Tuesday, October 21, 2008

Quick Overview

  • The Chicago Federal Reserve's index of national activity fell from -1.81 to -2.57 in September.

  • Canada reduced its interest rate from 2.50% to 2.25%.

  • (Bloomberg) -- Argentine bonds plunged, sending benchmark dollar yields over 24 percent, and stocks sank the most in a decade on speculation the government will nationalize pension funds in a bid to attain financing and stave off a second default this decade.

  • Cash strapped Pakistan is looking for loans from the IMF and other bodies of up to $15 billion to avert a balance of payment crisis.

  • China will raise tax rebates for a quarter of its exports and jumpstart infrastructure projects, trying to buffer the impact of weaker overseas demand.

  • China intends to set up a soybean reserve of up to 1.5 million tonnes.

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