Global Interest rate cutting

Asian Banks cut Interest Rates as well (Dec 5 2008)
After the European Banks cutting interest rates, some Asian Banks followed suit. The New Zealand's central bank cut the official interest rate by a record 1.5 percentage points to 5.0 per cent.
The European Central Bank cut its key interest rate by 0.75 percentage points to 2.50 per cent as ECB head Jean-Claude Trichet warned that the eurozone economy could contract by as much as a full1.0 percent next year.
The Scandinavian Central Banks slashed their rates as well, while the Bank of England (BoE) slashed its key rate by a full pertcentage point to 2%, reminding on WWII levels, and the severity of the recession.

Global nervousness all around with the news of the severity of the recession sinking in.
The stock Markets in Asia were up. (05.00 CET). Oil is plummeting.
European Markets expected to open lower. Oil companies losing value.
U.S. Futures flat, economic data (jobs report, unemployment) will be released today. (06.15 CET, Amsterdam)