Market Update: Fifth Third Bancorp (NASDAQ: FITB), Citigroup (NYSE: C), Amazon (NASDAQ: AMZN), American International Group (NYSE: AIG)

Fifth Third Bancorp (NASDAQ: FITB) Raised to Buy Rating at Citigroup (NYSE: C). –Street Insider

With Cyber Monday helping generate traffic for online retailers, shares of firms like Amazon (NASDAQ: AMZN) and EBay (NASDAQ: EBAY) beat traditional retailers like Wal-Mart (NYSE: WMT) and Best Buy (NYSE: BBY). Even with almost 100 million shoppers expected to jump online, as opposed to last year’s 85 million, surveys still show that these shoppers will be on the lookout for bargains amidst a troubling economy. -Benzinga

Shares of American International Group (NYSE: AIG) gained in premarket trading today after the insurance giant closed two transactions that reduced its debt with the Federal Reserve Bank of New York by $25 billion through two debt-for-equity swaps. The stock gained 4.4 percent to $29.64. –Reuters

The leadership of the United Arab Emirates tried to steady the nerves of investors following concerns over Dubai’s debt crisis sent stock markets across the Gulf sharply lower for a second day. In a public statement, Dubai’s ruler stressed federal unity across the U.A.E. amid concern that oil-rich Abu Dhabi will remain on the sidelines as it struggles to restructure the debts of its government-owned entities. The country is working on "enhancing integration between the federal and local frameworks," claimed Sheik Mohammed bin Rashid Al Maktoum, who is the U.A.E. Prime Minister. –The Wall Street Journal

Manufacturing in China grew last month at the fastest pace in five years, helping Asia to lead the recovery from the global economic slump. The purchasing managers’ index released by HSBC Holdings rose to a seasonally adjusted 55.7 from 55.4. The government’s PMI, held at an 18-month high. A report later today might show that U.S. manufacturing grew for a fourth month in November. -Bloomberg