U.S Market Update

- A big disappointment in the June Empire Manufacturing index spooked investors before the open this morning, as the survey of manufacturing conditions in the North East indicated much steeper declines than expected instead of another sign of moderation. Major US indices opened slightly to the downside and have headed steadily downwards in mid morning trading. With things looking shaky, mid-morning comments from Fed Governor Evans that there is a risk US unemployment could get close to 10%