Inflation-indexed bonds, for more than a decade the government bond market's hands-down outperformer, are taking their worst-ever beating as deflation starts to take hold.

Euro zone services and manufacturing business activity sank much further and faster than expected in November to record lows, pushing some economists to call for larger rate cuts from the European Central Bank.

British annual public borrowing is set to climb toward 120 billion pounds over the next two years, forcing the finance minister to announce plans for deferred tax rises and public spending curbs in his pre-budget report, the Financial Times reports.

Japan slid into its first recession in seven years in the third quarter as the financial crisis curbed demand for Japanese exports, and the economy minister and analysts offering a bleak outlook for the economy.

Signs of distress in the global economy mounted , with Citigroup shares plunging on fears about its future, oil prices falling and the future of U.S. automakers hanging in the balance.

Australia is in a good position to defend itself against the global economic crisis despite a bleak report that forecasts a possible recession in 2009, according to the central bank chief.

Japan sank into recession in the third quarter, even before it felt the full force of the financial crisis, and world leaders at a weekend summit gave investors little hope they could rescue the global economy.

Australia is in a good position to defend itself against the global economic crisis despite a bleak report that forecasts a possible recession in 2009, according to the central bank chief.

Japan's exports logged their biggest annual decline in seven years in October, pushing the trade balance into deficit and reinforcing worries the global financial crisis may push the economy deeper into recession.

The Bank of England considered slashing interest rates by more than 200 basis points this month before settling for a smaller but still spectacular cut, raising expectations of further big cuts to stave off a deep recession.

Australia's central bank chose to cut rates aggressively this month in part to cushion consumers from an unprecedented fall in household wealth, which threatened to drag the economy down by  more than expected just a few weeks earlier.

Lower prices of petrol and pork in October helped British consumer price inflation to post its biggest drop since records began, falling to an annual rate of 4.5 percent from September's peak of 5.2 percent.

HSBC plans to cut a further 500 positions in Asia, mostly in Hong Kong while Macquarie Group became the latest Asian lender to post a sharp fall in profits.

Japan slid into its first recession in seven years in the third quarter as the financial crisis curbed demand for Japanese exports, and the economy minister and analysts offering a bleak outlook for the economy.

Japan sank into recession in the third quarter, even before it felt the full force of the financial crisis, and world leaders at a weekend summit gave investors little hope they could rescue the global economy.