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Stock futures signal more pain (Reuters)

Reuters - Stock futures pointed to a drop on Thursday, adding to the previous session's plunge, as investors worried about the fate of stricken U.S. carmakers and the specter of a prolonged economic downturn. At 5:33 a.m. EST, S&P 500 futures were down 1.9 percent, Dow Jones futures were down 1.3 percent and Nasdaq 100 futures were down 2.2 percent.

Recession blues play on (Reuters)

Reuters - Global economic misery spread on Thursday with the Federal Reserve predicting U.S. recession well into 2009, Japan's exports to Asia falling for the first time in six years and job losses mounting.

Prospect for auto bailout dims (Reuters)

Reuters - Chances dimmed that a last-minute plan being crafted by Republican senators, with White House support, to provide $25 billion to bail out U.S. automakers would receive enough backing from Democrats to pass before the end of this week.

Financials need at least $1 trillion: analyst (Reuters)

Reuters - The U.S. financial system still needs at least $1 trillion to $1.2 trillion of tangible common equity to restore confidence and improve liquidity in the credit markets, Friedman Billings Ramsey analyst Paul Miller said.

Citi to use scalpel not axe in trimming Asia units (Reuters)

Reuters - Citigroup is scrambling to slash costs in the face of collapsing investor confidence, but the embattled bank is unlikely to retreat from Asia, its strongest performing region.

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