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Tuesday December 4, 2007 - 17:23:23 GMT
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U.S. Market Update

Dow -22 S&P -5.8 NASDAQ -6.2

- U.S. Indices give some ground in the early going, but thus far the trading has been orderly. JP Morgan cut numbers in several of the brokers along with several downgrades at Punk Ziegel has kept the pressure on financials. XLF -2% IAI -1.7% H&R Block added to the uncertainty when the termination of the sale of Option One to Cerberus was announced. Homebuilders and mortgage names are lower. FNM - 6% FRE -5% XHB -0.9% Shares of Nokia are off 3.5% after making some cautious comments regarding handset prices overnight. Shares of AutoZone and America's Car-Mart are surging 14% after strong earnings reports. Treasury futures have been higher right from the open of floor trade as traders continue to ponder the upward pressure on LIBOR rates. Futures prices are off their best levels though. The yield on the 2-year fell to 2. 8% early in the session and has since rebounded to 2.85%. Fed fund futurs see the odds of a 50bp cut at next weeks meeting at better than 50%. Jan crude has ticked below $88 down another 1.5% ahead of tomorrow's OPEC announcement regarding their formal decision on output. Feb gold remains near session highs up 1.25% at $804.50 with the EUR/USD holding near today's high.

- In currencies, the 1.4620 is proving to be formable support for the EUR/USD for the third straight session. Market chatter continues that Eastern European names have been steady buyers of Euros on the approach of 1.46 handle. The Euro upside gained additional momentum after Euro-Zone PPI data for Oct came in well above expectations, ahead of Thursday's ECB policy meeting and continued hawkish tone from ECB policy members on inflation. Also aiding the Euro was comments from Russia's Fin Minister. Russia raised the 2008 inflation forecast to 7.5% - 8.5% range against its prior 7% target. Dealers noted that typically the Russian central bank buys USD/RUB and then purchases EUR/USD after strong inflationary numbers to curb the Ruble appreciation and continue to maintain its overall currency basket proportions. The CAD was broadly weaker after the Bank of Canada unexpectedly lowered its key interest rate by 25bp to 4.25%. USD/CAD was holding below its 61.8% Fibonacci retracement level of 1.0175 from its post Aug subprime move. EUR/CAD was approaching the 1.50 level. CAD/JPY was lower by 225 pips at 108. The surprise move by the BOC is increasing speculation that the BOE may follow suit at its MPC meeting on Thursday. JPY firmer among the major pairs with lower equities cited as one of the factors. The credit market concerns remain on the front of the market's pulse as the LIBOR fixing rates remained elevated and stressed. During a speech in Paris today, the Treasury's Ryan noted that it is likely to encounter unforeseen challenges ahead and that a resurgence of risk aversion is being experienced. Germany's DZ Bank stated market turmoil will impact profits.

Goldman Sachs cut their S&P 500 2007 EPS growth estimate to 0.7% from 4.0%; Cuts 2008 estimates to 5.6% from 7. 5% prior.


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