Both Canadian and U.S. markets lost the majority of the New Years-to-now short gains yesterday before the trading day closed, after news of rising unemployment and falling oil prices.

Intel announced yesterday that Q4 revenue missed expectations significantly causing a stock price fall of over 6 per cent.

The BBC reports that car sales in the United Kingdom are at a 12-year low with just over 2 million sales in 2008. 20 per cent month-to-month losses in car sales were reported in December, with an overall year average of 12 per cent less than the previous.

Crude oil prices fell just under $6 USD yesterday, ending the consistent growth since New Years at $42.63 a barrel. Investors may be influenced by increased fighting in the Middle East, and the risk of expansion from the non-oil producing Hamas miltary group and Israel in to the oil rich countries.

The Japanese Nikkei reported losses of nearly 3 per cent as well, parallel to Dow Jones losses of 2.7 per cent and Toronto Stock Exchange losses of 3.7 per cent.

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