MarketS DailY - Dec 10

US Markets

Dow 8,691 -242.85
Nasdaq 1,547 -24.40
S&P 500 889 -21.03

Europe

London 4,381 81.20
Paris 3,298 50.32
Frankfurt 4,779 63.23

Asia at 9 00 AM

Tokyo 8,531 135.06
Hong Kong 15,055 301.39

SGX Nifty 2850 +60 pts

Commodities

Oil $43.25 1.18
Gold $774.20 4.90

Market Outlook:

US Markets ended lower after a brief rally in last few days. Big 3 bail out is likely to pass through this week. Nifty is facing stiff resistance at 2860-2950 levels. For further upmoves nifty needs to hold these levels on closing basis.

News Today:

* The world economy is on the brink of a rare global recession, the World has Bank said.

* Sony to cut 8,000 jobs worldwide, reduce production by 10%.

* American media industry is caught hard by the recession, big job cuts and spending cuts are being seen in the industry now.

* China's wholesale inflation eases to 2%.

* India BPO firms are likely to cut 2.5 lakh jobs in next quarter, a report said.

* Europe, Japan slip into a deeper recession than first expected.

* World could face a decade-long slump , says Paul Krugman the nobel prize winner for economics.