| Dow 8824 |  | -99.80 | (-1.12%) |
| Nasdaq 1579 | | -10.58 | (-0.67%) |
| S&P 904 | | -8.76 | (-0.96%) |
Europe
| FTSE 100 4324 |  | +15.11 | (+0.35%) |
| CAC 40 3242 | | -9.74 | (-0.30%) |
| DAX 30 4708 | | -21.53 | (-0.46%) |
Asia at 9 30 AM
| Nikkei 225 8689 | | +76.42 | (+0.89%) |
| Hang Seng 15383 | | -77.92 | (-0.50%) |
SGX Nifty
2955 -2 ptsCommodities
| Light Crude (NYM) | | 40.06 | (-3.54) |
| Gold (CMX) | | 868.50 | (+25.80) |
Market Outlook:
US markets ended in red a day after the FED rate cuts. OPEC meet ended with big production cuts to revamp oil demand. Was a silent day of trade across the world. Nifty slipped from resistance levls around 3100. This range will prove to be big resistance , support lies at 2860 lvls.
News Today
* OPEC announced it would cut production by 2.2 million barrels a day starting next month. The cut is the largest ever announced by OPEC. Oil falls to 4 1/2 year lows after the move.
* Auto maker Chrysler shuts down all production.The Bush administration and G.M. and Chrysler are said to be negotiating terms of an overhaul package.
* Morgan Stanley splashed in red posts a $2.3 billion loss and sketches out changes.
* BOE chairman warns of Global deflation. The biggest problem with deflation is that when businesses need to continually cut prices to spur sales, they eventually respond by cutting production. That results in growing job losses, and could, in the worst case scenario, even cause a depression.
* Satyam bowed to investor pressure and cancelled plans to buy Maytas Properties.
* USD - YEN hits a 13 year low of 87.62, there is a risk of carry trade unwinding.
| Worst-performing Emerging markets in 2008 | |
| MSCI Russia | -72% |
| MSCI Turkey | -66% |
| MSCI Hungary | -65% |
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