Morning Call by Greg Secker

The FTSE fell 222 points yesterday to 4,065, dragged down the final 130 points by the Dow’s influence in the final 2 hours of the session and today watch for further overall weakness. Yesterday in America The Dow Jones fell 679 points to finish the session at 8,149. Having fallen over 300 points in the opening half hour the index continued to trail down throughout the day to then drop another 300 points in the final hour to the close. This on the back of growing worries that the global economic downturn is deepening. Today with low level news releases watch for further weakness due to commodity prices continuing to fall whilst manufacturing contracts particularly in the east and as the Asia markets have also weakened overnight. Oil has tipped down below the $50 level once more to trade at $49.29 after Opec announced it will wait until mid December before making any further production decisions and Gold fell over $41 to finish $777.60. That’s it for now, good trading and I will speak with you tomorrow.