Daily FNArena News - FYI

The Dow closed down over 200 points as the subprime slime continued to ooze down Wall Street. A downgrade to Citigroup was the main trigger. Base metals were also savaged.

It will be a punctuated week in the US to accommodate for Thanksgiving on Thursday, while Australia is almost data-less.

The Dow closed up 66 in a volatile night and finished the week up 1% after 800 points of movement.

Stabilisation in financials gave way to renewed weakness last night as carry trade unwinding reignited. Gold and copper collapsed.

The troubled housing market is starting to impact on the UK economy, the central bank has acknowledged. You ain’t seen nothing yet, suggests BNP Paribas.

Wall Street went nowhere for most of the session, coming to terms with economic data and corporate developments.

Weekly musings from your editor. The banks have not looked this good in weeks, and recommendation upgrades are back in full swing. Is the market finally ready to take the 6700 hurdle?

John Hussman of Hussman Funds suggests using a basket of economic indicators the evidence shows the US economy is close to entering a recession.

The Dow bounced back over 300 points last night following good news in retail and financials, and a sharp drop in the oil price.

The move to risk aversion accelerated last night as credit crunch phase II intensifies. Gold copped the brunt of the selling.