Archived IMT (2008.10.07)

Stocks drop to their lows of the day as Fed Chairman Bernanke's speech shows no hint of a rate cut. Dow -224 pts to 9,727, S&P500 -27 pts tp 1,030. JPY rises across the board while USD strengthens on renewed risk aversion. USDJPY drops from 102 to 101.60s, Cable drops from $1.7540 to $1.7450, eyeing $1.7410. Thus, we may see stocks revisiting yesterday's 5-year lows. The 2pm EST release of the FOMC minutes is unexpected to garney much interest especially as Bernanke is present today speaking about the latest events. UK's NIESR GDP estimate andOct Nationwide consumer confidence index both due at 7 pm EST.