SnapShot - Financial Crisis

SNAPSHOT - Financial Crisis - 0430 GMT

2008-11-11 04:43 UTC (GMT)

NEWS - China inflation falls to 17-month low of 4 pct, further evidence of slowing growth - British retail sales fall for a 5th month in Oct; business confidence in Australia at record lows. - Fannie Mae says may have to tap government for cash to avoid shutting down after reporting record $29 billion loss - AIG bailout raised to $150 billion government lifeline after it posts third-quarter net loss of $24.47 billion - Fitch cuts Romania credit rating to 'junk,' downgrades Bulgaria, Kazakhstan, Hungary, says global crisis puts ratings of South Korea, South Africa, Russia, Mexico in jeopardy MARKETS - Asian stocks fall on souring economic outlook; the MSCI Asia ex-Japan down 3.1 percent, Nikkei sheds 3.3 percent - U.S. dollar, euro dip against the yen - U.S. crude oil lower at $60.73 barrel QUOTES 'It appears that the continuing volatility in global equity markets, emergency financial packages, falling commodity prices, and talk of global recession have finally broken business optimism and now fear reigns supreme.' - Alan Oster, group chief economist at NAB. 'These are seriously poor numbers, especially in the run-up to Christmas.'- Stephen Robertson, director general of the British Retail Consortium on British retail sales. 'It shows the Chinese economy is in a sharp slowdown -- production is falling, so is demand.' - Zhang Yongjun, an economist with a government think-tank in Beijing on inflation data. 'The alliance between Britain and the U.S. -- and more broadly between Europe and the U.S. -- can and must provide leadership, not in order to make the rules ourselves, but to lead the global effort to build a stronger and more just international order.' - British Prime Minister Gordon Brown in in London speech.