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Hickey and Walters (Bespoke) submit: What's Happening:

As expected, Bank of England raises rates to 5.5%.

People's Bank of China says liquidity remains excessive.

Goldman sees correction in Chinese stock market, says valuations have outpaced fundamentals.

S&P 500 ETF (SPY) trading down $0.36 on mostly weaker than expected retail same store sales data.

RSH downgraded from Outperform to Neutral at Credit Suisse.

LM downgraded from Outperform to Market Perform at Wachovia.

MA upgraded from Sell to Hold at Stifel Nicolaus.

HAR downgraded from Outperform to Peer Perform at Bear Stearns.

NVT upgraded from Neutral to Buy at Banc of America.

ANF, ANN, ARO, DDS, GPS, JCP and WMT report weaker than expected same store sales.

PEIX reported earnings of 5 cents per share versus estimates of 2 cents.

KNOT reported earnings of 5 cents per share versus estimates of 9 cents along with weaker than expected sales.

WFMI reported earnings of 32 cents per share versus estimates of 36 cents along with weaker than expected sales; guided inline.

The Wall Street Journal reports that US regulators are looking into possible after hours oil price manipulation.

Economic Indicators:

Trade Balance lower than expected (-$63.9 bil vs estimates of -$60 bil).

Import Price Index higher than expected (1.3% vs estimates of 1%).

Initial Jobless Claims lower than expected (297k vs estimates of 315k).

Continuing Claims higher than expected (2555k vs estimates of 2513k).

Pre-Market Movers:

Most Up ($): SPAR (2.68), JOSB (2.24), PEIX (2.17), PDX (1.65), CBI (1.55), HAYN (1.50)

Most Down ($): RTP (-15.60), WNG (-6.35), WFMI (-5.41), KNOT (-3.23), CRYP (-2.71)

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world market performance

Source: Bespoke's Morning Update: Downward Global Equity Trend Intact