Back in business (02-01-2008)

Wall Street left 2007 with a sharp loss, as investors were worried about the outlook in 2008 and there is no way to say for sure how long the problems in housing and the credit market will be hounding the economy for.

 In Asia, where Japan and New Zealand remain closed today also, indices were mixed with some trading in negative territory, with the Hong Kong, South Korea and Pakistan trading considerably lower, while Australia, mainland China and India bucked the trend to close higher.

 Meanwhile European markets inched up after opening in negative territory, as investors were eyeing the anticipated jobs data, due at 15:00 GMT to find any indication of the largest economy’s health.

 Banks were faring better pulled up by renewed hope of an agreement being reached regarding the Allied & Leicester / Santander merger, as reported by the Financial Times.

On the other side of the Atlantic, investors are awaiting various reports starting with the minutes from the Federal Reserve's Dec. 11 meeting, which are due at 7 p.m. GMT. Reports on November construction spending and a nationwide survey of manufacturing activity also are due after the market open.