SNAPSHOT
Financial Crisis - 0045 GMT
Reuters
First Posted 10:17:00 01/01/2009
Filed Under: World Financial Crisis, Banking, International Economic Institutions, Central Banks, Economy and Business and Finance, Government
NEWS
- More economic pain seen in 2009, but some hope too.
- US jobless claims drop by more than expected; seasonal factors seen influencing decline
- Madoff to meet US SEC deadline Wednesday to provide list of assets, lawyer says.
- US SEC chief has regrets over short-selling ban
- IMF says it agrees $2.5 billion emergency loan package with Belarus
MARKETS
- Dow Jones industrial average ends 33.8 percent lower for the year, making 2008 its bleakest year since 1931.
- Britain's FTSE 100 index ends year 31 percent lower, Germany's DAX index loses 40.4 percent, France's CAC off 43 percent.
- HK shares mark worst year in more than three decades, down 48 percent; Australian stocks down more than 40 percent for year.
- US crude oil futures rise 14 percent to $44.60 per barrel.
- Dollar rises, posts first annual gain against a basket of currencies since 2005.
QUOTES
"We're dealing with something that is really historic and we haven't had a playbook." - Henry Paulson
"We'll move ahead a bit in the new year and then stabilize for a while. Global policymakers are doing their upmost to ensure the recession doesn't degenerate into a deflationary malaise." - Mike Lenhoff, chief strategist at Brewin Dolphin.
"While the actual effects of this temporary action (the short-selling ban) will not be fully understood for many more months, if not years, knowing what we know now, I believe on balance the commission would not do it again." - top US securities regulator Christopher Cox
"We are not going to be seeing anything fundamentally positive from the US for the time being." - Michael Woolfolk, senior currency strategist at Bank of New York Mellon.
EVENTS/DIARY
* Slovakia joins the euro single currency on Jan.1
* Major world markets closed for New Year's Day holiday.
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