The Dow Jones industrial average gained 14.21 points, to close at 9,882.17. The Standard & Poor’s 500 Index dropped 3.54 points, to 1,063.41. The Nasdaq Composite Index fell 25.76 points, or 1.20 percent, to 2,116.09. Germany’s DAX fell 0.1 percent. France’s CAC 40 showed little change. The benchmark Nikkei shed 67.91 points to 10,144.55. The Topix lost 0.3 percent to 893.24.

Loans to Eurozone households and businesses fell for the first time ever in September. Official data from Eurostat showed that loans to the private sector fell 0.3 per cent on September 2008 – the first time this measure has dropped into negative territory since records started. Yesterday, oil major BP smashed market expectations as it released third-quarter profits. Yesterday, although house price data showing a modest improvement, declining US consumer confidence dealt a blow to hopes of a sustainable recovery in the world’s largest economy. In October, the headline consumer confidence index slipped back to 47.7 from 53.4 the previous month, but still remains well below the 61.4 mark seen last September. Yesterday, the chair of the US Securities and Exchange Commission (SEC) said that new legislation should be introduced to regulate asset backed securities.

Due for release today is the EUR German Consumer Price Index, EUR German Consumer Price Index – EU harmonized, AUD Consumer Prices Index, NZD business Confidence, NZD Reserve Bank of New Zealand Interest Rate Decision.

By Greg Secker

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