MarketS DailY - Oct 16

US Markets:

Dow : 733.08 -7.87% 8,577.91
Nasdaq : 150.68-8.47% 1,628.33
S.&P. 500 : 90.17 -9.03% 907.84






Asia at 9 AM

Japan Nikkei : 8,635.18 -912.29 -9.56%
Hong Kong Hang Seng : 14,895.19 -1,103.11 -6.90%
China Shanghai : 1,920.98–3.69%–73.69

SGXNifty 3112 -228

Crude Oil : $73.24–1.74%–$1.3
Gold : $843.50+0.54%+$4.50

News Today:

* DOW plunges 700 points on worries of prolonged recession.

* US Retail sales came at a 3 year low causing worries that slown down is getting evident.

* FED chairman Bernanke said policymakers now have 'tools' to fix financial crisis but that economy will take time to rebound.

* RBI cuts CRR by another 100 bps, this move will inject Rs 40,000 cr into the system. A total of 250 bps has been cut in last fortnight.

* Oil tumbles to a new 2008 low on worries that demand for oil is slowing down.

* Japanese Yen strengthens against Dollar.

* Jet airways lays off more than 800 employees in effort to reduce costs. Airline companies have demanded government for a bail out package to help them.

* It seems the slow down is slowly creeping into the emerging markets, to maintain profitability companies would start cutting jobs and reduce expenses.