Global stocks took a breather from recent heavy declines Friday and one analyst told CNBC a turnaround could be due for the major indexes.

If governments throw enough money at the system, a strong, near-term rally should happen, investor Marc Faber said. But if it fails to materialize, prepare for an unprecedented depression.

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.

The dollar and yen fell Friday as Wall Street rebounded and reports that banking giant Citigroup was mulling a merger helped quell some of the market's worst fears about the financial crisis.

Despite continued woes in the U.S. economy, the greenback has seen an unexpected surge against currencies around the world As investors become ever more risk averse, emerging markets are bearing the brunt of a flight to safety.

Stocks were down heavily Thursday, following Wall Street's overnight selloff. The Dow Jones Industrial Average closed at a 5-1/2-year low, below 8,000, as a U.S. bailout of the auto industry appeared unlikely, spurring further economy fears. CNBC's experts believe the blue-chip index will fall a lot further before year end.

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.

The dollar and yen rose against the euro and other currencies from countries with high interest rates as fears of a deep global recession sent investors fleeing for the safest assets.

Stocks spent another day in the red Wednesday as prospects of a deep global recession continued to rattle investors. CNBC's experts question why gold's price has declined while demand for the precious metal, and typically safe-haven stock, has increased.

The Dow Jones Industrial Average is set to sink to 6,400 within the next few weeks, Nicole Elliott, technical analyst at Mizuho Corporate Bank told CNBC.

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.

The dollar dipped against the yen on Wednesday as doubts grew about the prospect of a U.S. auto industry rescue while data showing a record slide in consumer prices last month stoked fear of a deeper recession.

The economic turmoil is continuing to batter stock prices globally, but 2009 could start to peak investors' interest with the extremely oversold levels, one analyst told CNBC Tuesday. Below is a round up of what analysts and investment professionals think about the markets.

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.

The dollar strengthened on Tuesday as a batch of grim U.S. economic data pushed nervous investors to seek safety in the greenback.