Toronto stocks log biggest weekly gain in 6 years (Reuters)
Reuters – The Toronto Stock Exchange’s main index closed sharply higher on Friday as energy stocks rose on a rebound in crude and investors shopped for bargains.

Currencies: Dollar edges up vs. most rivals as investors eye volatile markets
The dollar gains slightly against the euro and other major rivals and is steady against the yen, as sharp swings in equities trading make it difficult for investors to gauge risk.

Bush, Sarkozy to meet as signs of recession mount
NEW YORK (Reuters) – Evidence piled up on Friday that the world is slipping into recession but the White House played down expectations for a weekend meeting between lame-duck U.S. President George W. Bush and European Union leaders.

European stocks sharply lower in late trade (AFP)

AFP – European stock markets fell sharply in late trading Thursday on rising fears of a recession in the United States and Europe.

Fallout from financial crisis hammers housing (AP)

AP – The nation is on track to build fewer homes this year than at any time since the end of World War II, adding to the woes of an economy that analysts said Friday has almost certainly entered a recession.

Arab stocks slide for second day to finish week mixed (AFP)

AFP – Arab stock markets fell on Thursday for a second day, with Gulf shares finishing a roller-coaster week mixed as recession fears continue to haunt the global economy.

FTSE surges more than 5% (AFP)

AFP – The London FTSE 100 index surged 5.22 percent Friday to close at 4,063.01 despite persistent fears for the health of the global economy.

NewsWatch: U.S. stock indexes down for day but up for the week
U.S. stocks erase late gains as profit-takers step in ahead of the close, with the major indexes ending with daily losses but up on the week, capping a volatile streak involving wild swings in either direction amid signs of a possible thaw in the credit markets.

Airline Stocks: Sector gains as carriers prepare for fewer passengers
Airlines are posting gains, pacing the wider market despite climbing oil prices, after a week of major carriers saying they will continue plans to scale back seat capacity ahead of a possible recession.