Daily FNArena News - FYI

The US Securities & Exchange Commission has announced it intends to ban all short selling on Wall Street for a period, subject to requisite approval.

The Economist’s Intelligence Unit expects the financial crisis to produce a US recession and weaker global growth with corporate collapses increasing.

Even though the US dollar has rallied hard in recent months, weakening global conditions remain supportive for further gains.

Late in last night’s session, Wall Street turned its attention away from the biggest corporate failure in US history to contemplate whether that record might be smashed within the week.

Rather than acquire Lehman Brothers Bank of America is now buying Merrill Lynch for around US$44 billion seeing Lehman Brothers announce a move to chapter 11.

A consortium of global banks is preparing a rescue fund for the market – but not for Lehman.

Weekly musings from your editor. I think I have discovered a new barometer for global economic growth. Investors better watch this one closely before making any decisive decisions.

Not much on the local calender, but plenty of attention will be paid to economic development in the US and Europe. And to Lehman Bros of course.

It’s been a long day for US authorities and various bankers trying to find a solution for troubled investment bank Lehman. So far no deal appears to be in the making.

Are we soon to see a turnaround in any of these interrelated elements?