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Bank stocks tumble again as gloom deepens (Reuters)

Reuters - U.S. bank stocks tumbled on Monday on expectations that a deepening global economic slump will reduce employment, crimp borrowers' access to credit and spur more writedowns.

US in recession since December 2007: official panel (AFP)

AFP - The US economy has been in recession since December 2007, a panel of economists charged with the official designation of business cycles said Monday.

Panel says US has been in recession since Dec. '07 (AP)

AP - A panel of the National Bureau of Economic Research says the U.S. economy fell into a recession last year.

NBER says U.S. recession began December 2007 (Reuters)

Reuters - The U.S. economy slipped into recession in December 2007, the National Bureau of Economic Research's business cycle dating committee announced on Monday.

US-China talks will include currency issues (AP)

AP - Administration officials say they will urge the Chinese to continue allowing their currency to rise in value against the dollar and to avoid raising protectionist trade barriers amid the global economic crisis.

Pelosi seeks fast action on stimulus bill (Reuters)

Reuters - House of Representatives Speaker Nancy Pelosi met leading governors on Monday to discuss the size and shape of an economic stimulus package she hopes Barack Obama can sign when he becomes president on January 20.

AP IMPACT: Under pressure, US eased lending rules (AP)

AP - The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents.

Manufacturing index drops to 26-year low (AP)

AP - A measure of U.S. manufacturing activity fell to a 26-year low in November as new orders dropped for the twelfth consecutive month, a trade group said Monday.

EU governments begin economic stimulus debate (AP)

AP - European Union finance ministers on Monday took a first look at a proposed euro200 billion ($252 billion) economic stimulus package to counteract a deepening economic slowdown � a plan the 27 EU leaders are asked to formally endorse later this month.

New York Fed launches search for new president (AP)

AP - Timothy Geithner, President-elect Barack Obama's pick to be Treasury secretary, will soon step down from his current post as president of the Federal Reserve Bank of New York.

October construction spending drops 1.2 percent (AP)

AP - Construction spending fell by a larger-than-expected amount in October, another indication that problems facing the builders of homes, hotels and other projects are deepening and likely to persist.

Mixed picture for retailers as US holiday season opens (AFP)

AFP - American consumers still shopped but with more prudence than in recent years, according to surveys from the opening weekend of the year-end holiday season.

Europe mulls spending hikes as world factories slow (Reuters)

Reuters - European leaders clashed on Monday over how much public money to spend on battling recession as data showed factories were slashing output in the United States, Europe and China.

Car sales slide shows auto crisis worsening (Reuters)

Reuters - Car makers reported tumbling sales across Asia and Europe on Monday as the recession drove buyers from showrooms and drew a warning of more gloom next year.

Manufacturing sags to weakest since 1982: ISM (Reuters)

Reuters - Factory activity fell in November to its weakest since the 1981-1982 recession, according to an industry report released on Monday.

Budget shortfall forces cutbacks in Trinidad (AP)

AP - The drop in world energy prices is forcing Trinidad and Tobago to postpone the construction of new schools and two major hospitals.

China hopes talks with US boost coordination (AP)

AP - The global financial crisis is overshadowing U.S.-Chinese trade tensions as Cabinet ministers from the two sides meet this week for talks on the long-range growth of one of the world's most important economic relationships.

Merkel: All options open for German economic help (AP)

AP - German Chancellor Angela Merkel said Monday she is leaving "all options open" to stimulate Germany's flagging economy, but repeated she still does not favor immediate tax changes.

British manufacturing contracts at record pace (AP)

AP - British manufacturing activity contracted at a record pace during November as new orders collapsed, a closely-watched survey found Monday, stoking expectations that the Bank of England may slash its benchmark interest rate by a full percentage point later this week.

China manufacturing slows as downturn deepens (AP)

AP - China's manufacturing activity contracted sharply in November as a downturn in the world's fourth-largest economy worsened, raising the threat of politically volatile job losses, according to data reported Monday.

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