some practices are indefensible and they have got to be cleaned up now. It's time to set new rules for the banks of all countries." - British Prime Minister Gordon Brown.
"The economy will be in shambles throughout 2009 -- and for that matter, probably well beyond." - Investor Warren Buffett.
"HSBC plans to launch a rights issue of as much as $18 billion. Goldman Sachs (GS.N), JPM Cazenove (JPM.N) and HSBC are the underwriters, and they are inviting co-bookrunners, joint lead managers and co-leads." - Source familiar with the situation.
"The financial crisis, (on a scale) rarely seen in 100 years, is still spreading and has not bottomed out yet." - Chinese Premier Wen Jiabao.
DIARY (all times GMT)
MONDAY, March 2
WASHINGTON - The Commerce Department issues personal income for January at 1330.
TUESDAY, March 3
WASHINGTON - Senate Budget Committee holds a hearing at 1500 on "Economic and Budget Challenges for the Short and Long Term." Federal Reserve Chairman Ben Bernanke testifies.
WASHINGTON - The National Association of Realtors issues pending home sales index for January, and monthly housing forecast at 1500. (Compiled by World Desk, Americas, +1 202 898 8457)