Market Outlook - 26th - 30th September

Market Outlook
- WALL STREET:
US indices fell sharply last week, as global markets were concerned about the debt crisis in Europe. On the economic front, the US Commerce Department said housing starts dropped 5% to a 571,000 annual rate (590K expected) in August. Looking at companies, Moody's downgraded long-term senior debt grades at Bank of America and Wells Fargo, and also cut Citigroup's short-term credit rating. Also, Hewlett-Packard announced the replacement of President & CEO Leo Apotheker by Meg Whitman. All sectors retreated last week, with materials, diversified financials and energy losing over 11%. From a technical view, the S&P500 index has just broken down its "bearish flag" pattern, which should open the downside way to 1100, and even to 1040 as possible.

- EUROPE:
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