British Prime Minister Gordon Brown called on Wednesday for an international conference before the end of the year to reshape the financial world order.
The Mexican peso closed trading Wednesday at 12.74 to the US dollar, compared to 12.50 on Tuesday, with a depreciation of 1.8% having oscillated up to 12.82. The central bank on Wednesday morning auctioned 400 million US dollars as had been anticipated by government officials.
Brazilian shares plummeted more than 10% on Wednesday, triggering a trading halt, as mounting fears of global recession battered markets worldwide.
Uruguay has a financial protection in the range of two billion US dollars if for some reason the current situation in global markets in the next two years makes it highly difficult to issue sovereign bonds, according to Central Bank sources in Montevideo.
Almost fifteen million people from Latinamerica and the Caribbean will fall back into poverty in the coming years because of the increase in food prices and a slower economic growth in the region, forecasted the United Nations Latinamerica and Caribbean Economic Commission, Cepal.
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.