4:00PM New York, 10:00PM Frankfurt, 8:00AM Sydney

U.S. averages see-sawed in the session with a negative bias after Citigroup reported that it has ousted its chief executive and reported additional losses of between $8 billion and $11 billion in its sub-prime mortgage market exposure.

European markets fell after the weakness in the U.S. trading and weak banks across the region. UK led the region with a loss of 1.1% followed by 0.7% loss in Switzerland.

PetroChina surged to triple on its first day of listing in Shanghai after it offered 4 million shares at Rmb17.60, to cross the market capitalization of $1 trillion, nearly twice as large as that of Exxon Mobil.

Asian markets closed lower across the region led by a sharp decline of 5% in Hong Kong on the worries that capital flows from mainland China may be restricted and 4.5% in Pakistan after its dictator Musharraf broke and imposed emergency rule. U.S. offered a weak response as if it has resigned to the fact that dictator can act with no impunity. Markets in Singapore, Malaysia, India, and Thailand fell as well.

Global Markets Indexes

Dow Jones Industrial Average closed down 51.37 or 0.20% to a close of 13,543.64, S&P 500 edged lower 0.50% or 7.58 to 1,502.07, and Nasdaq Composite Index traded down 15.20 or 0.54% to a close of 2,795.18. In Toronto TSX Composite lost 94.92 or 0.66% to close at 14,268.96.

Of the 30 stocks in Dow Jones Industrial Average, 12 closed higher, 17 closed lower, and one were unchanged.

Citigroup led the decliners with a loss of 6.3% followed by losses in General Motors of 2.8%, in Home Depot of 2.2%, and in Alcoa of 2.0%. Procter & Gamble led the gainers with a rise of 1.8% followed by increases in AIG of 1.4%, in McDonalds of 1.03%, and in United Tech of 0.8%.

Of the stocks in S&P 500, 164 closed higher, 328 fell, and 8 were unchanged.

Twenty three stocks fell more than 3% and five stocks rose more than 3%.

IAC/InterActiveCorp led the gainers in the index with a rise of 7% followed by increases in Pinnacle West of 6.3%, Entergy West of 4.7%, and in MGIC of 3.3%. SanDisk led the decliners in the index with a sharp fall of 6.5%, followed by declines in CB Richard Ellis of 6.4%, Citigroup of 6.3%, and MBIA of 6.05%. Cardinal Health, Morgan Stanley, Nordstrom, OfficeMax, and Big Lots fell more than 5%.

In London FTSE 100 Index closed down 69.20 or 1.06% to 6,461.00, in Paris CAC 40 Index lost 35.80 or 0.63% to close at 5,684.62, and in Frankfurt DAX index lost 41.94 or 0.53% to close at 7,807.55. In Zurich trading SMI declined 62.64 or 0.71% to close at 8,707.75.

In Tokyo Nikkei 225 Index retreated 248.56 or 1.56% to close at 16,268.92, in Hong Kong Hang Seng index closed down 1,526.02 or 5.01% to 28,942.32, in Australia ASX 200 closed down 114.30 or 1.71% to close 6,582.30.

Sensex in India fell 385.45 1.93% to 19,590.78. In South Korea Kospi Index decreased 14.47 or 0.36% to close at 2,015.76 and Indonesia closed down 58.14 or 2.14% to 2,652.48. Philippines gained 15.84 or 0.42% to 3,774.81, Singapore dropped 45.14 or 1.21% to 3,670.18, and Malaysia decreased 12.75 or 0.91% to 1,384.73. Thailand fell 21.48 or 2.4% to 872.86.66.

In Latin Markets Chile led the decliners with a fall of 2.07% followed by decreases in Mexico of 1.98%, in Brazil and Peru of 1.7%, in Argentina of 1.66%, and in Venezuela of 1.1%.

Bond Yields declined on 10-year U.S. bonds to 4.32% and 30-year bonds fell to 4.62%.

Commodities, Metals, and Currencies

Crude oil fell $1.76 to close at $94.17 per barrel for a front month contract, up 44.0% for the year, natural gas decreased 44 cents to $7.98 per mBtu, and gasoline futures decreased 5.84 cents to close at 238.11 cents per gallon.

Gold edged higher $2.30 in New York trading to close at $810.80 per ounce, silver closed up 19 cents to $14.785 per ounce, and copper for front month delivery lost 2.30 cents to $330.20 per pound and in London trading closed down $70 to $7,442.00

Dollar edged higher against euro to $1.4469 and higher to 114.37 yen.