Daily FNArena News - FYI

It was shades of 1995 and infamous rogue trader Nick Leeson when SocGen announced US$7.2bn in trading losses last night of which management had been blissfully unaware.

Morgan Stanley’s recent Macrovision Symposium concluded the US is already in recession and while emerging markets are likely to de-couple the same can’t be said for developed markets.

The Dow bounced last night on news of a possible rescue for US monoline insurers. What’s that all about?

Hopes of a rescue for stricken US bond insurers helped to encourage buyers back into stocks as the Dow turned down 300 into up 300.

Weekly musings from your editor. Prepare for earnings estimates and price targets to drop as securities analysts adjust to the post-correction new reality.

Wall Street saw what happened in the rest of the world and opened the Dow down 464 points. But the Fed decided to make an emergency rate cut of 75 basis points and the Dow came racing back.

Don’t be fooled by any “value opportunities”, says Dennis Gartman. Resist to buy, even in case of a rally following the panic wave.

Stocks in Asia, Europe and elsewhere suffered huge falls yesterday and overnight as all confidence is lost in the financial sector and the Bush rescue package is seen as inadequate.

Global inflation is poised to regain centre stage this week. The US calendar is light.

Investors banking on a relief rally the coming week be warned: there might be a nasty surprise in store still.