MarketS DailY - Nov 17

US Markets

Dow 8,497 -337.94
Nasdaq 1,517 -79.85
S&P 500 873 -38.00

Europe

London 4,233 63.76
Paris 3,291 22.01
Frankfurt 4,710 60.72

Asia at 9 30 AM

Tokyo 8,558 95.45
Hong Kong 13,565 22.76

SGX nifty 2882 -5

Commodities

Oil
$55.75 -1.29
Gold
$742.50 37.50

Market Outlook:

The week end G 20 meet ended with no conclusive measures or any positive news that markets were expecting. Markets will again look for global cues and news flows. News flows in the pipeline will continue to be negative. Tone continues to be bearish for coming week. Market would face selling pressure at higher levels.

News Today

* Japan enters into first recession in 7 years, 4th major economy to announce recession after the crisis started.

* US Retail sales plunge record 2.8% in October.

* GM's is gasping to survive, Automakers had asked for a $25 billion bail out from US Government. If GM fails it would send a ripple effect across the globe. Vendors of GM will take a big hit around the globe.

* Pakistan takes IMF aid of $7.4 billion its economy collapsed.

* The RBI has now said that the global financial crisis was having a bigger than expected impact on the economy .