The market is down 37 points with Tabcorp and Tattersalls accounting for 13 points off the ASX 200 after the loss of their Victorian monopolies yesterday. BHP also dragging the ASX200 down 9 points in a reversal of the China stake take hopes after a 6% rise this week.

The Dow was up 55. Up 122 at its best and 30 down at its worst. The semiconductor sector (up 1.6%) was upgraded by Bank of America. Wal-Mart upped earnings guidance - retailers up 1.8% as a result. Financials down 0.4% with more negative comments from Treasury secretary Paulson saying the "economy had turned sharply" and acknowledged that the US is probably in a recession.

The investment bank results season is next week and the uncertainty of results and writedowns and rhetoric is enough to keep people on the sidelines. Citigroup on the 19th-the stock is down 55% in the last year. Initial jobless claims fell 53k to 357k, or 1.3% more than expectations (good for economy) but the four week average remains the highest since 2005. Trade Deficit up 5.7% to $63.2bn (bad for the US$). March same store sales down 0.5% - less than expected 1% but the biggest drop since 1995.

Both BHP and RIO slightly down in ADR form overnight, 0.43% and 1.06% respectively. BHP down 50c to 4150c. RIO also down 126c to 13648c.

Metals all down – Copper, Nickel and Zinc down 1.2% and Aluminium down 0.6%. Zinifex down 12c to 968c.

Oil price took a breather after closing in record territory yesterday – down 82c to $110.07 - OAO Lukoil, Russia's second-largest oil producer, announced a 27% increase in profit on the back of record oil prices and an increase in refinery output. Woodside down 79c to 5576c. Gold down $5.70 to $931.80. Newcrest down 1c to 3350c. Bonds down with the 10 year yield up 3.53% from 3.48%.