Key News• The Japanese economy entered its first recession in seven years, as growth declined for the second quarter running by a wider margin than expected, raising fears the situation could deteriorate amid the global downturn. (FT)• Mining companies -- which couldn't dig minerals out of the earth fast enough just a few months ago -- now are struggling to climb out of a very deep hole. On Friday, the world's biggest miner, BHP Billiton, said major Chinese customers are trying to delay purchases of iron ore as China's building boom slows sharply. (WSJ)• Australian retail sales rose in the third quarter by less than economists forecast. (Bloomberg)• Key Reports (WSJ):8:30a.m. Nov NY Fed Manufacturing Index: Expected: -27. Previous: -24.6. 9:15a.m. Sep Industrial Production: Expected: +0.4%. Previous: -2.8%. 9:15a.m. Sep Capacity Utilization: Expected: 76.7. Previous: 76.4.

Quotable “It is fascinating to watch politicians come up with