INTERNATIONAL MONETARY FUND

Shanghai Composite Index up 0.10 percent while Hang Seng and KOSPI end 0.65 percent and 0.01 percent higher. Nikkei drops 0.15 percent.

Lord Turner, FSA chairman and Bank of England governor contender, says innovative policies are needed to lift the country out of the downturn.

Several emerging economies welcome new policy, but Germany opposes it.

Reuters survey of economists shows most think British economy will barely lift out of recession over the next four quarters.

MPC member Weale also used Daily Mail interview to air inflation concerns over more quantitative easing in the UK economy.

S&P cites deepening recession and limited options before government to deal with the crisis as reasons for downgrade.

IMF says global economic slowdown has begun affecting emerging nations, a major force in pulling the world out of 2009 recession.

Nikkei drops to the lowest level in two months, sliding 1.98 percent. KOSPI down 1.56 percent while Hang Seng eases 0.08 percent. Shanghai index rises 0.22 percent.

Prime minister speaking at Conservative party conference insisting '"painful decisions' and austerity imperative if UK economy to recover.

USC's John Elliot economist Mohammad Pesaran says and orderly 'Grexit' is impossible without some form of debt forgiveness.

International Monetary Fund confirms absence of governor of People's Bank of China at annual meeting in Tokyo.

Fund warns of capital flight, breakup fears and economic decline unless policymakers take crucial decisions.

South Korea's KOSPI falls 1.18 percent, Shanghai Composite Index is lower by 0.57 and Hang Seng by 0.56 percent.

IMF scaled down Britain's growth forecast

Leading economic thinktank says underlying growth may only be 0.2 percent as economy stagnates.

Former UK home secretary and foreign Secretary sees a gulf between a core EU and periphery EU countries

Merkel praises reforms but warns of tough road ahead as IMF says Greece likely to miss key debt targets in 2011 bailout agreement.

Banks encouraged to boost lending but is this wise as outlook for UK economy worsens?

Nikkei ends 1.06 percent lower while KOSPI falls 0.14 percent. China's Shanghai index and Hong Kong's Hang Seng gain 1.97 percent and 0.54 percent.

Germany's chancellor visits Greece for first time since crisis amid heavy security.

Worse than expected trade and manufacturing data may hinder anticipated sharp bounce in third quarter GDP data.