The Federal Reserve Chairman of United States announced his support for more government spending on Monday, leading to hopes that credit markets will resume lending and that the worst of financial crisis may be over.

Bernard Bernanke, the Chairman of the US Federal Reserve declared that another set of government spending measures may be required to help the economy pull through an extended period of slow growth. This stance found some support from the White House too as it announced that it was open to a stimulus plan and would look to Bernanke for guidance.

In a sign that government financial support from all economies were working to ease lending restrictions, the three-month Libor rate fell the most in a single day since January. This proves that banks were regaining confidence and were more willing to lend each other, a step which is crucial to boost growth in the economy.

Stock markets too rallied on easing credit conditions and hopes that another stimulus plan may be round the corner. In US both the Dow Jones as well the S&P index rose by more than 4.5% on Monday even as the dollar rebounded from earlier lows. In Europe and Asia too stock markets rallied following greater confidence in US markets.

While the US auto industry remains bogged down by one of the most extended periods of slowdown, Detroit’s economy fears the worst is yet to come if the proposed merger between General Motors and Chrysler becomes a reality.

General Motors Corp and Chrysler LLC are two of the three biggest auto makers of Detroit, the third being Ford Motors Corp. the greatest fear haunting the local economy in Detroit is the huge scale loss of jobs that a merger between GM and Chrysler would entail. In August, the unemployment rate in Michigan already stood at 8.9%, much higher than the national average of 6.1%. For a region whose fortunes have been tied to the auto industry for generations, a merger and the consequent lay offs would spell an economic disaster.

Talks began between GM and Chrysler which is owned by private equity group Cerberus Capital Management LP as both auto makers have continued to suffer huge losses from declining sales and higher energy costs. GM which has lost over $51 billion in the last three years in already in the process of cutting down 15% of its 40,000 jobs in North America while the much smaller Chrysler is laying off around 1250 of its salaried workers.

Sun Microsystems announced on Monday that it expected to post a loss of 25 cents to 30 cents per share in the first quarter of 2009, thus indicating that the crisis in global financial markets has not spared information technology vendors.

Sun is slated to announce its quarterly earnings on October 30 but the company declared its dim forecast for next year’s first quarter almost a week ahead on Monday. Its expectation of losses between 25 cents to 30 cents a share is far greater than the estimate of 1 cent a share made by analysts polled by Thomas Reuter. This is the third successive time that Sun Microsystems has missed the earnings estimate made by analysts.

Sun expected revenues for the period to fall in the range of $2.95 billion to $3.050 billion as opposed to revenues of $3.2 billion reported in the same period last year.

Sun’s poor performance reveals that the company has suffered more than any other information technology vendor in the recent market crisis. Since Sun depends for the greater part of its revenues on the sale of its expensive high-end servers which were mainly bought by clients from the financial services industry, the market meltdown has either put an end to financing the hardware or has led to the collapse of many such client companies.

Las Vegas Sands Corp, a major US casino operator, has opened talks with various banks about revising terms of the HK$40.95 billion or $5.28 billion loan it is seeking for its Macau projects.

The Las Vegas Sands Corp is the second largest casino operating company in the country by market value. In August, sources had revealed that the company was ready to pay lenders 3.5% more than the benchmark rate for five-year loans. However after the recent market crisis, the company may now have to pay higher rates, borrow less money or borrow for a shorter term, revealed sources close to the deal to the news agency Bloomberg.

In the worst banking crisis since the Great Depression of the 1930s, the recent market meltdown has led to the collapse of major Wall Street names and has virtually brought lending to a standstill. Under these circumstances, borrowing costs have skyrocketed and there is a great deal of uncertainty which is why companies are being compelled to re-negotiate terms.

Las Vegas Sands and Wynn Resorts Ltd are among the major gaming companies ready to invest at least $25 billion in Macau, the only Chinese city where gambling is permitted by law.

American Express Co, the biggest credit card company in the US by purchases, out-performed estimates by some analysts on its third quarter earnings and gained 9% higher stock values in after hours trading.

On Monday, American Express announced that profits from continuing operations declined by 23% to $861 million or 76 cents a share, which was much better than the 59 cent average estimated by 15 analysts polled by Bloomberg. Revenues rose by 3% to $7.16 billion. The news was well-received by the investors as the credit card company’s share prices rose as high as $26.58 in extended New York trading. However, later it fell back to $25.89 at 6:18 p.m.

Analysts had predicted lower earnings for American Express on account of increasingly difficult market conditions for the credit card company. American Express lost more than half its market valued this year, bogged down by rising unemployment which was forcing consumers to spend less and default on loans with greater frequency. The company revealed that in the third quarter, card holders failed to repay loans at almost double the rate compared to the same period a year earlier.

Chief Executive Officer of American Express Kenneth Chenault, said in a statement that the company would undertake certain cost saving measures like cutting jobs and reducing operating costs.

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