U.S. weighs backing bank debt, deposits: reports
SYDNEY (Reuters) - The U.S. government is weighing guaranteeing billions of dollars in bank debt and temporarily insuring al U.S. bank deposits, in a bid to unfreeze bank lending and staunch massive losses in equity markets, The Wall Street Journal reported on Friday.

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Panic strangles Asia stocks; yen firm
HONG KONG (Reuters) - Asian stocks plunged on Friday, with Japan's Nikkei down more than 10 percent, while the yen and U.S. Treasury debt prices rose, as panic set in after global efforts so far failed to unlock credit markets.

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Global crisis hits Japan financial sector
TOKYO (Reuters) - The global economic crisis claimed its first Japanese financial institution on Friday and the government looked to prop up smaller banks, as Tokyo shares flirted with their biggest one-day fall since the 1987 market crash.

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AIG borrows 57 percent of government loan: report
(Reuters) - American International Group Inc has so far borrowed $70.3 billion under a U.S. government bailout loan even as regulators keep a close eye on how the insurer is using those funds, The Wall Street Journal said.

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September retail sales plummet: SpendingPulse
NEW YORK (Reuters) - A worsening job market and financial market turmoil slammed U.S. consumer spending in September, despite falling gasoline and food prices, according to a private report released on Friday.

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Stocks plunge, pressure on G7 to act on crisis
HONG KONG/NEW YORK (Reuters) - Fearful selling clenched Asian markets on Friday after U.S. stocks plunged, heaping pressure on economic powers to halt a global spiral of financial distress and slowing growth.

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Prudential becomes latest insurer to warn
NEW YORK (Reuters) - Prudential Financial Inc is the latest major insurer to warn its quarterly profits would miss forecasts, as the shares of rivals were pummeled on concern they would need to raise capital.

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