Market Report

After Greece,the attention is now focused on Italy.It was high drama yesterday in the European Markets.During market hours there were rumors that Italian PM would step down and the FTSE MIB which was down by 2% rallied to 3% within no time.And the PM did not step down and the Italian parliament today votes on a 2010 budget account.The interesting fact is that on October 12th the Government lost the parliamentary vote on the same.To pass the bill 316 votes are needed in its favor.It is going to be very difficult with the PM losing his popularity and some MPs are revolting against him.If the PM loses the vote he has to call in for a confidence vote.If he does not get enough support and lose the confidence vote he has to meet the President to dissolve the Parliament and form a new Government,It is going to be Italy, this week.Wear your seat belts.

Kindly look at the Euro Zone's debt in 2011.

It is estimated that Italy's external debt is 2.6 Trillion dollars while that of Greece is 500 Billion Dollars.(1000 Billion is a Trillion and 1 Billion is 100 crores.1 Dollar is 49.19 Rupees as per yesterday's data).

Eurozone retail sales fall 0.7% MoM in September.The expectation was 0.1% MoM.German Industrial Production for the month of September falls 2.7% VS estimated drop of 0.9%.Greece is set to announce its new PM at the cabinet meeting today.

After a roller-coaster ride US markets ended positive.Dow Jones was up by 0.7% and NASDAQ was up by 0.34%.

China's October CPI which is set to be released tomorrow is expected to fall to 5.5%. The downward trend in inflation is expected to continue since the CPI reached 3 year highs in July.

SGX Nifty is trading at 5317 at 7 AM.Expect a flat opening in our Markets and Our markets may show huge volatility in the second half of the trading session.Italy's vote is a key trigger.


FTSE fut is up by 36 points at 7 AM
Dow Fut is down by 26 points at 7 AM.