Word: monday
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...measures appear to have helped unlock frozen credit markets. The three-month Hong Kong interbank rate, or HIBOR, a measure of the difficulties of getting access to credit, fell by more than half a percentage point Monday, the biggest drop in a decade...
...There may be little hope, however, of avoiding the next stage of the global financial crisis: dramatically slower economic growth. The surprising speed at which Asia's economies are decelerating was made clear in China's third quarter GDP figures, released Monday. At 9% growth, China experienced its slowest quarter since 2003. The State Council over the weekend issued a policy statement in which the government promised to provide economic support through greater infrastructure spending, and by offering tax breaks to help small companies and the sagging property market. As the global financial crisis unfolds, the role Asian governments play...
...overhaul of the world's financial system would cause eye-rolling and dyspepsia among the world's free market purists. But these are not normal times: on the weekend, U.S. President George W. Bush echoed Nicolas Sarkozy's push for an international summit to that end, and on Monday world markets seemed to endorse the initiative with a positive fillip. Though the specific goals, attendees, and even exact date and venue of such a meeting have yet to be determined, the mere agreement by U.S. and European leaders to update the Bretton Woods system - which has overseen international finance...
...Europe's leading bourses also began stronger, with London's FTSE 100 1.67% higher nearing mid-day Monday, while Paris CAC 40 gained 1.46% and Frankfurt's DAX up .8%. Futures trading in the U.S. similarly pointed to 2.4% opening advance Monday on Wall Street, though that early action could change as a series of company earnings figures are released, giving investors a better idea of how quickly U.S. economic growth has slowed...
...Despite Monday's mostly rosier mood, there were developments that could have given markets as much to choke on than cheer about. Over the weekend the heads of French savings bank Caisses d'Epargne were forced to resign following revelations that unauthorized derivatives trading last week produced a $810 million loss. On Sunday, meanwhile, the Netherlands said it would inject a further $13.5 billion into troubled finance company ING - another indication that European banks may not yet have entirely accounted for all the toxic debt they assumed...