Yesterday Dow Jones staged a rebound after UBS puts a more corrective figure of total cummulated subprime losses to around 270 Billion U.S.Dollars. This has soothed the nerves of stock market players to some extent and U.S. stocks recovered the over 275 points after opening lower sharply. Well can this be the turning point in current scenario for global financial markets, only time will tell as markets can't trust blindly any single institutions especailly when that particular corporation itself has written off huge losses in subprime mess. This piece of news, however, for the time being, has enabled investors to breathe after seeing huge selloffs continously for the past 3 months. On commodities front, crude oil retreated back after touching all time high of U.S.$111 per barrel mark. Gold too has hit an all time high of U.S.$1000 per ounce. Markets now are expecting a further 75 basis point rate cut this time around from U.S. Federal reserve and he will oblige to market forces. Markets seem to have discounted this rate cut event into current stock prices and any dissapointment on this front may send markets into more bad sentiment. U.S. dollar is currently trading below 100 mark against the japanese yen and inviting fresh unwinding of yen carry trade. At this moment Dow Jones is trading lower after Bear Stearns anounces emergency funding from JP Morgan and U.S. Fed. Asian equities too ended the day with lackluster trade followed by European indices. Markets on monday will take cue from closing of Dow Jones and that will deceide the action for rest of the week, markets will be learning to live each day as it comes due to huge uncertainity and nervousness hovering around.