NEWS
- China's annual industrial output growth falls to 8.2 percent in October, lowest in seven years
- Germany says economy contracted by 0.5 percent in the third quarter, in recession for first time in five years
- Organization for Economic Cooperation and Development slashes economic output forecasts
- U.S. workers drawing jobless benefits hits 25-year high, imports suffer record fall in September
- Goldman Sachs suspends GM rating, says automaker needs at least $22 billion in federal aid
- U.S. monthly trade gap $56.5 billion, slightly below the $57 billion expected on Wall Street
- U.S. starts fiscal year with a record and unexpectedly high $237 billion budget deficit in October
- Bush defends free market system ahead of G20 summit, acknowledges there should be some reforms
- Soros says deep recession inevitable, sees possible depression
- Japan prepared to lend IMF up to $100 billion from its foreign exchange reserves
- International Energy Agency slashes its global oil demand growth forecasts
MARKETS
- U.S. stocks surge as bargain hunters rush back in. Dow up 552.59 points, or 6.67 percent
- European stocks fall for fifth time in seven sessions
- Oil rises over 5 percent above $59 a barrel in post-settlement trading
- Dollar falls against the euro as strong performance on Wall Street helps ease extreme risk aversion
- Gold futures rise sharply, Wall Street and tumbling dollar ease widespread liquidation pressure in the bullion market
QUOTES
"We are looking at the biggest financial crisis since the Great Depression and the biggest economic crisis we have had in the United States since the early 1980s." - Scott Brown, chief economist with Raymond James & Associates in St. Petersburg, Florida.
"The only thing supporting the market is the possibility of OPEC cuts at the end of the month, but the production cuts would probably only be in step with falls in demand." - Christopher Bellew of Bache Financial.
"We are seeing a decline in everything -- imports and exports ... . It tells me everybody is hurting."- Joel Naroff, president of Naroff Economic Advisors in Holland, Pennsylvania.
"A deep recession is now inevitable and the possibility of a depression cannot be ruled out." - George Soros of Soros Fund management.
"I certainly would make no claim for having foreseen how the decline in housing prices would spill over so aggressively to the financial sector and real economy." - Gary Stern, president of the Minneapolis Fed.
EVENTS
Friday, Nov 14
SEOUL - Finance ministers from South Korea, Japan and China plan to meet on the sidelines of a G20 crisis summit in Washington.
FRANKFURT - 5th ECB Central Banking Conference (final day).
Saturday, Nov 15
WASHINGTON - President George W. Bush and French President Nicolas Sarkozy are expected to meet world leaders at an international financial summit of G20 nations to examine ways to overhaul the financial system. (Compiled by World Desk, Americas, +1 202 898 8457)