American Express Company
The Federal Reserve, using its emergency powers, granted approval for American Express and its Travel Related Services division to become bank holding companies after markets closed Monday. The move will give AmEx greater access to Federal Reserve funding and government rescue programs.

Citigroup Inc
The global financial services firm is imposing a moratorium on most foreclosures to help at-risk borrowers remain in their homes. The Citi Homeowner Assistance program will contact some 500,000 mortgage holders, roughly $20B of mortgage balances, to try to ensure that they can pay their loans and stay in their homes.

Las Vegas Sands Corp
The casino operator will suspend construction on two Macau properties to conserve cash and focus on other projects.

Starbucks Corp
The coffeehouse chain reported fiscal fourth-quarter profit fell sharply from a year ago, due to weaker store traffic and restructuring charges.

- ECB had success anchoring inflation expectation
- Money Mkt still not functioning properly
- Ctrl banks must be very prudent if cutting rates

The yen rose against the euro for the first time in three days and gained versus the dollar on bets a drop in stocks will reduce purchases of higher-yielding assets funded by low-cost loans in Japan's currency.
The pound dropped to a record against the euro as U.K. home sales declined to the lowest in at least three decades. The ruble fell the most in two months versus the dollar-euro basket after the central bank said it may let Russia's currency weaken. The yen also rose against South Africa's rand and Brazil's real on bets carry trades will unwind.
``When you have a heavy storm, it won't clear any time soon,'' said Benedikt Germanier, a currency strategist at UBS AG in Stamford, Connecticut. ``I still like the yen.''
The pound fell per euro after the Royal Institution of Chartered Surveyors said U.K. home sales declined in the quarter through October to the lowest in at least three decades.
The euro fell versus the dollar as traders increased bets that the European Central Bank will reduce its 3.25 percent rate in the first quarter of next year to kickstart economic growth. The implied yield on Euribor futures contracts expiring in March fell to 2.790 percent from 2.855. The ECB benchmark is 0.46 percentage point higher than the contract yield, compared with a 12-month average of 0.19 percentage point below the futures rate.
ECB council member Guy Quaden told Bloomberg News yesterday in Sao Paulo that he expects the bank to reduce its forecasts for economic growth and inflation ``substantially'' next month, paving the way for lower rates.
``The euro area's economy isn't doing well, and rate cuts are likely to continue,'' said Yuji Saito, head of the foreign- exchange group in Tokyo at Societe Generale SA, France's second- largest bank by market value. ``The euro may be sold.''
Leaders of the Group of 20 industrial and emerging nations, due to gather Nov. 14-15 in Washington, will consider steps ranging from raising bank-capital standards to regulating hedge funds to address the financial crisis. Member nations' finance ministers called for interest-rate cuts and increased government spending after meeting this week in Sao Paulo.

Stocks tumbled Tuesday morning as recession fears remained front and center, and investors continued to dump shares of automakers and financial services firms amid worries about their solvency.
Corporate news remained in focus Tuesday, with government offices and Treasury markets closed for Veterans Day.
Late Monday, the Federal Reserve gave the OK for the company and its American Express Travel unit to become bank holding companies. The move will give the company access to low-cost financing from the Fed, helping to stabilize amid the global credit crunch.
General Motors and Ford continued to plunge on worries about the companies ability to stay afloat without government intervention. Both companies, along with Chrysler, are seeking help from the U.S. government. On Friday, GM posted a steep loss and said it is running out of cash.
President-elect Barack Obama told President Bush Monday that the automakers need more federal help, according to his aides.
Late Monday, Starbucks reported weaker earnings and higher revenue, both of which missed estimates. Shares declined about 3% Tuesday morning.
COMEX gold for December delivery rallied $11.50 to settle at $735 an ounce.
U.S. light crude oil for December delivery fell $2.93 to $59.48 a barrel on the New York Mercantile Exchange.
The credit market continued to improve, with lending rates continuing to retreat from accelerated levels.The 3-month Libor fell to 2.18% from 2.24% Monday, a four-year low.
The U.S. Treasury market was closed for Veterans Day.

Stocks trade near their recently reached session lows as Citigroup (C 10.86, -0.35) falls below $11 per share for the first time since 1996.
The Dow, Nasdaq and S&P 500 are 9.6%, 5.6% and 6.4% above their respective multi-year lows reached on October 10.

Weakness is broad based, with 96% of the S&P 500 trading in the red.

Coming lower still as risk aversion drives euro-yen down, thin liquidity in all pairs making for exaggerated moves. Light bids reported into $1.2600, though nothing of significance ahead of last week's base in the $1.2525 area. Should this level give way, last month's base at $1.2329 comes back on to the radar.

European equity bourses extend declines on earnings concerns and also recession fears. Traders note a report from Morgan Stanley analysts downgrading 2008 growth forecast for the UK to 1.7% from 2.5% and also lowered forecasts for the first part of 2009. CAC-40 is down 156pts (-4.45%), Xetra-DAX is down 207pts (-4.14%) and FTSE-100 is down 156pts (-3.54%).

Testing bids in the $1.2700 area which contained slippage in the European morning, as the negative tone in stocks weighs on euro-yen. A break would expose additional demand in the $1.2675/55 area, with stops then lurking under $1.2650.

EUR/USD $1.2650, $1.2755, $1.2950, $1.3070, $1.3100, $1.3460
USD/JPY Y99.75, Y100.00, Y101.60, Y101.80
EUR/GBP stg0.8050

Futures continue to suggest a lower start as analysts cut estimates (S&P futures -12.90, Nasdaq futures -15.00).
TJX Cos reported third quarter earnings that missed expectations and issued downside earnings guidance. Google had its earnings estimates cut at Goldman Sachs due to poor macro and consumer data. Credit Suisse cut its price target on AIG to $1.50 from $3.00, saying book value per share will decline by at least $1 per share in the fourth quarter.
Crude oil futures are also under selling pressure. The front month contract is down 3.5% to $60.24 per barrel.
American Express received approval to convert into a bank holding company, which will give it greater access to the bailout package and other measures of the Federal Reserve. The Fed waived the normal 30 day supervisor period due to emergency conditions.
Citigroup announced plans to help prevent foreclosures, including modify the mortgage terms for a group of 500,000 homeowners. On a related note, Reuters.com reports that Fannie Mae and Freddie Mac will announce today new steps to mitigate foreclosures.
The bond market is closed in observance of Veterans Day

Extended the life highs to stg0.8215 towards the end of the European morning, making a marginal show above yesterday's stg0.8210 peak. Barrier interest at stg0.8225 now said to be in place, while the long-term level to watch on the topside is said to be the synthetic high from November 1995 at stg0.8440. Euro-sterling dipped back to stg0.8140 in recent trade with poor liquidity exacerbating the move. Traders remind large expiry interest at stg0.8050 for today's 1500GMT cut may help to pull spot lower, with additional expiry interest at the same level also reported for tomorrow's cut.

Sees marked German economic slump next year

The euro fell against the dollar despite a report that show investor confidence in Germany biounced from record low this month. November ZEW Expectations index posted -53.5 Vs -63.0 In Oct. The gauge reached an all-time low of - 63.9 in July.
The yen rose against the euro and the dollar as declines in stocks damped demand for purchases of higher-yielding currencies funded by loans in Japan.
Japan's currency gained most versus the South African rand as commodities fell after China reported the slowest growth in imports since June 2007.
``Sentiment is in favor of further yen gains,'' said Masanobu Ishikawa, general manager of foreign exchange at Tokyo Forex & Ueda Harlow Ltd., Japan's largest currency broker. ``A weak stock market causes a reversal in risk trades, which is supportive of the yen. The euro is vulnerable because the economic outlook points to lower interest rates in the future.''
Trading volumes may be lower than normal because U.S. financial markets are closed today for a public holiday, Ishikawa said.

EUR/USD gained after stronger than expected ZEW, but shortly fell under pressure and fell back to bids zone around $1.2700. Stronger demand spotted at the lower bound of the triangle pattern near $1.2670/55. Stops located under $1.2650. Offers remain at $1.2800 and at $1.2900/25.

Slipping back as the initial positive reaction to the better-than-expected German ZEW data proves short-lived. Bids still reported into $1.2700, more at $1.2675/55 with stops under $1.2650. Offers back at $1.2800 and $1.2900/25.

Has moved higher throughout the European morning after breaking above the stg0.8155 Asian high. Yesterday's life high at stg0.8210 now under pressure, with a clean break above bringing the synthetic high at Stg0.8440 into play from November 1995.

EUR/USD: $1.2650, $1.2755, $1.2950, $1.3070, $1.3100, $1.3460
USD/JPY: Y99.75, Y100.00, Y101.60, Y101.80

The move is seen coming after the IMF last week warned of simultaneous recession in the U.S, Japan and Europe. WTI Nymex crude oil is now at $59.65, down $2.76.

The yen rose against the euro and the dollar as declines in stocks damped demand for purchases of higher-yielding currencies funded by loans in Japan.
Japan's currency gained most versus the South African rand as commodities fell after China reported the slowest growth in imports since June 2007.
``Sentiment is in favor of further yen gains,'' said Masanobu Ishikawa, general manager of foreign exchange at Tokyo Forex & Ueda Harlow Ltd., Japan's largest currency broker. ``A weak stock market causes a reversal in risk trades, which is supportive of the yen. The euro is vulnerable because the economic outlook points to lower interest rates in the future.''
Trading volumes may be lower than normal because U.S. financial markets are closed today for a public holiday, Ishikawa said.

Resistance 3: Chf1.1950
Resistance 2: Chf1.1890
Resistance 1: Chf1.1800
Current price: Chf1.1750
Support 1: Chf1.1675
Support 2: Chf1.1575
Support 3: Chf1.1480
Comments:

Resistance 3: $1.5880
Resistance 2: $1.5820
Resistance 1: $1.5700
Current price: $1.5592
Support 1: $1.5540
Support 2: $1.5400
Support 3: $1.5260

Comments: Cable tested support around $1.5530/50, before bounced back. Still the pare remains under pressure and the break under Nov 7 low $1.5530 to confirm recent decline from $1.6670 has resumed, and fall to October 28 low at $1.5400 zone is likely. Key level remains at October 24 and 27 lows near $1.5270.
Resistance spotted at session high $1.5700. Stronger one is the sloping resistance line from October 20. currently at $1.5810/20 and Monday high $1.5880.

Resistance 3: $1.3110
Resistance 2: $1.3000
Resistance 1: $1.2790
Current price: $1.2757
Support 1: $1.2680
Support 2: $1.2530
Support 3: $1.2330

Comments: The pare tested the lower bound of the continuation triangle pattern around $1.2670/80 before bounced back. Corrective rise seems likely in the nearest hours. Closest resistance is session high and former support $1.2790 ahead of $1.2930/50 (yesterday high, upper bound of the triangle and 21-DMA). Sustained break above will open the way to $1.2990/00 and to November 5 high at $1.3110/20 . October 30 peak $1.3300 (38.2% of the $1.4860 decline) remains pivotal resistance.Below $1.2670/80 support comes at Nov 4 low $1.2530.October 27 and 28 lows at $1.2330 area remain the key target.

Has moved higher throughout the European morning after breaking above the stg0.8155 Asian high. Yesterday's life high at stg0.8210 now under pressure, with a clean break above bringing the synthetic high at Stg0.8440 into play from November 1995.

Nikkei +498.43 +5.8% 9,081.43
Topix +37.65 +4.3% 916.65
FTSE +38.96 +0.89% 4,403.92
DAX +87.07 +1.76% 5,025.53
CAC +36.63 +1.06% 3,505.75
Dow -73.27 -0.82% 8,870.54
NASDAQ -30.66 -1.86% 1,616.74
S&P -11.78 -1.27% 919.2
S&P 500 -52.97 -5.27% 952.78
10yr Note -0.1800 -0.048% 3.760%
NYMEX Crude Oil +1.37 +2.24% 62.41
Gold +12.30 +1.68% 746.50

Japanese shares rose for the first time in three days, led by machinery and shipping companies, after China announced a stimulus plan worth almost a fifth of its economy, joining global efforts to stave off a recession.
Komatsu Ltd. and Hitachi Construction Machinery Co., Asia's largest makers of earthmovers, soared more than 11 percent after China pledged part of a 4 trillion-yuan ($586 billion) spending package to improve infrastructure. Nippon Yusen K.K., Japan's biggest shipping line, jumped 9.9 percent after the Group of 20 nations called for interest-rate cuts and higher government spending. Sony Corp. rose 7.6 percent after the yen weakened.
The Nikkei 225 Stock Average added 498.43, or 5.8 percent, to close at 9,081.43 in Tokyo. The broader Topix index rose 37.65, or 4.3 percent, to 916.65, with all its 33 industry groups gaining. The value of shares traded on the bourse was three- fourths the six-month average and the lowest level since Sept. 1.
China's State Council yesterday announced a stimulus plan equivalent to almost a fifth of last year's gross domestic product, ranging from tax breaks on equipment to infrastructure spending. The same day, the Group of 20 nations, which includes China, said it's ready to act ``urgently'' to bolster growth.
Japanese machinery orders rose 5.5 percent in September, more than the 5.2 percent predicted by economists, in what the Cabinet Office today called a ``weak rebound.'' For the quarter, the decline in orders matched a record, as the slowing global economy dragged on exports. The Nikkei has fallen 41 percent this year and is coming off its worst month ever.
Komatsu, which counts China as its fastest growing market, leapt 12 percent to 1,254 yen, while smaller rival Hitachi Construction Machinery soared 19 percent to 1,252 yen, making it the biggest winner on the MSCI World Index. Kawasaki Heavy Industries Ltd., which makes Japanese bullet trains, surged 14 percent to 211 yen.
China's spending package, of which 100 billion yuan is earmarked for this quarter, will go toward low-rent housing, roads, railways and airports, as well as rural development.
Nippon Yusen jumped 9.9 percent to 500 yen, while closes rival Mitsui O.S.K. Lines Ltd. gained 12 percent to 523 yen. A gauge of shipping lines, the worst performer among Topix groups in the year to last week, was today's biggest winner.
The spending package reinvigorated investor appetite for riskier assets, causing the yen to weaken against the dollar to as much as 99.37 today from 97.50 at the close of stock trading in Tokyo on Nov. 7. The Japanese currency depreciated against the euro to as much as 127.91 from 124.13. A weaker yen boost the value of Japanese companies' overseas sales.
Sony, an electronics maker that gets a quarter of its sales from the U.S., surged 7.6 percent to 2,345 yen. Canon Inc., the world's biggest digital-camera maker, rose 5.2 percent to 3,440 yen, while Olympus Corp., an endoscope maker that derives the biggest portion of overseas earnings from Europe, added 11 percent to 1,785 yen.
Drugmaker Shionogi & Co. jumped 10 percent to 2,045 yen after a study showed its Crestor pill cut the risk of heart attacks in people with low cholesterol, potentially expanding uses for the treatment.

European stocks advanced for a second day after China unveiled a $586 billion plan to stimulate the economy and world leaders urged more cuts in interest rates.
BHP Billiton Ltd. climbed 11 percent and Rio Tinto Group jumped 8.6 percent as copper rallied. Deutsche Post AG added 6.9 percent after Europe's biggest mail carrier confirmed its full- year profit target.
National benchmarks gained in all 18 western European markets except Austria and Spain. The U.K.'s FTSE 100 jumped 0.9 percent with Cable & Wireless Plc advancing. Germany's DAX added 1.8 percent, while France's CAC 40 increased 1.1 percent.
The government of China, the world's fourth-largest economy, announced infrastructure spending, tax deductions and farming subsidies. The central bank has already cut interest rates three times in two months, joining policy makers from Washington and Tokyo to Frankfurt and London in efforts to lower borrowing costs and inject cash to avoid recession.
Retailers also dropped after Tesco Plc, Britain's largest retailer, reported deteriorating sales in China and South Korea, while Circuit City Stores Inc., a U.S. electronics chain, filed for bankruptcy.
The Group of 20 nations said yesterday that it is prepared to act ``urgently'' to bolster growth and called on governments to cut interest rates and raise spending as the world's leading industrialized economies battle the economic slump.
Money market rates in Europe fell today indicating measures taken by authorities across the globe are unlocking credit markets. The London interbank offered rate, or Libor, the rate banks charge each other for three-month loans in dollars, slid almost 6 basis points to 2.24 percent, according to British Bankers' Association. It was the 21st consecutive decline and the lowest level in four years.
BHP Billiton, the world's biggest mining company, rose 11 percent to 1,123 pence. Rio Tinto, the world's third-largest mining company, added 8.6 percent to 2,844 pence.
Copper jumped 3.5 percent on the London Metal Exchange.
ArcelorMittal, the world's largest steelmaker, climbed 6 percent to 18.54 euros.
Deutsche Post rose 6.9 percent to 10 euros after saying it plans to widen workforce cuts by 9,500 jobs. Third-quarter net income more than doubled to 805 million euros ($1.04 billion) from 350 million euros.
Cable & Wireless, the U.K.'s second-biggest phone company, gained 5.4 percent to 142 pence. Earnings before interest, taxes, depreciation and amortization are now predicted to reach at least 780 million pounds ($1.2 billion) in the 12 months ending March 31, 2009. The previous forecast was for Ebitda of 702 million pounds to 725 million pounds.


US stocks fell Monday as concerns regarding financial and automaker companies overshadowed news of a massive Chinese fiscal stimulus and a restructuring of AIG's (AIG 2.28, +0.17) government bailout.
The S&P 500 opened 2.3% higher as overseas markets rallied on the Chinese fiscal stimulus plan, but gave up those gains as the financial sector faltered. In the end, the S&P 500 fell 1.3% in below average volume with eight of the ten economic sectors posting a loss.
China will spend $586 billion, equal to a 18% of its GDP, in a plan to support its domestic economy and restore global economic health. The two-year package will target a broad range of industries, including housing, infrastructure and health care.
In corporate news, AIG rose 8% on word its bailout from the U.S. government has been amended, including an expansion in aid to $150 billion from $123 billion and better loan terms. The move is meant to give AIG more time to sell assets after losing $24.5 billion in the third quarter, and stands to reassure investors that the insurance giant will be able to satisfy its counterparty obligations.
Despite the strength in AIG, the financial sector dropped 4.4%, with notable weakness in Goldman Sachs (GS 70.94, -6.87). Goldman had its fourth quarter earnings estimate cut to a loss of $2.50 per share from a profit of $2.71 at Barclays. Barclays cited dramatic equity market declines. On average, analysts expect Goldman to post fourth quarter earnings of $1.46 per share.
General Motors (GM 3.29, -1.07) tumbled to its lowest level in six decades after it was downgraded to Sell from Hold and had its price target cut to $0 from $4 at Deutsche Bank. GM may not be able to fund its U.S. operations beyond December without government intervention, Deutsche Bank said. Ford (F 1.94, -0.08) fell 4%.
The financial market turmoil and slowdown in consumer spending is taking a toll on retailers (-2.0%). Circuit City (CC 0.11, -0.14) filed for Chapter 11 bankruptcy protection due to stiff competition and financial market disruptions that limited the retailer's access to credit.
UPS (UPS 53.66, +1.74) and FedEx (FDX 66.27, +1.69) gained on news that they will have less competition in the U.S. starting early next year. DHL U.S. Express said it will discontinue domestic-only air and ground services to only focus on international offerings. The shipping company, owned by Germany-based Deutsche Post World Net, will cut 9,500 U.S. jobs, on top of the 5,400 jobs it has already eliminated.
On a positive note, McDonald's (MCD 56.58, +1.11) continues to benefit from its relatively low price offerings. The company said October U.S. same-store sales increased by 5.4% and global same-store sales rose by 8.2%. U.S. sales, which accounted for 35% of McDonald's 2007 revenue, were aided by the popularity of the Monopoly game.
In commodity trading, oil surged as high as 7.4% and gold gained as much as 4.7% as traders speculated that the Chinese stimulus plan would spark increased demand. Commodities (+1.7%) gave up much of those gains by the end of the session, however, with oil settling up 1.9% to $62.22 per barrel and gold advancing 1.6% to $746.10.

The yen rose against the dollar and the euro on speculation a drop in stocks will lead investors to sell higher-yielding assets and pay back low-cost loans in Japan, unwinding the carry trade.
Japan's currency erased its decline versus the dollar and the euro after U.S. stocks reversed their rally as analysts predicted that Goldman Sachs Group Inc. will post its first quarterly loss and that Google Inc.'s sales will be hurt by the slowing economy.
The Standard & Poor's 500 Index fell 1.4 percent after advancing as much as 2.3 percent on China's announcement of a $586 billion economic stimulus and the U.S. government's expanded rescue of insurer American International Group Inc. The Dow Jones Industrial Average decreased 0.9 percent after earlier gaining as much as 2.4 percent
China's stimulus plan, equivalent to almost a fifth of last year's gross domestic product, was announced yesterday as major export markets slumped. Japan will contract 0.2 percent next year, the U.S. by 0.7 percent and the euro area 0.5 percent, while China will expand 8.5 percent, the International Monetary Fund said last week.
The Group of 20 industrial and emerging nations, meeting yesterday in Sao Paulo, said they're ready to act ``urgently'' to support global growth. The group called on countries to cut interest rates and raise spending to combat the threat of a global recession. The leaders of the industrial and emerging countries, due to gather Nov. 14 and 15 in Washington, will consider steps ranging from raising bank-capital standards to regulating hedge funds.
Gains in the euro may be curbed after European Central Bank President Jean-Claude Trichet said at a press conference in Sao Paulo that receding inflation may allow central banks to further reduce interest rates to tackle the economic slowdown.
``There's talk of more ECB rate cuts, given the pessimistic outlook on Europe's economies,'' said Tsutomu Soma, a bond and currency dealer at Okasan Securities Co. in Tokyo. ``The medium- to long-term downtrend for the euro is likely to persist.''
Traders increased bets the ECB will reduce its 3.25 percent rate in the first quarter of next year.
Tuesday markets will be thin with the US remaining closed for to observe Veterans' Day. UK data at 0930GMT sees the DCLG House Price Index and also Trade data for September. The world trade in goods balance is seen at -stg8 billion with the total trade balance at -stg4.7 billion and the non-EU balance at -stg5 billion. Core-European release is the German ZEW data, where the current conditions index is expected to fall further to -45. Also, at 1530GMT, ECB Governing Council member Erkki Liikanen is due to speak at a Bank of Finland event, in Helsinki.

Nov ZEW Econ Expectations -53.5 Vs -63.0 In Oct

The median estimate for economic sentiment is -63.0 in Nov -- unchanged from previous and current assessment at -45.0 in Nov vs 35.9 in Oct

-- Forecasts 2.4% in EU for 2009
-- Says outlook is "highly uncertain".

Resistance 3: Y100.55
Resistance 2: Y98.90
Resistance 1: Y98.30
Current price: Y97.73
Support 1: Y96.10
Support 2: Y95.70
Support 3: Y94.60
Comments: The yen rose against the dollar on speculation a slump in global stocks prompted investors to reduce carry trades.
Daily studies fading as the market slips back below the 5&21-DMAs, having failed to provide a decent attack on Y100.55/85. Initial support is at Y96.80, Y96.10 and Y95.70 (50% retracement of Y90.90 rally).

Resistance 3: Chf1.1950
Resistance 2: Chf1.1890
Resistance 1: Chf1.1800
Current price: Chf1.1770
Support 1: Chf1.1675
Support 2: Chf1.1575
Support 3: Chf1.1480
Comments:

Resistance 3: $1.5880
Resistance 2: $1.5820
Resistance 1: $1.5700
Current price: $1.5592
Support 1: $1.5540
Support 2: $1.5400
Support 3: $1.5260

Comments: Cable tested support around $1.5530/50, before bounced back. Still the pare remains under pressure and the break under Nov 7 low $1.5530 to confirm recent decline from $1.6670 has resumed, and fall to October 28 low at $1.5400 zone is likely. Key level remains at October 24 and 27 lows near $1.5270.
Resistance spotted at session high $1.5700. Stronger one is the sloping resistance line from October 20. currently at $1.5810/20 and Monday high $1.5880.

Resistance 3: $1.3110
Resistance 2: $1.3000
Resistance 1: $1.2770
Current price: $1.2747
Support 1: $1.2680
Support 2: $1.2530
Support 3: $1.2330

Comments: The euro fell against the dollar before a report that may show investor confidence in Germany was near a record low this month and on the bets on ECB interest-rate cuts to support the eurozone economy.
The ZEW Center for European Economic Research will release its German investor confidence index at 1000GMT today. The index is expected to stay at -63 in November, the same as last month. The gauge reached an all-time low of - 63.9 in July.
The pare tested the lower bound of the continuation triangle pattern around $1.2670/80 before bounced back. Corrective rise seems likely in the nearest hours. Closest resistance is session high and former support $1.2770 ahead of $1.2930/50 (yesterday high, upper bound of the triangle and 21-DMA). Sustained break above will open the way to $1.2990/00 and to November 5 high at $1.3110/20 . October 30 peak $1.3300 (38.2% of the $1.4860 decline) remains pivotal resistance.

Below $1.2670/80 support comes at Nov 4 low $1.2530.October 27 and 28 lows at $1.2330 area remain the key target.

Oil and mining stocks are lower in line with weaker commodity prices amid fears over global recession -- Anglo American, BHP Billiton, Rio Tinto and Xstrata are all lower. Elsewhere, Vodafone is up after it announced 1H EBITDA of stg7.24bln, more or less in line with forecasts, but have lowered FY revenue forecasts to stg38.8-39.7bln. FY profit forecast of stg11-11.5bln remains intact. CAC-40 is down 58pts (-1.66%), Xetra-DAX is down 84pts (-1.66%) and FTSE1-100 is down 49pts (-1.11%).

The S&P Dec contract was last at 923.6, up 2.1 points on the session. The Nasdaq Dec contract was higher by 1.75 points at 1258.25. Although US bond markets are closed Tuesday to observe the Veteran's Day commemorations, the NYSE, Nasdaq are open.

Nymex WTI Dec 08 contract last $1.36 lower on the day at $61.05. The contract touched a session low at $60.29.

High Low Close
EUR/USD 1.2925 1.2715 1.2747
USD/JPY 99.46 97.57 98.00
GBP/USD 1.5884 1.5573 1.5608
USD/CHF 1.1803 1.1712 1.1786

EUR/JPY 128.41 124.21 124.92
EUR/GBP 0.8207 0.8102 0.8166
GBP/JPY 157.55 151.06 152.97
GBP/CHF 1.8667 1.8366 1.83985


Change % Change Last
Nikkei +498.43 +5.8% 9,081.43
Topix +37.65 +4.3% 916.65
FTSE +38.96 +0.89% 4,403.92
DAX +87.07 +1.76% 5,025.53
CAC +36.63 +1.06% 3,505.75
Dow -73.27 -0.82% 8,870.54
NASDAQ -30.66 -1.86% 1,616.74
S&P -11.78 -1.27% 919.2
S&P 500 -52.97 -5.27% 952.78
10yr Note -0.1800 -0.048% 3.760%
NYMEX Crude Oil +1.37 +2.24% 62.41
Gold +12.30 +1.68% 746.50

00:00 USA Veterans’ Day
00:00 Canada Remembrance Day
09:30 UK Trade in goods (September), bln -8.0 -8.2
09:30 UK Non-EU trade (September), bln -5.2%
10:00 Germany ZEW economic expectations index (November) -62.0 -63.0
23:30 AUS Westpac Consumer Confidence (Dec) -11%