Money Tree

GLOBAL MARKETS

US Markets

The US markets shed more than 2 percent after D R Horton Inc (down 1.8 percent at $17.16) and Beazer Homes (down 8.7 percent at $15.56) posted quarterly losses and there was pressure on financial and mortgage stocks.

Dow Jones closed at 13473.57 down 311.50 points or 2.26 percent.
Nasdaq Composite closed at 2599.34 down 48.83 points or 1.84 percent .

Europian Markets

The Europian markets saw a sharp cut on worries of rise in defaults in US Subprime mortgage loans.

FTSE (UK) closed at 6251.20 down 203.10 points or 3.15%. .
DAX (Germany) closed at 7508.96 down 183.59 points or 2.39%
CAC (France) closed at 5675.05 down 162.06 points or 2.78%.

Asian Markets

The Asian markets closed negative except India and China on Thursday.

NIKKEI(JAPAN) closed at 17702.09. down 156.33 points.
HANG SENG (HONG KONG) closed at 23211.69 down 150.49 points.
KOSPI (SOUTH KOREA) closed at 1963.54 down 40.68 points. .
STRAITS TIMES (SINGAPORE) closed at 3579.73 down 53.81 points.
Composite Index (CHINA) Closed at 4346.45 up 22.492 points.
SENSEX (INDIA) closed at 15776.31 up 76.98 points.
NIFTY (INDIA) closed at 4619.8 up 31.1 points.

FOREX

USD/ INR 40.34
EUR/ USD 01.37
USD/ JPY 120.290

GOLD

8830/ 10gm

CRUDE

$74.95/ Bb

Today’s Market outlook

All markets in the world have seen a sharp fall yesterday on concerns of slowing down of US economy as the US mortgage problems seem to be coming out much bigger than expected. The Asian markets have opened in the deep red today, NIKKEI, Hang Seng, Taiwan are all down more than 2 percent. We expect a sharp gap down opening for our markets and NIFTY should find support near 4525 levels and we may see a rebound later in the day.