[R]4:00PM New York, 10:00PM Frankfurt, 8:00AM Sydney[/R]

U.S. averages see-sawed in the session with a negative bias after Citigroup reported that it has ousted its chief executive and reported additional losses of between $8 billion and $11 billion in its sub-prime mortgage market exposure.

European markets fell after the weakness in the U.S. trading and weak banks across the region. UK led the region with a loss of 1.1% followed by 0.7% loss in Switzerland.

PetroChina surged to triple on its first day of listing in Shanghai after it offered 4 million shares at Rmb17.60, to cross the market capitalization of $1 trillion, nearly twice as large as that of Exxon Mobil.

Asian markets closed lower across the region led by a sharp decline of 5% in Hong Kong on the worries that capital flows from mainland China may be restricted and 4.5% in Pakistan after its dictator Musharraf broke and imposed emergency rule. U.S. offered a weak response as if it has resigned to the fact that dictator can act with no impunity. Markets in Singapore, Malaysia, India, and Thailand fell as well.

[R]Global Markets Indexes[/R]

Dow Jones Industrial Average closed down 51.37 or 0.20% to a close of 13,543.64, S&P 500 edged lower 0.50% or 7.58 to 1,502.07, and Nasdaq Composite Index traded down 15.20 or 0.54% to a close of 2,795.18. In Toronto TSX Composite lost 94.92 or 0.66% to close at 14,268.96.

Of the 30 stocks in Dow Jones Industrial Average, 12 closed higher, 17 closed lower, and one were unchanged.

Citigroup led the decliners with a loss of 6.3% followed by losses in General Motors of 2.8%, in Home Depot of 2.2%, and in Alcoa of 2.0%. Procter & Gamble led the gainers with a rise of 1.8% followed by increases in AIG of 1.4%, in McDonalds of 1.03%, and in United Tech of 0.8%.

Of the stocks in S&P 500, 164 closed higher, 328 fell, and 8 were unchanged.

Twenty three stocks fell more than 3% and five stocks rose more than 3%.

IAC/InterActiveCorp led the gainers in the index with a rise of 7% followed by increases in Pinnacle West of 6.3%, Entergy West of 4.7%, and in MGIC of 3.3%. SanDisk led the decliners in the index with a sharp fall of 6.5%, followed by declines in CB Richard Ellis of 6.4%, Citigroup of 6.3%, and MBIA of 6.05%. Cardinal Health, Morgan Stanley, Nordstrom, OfficeMax, and Big Lots fell more than 5%.

In London FTSE 100 Index closed down 69.20 or 1.06% to 6,461.00, in Paris CAC 40 Index lost 35.80 or 0.63% to close at 5,684.62, and in Frankfurt DAX index lost 41.94 or 0.53% to close at 7,807.55. In Zurich trading SMI declined 62.64 or 0.71% to close at 8,707.75.

In Tokyo Nikkei 225 Index retreated 248.56 or 1.56% to close at 16,268.92, in Hong Kong Hang Seng index closed down 1,526.02 or 5.01% to 28,942.32, in Australia ASX 200 closed down 114.30 or 1.71% to close 6,582.30.

Sensex in India fell 385.45 1.93% to 19,590.78. In South Korea Kospi Index decreased 14.47 or 0.36% to close at 2,015.76 and Indonesia closed down 58.14 or 2.14% to 2,652.48. Philippines gained 15.84 or 0.42% to 3,774.81, Singapore dropped 45.14 or 1.21% to 3,670.18, and Malaysia decreased 12.75 or 0.91% to 1,384.73. Thailand fell 21.48 or 2.4% to 872.86.66.

In Latin Markets Chile led the decliners with a fall of 2.07% followed by decreases in Mexico of 1.98%, in Brazil and Peru of 1.7%, in Argentina of 1.66%, and in Venezuela of 1.1%.

Bond Yields declined on 10-year U.S. bonds to 4.32% and 30-year bonds fell to 4.62%.

[R]Commodities, Metals, and Currencies[/R]

Crude oil fell $1.76 to close at $94.17 per barrel for a front month contract, up 44.0% for the year, natural gas decreased 44 cents to $7.98 per mBtu, and gasoline futures decreased 5.84 cents to close at 238.11 cents per gallon.

Gold edged higher $2.30 in New York trading to close at $810.80 per ounce, silver closed up 19 cents to $14.785 per ounce, and copper for front month delivery lost 2.30 cents to $330.20 per pound and in London trading closed down $70 to $7,442.00

Dollar edged higher against euro to $1.4469 and higher to 114.37 yen.