* Asia down 5%, Europe down 2% (Russia crushed), dollar flat, oil $56, gold $711

* Germany joins recession club: ``It's very serious... It raises the risk of a German contraction of more than 1 percent next year and we will have to revise down our forecast for the euro area as well.''

* Global hedge funds lose $100 billion [is that all?]. World HF index down [a pleasantly modest] 3.3%. ``This wave of redemptions in the hedge fund industry is going to last for at least another six months... ``There are some funds that halted withdrawals, but those funds would eventually have to defreeze, and that means another wave of redemptions.''

* Russia market collapses, Kuwait market closed to prevent collapse. "Alarm bells are ringing...``Weaker oil raises a number of issues for deterioration in terms of trade and budget assumptions which are now being seriously called into question.'' Prices of Russia CDSs fly.

* Demolished Citigroup may boot Chairman Win Bisschof, replace with Dick Parsons.