- U.S. prices drop at record pace, China wary of unrest
- Federal Reserve slashes 2009 growth forecasts
- Compromises proposed for $25 billion U.S. auto aid plan
- Japanese, European carmakers also under pressure
- China police told to maintain social stability
- U.S. economy to shrink for at least 6 months - Fed's Kohn
- Deutsche Bank will sack about one in seven traders
MARKETS
- Dow closes below 8,000 for first time since March 2003
- GM shares hit 66-year low, Ford lowest in 26 years
- Bonds backed by U.S. commercial real estate loans crater
- Banks, commodities send Europe shares 4 percent lower
- Dollar weakens against yen
- Oil drops to 22-month low, inventories up and demand weak
QUOTES
"It is the first time that the heart of the finances of the
industrialized countries are at stake, are in a very, very
turbulent and difficult episode. In that sense, it is new and it
is the first time since World War Two." - European Central Bank
President Jean-Claude Trichet.
"Members anticipated that economic data over the upcoming
intermeeting period would show significant weakness in economic
activity, and some suggested that additional policy easing could
well be appropriate at future meetings." - Minutes of Federal
Reserve's October policy meeting.
"My most likely outcome is for a couple of quarters of
negative growth and inflation coming down, but not getting to that
deflationary state," - Federal Reserve Vice Chairman Donald Kohn.
"Frankly, there seems to me to be an inherent cultural bias.
Aid to blue-collar employees is being judged by a standard
different than white-collar employees." - Barney Frank, chairman
of U.S. House of Representatives Financial Services Committee.
"Almost all the news is negative, as you'd expect because the
economy is slowing so much. There just doesn't seem to be a lot of
positive points for optimists to point to." - Rick Meckler,
president of investment firm LibertyView Capital Management in New
York.
EVENTS
Thursday, Nov 20
WASHINGTON - U.S. Labor Department issues weekly jobless
claims at 1330 GMT.
WASHINGTON - The Freddie Mac issues weekly U.S. mortgage rates
after 1500 GMT.
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