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Opening Bell: 10.23.08

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Futures fall as recession fears weigh (Reuters)
There's no end in sight to the bottom of this week's selloff -- but this morning there is perhaps the beginning of one. S&P futures are down 7.7 points, Dow Jones futures lower by 35 points, and Nasdaq futures are off around 12 points or so. Those numbers are much lower than in futures trading in recent days, but that's no indication of how bad things can get once the opening bell chimes.
Seoul, Hong Kong extend retreat; Tokyo cuts losses (Marketwatch)
Another spike in the yen and gloomy economic data in Japan overnight brought about a slump in Asian share prices. The Nikkei fell 2.5%, while the Hang Seng dropped 3.6%, to its lowest close since May; South Korea's Kospi ended 7.5% lower, with trading halted at one point in the day.
Foreclosure Filings Rose 71% in Third Quarter as Prices Fell (Bloomberg)
The title of this piece says it all, really: 765,558 homes either foreclosed, or were auctioned off in the last quarter. As with data from yesterday: no doubt about it, deeply recessionary. In addition, lots of people predicting a rise in foreclosures throughout the rest of the year.
OPEC Faces Worsening Oil Price Drop as Growth Slips (Bloomberg)
Bloomberg is reporting that OPEC's rumored 1 million barrel a day cut in production tomorrow at Vienna's meeting will fail to stem a freefall in oil prices ... right on the money: love it or hate it, oil is headed for $45 a barrel, where prices were the last time equities were at this level. The two will move in lockstep: just because the marginal cost of extraction has risen due to drilling in ever colder/more cumbersome climates, doensn't mean everyone will pay that price.

Sweden Cuts Key Rate by Half a Point, Hints at Further Easing (WSJ)
Swedish interest rates are now at 3.75% after another surprise rate cut overnight. Sweden, some will remember, is home to a number of big-ish hedge funds such as Latitude, which lost big time only three years ago, essentially because they said they were long/short funds, when instead they were global macro funds.

Credit Suisse makes $1.1 billion loss in 3Q (AP)

Revenue is also down by half from the same period last year, to around $2.66 billion. The statistics make for interesting reading: for instance, the bank saw $14.1 billion of withdrawals from its asset management division, but a $12.4 billion increase in its private banking business in the same period.
Even With the Selloff, Market Still Seeks Bottom (
This is a fair selloff-in-review piece, with CNBC concluding that for all the amateur-hour bottom-spotting, a market base probably won't materialize until sometime early next year. Which is pretty much the same message I'm hearing from people on Wall Street every day. In Asia, everyone seems even more gloomy than over here even.