closest to the pin 22-6-09, page-48

PA

I don't think you are the only one in need of an umbrella - perhaps 1 with lights would help?

9:01 AM "Decidedly the worst [of the crisis] is already behind us," says George Soros. In April, he warned of a lasting slowdown and said 'basically insolvent' banks 'will draw the lifeblood' of the economy to keep themselves alive.

8:54 AM Germany is expecting a major budget shortfall. The economy will likely contract 6% this year, leading to weaker tax revenue and soaring welfare bills, while bank bailouts and stimulus measures could increase Germany's debt by over €100B ($139B).

8:05 AM Japanese business confidence ticks up for the first time in three quarters and service demand rebounds, signaling the country's worst postwar recession is easing.

7:51 AM California unemployment jumped to 11.5% in May, the highest level since 1941. In comparison, the adverse scenario from the bank stress tests put national unemployment at 8.9% this year, on average, and 10.3% next.

7:44 AM The World Bank lowers its outlook for global growth, forecasting a 2.9% contraction this year vs. a previous forecast of -1.7%. Growth in 2010 will reach 2%, down from 2.3%. Impoverished economies will lag rich ones in an eventual recovery.

And

Roubini - "The risks of a double-dip, W-shaped recession may be growing"