SNAPSHOT
Financial Crisis - 0840 GMT
Reuters
First Posted 08:22:00 01/08/2009
Filed Under: Government, Economy and Business and Finance, Central Banks, International Economic Institutions, Banking, World Financial Crisis
NEWS
- US private employers shed 693,000 jobs in December, more than forecast. US budget deficit to hit $1.2 trillion in fiscal 2009
- Macquarie warns tough market conditions will hit profits, says to sell more assets
- Lenovo says likely to post significant loss in December quarter, cutting 2,500 jobs
- Australian building approvals register biggest fall in six years in November
- Intel says 4th-quarter revenue would likely fall 23 percent from a year earlier, says bleak demand for personal computers
MARKETS
- Asian stocks fall for first time in nine sessions, Nikkei down 3.9 percent; European shares fall as economic woes resurface
- Emerging market currencies weaken, dollar recovers
- Oil steady near $43 a barrel after 12 percent slide
- Wall St. tumbles on Intel warning, jobs data. Worst decline in more than a month. Dow slips 244.8 points, or 2.71 percent
QUOTES
"Everyone's been saying the market has factored in bad economic data and poor results, but now we're seeing that this wasn't really true." - Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Securities in Tokyo.
"Clearly we are going to be in an ugly period for corporate earnings. Intel being a bellwether for the industry it will take the industry down as well." - Tim Ghriskey, an analyst with Solaris Asset Management.
"We expect challenging economic conditions to continue for at least the next 12 months." - Stuart Rose.
"It's clear that we have had a significant deterioration of the real economy. The ECB and the national central banks' staff projections mention a range of zero to minus one percent as the average for growth next year." - Trichet
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