Poor economic data around the world and another international barrage of corporate profit warnings and job cut announcements intensified fears of deep global recession.The currencies are experiencing almost unprecedented volatility, oil and other commodities tumbled on fears of plummeting demand that would accompany a slowdown, and stock markets dropped from Tokyo to New York.
The financial crisis, set off by a U.S. housing market collapse nearly 15 months ago, claimed another victim. PNC Financial Services Group Inc’s, the first regional bank to participate in the Treasury’s $250 billion capital infusion program for banks, agreed to purchase ailing Ohio-based National City Corp in a government-supported $6 billion deal. The purchase of National City, which been crippled by its soured mortgage loans, will create the No. 5 U.S. bank by deposits.
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