Switzerland is taking steps to strengthen its largest bank, UBS, becoming the latest European government to unveil a banking rescue plan. UBS is raising 6bn Swiss francs (5.3 billion US dollars) from the government.
United States industrial production posted the biggest monthly decline since 1974 while consumer prices were flat in September, according to reports Thursday. Adding to the gloom a factory index for the Philadelphia region hit an 18-year low this month.
UK inflation hit a 16-year high of 5.2% in September, with energy bills behind much of the rise, figures have shown. The Consumer Prices Index (CPI) measure was up from 4.7% in August.
The current financial crisis could exact a toll on the world's gross domestic product, an international business group in Belgium said.
Argentina's powerful industrial lobby, warned that the current real exchange rate with Brazil is back to 2001 levels, when the preambles of the worst economic crisis suffered by the country in a century.
Paul Krugman, who won this year's Nobel Prize for economics, told CNBC that the Treasury Department's move to inject banks with 250 billion US dollars is better than the original bailout plan.
In an article titled Gordon does Good published Monday in the New York Times the Princeton University scholar lavished praise on Brown for his timely action against the ongoing financial turmoil.
Financial markets in Asia have risen sharply, with Japan's Nikkei gaining 10% in early trading Tuesday, and Sydney up 5%. The gains came after Wall Street shares rocketed 11% on Monday as investors welcomed fresh moves to deal with the worldwide financial crisis. Japan was closed Monday because of a national holiday.
Latinamerican equities staged on Monday a powerful rebound from last week's crash, with Brazil's Bovespa soaring 14% and Mexico's IPA 11.1%, its highest one day gain this year and since 1998.
British-Hungarian financier and philanthropist George Soros warned in an interview with Budapest's Nepszabadsag newspaper that it is too early to say if markets will stabilize after last week's panic and described the current situation as the crisis of a lifetime.