U.S. stocks fell sharply to a low of five and a half years

The Dow was down 427.47 points to 7997.28 points, or 5.07% U.S. stocks fell sharply Wednesday to five and a half low, the Dow fell 427.47 points to 7997.28 points, or 5.07 percent; S & P 500 index fell 52.54 points to 806.58 points, or 6.12 percent; Nasdaq fell 96.85 points to 1386.42 points, or 6.53%. U.S. rapid decline in inflation As the fuel prices have fallen substantially and the use of discount retailers sold the car and clothing in order to attract consumers, the United States in October than in Central CPI fell 1%, or higher than economists previously expected, but also from the 1947 compilation of the index since the beginning of The highest decrease; In addition, excluding food and energy prices, core CPI fell 0.1 percent accident, which is the index since 1982, declined for the first time. As the U.S. economy is experiencing over the past several decades the most serious recession, deflation risks have increased. Fed expected economic downturn may last 1 year U.S. Federal Open Market Committee Federal Reserve highest decision-making group by the end of October session of the meeting showed that policy-making officials are expected as the economy down the risk of extension of the U.S. economy may be shrinking period of up to 1 year. Director of the Federal Reserve and regional president of the Federal Reserve is widely expected in the second half of 2008 and 2009 in the first half of the U.S. economy will show a moderate decline, but agreed to a downward economic growth has increased the risk. CNOOC CEO Fu Chengyu: oil prices will drop to 40 U.S. dollars per barrel CNOOC chief executive Fu Chengyu, held in Barcelona in the global Chinese business conference that was held in Beijing recently a state-owned oil company Global Conference is expected that oil prices will drop to around 40 U.S. dollars a barrel. He pointed out that state-owned oil companies are expected oil prices will continue to fall, and plans to cancel the majority of investment projects, even if oil prices remain at current levels. The Hang Seng Index fell 100.09 points to 12815.80 points, or 0.78% Hong Kong stock market in early trading Wednesday dragged down by external trends in the doldrums, in the afternoon A shares rose driven by the expansion of stable recovery, but in the end Chonggao down. The Hang Seng Index fell 100.09 points to 12815.80 points, or 0.78 percent; state-owned Hang Seng Index fell 109.23 points to 6489.12 points, or 1.66 percent. Chinese-funded oil refinery stocks closed higher against the market trend Chinese-funded oil refinery stocks against the market trend higher, the fuel tax introduced in the near future could lead to information for investors in the Mainland of refined oil pricing mechanism is expected to reform, and rationalize the pricing mechanism for improving the performance of the two major oil companies is of great significance, Sinopec and China National Petroleum Were up 2.80 percent and 0.89 percent. Financial sub-index Hang Seng Index lost run Chinese-funded financial stocks for the second consecutive trading day, led the market, the China Construction Bank (601,939, it shares) as a result of U.S. pressure on the Bank to continue to sell down 3.35 percent, and five other Chinese banks fall 0.83 percent to 9.20 percent range. Three insurance companies, life and peace the country was down 0.40 percent and 0.69 percent, against the market trend Insurance up 2.09 percent. Hong Kong's banking market is stronger than the trend, HSBC rose 2.07 percent, Hang Seng Bank and Bank of East Asia also rose 1.39 percent and 0.69 percent.