Today's Key News for the Market

Please visit our front page to see the current news for the market.

Good day. U.S. equities are relatively unchanged after an unsettled start to the day. Trading in New Century Financial was halted before it could open this morning, as the company presented a liquidity situation that puts its solvency into serious doubt. Its peers are also trading lower today as a result, and the market is anxiously awaiting reports from Goldman Sachs, Lehman Brothers and Bear Stearns later this week. For your in-depth market-moving event planner, we suggest you read "The Greek's Week Ahead."

Asia:

Hang Seng Index +1.61%; Shanghai/Shenzhen 300 +0.18%; NIKKEI 225 +0.75%; Taiwan TAIEX +0.81%; BSE SENSEX 30 +0.14%; KRX 100 +1.5%; Ho Chi Minh +1.3%

U.K., Europe & Middle East:

DJ STOXX 50 Index -0.65%; FTSE 100 -0.2%; CAC 40 -0.52%; DAX +0.11%; Russian RTS Index +0.18%; Tel Aviv 25 +0.35%; Tadawul All Share -1.99%; DFM General -1.93%

Americas:

Dow Jones Composite +0.14%; S&P 500 -0.01%; NASDAQ +0.25%; Mexico Bolsa +0.09%; Brazil Bovespa -0.10%; Venezuela Stock Market Exchange -1.08%

Key Headline News:

• As we suggested Friday and again last night in the "The Greek's Week Ahead," concerns surrounding the subprime lending space are weighing on equities today. New Century Financial was halted in NYSE trading this morning after painting a troubling picture about its ability to remain solvent.
• Merger Monday provided a slew of new deals, including Ford's divestiture of Aston Martin to a U.K. led group; UnitedHealth Group's offer to acquire Sierra Health Services; and KKR's acquisition of Dollar General.
• With the health of the U.S. economy in doubt, crude oil is weakening today. Much of the media is attributing the weakness to seasonal weather patterns and OPEC, but we attribute the weakness largely to economic concerns. We anticipate this weakness could extend longer than a day, and possibly drive oil prices toward $55. Iran is seeking to address the United Nations, and the Security Council is stuck in the mud of diplomacy, so movement on the Iranian issue seems stalled. Also, Russia has perhaps developed an effective strategy, by publicly stating it would cease aiding Iran's nuclear plant work due to lack of payment. This seems like a clear smoke screen to ease U.N. pressure from Iran.

(disclosure)