GLOBAL MARKETS

Stocks rose on Monday, rebounding from last week's heavy losses as investors hunted for bargains in financial services and other sectors.

World stocks hit 8-week lows while the yen raced to 18-month peaks versus the dollar on Monday as fears about credit-related losses at financial firms prompted investors to reduce bets on risky trades.

The yen rose to a 1-1/2-year high against the dollar on Monday, benefiting from a spike in volatility caused by nervousness about credit-related losses at U.S. banks.

S&P 500 and Dow industrials were little changed and the Nasdaq fell on Monday as investors looked for bargains in financial shares, while a big drop in oil prices weighed on major energy company shares.

The moves will keep the money and stock markets under pressure and possibly accelerate appreciation of the yuan.

Any new signs that the economy continues to decelerate could make it hard for stocks to regain their footing in the coming days after last week's bruising sell-off and a drop in consumer sentiment to a two-year low.

Asian stocks sank on Monday with Tokyo's Nikkei hitting its lowest level in about 15 months as investors dumped Japanese exporters on the back of a surge in the yen to an 18-month high versus the dollar.

Stocks fell for a third session on Friday after a disappointing outlook from Qualcomm Inc triggered more weakness in technology shares and helped send the Nasdaq down to its biggest weekly point loss since the September 11, 2001, attacks. The wireless technology developer late Thursday forecast 2008 earnings and revenue below analysts' expectations, a day after Cisco Systems Inc warned about demand from its customers in the banking sector.

Stocks fell on Friday, hit by a drop in technology shares, including Microsoft Corp, on concern about the profit outlook, while news of more credit losses dragged on financial services companies.

The dollar fell to 1-1/2 year lows versus the yen on Friday as fears of wider credit-related losses at U.S. financial institutions had investors dumping risky assets and anticipating more Federal Reserve rate cuts.

Japanese stocks ended at a nearly three-month closing low on Friday after a wave of late selling on a report that Mizuho Securities, the unlisted brokerage arm of Mizuho Financial Group, may post a subprime-related loss of over 100 billion yen and delay a merger.

Stocks fell for a second straight day on Thursday, led by declines in the Nasdaq after tech bellwether Cisco Systems Inc signaled the credit crisis was hurting demand from key customers, including banks. A late-day rebound in beaten-down financial stocks, however, pulled the indexes well off their worst levels of the day.

Technology stocks fell on Thursday as investors worried that the spillover from the credit crisis may be starting to hurt business spending.

S&P 500 and Dow stock futures rose on Thursday as shares of natural resources companies, including Alcoa Inc, gained after BHP Billiton disclosed it had made a bid for rival miner Rio Tinto.

World stocks hit a two-week low on Thursday while the dollar remained vulnerable near the previous day's record lows as Wall Street tumbled on a fresh series of negative news on the U.S. mortgage and financial industry.

The dollar teetered close to its all-time lows against the euro on Thursday as the market waited to see whether the European Central Bank would voice concern about the sharp rally in the single currency.

Misleading information which allegedly resulted from technical problems was published on Wednesday causing confusion in trading on the London Stock market.

HONG KONG, Nov 7 (Reuters) - Oil soared above $98 a barrel for the first time on Wednesday and gold rose to a 28-year high as investors sought shelter from the falling dollar, which plumbed all-time lows.

Stocks fell on Wednesday as fear of more credit market turmoil raised worry about prospects for the economy and profits. New York Attorney General Andrew Cuomo said his office was sending subpoenas to government-sponsored mortgage financiers Fannie Mae and Freddie Mac as part of a probe of the home loan industry.

The dollar dropped to record lows versus the euro on Wednesday after comments by a Chinese official stoked fears the central bank of the world's fourth largest economy would reduce its holdings of U.S. assets.

The dollar hit record lows versus the euro on Wednesday, knocking major stock markets as General Motors posted its biggest quarterly loss ever which rattled investors already concerned about the U.S. economy.

Crude oil for December delivery climbed to a record $98 a barrel in after hours trading Wednesday, adding to strong gains in the previous session that saw the energy contract into record territory Tuesday.

Nasdaq Stock Market Inc has agreed to buy the Philadelphia Stock Exchange, which operates the third-largest U.S. equity options market, for about $650 million, two people familiar with the matter said on Tuesday.

The dollar sank to record lows against the euro and a basket of major currencies on Tuesday as bleak warnings of more pain in the credit sphere reinforced views of a Federal Reserve rate cut in December.

Stocks rose on Tuesday as oil prices topped $97 a barrel and lifted shares of Exxon Mobil Corp and other energy producers, while optimism a day ahead of Cisco Systems Inc earnings drove another rally in technology shares. Investors hunted for bargains among beaten-down bank and financial services shares after the previous session's sell-off left the sector near two-year lows.

The dollar sank to record lows against the euro and a basket of currencies on Tuesday amid renewed credit concerns, while oil prices jumped to lifetime highs due to tight fuel stocks.

Stocks erased gains and were little changed on Tuesday as a brokerage's dour view on Microsoft Corp weighed on technology shares, while investors worried that record crude oil prices could squeeze consumers and corporations.

The economy might be edging toward a recession in the wake of mortgage-related credit woes plaguing the financial markets, bankers and analysts said on Monday.

U.S. stock index futures rose ahead of Wall Street's opening on Tuesday, with a speech by Federal Reserve Chairman Ben Bernanke likely to take centre stage as corporate and economic data diaries look thin.