Stock indices closed lower due to drop of Greek stock index. The Greek ASE Index fell 13% as the Greek government announced today that it would hold presidential elections on Dec. 17. Analysts had not expected this decision. That was the biggest drop since 1987.

Germany's trade surplus climbed to €20.6 billion in October from €18.6 billion in September, exceeding expectations for a decline to €18.1 billion. September's figure was revised up from a surplus of €18.5 billion.

France's trade deficit narrowed to €4.6 billion in October from €4.7 billion in September, missing expectations for a decline to a deficit of €4.5 billion.

Manufacturing production in the U.K. fell 0.7% in October, missing expectations for a 0.2% rise, after a 0.6% gain in September. September's figure was revised up from a 0.4% increase.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,529.47 -142.68 -2.14%

DAX 9,793.71 -221.28 -2.21%

CAC 40 4,263.94 -111.54 -2.55%

U.S. stock-index futures dropped amid concern that Federal Reserve officials may shift their stance on interest rates when they meet next week.

Global markets:

Nikkei 17,813.38 -122.26 -0.68%

Hang Seng 23,485.83 -561.84 -2.34%

Shanghai Composite 2,859.92 -160.34 -5.31%

FTSE 6,566.39 -105.76 -1.59%

CAC 4,302.22 -73.26 -1.67%

DAX 9,865.73 -149.26 -1.49%

Crude oil $63.59 (+0.86%)

Gold $1219.70 (+2.03%)

(company / ticker / price / change, % / volume)

Upgrades:

Downgrades:

Verizon (VZ) downgraded to Neutral from Outperform at Robert W. Baird, target lowered to $50 from $54

Other:

Travelers (TRW) initiated with a Neutral at JP Morgan, target $100

European indices continue to fall as energy stocks weigh on the indices as oil prices declined to five-year lows yesterday. The FTSE 100 index lost -1% quoted at 6,605.25 points after Manufacturing production in the U.K. fell to -0.7% in October. Industrial output also declined to -0.1%. France's CAC 40 declined -1.08% trading at 4,328.04 and Germany's DAX 30 declined -0.76% amid disappointing industrial production data published Monday trading at 9,938.47 points, after seeing new record highs on Friday. Germany's Trade Balance improved reading 20.6 beating forecasts of 18.1. Mario Draghi's remarks continue to weigh on European stocks. At last week's ECB meeting he said that the bank will not start quantitative easing right away.

European indices are modestly rebounding after yesterday's losses fuelled by political turmoil in Greece and Chinese government decision to set new restrictions on collateral for short-term loans. Markets are worried about political uncertainty in Greece as it could cause the ECB to postpone further stimulus measures. The FTSE 100 index added +0.13% quoted at 6,537.81 points. France's CAC 40 gained +0.37% trading at 4,279.66 and Germany's DAX 30 rose +0.64 trading at 9,856.14 points.

Press Review: U.S. shale output still surges, to add 103,000 bpd by Jan-EIA

REUTERS

U.S. shale output still surges, to add 103,000 bpd by Jan-EIA

(Reuters) - Oil production from the United States' biggest shale plays is poised to keep expanding at the same breakneck pace into early next year, according to new U.S. projections released on Monday that highlighted a slow response to tumbling prices.

Oil production from the three main plays - the Bakken, Eagle Ford and Permian Basin - is set to rise by some 103,000 barrels per day (bpd) in January from December, the U.S. Energy Information Administration said.

That's just a hair below December's 105,000 bpd rise, and a faster rate than most months this year.

Source: http://www.reuters.com/article/2014/12/09/us-oil-shale-predictions-idUSKBN0JN02L20141209

BLOOMBERG

Tesla Tumbles as Gas Price Slide Spurs Demand Concerns

Tesla Motors Inc. (TSLA)'s shares have dropped 14 percent in seven trading days on growing concern that the cheapest gasoline in more than four years will damp consumer enthusiasm for the company's luxury electric cars.

A disappointing forecast of Tesla's November U.S. sales by the industry website InsideEVs.com fed the decline yesterday.

Consumers paying less at the pump may have diminished the need for vehicles that run on an electric charge and can cost as much as $100,000. Gasoline prices in the U.S. have fallen for 68 days to an average of $2.67 per gallon, according to the motoring club AAA.

Source: http://www.bloomberg.com/news/2014-12-08/tesla-shares-decline-after-report-that-november-sales-stalled.html

BLOOMBERG

Bullion Board Seen by Council as Way to Manage India Gold Demand

India, the world's largest gold consumer after China, should start a bullion board to regulate trade and a spot exchange to offer uniform prices across the country, the World Gold Council said.

The board should manage imports, encourage exports and boost infrastructure for the industry, while the spot bourse would create a national pricing structure derived from the London fixing, the council said today in a joint report with the Federation of Indian Chambers of Commerce and Industry, an industry group.

India's bullion imports surged this financial year as tax increases and a rule linking shipments to re-exports failed to curb demand among jewelry buyers and investors. The solution to meeting Indians' enduring appetite for the precious metal lies in making better use of the gold already in the country and not restricting shipments, according to P.R. Somasundaram, managing director for the council in India.

Source: http://www.bloomberg.com/news/2014-12-09/bullion-board-seen-by-council-as-way-to-manage-india-gold-demand.html

European indices dropped in early trading. Weak German data from yesterday and falling oil prices weigh on the markets - energy stocks are under pressure. Data showed yesterday that German industrial production rose only 0.2% in October, while September's figure was revised down to 1.1% from 1.4% previously. Mario Draghi's remarks further weighed on European stocks. At last week's ECB meeting he said that the bank will not start quantitative easing right away. The FTSE 100 index is currently trading -1.06% lower quoted at 6,601.14 points, Germany's DAX 30 lost -0.87% at 9,928.14 and France's CAC 40 dropped -1.18%, currently trading at 4,323.95 points. France's trade balance improved in October to -4.6 from -4.7. Analyst's expected the balance to improve to -4.5. Markets await U.K's Industrial- and Manufacturing production and later in the session Eurozone's ECOFIN meetings.

U.S. markets closed significantly lower. The DOW JONES lost -0.59% closing at 17,852.48 points and the S&P 500 declined -0.73%, its biggest loss since October with a final quote of 2,060.31 points. The slump in oil prices weighed on the energy sector. Markets see profit taking after the recent rally as we are approaching the end of the year.

Hong Kong's Hang Seng is trading -2.45% at 23,458.39. China's Shanghai Composite closed at 2,859.92 points, a loss of -5.31%. After a very volatile trading session with very high volumes the index saw its biggest decline since 2009. After the recent rally and questions raising about its sustainability the markets see a lot of profit taking.

Japan's Nikkei lost -0.68% closing at 17,813.38, as the yen recouped losses and traded around USD120 after Friday's new lows as exporters declined and energy shares lost due to a five-year low in oil-prices.