The World In Washington


Europe officially fell into recession on Friday as world leaders head to Washington to address the worst financial crisis in 80 years.

But, don't expect miracles. Although the market rallied on Thursday on hope that the meeting would result in some positive momentum it's now widely believed that the world's 20 richest nations will not make any sizable breakthroughs. And by the close Friday the Dow reflected that more somber sentiment.

"You have 20 nations there and a five-hour meeting," said Tim Seymour, on CNBC's Closing Bell. "That leaves 15 minutes for each leader to speak. How much can you get done in 15 minutes?"

What Seymour does expect to happen is a "plan to create a bigger plan" with working groups created to tackle different aspects of the crisis. Look for more symbolic action, rather than a global coordinated effort that the U.S. wouldn't participate in anyway, he said.

Meanwhile, the financial crisis continues to wreak havoc on the world's major economies, with official data showing the 15-nation euro zone economy has shrunk by 0.2 percent for the second quarter in a row, meaning it technically is in recession.

The United States is probably already in recession, most economists agree, but official data showing that will not come out until January.

You can see some of Tim's trading thoughts on a daily basis on Seygem Asset Management's website.

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