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DJIA 14043.73 -22.28 -0.16%
Nasdaq 2787.37 +7.05 +0.25%
S&P 500 1552.58 -5.01 -0.32%
FTSE 100 6540.90 -54.90 -0.83%
Xetra DAX 7974.37 -27.81 -0.35%

USD/JPY 117.39-42 +0.34%
Range 117.60-116.96
EUR/USD 1.4044-45 -0.66%
Range 1.4153-1.4038
AUD/USD 0.8924-29 -0.70%
Range 0.9032-0.8920

USD/JPY 1M Vol 8.20/ 8.60%
EUR/USD 1M Vol 6.60/ 6.90%
AUD/USD 1M Vol 12.60/13.10%

Comex Gold $738.70 -$8.50
Comex Gold Range $736.70-$748.50
Nymex Crude (NY) $79.02 -$2.20

U.S. SUMMARY & ASIAN OUTLOOK:

STOCKS:

U.S. stocks were mostly lower, with the market taking its cues from falling oil and gold prices, while readying for third-quarter corporate reports.

Technology stocks were among the bright spots, with Google marking its first close above 600. By closing at 609.62, with a gain of 15.57, or 2.6%, it took Google just over three years to go from an 85 stock to one that has given a 600% return to investors who were there from the beginning.

The loftiest-priced stock on the Nasdaq got as high as 610.26 during the session after being on a tear since mid-August. Shares have risen roughly 27% since bottoming at 480.46 on Aug. 16. Comparatively, the Standard & Poor's 500 Index has gained 13% since that day.

The run has given the nine-year-old company an impressive market value of $189.6 billion. That's more than blue-chips that have been around for decades, like Wal-Mart Stores, International Business Machines, JPMorgan Chase and Pfizer.

Google helped the Nasdaq Composite Index to an advance on Monday, while the Dow Jones Industrial Average dropped 22.28, or 0.2%, to 14043.73.

The day's action was generally subdued because traders didn't want to overextended ahead of tonight's release of the minutes from the Federal Reserve's last meeting, said Doug Roberts, chief investment strategist at Channel Capital Research. "There was nervousness about the possibility of the decision for the cut to have been contentious and that could dampen prospects for the extent of future rate reductions."

SAP AG's American depositary shares lost 4.8% to 56.36. The German software giant agreed to buy France's Business Objects SA for $6.78 billion, a move that stands to strengthen SAP's position in the emerging market known as business-intelligence software, used as a tool to help companies track and analyze their performances as well as that of competitors.

Hewlett-Packard rose 2.2% to 52.03, the Dow industrial average's best percentage gainer and reaching a seven-year high. Lehman Brothers said its checks indicate the computer maker continues doing well in most segments and is tracking for another solid quarter, with currency providing an additional tailwind.

PetroChina's American depositary receipts lost 4.8% to 181.62. Warren Buffett's Berkshire Hathaway further cut its stake in the listed shares of the Chinese oil giant, to 6.97% from 7.29%.

Crude oil futures in New York slumped to a four-week settlement low, falling below $80 a barrel as the dollar strengthened and as storm threats to U.S. Gulf of Mexico production diminished.

London Metal Exchange copper tumbled on a lack of Chinese buying interest and chart-based considerations, while several observers said that dollar strength also hurt copper and other base metals. Precious metals futures prices declined in New York on profit-taking amid thin Columbus Day holiday trading.

The Japanese market returns to business today, while analysts in Hong Kong say they don't expect a sharp decline in the Hang Seng Index in the days leading up to China's National Party Congress meetings next week, though they say valuations among local stocks have become extremely expensive and a further correction is likely.

However, analysts say the markets in China will likely extend its bull run this week as the monetary policy environment is widely expected to remain steady ahead of the congress meeting.

FOREX:

The dollar advanced in thin trading against its major rivals, energized by strong U.S. economic data released Friday and unperturbed by fresh news thanks to national holidays in the U.S., Japan and Canada.

The dollar has gotten some support as economists modified earlier predictions of another cut to U.S. interest rates at the end of October by the Federal Reserve.

The central bank slashed half a percentage point from its key federal funds and discount rates last month, and the greenback consequently plummeted. But if September retail sales and inflation data out this Friday turn out to have the same or better effect than the employment report released last week, another cut would be less likely, analysts say.

The decrease in expectations for additional U.S. rate reductions "should offer further relief to the U.S. unit in the near term," said Roberto Mialich, foreign exchange strategist at UniCredit in Milan.

In late trading in New York, where banks and government offices were closed for the Columbus Day holiday, the euro was at $1.4049, down from $1.4139 late Friday, while the dollar was at Y117.38, up from Y116.90. The euro was at Y164.85, down from Y165.31. The British pound was at $2.0355, down from $2.0415, according to EBS. The dollar was quoted at CHF1.1860, up from CHF1.1778.

Against the yen, the dollar reached its highest levels since mid-August, when a drastic unwinding began of the carry trade, a strategy in which investors borrow the yen to finance the purchase of currencies with higher returns.

But the dollar's advances yesterday shouldn't be discounted as just an increased interest in the carry trade, according to Jens Nordvig, currency strategist at Goldman Sachs in New York.

"(Monday) was really a dollar move more than anything else," he said.

"Rate expectations in the U.S. have shifted quite a bit, whereas expectations in euro land have not moved," and the euro is only now responding to a widening of rate differentials, said Nordvig.

While Goldman Sachs' forecast has the Fed easing rates again at the end of the month, "we have to recognize payrolls data and, potentially, retails sales could pose a challenge to that view," said Nordvig, who also noted that the bank has taken its profits on dollar shorts.

"The only short dollar risk we're recommending at the moment is in Asia," he said.

Elsewhere, the Australian dollar yesterday touched a 23-year high against its U.S. counterpart at US$0.9033, before retreating back below US$0.90.

The stronger greenback and sagging major currencies will continue to weigh on any immediate Australian dollar upside, says Suncorp strategist Peter Pontikis.

In South Korea, the won is expected to extend gains since "the chance of central bank intervention alone isn't enough to actually reverse the dollar-bearish sentiment of late," said a local bank trader.

Traders say players won't give up their entire short-dollar positions unless the Bank of Korea decides to buy dollars on a massive scale and buoy the greenback above the KRW920.00 level in a single session today.

BONDS:

The U.S. bond market was closed last night for the Columbus Day holiday. In Europe, government bond prices were mixed as gilts recovered early losses triggered by last week's U.S. employment data but bunds failed to claw back enough ground to make it into positive territory.

But European trade was subdued due to Japan's holiday yesterday and the U.S. holiday, leaving analysts to ponder whether the recent market turmoil has blown over.

Japanese bond prices are likely to fall following Friday's positive U.S. payrolls report, with eyes then turning to the Bank of Japan, which holds a policy-setting meeting tomorrow and Thursday. Board members are expected to stand pat on interest rates while they continue to monitor the subprime-loan crisis' impact on the U.S. economy and make sure global markets have stabilized.

In South Korea, bond yields are likely to stay rangebound but may still take an upward bias today as "buyers have been depending on bond-friendly offshore cues but the latest (jobs) data in the U.S. was a blow for them," said a local securities firm trader.

Furthermore, traders say bonds are becoming less and less attractive as the local stock market continues to post healthy gains.


TOP HEADLINES:
Yum Brands Reports Higher Earnings, Increased Outlook
Ryder Cuts 3Q Forecast On Soft Demand
Fitch Downgrades TXU Rating As Buyout Nears Close
=WSJ: Chrysler: UAW Sets Wednesday Strike Deadline
EU's Juncker: Euro Zone Econ Has Strong Fundamentals
Ecofin: EU Almunia: Euro Economy In Recovery Despite Market Turmoil
Ecofin: German Finance Minister: Strong Euro Better Than Weak Euro
SAP To Finance Some 50% Of Business Objects Buy With Cash
UK To Cut Troops In Iraq To 2,500 In Spring 2008

SCHEDULE OF MAIN EVENTS (times in GMT):
2100 New Zealand 3Q NZIER Quarterly Survey of Business Opinion
0130 Australia Sep NAB Business Survey
0300 S Korea Sep PPI
0300 S Korea Aug Money Supply index L
0400 UK Sep European Monster Employment Index
0430 S Korea Sep Consumer Sentiment Indicators
N/A Japan Sep Economy Watchers Survey
N/A Hong Kong Auction of 91-day Exchange Fund bills worth HK$2.699B
N/A Hong Kong Auction of 182-day Exchange Fund bills worth HK$1.3B
N/A India OECD Economic Survey of India
0600 Germany Aug Foreign Trade
0645 France Aug Foreign Trade
0830 UK Aug UK Trade
0830 UK Aug CML Regulated Mortgage Survey
1000 Germany Aug Industrial Production Index
1145 US Oct 6 ICSC-UBS Chain Store Sales
1255 US Oct 6 Redbook Retail Sales Index
1730 US St. Louis Fed Pres Poole speaks in St. Louis
1800 US Sep 18 FOMC minutes
1940 US San Francisco Fed Pres Yellen speaks in Los Angeles
2100 US Oct 5 ABC/Washington Post Consumer Confidence Index
2200 US Cleveland Fed Pres Pianalto speaks in Independence, Ohio

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