U.S. stock futures were set to rise Monday morning after a Federal Reserve official pledge that the central bank would "consider every option" to restore consumer confidence, according to a report in Bloomberg News. The market was further bolstered by comments from European governments to prevent banks on the continent from failing.On the other hand, Bloomberg News is reporting that the world's economy may be headed for its worst recession in 25 year -- if it's lucky. `The hope is that it won't become the worst unemployment business cycle since the Great Depression," economist Bradford DeLong told Bloomberg.
Here is a look at other news of interest to the markets:
- Paul Krugman -- The New York Times columnist and Princeton University professor won the Nobel Prize in economics.
- Sovreign Bancorp -- Spain's Banco Santander SA is near a deal to buy troubled Philadelphia-based Sovreign Bancorp Inc. (NYSE: SOV) according to the Wall Street Journal.
- Morgan Stanley (NYSE: MS) -- Mitsubishi UFG closed on its $9 billion investment in the Wall Street bank which gave it a 21 percent stake.
- Bailout -- The Treasury Department is providing some details about its $700 billion rescue, naming law firm Simpson Thatcher as an advisor.
- GM -- General Motors Corp.'s (NYSE: GM) board was cool to the idea of a merger with Chrysler LLC., according to the Journal. Meanwhile. U.S. auto sales are expected to be near a 20-year low.
- Gulf States -- Saudi Arabia and the United Arab Emerties unveiled plans to bolster their domestic banks.
- Wachovia -- Analysts expect Wells Fargo & Co. (NYSE: WFC) to sell or cut back Wachovia Corp. (NYSE: WB) investment-banking business, Bloomberg says
Will Rich Ross really have a positive impact on Disney's movie operations?
Consumers sick of recession, may spend extra on holidays
Corrections, seasonality and Santa Claus
