MF Global Singapore has been ordered by the Singapore Exchange (SGX) not to take on new derivatives positions. SGX also ruled that the company may only reduce existing positions.

The Monetary Authority of Singapore (MAS) also issued a statement on Monday, directing MF Global Singapore "not to take on new positions with immediate effect in respect of all its regulated activities, except for reductions or liquidations of positions."

The MAS and SGX would continue to monitor the situation closely.

Meanwhile in New York, MF Global has filed for bankruptcy, after confidence in the firm was shattered by a string of losses from European public debt holdings.

The trade in MF Global shares was earlier Monday halted on the New York Stock Exchange as the New York Federal Reserve announced that the brokerage firm was "suspended from conducting new business with the New York Fed."

In a brief statement on its website, the New York Federal Reserve said the suspension will continue until MF Global shows it is fully capable of meeting its policy requirements regarding relationships with primary dealers or until it terminates MF Global's status as a primary dealer.

MF Global is one of 22 primary dealers at the New York Fed, with four added this year. Read More

The SGX added that MF Global, a clearing member, had informed the exchange that it would not enter into new securities transactions. SGX said MF Global was meeting its financial obligations to SGX's derivatives clearing house.

The New York Federal Reserve also suspended new business with MF Global yesterday amid reports that the securities firm was desperately trying to sell itself. The New York Stock Exchange halted trading in MF Global shares before the market opened.

MF Global Holdings, the holding company for the broker-dealer run by former New Jersey Governor and Goldman Sachs co-chairman Jon Corzine, filed for bankruptcy after making bets on European debt.

The Wall Street Journal , which reported that MF Global had invested US$6 billion (S$7.5 billion) in sovereign bonds issued by European countries, said Interactive Brokers would bid US$1 billion under a court-supervised auction.

The New York-based firm listed total debt of US$39.7 billion in its Chapter 11 papers filed in the United States Bankruptcy Court in Manhattan.

Affiliate MF Global Finance USA also filed, with debt of as much US$50 million. The unit's largest unsecured creditors include JPMorgan Chase Bank, as trustee for holders of US$1.2 billion in debt, and Deutsche Bank Trust, as trustee for holders of US$690 million in debt.

MF Global shares plunged 66 per cent last week. Its credit was dropped to "junk" status by several agencies, which cited concerns about the firm's exposure to European debt.

It also reported its biggest-ever quarterly loss, US$186.6 million, for the fiscal second quarter. MF Global blamed the loss on weaker-than-expected trading revenue and one-time costs.

As for the holdings in debt from countries including Belgium, Italy, Spain, Portugal and Ireland, Mr Corzine said he expected the firm to "successfully manage these exposures to what we believe will be a positive conclusion in December 2012".

Until yesterday, MF Global was a major player and among 22 companies considered financially secure enough to act as "primary dealers" for the Fed to sell US government debt. Read More

Swarch: yahoo finance singapore, bloomberg, singapore stock exchange, sti, sti index, Singapore Exchange Limited (“SGX”), MF Global Singapore Pte Limited (“MF Global”

Singapore's share prices ended 2.33% lower on Tuesday, in line with most Asian peers.

The falls followed sharp losses on the Wall Street overnight and a worse-than-expected manufacturing activity report from China.

China's purchasing managers index fell to 50.4 in October, below the 52.2 recorded in September.

In addition, markets retreated after last week's optimism about Europe's sovereign debt crisis as doubts have surfaced over Greece's willingness to accept the European Union's bailout plan following the nation's surprise call for a referendum on the issue.

Singapore's blue-chip Straits Times Index closed 66.42 points lower at 2,789.35.

In the broader market, losers outnumbered gainers 380 to 112. Overall volume traded was 1.42 billion shares.

Among the losers, Sembcorp Marine slumped 7.8% to end at S$3.89 while Keppel Corp shed 5.2% to close at S$9.00 because of fears that uncertainties in Europe will continue to drag on global markets and dampen crude oil prices. Read More

Singapore’s Straits Times Index dropped 2.3 percent to 2,789.35 at the close. Six stocks fell for each that rose in the index of 30 companies.

The following shares were among the most active in the market. Stock symbols are in parentheses after the company names.

Commodity suppliers: The Thomson Reuters/Jefferies CRB Index, which tracks prices of 19 commodities ranging from copper to corn, fell 1 percent in New York yesterday, extending losses for a second day.

Noble Group Ltd. (NOBL SP), a Hong Kong-based commodities supplier, sank 4.8 percent to S$1.48. 

Olam International Ltd. (OLAM SP), a Singapore-based trader of agricultural commodities, decreased 3.1 percent to S$2.47.

CapitaMall Trust (CT SP), Singapore’s biggest retail property trust, tumbled 4.5 percent to S$1.79 after a discounted stock sale. The company raised S$250 million ($197 million) by selling shares at S$1.79 each in a placement.

CHT Holdings Ltd. (CHT SP), a supplier of adhesive tape, surged 90 percent to 17.1 Singapore cents. CHT said YongLe Tape Ltd. offered to buy the company out for 18 Singapore cents per share.

Neptune Orient Lines Ltd. (NOL SP), Southeast Asia’s biggest container carrier, dropped 5.3 percent to S$1.08. The company posted a third-straight quarterly loss because of falling freight rates and higher fuel costs. The shipping line said it expects to post a full year loss. Read More

Singapore’s Straits Times Index fell 1.7 percent to 2,855.77 at the close, its first decline in six days. Almost four stocks dropped for each that rose in the index of 30 companies. The gauge advanced 6.8 percent this month, the most since July 2009.

The following shares were among the most active in the market. Stock symbols are in parentheses after the company names.

Otto Marine Ltd. (OTML SP) declined 3.6 percent to 13.4 Singapore cents. The shipbuilder said it expects to report a third-quarter loss because of volatility in the currency market and lower revenue from unit Reflect Geophysical Pte., which operates ships that seek oil and gas under the sea floor.

Singapore Post Ltd. (SPOST), operator of the city’s postal services, slipped 2.4 percent to S$1.025. The company said second-quarter net income declined 23 percent to S$30.6 million ($24.6 million) from a year earlier.

SMRT Corp. (MRT SP), the biggest commuter-train operator in the city-state, decreased 2.7 percent to S$1.84. The company said second-quarter net income fell 26 percent to S$34.1 million from a year earlier.

Wilmar International Ltd. (WIL SP), the world’s largest palm-oil processor, gained 1.3 percent to S$5.47. The company said it increased the size of a syndicated term loan facility announced in November to $1.5 billion from $1.3 billion Read More

the benchmark Straits Times Index (STI) has risen 8.6 per cent for the month, while Hong Kong's Hang Seng shot up 13.8 per cent and China's Shanghai Composite Index is 4.8 per cent higher.

Last week marked the second straight week that emerging market funds registered fresh cash infusion, as investors stock up on equities in anticipation of the traditional year-end market rally. Read More

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Singapore shares slipped on Tuesday, led by losses in units of shopping mall owner CapitaMall Trust , as the collapse of U.S. broker MF Global battered sentiment in Asia.

CapitaMall Trust units lost as much as 5.3 percent after it raised S$250 million through a private placement to fund upgrading works and investments on several of its shopping malls.

At 0500 GMT, the Straits Times Index (STI) was down 0.68 percent, or 19.54 points, at 2,836.23. Around 687.2 million shares worth S$583.7 million were traded, compared with the 855.5 million shares worth S$777.1 million that changed hands by the same time on Monday.

Local traders said they expect the STI to find support at 2,780 for the rest of the session.

The fallout from the collapse of MF Global rippled through global exchanges on Tuesday, as operators moved to suspend the U.S. futures broker or limit trades of its customers.

"Uncertainty over the eurozone returned just days after the EU leaders had stayed up all night to hammer out the supposed solution to the debt issues," said Jason Hughes, head of premium client management at IG Markets.

"Add to that the filing for Chapter 11 bankruptcy by MF Global and the mood around the financial markets was once again extremely hesitant and sombre."

Greek Prime Minister George Papandreou has called an unexpected referendum on a new EU bailout deal for his debt-ridden country, baffling investors and adding to uncertainty in the markets.

Meanwhile, Italian and Spanish bond yields soared, prompting the European Central Bank to buy the debt, while shares of European banks came under heavy selling pressure.

A slightly weaker-than-expected data from China's purchasing managers' index, which fell to 50.4 last month from September's 51.2 also weighed on investor confidence.

Container shipping firm Neptune Orient Lines (NOL) fell 2.6 percent to S$1.11 after the company reported a loss much wider than expected in its third quarter hurt by a drop in freight rates, and warned of a possible full year loss.

Chinese property developer Yanlord Land dropped 2.4 percent to S$1.005 by midday, as news China will maintain its property curbs for the rest of the year turned investors more cautious on the sector. Read More

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Singapore shares fell by midday on Monday as investors booked profits after an almost 7 percent rally last week prompted by progess in Europe's debt deal, with most closely watching the plan knowing the crisis was far from over.

At 0500 GMT, the Straits Times Index (STI) was down 1.35 percent, or 39.6 points, at 2,866.12. Around 855.5 million shares worth S$777.1 million were traded, compared with 1.23 billion shares worth S$1.2 billion on Friday.

Asian shares fell and precious metals slipped as the dollar spiked to a three-month high against the yen following Japan's intervention in the currency markets.

MSCI's index of Asia Pacific shares outside Japan retreated 1.71 percent, after posting its best week in nearly three years.

"We need to consider whether the previous week's rally was really warranted. I think there was a lot of short-covering," said Carey Wong, an analyst at OCBC Investment Research.

Some of the Singapore stocks that posted heavy losses on Monday were commodities firm Noble Group , rig builder Sembcorp Marine and palm oil producer Golden Agri-Resources .

Golden Agri fell 5.9 percent by midday to S$0.64, while Sembcorp Industrise dropped 5.2 percent to S$4.23.

Shares of casino operator Genting Singapore fell as much as 3.4 percent after surging last Friday on improved sentiment about the gaming market size in the city-state following the strong third-quarter results of rival Marina Bay Sands.

"I think it's mostly profit-taking. Genting's results will be out in two weeks' time, so the market is still a little bit divided about whether they continue to lose the share in the VIP market to MBS," Wong said.

"But we continue to believe in a stronger overall market in Singapore...As long as the whole market is growing, we are not too worried," he added.

Shares of Singapore-listed China Dairy Group surged 35 percent after Fraser and Neave Ltd (F&N) said it had agreed to sell its entire 29.5 percent stake in the company for nearly three times the Friday closing price. Read More

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The Hong Kong stock market has alternated between positive and negative finishes through the last five sessions, since the end of the six-day winning streak in which it had surged nearly 2,600 points or 13.5 percent. The Hang Seng Index finished just above the 17,980-point plateau, although now traders are looking for renewed support at the opening of trade on Friday.

The global forecast for the Asian markets is mixed with a touch of downside ahead of a key European summit meeting on Sunday. Technology stocks are expected to fall, while financials and oil companies may provide support. The European markets finished sharply lower on Thursday and the U.S. bourses were mixed but little changed - and the Asian markets are expected to split the difference.

The Hang Seng finished sharply lower on Thursday following heavy losses among the property, finance, commerce and industrial stocks.

For the day, the index retreated 326.12 points or 1.78 percent to finish at 17,983.10, after trading between 18,198.12 and 17,782.00 on turnover of 52.8 billion Hong Kong dollars.

Among the decliners, Cheung Kong Holding shed 1.99 percent, while Sun Hung Kai Property lost 2.12 percent, Henderson Land fell 2.56 percent, Hang Lung Properties dropped 1 percent, China Resources Land plunged 6.7 percent, China Overseas Land retreated 3.24 percent, HSBC shed 1.49 percent, Hang Seng Bank lost 1.88 percent, Bank of East Asia dropped 2.14 percent, PetroChina fell 2.58 percent, Sinopec gave away 1.38 percent and CNOOC lost 3 percent.Wall Street offers little guidance as stocks showed a lack of direction on Thursday, with traders reacting to just about every headline out of Europe. The major averages bounced back and forth across the unchanged line before eventually ending the session mixed.

With reports suggesting that Germany and France are struggling to reach an agreement regarding the enhanced powers of the region's bailout fund ahead of a high-profile summit on Sunday, French President Nicolas Sarkozy revealed that European leaders will hold a second summit next Wednesday.

As a result of the focus on Europe, traders shrugged off some relatively upbeat U.S. economic data, including a report from the Philadelphia Federal Reserve showing an unexpected expansion in regional manufacturing activity. The Philly Fed said its diffusion index of current activity jumped to a positive 8.7 in October from a negative 17.5 in September, versus forecasts for a negative 9.8.

The Labor Department also reported a modest drop in initial jobless claims in the week ended October 15, although claims remained above the key 400,000 level. Initial jobless claims edged down to 403,000 from the previous week's revised figure of 409,000. Economists had expected claims to drop to 400,000 from the 404,000 originally reported for the previous week. Read More

Heads of European Union member states will have a summit trying to find a solution to the debt crisis. The Hang Seng Index (INDEXHANGSENG:.HSI) eked out a small 42.6 points or 0.2% gain while the Shanghai Composite Index (SHA:000001) shed 14.1 points or 0.6%.

Shipping and transportation stocks rose at the expense of safe havens: telecom and gold. Zijin Mining (HKG:2899), China's largest gold miner, fell the most among 42 components of the Hang Seng Index (INDEXHANGSENG:.HSI). China Telecom (HKG:0728) shed 1.6% while China Mobile (HKG:0941), the largest mobile carrier in the world, declined 0.8%. But oversold China COSCO (HKG:1919) and China Shipping Development (HKG:1138) bounced off bottom and surged 4.3% and 3.9%, respectively.

Trading in Shanghai missed direction. Investors sent the index to a new 31 month low as China's economy slowed and Europe, China's largest trading partner, remains trenched in debt problems. China COSCO (SHA:601919) was the best performing large cap component of the Shanghai Composite Index (SHA:000001) as value investors snapped up share s of China's largest container shipper.

Chinese stocks in the U.S. have the following key drivers on Friday. GE in-line earnings before the bell helped restore confidence in the U.S .economy. European, notably German, indices are trading sharply higher in the afternoon on hopes that the EU summit will deliver a breakthrough in the debt crisis. Moody's warning that France may receive a downgrade is a sure sign that the debt crisis is engulfing not just peripheral states like Greece and Portugal but reached the core of the eurozone by now. All eyes will be on the summit and will be a key driver of markets for the upcoming weeks. Read More

The global forecast for the Asian markets is fairly negative after renewed concerns about the debt problem in Greece, along with disappointing economic data from the United States. Gold and oil stocks are expected to fall, along with technology, steel and financial shares. The European markets finished mixed on Wednesday and the U.S. bourses were sharply lower, and the Asian markets are tipped to follow the latter lead.

The Hang Seng finished sharply higher on Wednesday following gains from the financials, properties and technology stocks.

For the day, the index collected 232.76 points or 1.29 percent to finish at 18,309.22 after trading between 18,203.99 and 18,426.29 on volume of 57.44 billion Hong Kong dollars.

Among the gainers, Bank of East Asia added 1.8 percent, while New World Development jumped 2.6 percent and Lenovo climbed 2.6 percent.

The lead from Wall Street is pessimistic as stocks fell on Wednesday, giving back ground after seeing significant strength in the previous session. The pullback was partly due to a negative reaction to the Federal Reserve's Beige Book report. The Beige Book noted that the twelve Fed districts indicated continued economic growth in September, although many districts described the pace of growth as "modest" or "slight" and noted weaker or less certain outlooks for business conditions. While the report, a compilation of anecdotal evidence on economic conditions from each of the twelve Fed districts, did not provide much new information, it still generated considerable selling pressure on Wall Street.

The choppy trading seen earlier in the session came as traders digested the latest batch of earnings news, including disappointing quarterly results from tech giant Apple (AAPL). Apple reported fourth quarter earnings of $7.05 per share on revenues of $28.3 billion, while analysts had been expecting the iPod and iPad maker to report earnings of $7.38 per share on revenues of $29.7 billion.

Meanwhile, semiconductor giant Intel (INTC) reported third quarter adjusted earnings that exceeded analyst estimates. The company also forecast better than expected fourth quarter revenues.

On the economic front, the Commerce Department reported a bigger than expected increase in September housing starts, reflecting a jump in construction of multi-family dwellings. Housing starts came in at a seasonally adjusted annual rate of 658,000 in September, 15 percent above the revised August estimate of 572,000. Economists had expected starts to increase to 590,000. Read More

Asian investors remained defensive on Thursday, sending the Hang Seng Index (INDEXHANGSENG:.HSI) and the Shanghai Composite Index (SHA:000001) to a universal decline. Had it not been for a relatively small decline of index heavy weight Petrochina Co. Ltd. (SHA:601857), Sinopec (SHA:600028) and ICBC (SHA:601398), the Shanghai Composite Index (SHA:000001) would have fallen a lot harder. Still, mainland China's broadest index is off to a new 31 month low.

The decline was universal in Hong Kong as well. All but five components of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI) fell. Chinese stocks led the decline in Hong Kong. The Hang Seng China Enterprises Index (INDEXHANGWENG:.HSCEI), measuring the performance of Chinese companies listed in Hong Kong, fell 2.67%, twice that of the broad index. China Life Insurance (HKG:2628) fell hard on outlook and Aluminum Corp. of China (HKG:2600) on weak demand and falling commodity prices.

All but one stock of the Xinhua 25 Index fell, boding ill for the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) before the open. Huaneng Power (HKG:0902) was the only component of the index able to repel selling pressure.

Chinese solar and internet stocks fell hard on the NYSE and NASDAQ on Wednesday as Europe's sovereign debt problems dragged on. But investor mood may change over the weekend when a summit of all European leaders will convene. Read More

The benchmark Hang Seng index fell 326.12 points or 1.78 percent, to close at 17,983.10, after trading between a day high of 18,198.12 and a day low of 17,782.00 points.

Turnover totaled 52.8 billion HK dollars (6.79 billion U.S. dollars) compared with Wednesday's 52.8 billion HK dollars.

The properties sub-index, which covers 7 blue chips of the Hang Seng Index, lost 604.88 points or 2.63 percent to end at 22,363.20. The finance sub-index, which consists of 11 blue chips, lost 433. 32 points, or 1.76 percent, to end at 24,196.81 points. The commerce and industry sub-index shed 206.10 points, or 1.87 percent, to 10,841.95 points.

All the seven property heavyweights suffered losses on Thursday, after Hong Kong's local developer, Sun Hung Kai, won the tender for the development project above the West Rail Nam Cheong Station in Hong Kong with a much-lower-than-expected bid of 11.8 billion HK dollars amid cool market. There were also reports saying that some Hong Kong's banks had suspended mortgage loans for personal house buyers.

Shares of Cheung Kong Holding, a powerful HK-based developer controlled by billionaire Li Ka-shing, fell 1.99 percent to 88.65 HK dollars.

Sun Hung Kai Property shed 2.12 percent to 97.2 HK dollars. Shares of Henderson Land, another major developer in Hong Kong, lost 2.56 percent to end at 38.05 HK dollars. Hang Lung Properties edged down 1 percent to 25.5 HK dollars.

China Resources Land, a mainland-focused developer, tumbled 6.7 percent to 9.46 HK dollar per share. China Overseas Land, another mainland-focused developer, fell 3.24 percent to 11.96 HK dollars.

Financial blue chips also fell in the day.

Banking giant and market bellwether HSBC, which accounts for the largest weighting of the Hang Seng Index, lost 1.49 percent to end at 62.95 HK dollars. HSBC unit and one of Hong Kong's local bank Hang Seng Bank fell 1.88 percent to 93.95 HK dollars.

Shares of another Hong Kong's major bank, Bank of East Asia, fell 2.14 percent to 25.15 HK dollars. Local bourse operator Hong Kong Exchanges & Clearing lost 2.75 percent to 113.3 HK dollars.

Shares of the ICBC, the world's largest bank by market value, lost 1.21 percent to 4.07 HK dollars. China Construction Bank went down one percent to 5.07 HK dollars. Bank of China lost 1.5 percent to 2.63 HK dollars. BOC Hong Kong, an unit of Bank of China, lost 3 percent to end at 17.68 HK dollars.

Two major insurers suffered heavy losses in the day, after the China Insurance Regulatory Commission, the country's top insurance regulator, said Wednesday it would further increase the threshold for insurers to issue subordinated bonds, to reduce insurers' default risk.

Shares of China Life, one of the world's largest life insurers by market value, plunged 6.68 percent to close at 17.6 HK dollars. Ping An Insurance, China's second largest insurer, fell 3.21 percent to end at 49.8 HK dollars.

Shares of China Mobile, the world's largest mobile operator by subscribers which accounts for the second largest weighting of the Hang Seng Index, fell 1.25 percent to 75.25 HK dollars.

Mainland's oil companies were also major losers of the day. China's largest oil and gas producer PetroChina lost 2.58 percent to 9.45 HK dollars. China's top refiner Sinopec lost 1.38 percent, to close at 7.13 HK dollars. CNOOC, the HK-listed unit of China's National Offshore Oil Corporation, lost 3 percent to 12.78 HK dollars.

HK-based Esprit, a clothing retailer which heavily relies on wholesale operations in Europe, was the worst-performing blue chip in the day, with its shares plunging 7.75 percent to 10.48 HK dollars. (1 U.S. dollar equals to 7.78 HK dollars) Read More

Hong Kong shares lost ground on Thursday in the lowest turnover in a month as investors took profit in energy and material names on declining physical commodity prices, with the Hang Seng Index retracing its rebound from the October 4 low.

The Hang Seng Index finished down 1.78 percent at 17,983.1. The China Enterprises Index of the top Chinese listings in Hong Kong closed down 2.67 percent at 9,196.68 points.

The Shanghai Composite Index closed down 1.94 percent at 2,331.37 as weakness in energy, materials and insurance stocks dragged the benchmark to its lowest close in 31 months.

HIGHLIGHTS:

Commodities were under pressure amid Dollar strength and concerns over global growth. Crude oil was falling 2.4% to $77.40 per barrel, which in turn added pressure to the energy sector, which was already seeing weakness as coal companies were being hit after Arch Coal (NYSE:ACI), the Missouri based coal producer, cut its guidance below consensus last Friday. The stock was tumbling 8.57% to $13.33 after posting a new 52-week low at $13.25.

The news also pressured Alpha Natural Resources (NYSE:ANR), the steam and metallurgical coal producer, which extended its losses from last quarter. Alpha was the weakest in the sector, tumbling 7.46% to $16.36 after posting a new yearly low at $16.10. The stock was the worst performer of the S&P 500 last quarter, plunging 61%.

Financials were also under pressure, on concerns over the European debt crisis and its impact on the European banking system and as shares of Bank of America (NYSE:BAC), the largest U.S. lender, broke down below $6 per share after a report from FBR Capital Markets stating that the federal housing insurance program may be forced to deny bank claims for money lost in home loan foreclosures, costing them another $13.5 billion in mortgage-related losses, amid increasing political pressures to deny claims. According to the analyst Bank of America could face $2 billion more in losses.

Reports that its website was again malfunctioning on Monday, despite reports that it had fixed the issues over the weekend were affecting the stock as well. Credit Suisse reduced its target price to $13 and cut its estimates on the lender, but still reiterated it’s outperform rating. The stock nevertheless broke down and was plunging more than 8% to post a new multi year low at $5.60

Rival Wells Fargo (NYSE:WFC), San Francisco based financial firm, was falling 2.26% to $23.57 after the FBR Capital report said that Wells could face up to $3 billion in losses from claims that the FHA could deny.

Other stocks seeing notable moves were

Alcoa (NYSE:AA), the aluminum producer, was tumbling 5.64% to $9.03 after posting a new multi-year low at $8.95. The stock was feeling the pressure of lower metal prices on concern over the global economy and as it was downgraded to a Hold from a Buy at Deutsche Bank.

AMR Corp. (NYSE:AMR), the parent of American Airlines, was plunging 25% to $22.22 after posting a new multiyear low of $1.75. The stock was falling the most since 2001 on bankruptcy speculation, as the airline has to deal with high jet fuel prices and higher labor costs than competitors, amid an aging fleet.

Apple (NASDAQ:AAPL), the maker of iPads and iPhones, was falling 113% to $377 amid broad weakness in the market. The stock was outperforming in the session ahead of the unveiling of its new iPhone scheduled for tomorrow. Ticonderoga issued a research note in which it states that Apple stock has not performed like in past years ahead of its new iPhone launch, given the underperformance in the last 2 weeks. Last week the stock tumble close to 6% amid concerns over the iPad production estimates, as Amazon unveiled a new tablet and JPMorgan said that its production orders for the 4th quarter had been cut 25%. Jefferies acknowledged JPMorgan’s research note, saying that iPad production plans have scaled back but as a result of a shift of a portion of its supply chain to Brazil and an earlier than anticipated launch of the iPad 3 for January 2012. The firm reiterated its Buy rating and $500 price target, however this failed to lift the stock. Apple is now trading between its 50day moving average at the $385 area and its 200day moving average at the $353 area.

Netflix (NASDAQ:NFLX), the video subscription service, was adding 1.18% to $114.61 after it was named long Research Tactical Idea at Morgan Stanley. The firm said that Wall Street was not valuing the streaming business correctly and that they expect price to rebound in the next months. Netflix tumbled 57% last quarter, as the stock was hit after the lowered guidance in subscriptions following customers cancelling its DVD mail in plan at a faster pace than anticipated in reaction to a price increase.

Priceline.com (NASDAQ:PCLN), the name your price online travel company, was climbing 1.26% to $455.13 after it was upgraded to Overweight from Equal Weight at Morgan Stanley.

United Continental (NYSE:UAL), the world’s largest airline, was tumbling 10% to $17.41 after it was downgraded to a Hold from Buy at Citigroup. The stock was also receiving pressure from the price action at AMR.

Yahoo! (NASDAQ:YHOO), the Internet media company that owns the second largest search engine, was gaining 2.24% to $13.47 after trading as high as $14 on continued M&A speculation. Jack MA, Chariman of Alibaba Group, said at a speaking investment in Stanford that its company is very interested in Yahoo. The company has been involved in takeover speculation since it ousted its CEO Carol Bartz. Read More

Financials were clobbered amid the Greek default fears and concern a potential recession in the U.S. and global slowdown could dampen the banks’ earnings potential. Bank of America (NYSE:BAC), the largest U.S. lender, broke down below $6 per share after a report from FBR Capital Markets stating that the federal housing insurance program may be forced to deny bank claims for money lost in home loan foreclosures due to political pressures added pressure in the stock. The Charlotte, NC based bank traded as low as $5.52 per share, a level not seen since March 2009 even as Credit Suisse reiterated its outperform rating, while reducing its target price to $13.

Citigroup (NYSE:C), the third largest lender, was also under heavy pressure, logging the biggest decline in the sector. Citi tumbled 9.8% to $23.11 after logging a new low at $23.05 on weakness in the sector and on news that it was facing a probe by a Japanese regulator for various issues. Credit Suisse also cut its target price to $50 from $57.

Morgan Stanley (NYSE:MS), the operator of a global securities business, tumbled 7.7% to $12.47 after posting a new multiyear low at $12.36. Morgan has been under heavy pressure on concern over its exposure to European banks. Jim Cramer said earlier that Morgan is a great long-term buy and said that the market has overreacted to the exposure to Europe. Other analysts also said that Morgan is also a Buy as it trades at half tangible book value.

Commodities were under pressure amid Dollar strength and concerns over global growth. Crude oil fell 2% to close below $78 per barrel, which in turn added pressure to the energy sector, which was already seeing weakness as coal companies were being hit after Arch Coal (NYSE:ACI), the Missouri based coal producer, cut its guidance below consensus last Friday. The stock plunged 9.33% to $13.22 after posting a new 52-week low at $13.09.

The news also pressured Alpha Natural Resources (NYSE:ANR), the steam and metallurgical coal producer, which extended its losses from last quarter. Alpha was the weakest in the sector, tumbling 9.33% to $16.04 after posting a new yearly low at $16. The stock was the worst performer of the S&P 500 last quarter, plunging 61%.

But Marathon Petroleum (NYSE:MPC) buckled the trend in the sector and was able to add 0.33% to $27.15.

Lower prices in oil are normally a boost for airlines, however this time the space was under heavy selling pressure. AMR Corp. (NYSE:AMR), the parent of American Airlines, plunged 33.11% to $1.98 after posting a new multiyear low of $1.75. The stock tumbled the most since 2001 on bankruptcy speculation, as the airline has to deal with high jet fuel prices and higher labor costs than competitors, amid an aging fleet.

And US Airways (NYSE:LCC), the Phoenix based airline, tumbled 15.82% to $4.63 after posting a new multiyear low at $4.53. The stock traded at levels not seen since 2009 after it was downgraded to a Sell from Hold at Citigroup.

In the materials sector, gold received a lift from safe haven demand, rallying to trade above $1650 per ounce. This lifted shares of Newmont Mining (NYSE:NEM), the largest gold producer, to a gain of 0.51% to $63.27.

Freeport McMoRan (NYSE:FCX), the largest publicly traded copper producer, fell 1.9% to $29.87 on lower copper prices, which continued to be under pressure from fears of faltering demand. The Stock posted a new 52-week low at $29.85 despite Deutsche Bank upgrading it to a Buy from Hold.

In tech land, chipmakers were a big dragged to both the NASDAQ and the S&P 500. Micron Technology (NASDAQ:MU), the dynamic random access memory chips maker, plunged 14.09% to $4.33 after posting a new record low at $4.32. Micron posted the biggest decline in the S&P 500 and the NASDAQ 100. Last week the company posted an unexpected loss, missing earnings estimates as pricing pressures in DRAM memory impacted results.

NVIDIA (NASDAQ:NVDA), the world leader in visual computing technologies, tumbled 5.60% to $11.81 following weakness in the space and after Needham lowered its estimates on the space. Last quarter NVIDIA tumbled 26%.

Apple (NASDAQ:AAPL), the maker of iPads and iPhones, fell 1.76% to $374.60, outperforming the broad market index and the NASDAQ ahead of the unveiling of its new iPhone scheduled for tomorrow. Ticonderoga issued a research note in which it states that Apple stock has not performed like in past years ahead of its new iPhone launch, given the underperformance in the last 2 weeks. Several rumors circulated aabout what would be unveiled tomorrow but the most persistent one is that it will be the iPhone 5 and an iPhone 4S. The iPhone 5 will have a better camera and CDMA and GSM capability and a thinner form factor, while the 4S will be a revamped iPhone 4, tailored as a cheaper offering. Last week, Apple fell close to 6% amid concerns over the iPad production estimates, as Amazon unveiled a new tablet and JPMorgan said that its production orders for the 4th quarter had been cut 25%. Jefferies reiterated its Buy rating and $500 price target, saying that the production cuts are a result of a shift of a portion of its supply chain to Brazil and an earlier than anticipated launch of the iPad 3 for January 2012; however the stock failed to stage any meaningful reaction to the firm’s move. Apple’s price action placed the stock between its 50day moving average at the $385 area and its 200day moving average at the $353 area.

Other notable movers in the session were the automakers. Ford (NYSE:F), the Dearborn, MI based automaker, tumbled 3.1% to $9.37 and traded very close to its yearly low of $9.32. Ford posted a 9% increase in September sales over a year ago period, however concerns over s recession in the U.S. and in Europe weighed on the stock.

General Motors (NYSE:GM), the second largest automaker, also posted a sales increase for September, with sales jumping 20%. GM still fell 2.23% to $19.37. The company disappointed with sales of its electrical vehicle the Volt, with sales coming well below what the company expected for the year of the launch.

Jim Cramer, host of the Mad Money TV show, said that he would not buy automakers despite car sales tracking in the U.S. at the 12.5 million for the year, due to the heavy exposure to Europe.

And Eastman Kodak (NYSE:EK), the maker of digital cameras, film and printers, was also a notable mover, rebounding 71.7% to $1.34 after the company denied it has a bankruptcy plan. Last week, the stock lost more than half of its value following new that it had access $160 million from a credit line facility and on news that it was hiring a law firm specialized in restructuring. Read More

AMR Corp. (NYSE:AMR), the parent of American Airlines, will be in focus and after yesterday it plunged 33.11% to $1.98 after posting a new multiyear low of $1.75. The stock tumbled the most since 2001 on bankruptcy speculation, as the airline has to deal with high jet fuel prices and higher labor costs than competitors, amid an aging fleet. Dahlman Rose noted that the company made a debt deal last week raising $725.7 million and has the option of doing a second tranche of $200 million, but at this point all of the airline assets have been encumbered. The firm said that AMR has other assets it could sell to raise capital, but it continues to be concern about liquidity, but this is no different than a week or two weeks ago, they believe the company needs to do something drastic, however AMR management is intent on not filling for bankruptcy, even if it’s a pre-packaged deal.

Apple (NASDAQ:AAPL), the maker of iPads and iPhones, was adding 0.11% to $375.01 in pre-market, as the day of the iPhone unveil event finally arrived. The Let’s talk iPhone event is scheduled to start at 1 pm EST, and will likely include not only the new iPhone but also the new carriers, like Sprint that will begin selling it. According to the Wall Street Journal, Sprint committed to buying at least 30.5 million iPhones to sell, even though that the carrier will likely loose money on the deal through 2014. The iPhone is an important contributor to Apple’s success with more than 55 million iPhones shipped so far in the first nine months of the company’s current year, making it the best selling smartphone in the world. It’s expected that the new iPhone 5 will have a larger screen, improved resolution, and a better camera. The device is also expected to have a faster Internet connection that will likely be three times as fast as the current Apple’s iPhone 4, as it will include a new modem that is intended to yield a 4G like experience. The metal casing is also likely to return with this model, which will also include a redesigned antenna aiming to fix the antenna issues that the previous devices had. Amid the many new features, the iPhone 5 will also include the iCloud service and Apple’s new-patented voice control feature. Shares of Apple had underperformed in the last 2-weeks leading to the event amid concerns over iPad production cuts and as fears of the global economy slowing down, spurred concern that the company will not be able to meet heightened expectations, as also competition from the likes of Samsung and Amazon increases. Apple broke below its 50day moving average at $385 last week and now is trading between its 50day and 200day moving average at $353.33. Separately, on the Samsung and Apple patent wars, an Australian court ruling regarding a selling ban of Samsung’s line of Galaxy tablets is expected sometime this week. Samsung had planned to launch the device in Australia last week but decided to wait until a the court makes its ruling.

Bank of America (NYSE:BAC), the largest U.S. lender, was falling 1% to $5.7 in pre-market, trading in new multiyear low territory and levels not seen since March 2009, with the market basically pricing a 2008-2009 doom scenario for the Charlotte, NC based bank. Weakness in European banks on escalating fears of a banking crisis in Europe, as Greece is looking less able to avoid default will maintain pressure in U.S. banks despite limited exposure to Europe. Participants keep dumping the stock amid the unknown and uncertainty of the headlines from overseas and from back home, where mounting political pressure continues to build against the banks. According to FBR Capital BofA faces $2 billion of additional losses as that the federal housing insurance program may be forced to deny bank claims for money lost in home loan foreclosures due to political pressures. Yesterday Credit Suisse cut its target price to $13, while reiterating its Outperform rating.

Ford Motor (NYSE:F), the Dearborn, MI based automaker, was falling 0.21% to $9.35 in pre-market. According to CNBC, the company had reached a tentative labor agreement with the UAW and will hold a press conference at 9 am eastern. Yesterday, Ford posted a 9% increase in September sales over a year ago period, as industry wide U.S. auto sales increased 10% in September despite strong economic headwinds. The industry sold 1,053,761 light vehicles, pushing the seasonally adjusted annual selling rate to 13.1 million, the best sale rate since the April’s 13.2 million. However concerns over s recession in the U.S. and in Europe weighed on the stock. Jim Cramer, host of the Mad Money TV show, said ahead of the sales figures release that he would not buy automakers despite car sales tracking in the U.S. at the 12.5 million for the year, due to the heavy exposure to Europe.

Molycorp (NYSE:MCP), the owner of the world’s largest non-Chinese rare earth metals deposits, was jumping 6.27% to $32.01 on reports that its set to announce a new discovery at a Conference in Washington sponsored by the Energy Department. The stock plunged 41.8% last month on worries pricing for rare earth will be under pressure amid a global economic slowdown, especially as prices have fallen substantially after hitting highs in July. Last month, JPMorgan downgraded the stock to a Neutral from Overweight.

Wynn Resorts (NASDAQ:WYNN), the luxury casino operator, will be in focus after the Macau Gaming Inspection and Coordination Bureau reported that September gross revenues jumped 38.8% year over year to 21.2 billion patacas. The revenue in August had surged 57% year over year to a record of 24.77 billion patacas. Wynn generated about 71% of its second quarter revenue and about 70% of its second quarter adjusted EBITDA in Macau. Casino stocks with operations in Macau have been under selling pressure in the last week on concern gaming revenues in the Asian gambling capital will suffer amid a Chinese economic slowdown and tighter credit. Its estimated that 2/3 of gaming revenues in Macau come from mainland Chinese that gamble with borrowed money from tour operators, which are financed through China’s underground lending system. Wynn has cut its year to date gain to 6.6%.

Its rival, Las Vegas Sands (NYSE:LVS), the owner and operator of casino resorts and convention centers in the U.S., Macau, and Singapore, was falling 0.57% to $36.50, extending its move below calculated support at $40.66. Las Vegas Sands generated about 50% of its revenue and 40% of its EBITDA from Macau. The company’s president said over the weekend that they were bullish in Macau and despite the recent concerns the company has not seen any negative signals in its business at the Asian gambling capital. Year to date the stock has tumble 20%. Read More

Asian stocks slid to a 16-month low and emerging market currencies fell Friday amid fears that the developed world is stumbling back into recession, while a pledge from the G20 to preserve financial stability left investors largely unimpressed. Equity markets pulled back from the depths of their slump and profit-taking lifted the euro after a statement committed the Group of 20 major economies to "take all necessary actions" and said central banks stood ready to provide liquidity.

But market players said any market bounce would likely be short-lived.

"There is nothing new, nothing substantial where we can grasp and say this is good, now we can put on some risk again. I don't think it changes the bigger picture," Jesper Bargmann, Asia head of G11 spot FX for RBS in Singapore, told Reuters.

Alarm at the U.S. Federal Reserve's dire outlook for the world's biggest economy at its two-day policy meeting this week pushed world stocks to 13-month lows as investors shed risky assets from portfolios and scurried to safer havens.

MSCI's broadest index of Asia Pacific shares outside Japan was down 2.2 percent, having earlier fallen as much as 3 percent to its lowest level since May 2010.

European stocks were expected to bounce back after falls of nearly 5 percent on Thursday, with financial spreadbetter calling the major indexes in London, Paris and Frankfurt up 0.8-1.5 percent. Tokyo markets were closed for a holiday.

The G20 statement came as finance ministers and central bankers met in Washington, under pressure from investors to show action in the face of rising stresses in the financial system.

Several European banks have seen their share prices tumble and their cost of funding rise as investors worried about their exposure to debt issued by Greece and other debt-heavy euro zone countries.

Global stocks as measured by MSCI's All-Country World index are now in bear market territory -- often defined as a fall of 20 percent or more -- having fallen 22.9 percent from their 2011 high in May.

Asian stocks have broadly unperformed since a global rout in early August, with MSCI's regional ex-Japan index 27.5 percent below its year high, reached in April.Read More

Japanese stocks rose for a fourth day, the longest winning streak since July, with carmakers advancing as U.S. consumer spending rose more than forecast. Japan’s parliament today confirmed Finance Minister Yoshihiko Noda as the next prime minister.

Honda Motor Co., which gets 40 percent of its revenue from North America, climbed 1 percent after U.S. auto sales increased and Federal Reserve Chairman Ben S. Bernanke last week indicated the U.S. economy may not need more stimulus. Sony Corp. (6758) gained 3.5 percent after the Yomiuri newspaper reported it will form a venture to produce liquid-crystal displays with Toshiba Corp. (6502) and Hitachi Ltd. (6501)

The Nikkei 225 (NKY) Stock Average rose 1.2 percent to 8,953.90 as of the 3 p.m. trading close in Tokyo. The broader Topix index advanced 1.1 percent to 767.30. For the month through yesterday, the Nikkei fell 8.9 percent, set for the biggest monthly loss since May 2010, while the Topix was down 8.8 percent.

“U.S. economic data have lifted the mood,” said Ayako Sera, a market strategist at Sumitomo Trust & Banking Co., which manages the equivalent of $325 billion. “The market is regaining confidence after Bernanke tried to not stoke pessimism in his speech.” Read More

The Nikkei stock average is set to rise for the second straight session on Thursday, tracking U.S. gains made on hopes of an improvement in Europe's debt situation. Financial stocks in particular could gain, after their U.S. and European counterparts rebounded sharply after Germany's top court smoothed the way for Berlin's participation in bailouts that could ease Europe's debt crisis.

Wall Street bounced more than 2 percent on Wednesday, reversing three days of losses, but Japan's gains could be smaller, after the Nikkei's 2 percent rise on Wednesday to close at 8,763.41. The broader Topix index added 1.7 percent to 753.63.

Nine foreign securities houses placed net buy orders for 1.7 million shares before the start of trade on Thursday, following 29 trading sessions of net selling. Nikkei futures in Chicago ended at 8,870 on Wednesday, up 90 points, or 1 percent, from their Osaka close of 8,780.

"Buybacks and short-covering will continue, but the upside is heavy until we can confirm the strength of the U.S. economy and see an improvement in Europe," said Kenichi Hirano, operating officer at Tachibana Securities. Investors are looking ahead to President Obama's speech to Congress scheduled later on Thursday after the U.S. market close, to hear his administration's plans to boost the economy. Friday's special quotation, or "SQ," to settle Nikkei futures and options contracts expiring in September, could also affect trading. The closely watched settlement price is calculated from the opening prices of the 225 shares in the

Nikkei average.

The looming SQ settlement makes it "difficult to sell," Hirano said, and could keep trading in a relatively narrow range on Thursday. Analysts said that the Nikkei is expected to trade between 8,800 and 8,900 in Thursday's session. Read More