SNAPSHOT - Financial Crisis - 2330 GMT
NEWS - Bush warns economy cannot withstand auto collapse and says he might provide it TARP funds. U.S. retail sales drop 1.8 percent in November. - Madoff $50 billion fraud accusations rattle Wall Street. - EU backs stimulus pact worth 1.5 percent of bloc's GDP, agrees climate change plan after easing its impact on industry. - Japan to expand funds to recapitalize banks to 12 trillion yen ($131.1 billion) from 2 trillion yen, considers intervention to halt surge of the yen. - Eurozone industrial output falls 5.3 percent year-on-year in Oct. Russia says it is now in recession.
MARKETS
- Wall St climbs on hopes for auto aid, tech support -
Oil down nearly $2 a barrel - Yen at 13-year high vs dollar
QUOTES
"If there's something positive here, share it with me. I see nothing here that is going to give anyone any reason to buy the market." -Peter Kenny, managing director Knight Equity Management. "It appears that at least $15 billion of wealth, much of which was concentrated in Southern Florida and New York City, has gone to 'money heaven.'" -Veteran money manager Douglas Kass of losses related to Bernard Madoff's advisory fund. "The expectation is that tech will be one of the first, not the last of the sectors to rebound." -Michael James, trader at Wedbush Morgan. "November itself has been a terrible trading month ... (and) December so far is pretty terrible." -Jamie Dimon, JPMorgan CEO.
EVENTS/DATA Friday, Dec.12 - Bank of France November survey - France October current account - Euro zone October industrial production figures - U.S. November Producer Prices - U.S. November Retail Sales - U.S. October Business Inventories - U.S. weekly assets and liabilities of commercial banks
Saturday, December 13, 2008
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