Hong Kong stocks dropped -5.01 pct and Shanghai stocks lost -2.48 pct after comments from Chinese Premier Wen Jiabao that suggested that Beijing will delay further the start of direct share purchases in HK by mainland individuals.

The headlines from China make news because they can be linked to direct selling by traders. The bigger issue today, however, is the rapidly expanding fears of a global credit market melt-down following the abrupt termination of the Chairs/CEO’s of Citigroup and Merrill Lynch.

In Asia-Pacific markets this morning, the Nikkei Dow of Japan dropped -1.50 pct, the Aussie All Ordinairies Index fell -1.58 pct, the Singapore Straits Times index slid -1.21 pct and the BSE 30 Sensex Index of India dropped -1.93 pct. In Europe, the FTSE 100 of the UK market is presently down over -1.4 pct and weakness prevails throughout the region.

Precious metals and Oil prices are down a bit, with the spot price of gold, which had been trading at 808 on Friday and Sunday is down to 802 at 6:40am ET (1140 GMT) this morning.

All eyes will be on the Fed and the $USD today as traders anxiously await the outcome of internal investigations by major financial institutions of the widespread failures of the credit swap instruments they hold.

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International Economics Review

There is plenty of economics data being reported this week, including decisions by three major central banks as to interest rates. But the news traders want to hear is just how bad are the credit market-related write-downs going to be within HB&B.

US Economic Calendar.

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International Equity Markets Review

Europe

Here is the latest session data for the bourses of Europe.

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Here is the latest session data for the London stock exchange FTSE.

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Here is the latest session data for the German DAX.

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Here is the latest session data for the French CAC 40.

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Here is the latest session data for the Milan Italy stock exchange MIBTEL.

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Here is the latest session data for the Swiss market index.

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Asia-Pacific

Here is the latest session data for the Asia-Pacific stock exchanges.

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Here is the latest chart for the Japanese Nikkei 225 index.

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Here is the latest chart for the Singapore index .

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Here is the latest chart for the Shanghai Composite index .

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Here is the latest chart for the Hong Kong Hang Seng index .

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Here is the latest chart for the India BSE 30 index .

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Here is the latest chart for the Australian All Ordinaries index .

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US and the Americas

Here is the latest session data for the exchanges of the Americas.

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Here is the latest chart for the Brazilian Bovespa stock exchange in Sao Paulo.

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Here is the latest session data for the Toronto Stock Exchange composite index.

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US Equity Markets Review

DJIA (interactive) chart

NASDAQ Composite (interactive) chart

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Oil Review

At 6:08am ET December Crude Oil (e-MiNY) futures are 94.375/bbl and falling.

Here is the e-miNY Dec-07 Crude Oil chart.

Interactive Chart of Daily Crude Oil:

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Gold & Precious Metals Review

Spot gold chart for the week

Spot Gold this morning is presently (6:39am ET) at 802.55, down from the 808 on Friday and Sunday.

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Spot silver chart for the week

Spot silver is 14.46 at 6:40am ET today, down from Friday and Sunday.

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Forex Review

Here is the chart of the week’s trading in the $USD.

The $USD index is stronger this morning, trading at 76.472, up somewhat from Friday’s mid-day low of about 76.25.

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Wrap up:

You know it’s a bad day for Citigroup and Merrill Lynch when their Boards are scrambling to replace the leaders they pushed overboard as scapegoats for a mushrooming credit market fiasco.

Yes, it’s bad, but the question is how bad will it get.

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