According to Reuters, markets in Asia and Europe ross about 2%

Reuters reports that the downturn in the Chinese economy deepened.

Reuters reports that BHP Billiton (BHP) was gloomy about its prospects and defended it bid for Rio Tinto (RTP)

Reuters reports that Panasonic slashed its earnings forecast.

Reuters writes that GM (GM) may fold its Pontiac division as part of a restructuring.

Reuters reports that Chrysler may not be viable without loans.

The Wall Street Journal reports that the Fed approved Bank of America’s (BAC) buyout of Merrill Lynch (MER).

The Wall Street Journal writes that Daimler’s attempt to sell the rest of Chrysler to Cerberus has broken down.

The Wall Street Journal reports that durables and spending showed more economic slowing.

The Wall Street Journal reports that mortgage rates fell after the Paulson expanded his bailout.

The Wall Street Journal writes that BCE buyout is in trouble due to its financial picture.

The Wall Street Journal reports that the Perot fund closed due to bad investments.

The Wall Street Journal reports that economic trends show that deflation is setting in.

The Wall Street Journal reports that online shopping is flat with last year.

The Wall Street Journal reports that UAL (UAUA) shares moved up on lower oil.

The Wall Street Journal reports that revenue at Warner Music (WMG) fell.

The New York Times reports that food prices will keep going up because of the costs of packaging and shipping.

The New York Times reports that falling oil prices are increasing tension among OPEC members.

The New York Times reports tha Tiffany (TIF) lowered its full year outlook.

The FT reports that AIG (AIG) will pay out retention bonuses.

The FT reports that Lehman has risk in the billions of dollars across Asia.

The FT reports that Carlos Slim took a large position in Citigroup.

The FT reports that the yield on 10 year Treasuries dropped below 3% for the first time in 50 year.

Douglas A. McIntyre

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