MarketS DailY - Dec 02

US Markets

Dow 8,149 -679.95
Nasdaq 1,398 -137.50
S&P 500 816 -80.03

Europe

London 4,065 -222.52
Paris 3,080 -182.25
Frankfurt 4,395 -274.65

Asia at 9 00 AM

Tokyo 8,028 -369.46
Hong Kong 13,483 -625.69


SGX Nifty 2610 -70

Commodities

Oil $48.52 -0.76
Gold $776.80 -42.20

Market Outlook:

US Markets ends a 5 day winning streak with a big fall, DOW loses nearly 8% on the back of bad data's and Weak global cues. Europe closed in deep red and asian markets are down by more than 4%. A weak open and a subdued trading day is expected.


News Today:

* The US economy slipped into recession in December 2007, the official arbiter announced on Monday.

* Oil falls to 3 1/2 years lows of $48, Gold also slips.

* The U.S. credit-card industry may pull back well over $2 trillion of lines over the next 18 months banking analyst Meredith Whitney said.

* Indian Exports contract for the first time in 5 years data showed yesterday.

* Auto makers around the world warn on huge lay off's. Indian Automakers sales numbers shows a slip of 30%-50% in sales.

* Hotel and Airline industry is taking it on the chin after the terror attacks. Hotel bookings have gone down by 60%.

* Obama nominates Hillary Clinton to become secretary of State and Robert Gates, a Republican, to stay on as Defense secretary.