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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Morning Briefing

The morning headlines are beginning to sound all too familiar, but here we go again: Another day in which governments have taken huge steps to prop up the financial system, another day in which the markets continue sharply south.

This morning, it's news from Europe that has that familiar ring. The Swiss National Bank announced it will take over $60 billion in risky securities held by UBS in an attempt to help the bank. The Swiss central bank made the same offer for Credit Suisse Group, but instead Credit Suisse has turned to Qatari Investment Authority for $8.8 billion in capital.

The markets in Europe are all down. The DJ Stoxx index is down 2.4 percent and London's FTSE is down 2.8 percent.

In Asia, the Nikkei is getting battered again, down 11.4 percent. In Japan, there are reports that Citigroup is going to delay the merger of two of its units there. In China, the DJ Shanghai index fell 5.2 percent and Hong Kong's Hang Seng fell 4.8 percent.

This morning, we're watching for news out later today on Citigroup earnings and the government's new figures on the consumer price index. Check back here for updates throughout the day on the financial crisis and the market.

--Sara Goo

By Sara Goo  |  October 16, 2008; 7:10 AM ET
Categories:  The Ticker  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati   Google Buzz   Previous: Oct. 15, 2008
Next: No Rebound Yet From Yesterday's Slump


Take the day off. It's a good day for ducks here and we needed the rain. If the pub won't come to you, go to the pub and have a pint. Have a bunch of pints. With Uncle Sam picking up the tab on your junk mortgages, you'll have plenty of cash for drinks.

Posted by: Beau James | October 16, 2008 8:54 AM | Report abuse

I better get my political hat on before this thing gets rolling too fast. It's looking like an eventful day. Thanks for the new tools. I wonder what the trick of the day will be. Be good and you get treated good. I got no control here. It's a good thing you do or we would all be in more trouble than we are in now.

Posted by: Night Mayor | October 16, 2008 9:10 AM | Report abuse

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