ASIA The Nikkei ended at a 16-month closing low down 2.46% at 14,837.66, with a stronger yen weighing. At 0730 USD/JPY was trading Y109.06 down 89 and EUR/JPY was trading Y161.87 down 134. There was also continued uneasiness over the financial stocks after Goldman Sachs gave sell recommendations against Societe Generale and Credit Suisse, Oil shot above $99 to a record high moving closer to the $100 milestone as the US dollar plumbed new lows and the onset of cold US weather stirred anxiety over winter supplies (RTRS) At 0630 crude was trading $98.75 up 72c. U.S. It was a very volatile day on Wall Street yesterday. Early on, equity markets tumbled after a very poor set of Q3 results from Freddie Mac, as well as a disappointing Q3 at Target, and things remained on a downward trend into the overall weak report on New Housing Starts and Building Permits for October. Homebuilders and mortgage lenders were one of the major pockets of weakness yesterday, with shares in Countrywide Financial down 2.70% and Pulte Homes down 10.20%. D.R. Horton was the loan gainer, rising 2.50%, after the company reported good quarterly results. Otherwise, banks and financials were very weak, as concerns over unhealthy balance sheets and further writedowns persisted in view of the ongoing move flight out of risky assets. Market participants took little from the FOMC October 31st minutes other than the fact that nothing is a done deal for the December 11th meeting, which, depending on specific views could mean another rate cut. Overall though, the minutes were a mixed bag, and market participants were focusing more on a rumor that Countrywide Financial would file for bankruptcy that was doing the rounds late in the session. The rumor was later denied by the company, and stocks moved higher. Energy companies also helped the bounce back, given the sharp rise in the price of energy futures. The DJI closed up 52 points at 13,010, the S&P 500 was up 6 points to 1439, and the Nasdaq 100 finished up 9, points at 2029. Shares in Exxon Mobil lead the S&P 500 and the DJI higher, while shares of Fannie Mae and Freddie Mac offset gains in the S&P 500. AIG lead decliners in the DJI. The Nasdaq 100 was boosted by shares in Apple Inc., while Echostar Communications lead decliners after a WSJ said there was no imminent deal between the company and AT&T. Whole Foods - Shares in the company were up 2.5% late in after-market trading last night. The company reported Q4 EPS of USD 0.44 excluding all items vs. USD 0.30 exp., Q4 sales were USD 1.74 billion vs. USD 1.61 billion exp., sees FY 2008 sales up 25%-30%, boosts dividend to USD 0.20 from USD 0.18. (BBG)** Countrywide Financial - The company denied market rumors of a bankruptcy filing late yesterday, and reiterated that its cash position remains healthy. (WSJ)** FTSE One in 10 hedge funds will fold this year, according to Peter Clarke the Man Group chief (FT) Clarke also said its harder for hedge fund start-ups, with a drop of close to one-third in new fund launches. RBS - Moody's has placed under review for possible cut one CDS entered into by RBS. (DJ) Imperial Tobacco - The company has won approval to sell its cigarette brands in the US. (RTRS) Daily Mail - The company posted FY adjusted EPS at 49.3p vs Exp. 48.2p and said the new financial year has started well. (RTRS)** Scottish & Newcastle - Carlsberg has said that it is ready to sit down with the board of S&N to progress 750p cash proposal at the earliest opportunity. (RTRS) Northern Rock - The lender said it had received added expressions of interest and advisors have began talks. One offer is materially below yesterday's close of 97p. Stakeholders though have been reminded that there is no certainty an offer will be made. A source close to the matter has said that Cerberus remains interested in Northern Rock. (RTRS)** Companies going ex-dividend today: HSBC Holdings Plc (0.17000 USD), Vodafone Group (0.02490 GBP), Sainsbury (0.03000 GBP), Cable & Wireless (0.02500 GBP), Carnival Plc (0.40000 USD) DAX Siemens - The company said it wants to raise sales in its China unit by 25% per year for the next 3yrs. (RTRS) Daimler - Cerberus Capital Management may soon exercise an option to draw down a loan with Daimler AG for $1.5bln, after bond sales have failed. (FT) CAC Alcatel-Lucent - The company's market share for mobile networks decreased to 8.6% in Q3 down from 9.8% previously. (S&P)** Carrefour - The company has reportedly set up 2 units in India with a view to setting up wholesale and retail stores in the country. (RTRS) Societe Generale - The company has said it will increase its real estate investments in Japan five fold over the next 3yrs, to approx $1.5bln. (RTRS) Alstom - The company and Orascom have won a USD 1.98bln contract to build a combined-cycle power plant 250 miles west of Algiers. (S&P) EUROSTOXX Philips - The company is being investigated for a possible anticompetitive activities in Cathode-Ray Tubes, or CRT. (S&P) Ahold - The company posted Q3 net income of EUR 214mln vs Exp. EUR 169.7mln and said that it completed its 1 billion share buyback program. (RTRS)** SMI Novartis - The company withdraws its application to extend Zometa marketing. (S&P) Roche - The company has submitted its application to the FDA for Actemra used in the treatment of rheumatoid arthritis. (S&P) BROKER UPGRADES/DOWNGRADES HBOS - GOLDMAN SACHS REMOVES FROM CONVICTION BUY LIST LLOYDS - GOLDMAN SACHS ADDS TO CONVICTION SELL LIST CREDIT SUISSE - GOLDMAN SACHS CUTS TO SELL FROM NEUTRAL DEUTSCHE TELEKOM RAISED TO `EQUAL WEIGHT' WAS RATED `UNDERWEIGHT' AT LEHMAN BROTHERS THYSSEN KRUPP: SOCGEN UPGRADES TO HOLD FROM SELL UBS, RBS ADDED TO DRESDNER'S `UNATTRACTIVES' PORTFOLIO TELECOM ITALIA CUT TO `UNDERWEIGHT' AT LEHMAN BROTHERS The above commentary was provided by Real-time Analysis & News (R.A.N) Ltd (known to traders as âRansquawkâ) operates from 0630GMT until 2200GMT to incorporate full coverage of the US bond and equity futures markets. Currently R.A.N covers Bond, STIR and Index futures in the US, UK and Eurozone as well as NYMEX crude and Gold. Furthermore, R.A.N has a stand alone Forex service (Ransquawk FX) which covers all the major currency pairs. 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