SNAPSHOT - Financial Crisis - 0900 GMT

NEWS

- China Oct trade surplus hits record $35.24 billion, beats expectations, import growth shows sharp fall

- Asian holdings of foreign exchange reserves shrink $119 billion, excluding China, as authorities defend currencies

- China inflation falls to 17-month low of 4 pct, further evidence of slowing growth

- British retail sales fall for fifth month in Oct, business confidence in Australia at record lows.

- HKMA injects around US$300 million into HK banking system, Macau announces stimulus measures

- Fannie Mae says may have to tap government for cash to avoid shutting down after reporting record $29 billion loss

MARKETS

- European shares drop in early trade, track Wall St losses

- Asian stocks fall on souring economic outlook, Nikkei slides 3 percent with exporters' tumble, Seoul shares slip

- Yen pushes higher, market braces for hedge-fund selling to raise cash holdings, prepares for investor redemptions.

- Oil tumbles more than 2 percent to $61 a barrel on global recession worries. Gold little changed

QUOTES

"Export growth was still pretty fast in October due to seasonal factors. However, growth will slow in the next two months, especially in December. I think import growth will also continue to slow down in the next two months and next year as well because Chinese processing firms have been getting fewer orders, as was reported at the latest canton fair." - Zhao Qingming, China Construction Bank. on China trade data. "It appears that the continuing volatility in global equity markets, emergency financial packages, falling commodity prices, and talk of global recession have finally broken business optimism and now fear reigns supreme." - Alan Oster, group chief economist, NAB.

EVENTS

Tuesday, Nov 11

SAO PAOLO - Central bank heads from leading industrial and emerging economies meet at the Bank of International Settlements

ECB's Yves Mersch speaks at conference in Luxembourg

U.K. September trade data

Australia consumer confidence for November

U.K. BRC retail sales monitor for October

German wholesale prices for October

French revised Q3 non-farm payrolls

U.S. Veterans Day holiday -- bond markets, government offices closed

Redbook weekly U.S. retail sales

(Compiled by World Desk, Asia +65 6870 3815)