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Monday, October 6, 2008

European Crisis Deepens; Officials Vow to Save Banks

The global credit crunch deepened in Europe as government leaders pledged to bail out troubled banks and protect depositors.BNP Paribas SA will take control of Fortis's units in Belgium and Luxembourg after government efforts to ensure the company's stability failed, while Germany's government and financial institutions agreed on a 50 billion euro ($68 billion) rescue package for Hypo Real Estate Holding AG. U.K. Chancellor of the Exchequer Alistair Darling said Britain is ``ready to do whatever it takes'' to help its banks.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Thursday, Jul 17
21:00 4-Week Bill Auction 1 4.230% 4.235%
22:15 Fed's Daly speech 2
23:00 Fed's Cook speech 2
Friday, Jul 18
01:30 Net Long-Term TIC Flows 1 $259.4B $-8.2B Revised from $-7.8B
01:30 Total Net TIC Flows 1 $311.1B $-14.6B Revised from $-14.2B
04:00 Fed's Waller speech 2
08:30 Credit Card Spending (YoY) 1 2.2%
18:00 Housing Starts (MoM) 2 1.300M 1.256M
18:00 Building Permits (MoM) 2 1.390M 1.394M Revised from 1.393M
18:00 Building Permits Change 1 -2%
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