The Dow Jones industrial average fell 109.13 points, or 1.08 percent, to end at 9,972.18. The Standard & Poor’s 500 Index was down 13.31 points, or 1.22 percent, to end at 1,079.60. The Nasdaq Composite Index fell 10.82 points, or 0.50 percent, to close at 2,154.47. On Friday, the U.S. stocks, with the Dow slipping below the 10,000 mark, as weak results from industrial companies overshadowed robust earnings from tech heavy-weights. On Monday European shares improved from the previous session. On Friday, the FTSEurofirst 300 index fell 0.6 percent to close at 1,008.88 points. The benchmark Nikkei climbed 0.8 percent or 79.63 points to 10,362.62, its highest finish since Sept. 24 and the Topix advanced 1 percent to 910.72.
After a 17-month hiatus China has resumed approvals for institutions to buy overseas securities under its tightly managed offshore investment regime, suggesting that Beijing believes the worst of the financial crisis is over. The number of US banks going bust has passed 100 this year, the highest rate in 17 years.US regulators have shut seven more banks over the weekend as the subprime crisis continues to wreak havoc. The American economy seems set officially to emerge from recession this week. Having contracted each quarter since last summer, making it the longest downturn in post-war US history, according to the Independent.

Due for release today is the GBP Nationwide House Prices, EUR German GFK Consumer Confidence Survey and the USD Chicago Fed National Activity.

By Greg Secker

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