MarketS DailY - Nov 21

US Markets

Dow 7,552 -444.99
Nasdaq 1,316 -70.30
S&P 500 752 -54.14

Europe

London 3,875 -130.69
Paris 2,980 -107.47
Frankfurt 4,220 -133.89

Asia at 9 00 AM

Tokyo 7,703 -570.18
Hong Kong 11,959 -339.91

SGX Nifty 2488 -82 pts

Commodities

Oil
$49.62 -4.00
Gold
$748.70 12.70

Market Outlook:

Another bout of selling in US markets. DOW loses nearly 900 points in 2 days.
Citi group is mulling at selling itself to avoid a collapse. Financial stocks took a beating in US yesterday. Asia trading in deep red. Nifty is expected to retest its lows and take support at 2250-2300 levels.

News Today

* The current fall in world markets is second only to the fall that happened in Great Depression times of 1920. S&P falls to lowest level since 1997.

* Citi group plunges another 25% in yesterdays trade, all is not well in citi group.

* Goldman sachs and JP Morgan shares too took a beating , signs that market is sensing something that we are not aware of.

* Bank of Japan holds interest rate unchanged at 0.3%, warns economic activity "increasingly sluggish.

* Crude slips below $50, indicates the fall in demand due to economic distress.

* Rupee hits an all time low of 50.59 against dollar. High probability that market will follow suit.

* Singapore falls into recession, cuts 2009 outlook.