New Zealand/Australia Morning Call-Global markets

-----------------------(07:10 / 1810
GMT)-----------------------
Stock Markets
S&P/ASX 200 5,572.10 -79.10 NZSX 50 3,582.72
+3.15
DJIA 12,266.39 -315.79 Nikkei 13,603.02
-322.49
NASDAQ 2,271.48 -60.09 FTSE 5,884.30
-81.40
S&P 500 1,330.63 -37.05 Hang Seng 24,591.69
-260.02
SPI 200 Fut 5,420.00 -144.00 CRB Index 412.69
-0.79
Bonds
AU 10 YR Bond 93.830 +0.070 US 10 YR Bond 3.519
+0.000
NZ 10 YR Bond 6.910 -0.090 US 30 YR Bond 4.410
+0.000
Currencies (Prev at 5pm AEST)
AUD US$ 0.9294 0.9455 NZD US$ 0.7977
+0.8146
EUR US$ 1.5173 1.5179 Yen US$ 103.76
+104.77
Commodities
Gold (Lon) 971.50 Silver (Lon) 19.620

Gold (NY) #N/A N/A Light Crude 101.79
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Overnight market action. An updated report will be sent after
the close of New York markets.

EQUITIES

NEW YORK - U.S. stocks tumbled on Friday as another round
of weak economic data added to U.S. recession fears and a
record loss at insurer AIG underscored worries about more
write-downs in the financial sector.

The major indexes fell more than 2 percent and ended the
month in the red for the fourth month in a row. It marks the
longest string of monthly losses for the Dow and S&P 500 since
2002.

Anxiety about the economy increased after a report said
business conditions in the Midwest were the weakest in more
than six years while a separate survey said U.S. consumer
sentiment was at its lowest since 1992.

The Dow Jones industrial average .DJI slid 315.79 points,
or 2.51 percent, to end at 12,266.39. The Standard & Poor's 500
Index .SPX fell 36.96 points, or 2.70 percent, to 1,330.72
while the Nasdaq Composite Index .IXIC closed down 60.09
points, or 2.58 percent, to end at 2,271.48.

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LONDON - Britain's top share index fell 1.4 percent in a
global sell-off on Friday, with banks leading the fall after
weak U.S. consumer sentiment data stoked concerns the United
States may be tipping into an economic recession.

The FTSE 100 .FTSE ended down 81.4 points at 5,884.3,
after losing 1.8 percent on Thursday. The UK benchmark index
has shed 0.1 percent in February and nearly 9 percent since the
start of the year on concerns over the U.S. economy.

Banks were the FTSE 100's top losers, swiping about 29
points off the index. Royal Bank of Scotland (RBS.L: Quote, Profile, Research) shed 4.2
percent, Barclays (BARC.L: Quote, Profile, Research) lost 4.7 percent and HSBC (HSBA.L: Quote, Profile, Research)
dropped 1.8 percent.

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TOKYO - Japan's Nikkei average fell 2.3 percent on Friday
to a one-week closing low, with Sony Corp (6758.T: Quote, Profile, Research) and other
exporters taking a beating on a clouded earnings outlook after
the dollar touched a three-year low against the yen.

Growing worries about the U.S. economy weighed on the
Japanese market after Federal Reserve Chairman Ben Bernanke
warned about the health of small U.S. banks, which hurt
financial shares such as Mizuho Financial Group (8411.T: Quote, Profile, Research).

The benchmark Nikkei average .N225 fell 322.49 points to
end at 13,603.02, the lowest close since Feb. 22. For the week
the Nikkei gained 0.8 percent, posting its second weekly rise
so far in 2008.

The broader TOPIX index slid 2.1 percent or 28.82
points to 1,324.28.

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FOREIGN EXCHANGE

NEW YORK - The dollar fell to record lows against the euro
and a basket of currencies for a fourth straight day on Friday
as yet another set of dour U.S. economic data left traders
betting on an aggressive Federal Reserve rate cut next month.

A sharp decline in global and U.S. stocks knocked the
dollar to an all-time low against the Swiss franc and pushed it
to a three-year trough against the Japanese yen. However,
short-covering into the weekend halted the dollar's slide
against the euro.

The euro set a record high of $1.5238, according to Reuters
data <EUR=>, before surrendering gains to trade down 0.3
percent at $1.5181.

The dollar index .DXY, which tracks the greenback's
performance against a basket of currencies, hit a lifetime low
of 73.560 before trimming losses to around 73.737, down 0.1
percent on the day. The index was poised for its biggest weekly
loss in more than two years of 2.4 percent.

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TREASURIES

NEW YORK - U.S. Treasury debt prices surged for a second
session on Friday, sending short-term yields to their lowest in
nearly four years after data pointed to recession and stocks
faced intense selling pressure.

The big market moves reflected heightened levels of fear in
financial markets amid a credit crisis that shows no sign of
abating.

As major stock indexes slid well over 2 percent, two-year
notes <US2YT=RR>jumped 10/32 for a yield of 1.65 percent, the
lowest since early 2004. That yield was down 38 basis points
this week alone.

Talk resurfaced that the Federal Reserve might have to opt
for another emergency rate cut to stem the bleeding.

All of this helped propel benchmark 10-year notes
<US10YT=RR> up 1-4/32, pushing its yield down to 3.53 percent
from 3.67 percent.

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COMMODITIES

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GOLD

NEW YORK - U.S. gold futures closed up on Friday, after a
third straight session of record highs driven by a weak dollar,
and traders bet a historic commodities rally could soon take
the precious metal over $1,000 an ounce.

Gold slated for delivery in April GCJ8 on the COMEX
division of the New York Mercantile Exchange ended up $7.50, or
0.8 percent, at $975 an ounce after soaring to $978.50 -- its
third record high since Wednesday.

At 4 p.m. EST, spot gold <XAU=> in New York was quoted at
$973.30/973.75, against Thursday's close of $968.90/969.70.
London bullion dealers fixed the spot price at $971.50.

COMEX's May silver SIK8 ended up 20.5 cents, or 1.04
percent, at $19.915 an ounce after surging to 28-year highs of
$20.055.

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BASE METALS

LONDON - Copper drifted lower on Friday as the market took
a breather after a rally and a rise in Shanghai stocks weighed
on prices, while nickel rose to its highest level in more than
three months.

But analysts said a weak dollar, strong Chinese imports,
and speculative money pouring into commodities underpinned
prices and copper could climb towards its all-time high of
$8,800 per tonne.

Copper for delivery in three months on the London Metal
Exchange MCU3 touched $8,530 per tonne before ending the day
at $8,445, compared to Thursday's close of $8,510.

In other base metals, supply constraints were supportive.

Nickel for three-months delivery MNI3 on the London Metal
Exchange hit $32,050 per tonne, its highest level since Nov. 15
and closed at $31,595, up $495 from Thursday's close.

Tin MSN3 was down from the record high of $18,900 per
tonne it recorded on Thursday, closing at $18,750 versus
$18,850 at the previous close.

Aluminium MAL3 shed $44 to close at $3,106, after
rallying to its highest since May 2006 on Thursday, while lead
MPB3 was untraded but quoted at $3,320/3,330 versus $3,400
and zinc MZN3 was at $2,740 versus $2,795.

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OIL

NEW YORK - U.S. crude oil futures ended lower on Friday
with traders reeling in some profits after prices rallied to a
record $103.05 as funds poured money into commodities to hedge
against inflation and a tumbling dollar.

On the New York Mercantile Exchange, April crude CLJ8
settled down 75 cents, or 0.73 percent, at $101.84 a barrel,
moving from $101.36 to the record $103.05.

In London, April Brent crude LCOJ8 settled at $100.10 a
barrel, down 80 cents or 0.80 percent, dealing from $99.66 to
$101.27, a record.

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