MarketS DailY - Nov 07

US Markets:

Dow 443.48 -4.85% 8,695.79
Nasdaq 72.94 -4.34% 1,608.70
S.&P. 500 47.89 -5.03% 904.88

Asia at 9 AM

Japan Nikkei 8,536.41 -362.73 -4.08%
Hong Kong Hang Seng 13,561.64 -228.40 -1.54%
China Shanghai 1,719.19 +0.09% +1.47

Crude Oil

$61.01

+0.39%+$0.24

Gold

$731.60

–0.08%–$0.60

News Today:

* Wall street Welcomes Obama, DOW slips nearly 1000 points in 2 days. He is busy assembling his economic team comprising Buffett, Volcker, Rubin.

* IMF forecasts a Global recession in 2009, Slashes Indias growth expectations from 6.9% to 6.1%.

* Cisco slashes guidance, cautious on future outlook.

* US Jobless claims reach 481,000.

* Auto Makers are under immense pressure, Toyota cuts global vehicle-sales target by 5.7%, projects annual operating profit will drop 68%. GM, Ford expected to report big losses.

* ECB cuts interest rates by 50 bps, BOE cuts rates by 150 bps one of the biggest rate cuts in recent history.

* Bank of Korea cuts interest rate a quarter-point to 4%

* China's economy which was a fuel to global growth is now showing signs of rapid deceleration.

* India doing better than other economies: JP Morgan

* Oil slips below $60 in intra trade.

* US to cut IT spend by 5% in 2009 says Goldman Sachs, No sweet news for IT sector.