Global stocks skidded on Monday as President Barack Obama's harsh medicine
for ailing U.S. automakers threatened bankruptcy for General Motors and
Chrysler, while a flight to safety lifted the dollar and yen.
Oil prices dropped more than 7.0 percent to below $49 a barrel, weighed down by a stronger U.S. dollar and sliding equity markets.
Government debt prices rose as the heavy stock losses and potential bankruptcies whetted the appetite for safe-havens.
The Dow and S&P 500, which had climbed about 20 percent after sliding to
12
year lows in early March, fell more than 4.0 percent after Obama ordered GM and Chrysler to accelerate their turnaround efforts and brace for possible bankruptcy.
To read more, double-click on the square brackets below:
MARKET REPORTS: > GLOBAL MARKETS-World stocks, oil fall on automaker concern > MONEY MARKETS-Quarter end demand holds down T-bill rates > EMERGING MARKETS-Autos, G20 worries hurt stocks > COMMODITIES-Steep losses on falling stocks, rising dollar
MAIN ECONOMIC AND FINANCIAL NEWS DRIVING GLOBAL MARKETS > Obama orders strong medecine for GM, Chrysler > Fannie Mae pares mortgage holdings in Feb > Europe's banks take state aid - Spain, Germany, Britain > UBS shares fall as more writedowns, job cuts seen > Central bankers eye simple risk cap on banks > Germany extends short selling bank on bank stocks > UK mortgage data hints at housing market floor > Ireland loses AAA rating in S&P rebuke for government policy > UK's Brown hopeful for G20, says more to be done > ECB policymakers see very difficult 2009
ANALYSIS RELATED TO CREDIT CRISIS > US recession not yet bottoming; housing the key > G20 not yet ready for new world currency debate > Watch China's forex swaps, not just super-currency plan > Global economy out of tailspin but still falling > Pockets of strength push US housing market rebound > Optimism about US banks might be misplaced > US dollar may gain amid slew of US data, G20 meeting > G20 grand bargain looks distant prospect > China forex swaps may be boon to its exporters > Extra regulation may stabilize big bank profits > With US backing, bond investors tip toward risk
FACTBOXES > Global crisis brings protectionism threats > Fiscal stimulus in G20 countries > G20 state of play on treatment of toxic bank assets > Key Obama financial regulation proposals > How might the SDR become a super reserve currency > US Treasury details toxic asset plan > Q&A - How will the US asset clean up plan work - > US Treasury fact sheet on investment program > G20 proposals on hedge funds, pay, ratings agencies > IMF emergency loan programmes in past six months > Federal Reserve statement after March 17-18 meeting > Bank of Japan on subordinated loans to banks > G20 policymakers statement > G20 statement on financial system > Central banks turn to new measures to help economies > Where has all the US bailout money gone -
Keywords: CREDITCRISIS/TAKEALOOK (New York Treasury Desk +1-646-223-6300) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Oil prices dropped more than 7.0 percent to below $49 a barrel, weighed down by a stronger U.S. dollar and sliding equity markets.
Government debt prices rose as the heavy stock losses and potential bankruptcies whetted the appetite for safe-havens.
The Dow and S&P 500, which had climbed about 20 percent after sliding to
12
year lows in early March, fell more than 4.0 percent after Obama ordered GM and Chrysler to accelerate their turnaround efforts and brace for possible bankruptcy.
To read more, double-click on the square brackets below:
MARKET REPORTS: > GLOBAL MARKETS-World stocks, oil fall on automaker concern > MONEY MARKETS-Quarter end demand holds down T-bill rates > EMERGING MARKETS-Autos, G20 worries hurt stocks > COMMODITIES-Steep losses on falling stocks, rising dollar
MAIN ECONOMIC AND FINANCIAL NEWS DRIVING GLOBAL MARKETS > Obama orders strong medecine for GM, Chrysler > Fannie Mae pares mortgage holdings in Feb > Europe's banks take state aid - Spain, Germany, Britain > UBS shares fall as more writedowns, job cuts seen > Central bankers eye simple risk cap on banks > Germany extends short selling bank on bank stocks > UK mortgage data hints at housing market floor > Ireland loses AAA rating in S&P rebuke for government policy > UK's Brown hopeful for G20, says more to be done > ECB policymakers see very difficult 2009
ANALYSIS RELATED TO CREDIT CRISIS > US recession not yet bottoming; housing the key > G20 not yet ready for new world currency debate > Watch China's forex swaps, not just super-currency plan > Global economy out of tailspin but still falling > Pockets of strength push US housing market rebound > Optimism about US banks might be misplaced > US dollar may gain amid slew of US data, G20 meeting > G20 grand bargain looks distant prospect > China forex swaps may be boon to its exporters > Extra regulation may stabilize big bank profits > With US backing, bond investors tip toward risk
FACTBOXES > Global crisis brings protectionism threats > Fiscal stimulus in G20 countries > G20 state of play on treatment of toxic bank assets > Key Obama financial regulation proposals > How might the SDR become a super reserve currency > US Treasury details toxic asset plan > Q&A - How will the US asset clean up plan work - > US Treasury fact sheet on investment program > G20 proposals on hedge funds, pay, ratings agencies > IMF emergency loan programmes in past six months > Federal Reserve statement after March 17-18 meeting > Bank of Japan on subordinated loans to banks > G20 policymakers statement > G20 statement on financial system > Central banks turn to new measures to help economies > Where has all the US bailout money gone -
Keywords: CREDITCRISIS/TAKEALOOK (New York Treasury Desk +1-646-223-6300) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.