75percentage points in cuts since October

Louis serves the Eighth Federal Reserve District, which includesall of Arkansas, eastern Missouri, southern Indiana, southern Illinois,western Kentucky, western Tennessee and northern Mississippi.The St. LouisFed is one of 12 regional Reserve Banks that, along with the Board ofGovernors in Washington, D.C., comprise the Federal Reserve System.As thenation's central bank, the Federal Reserve System formulates U.S. monetarypolicy, regulates state-chartered member banks and bank holding companies,provides payment services to financial institutions and the U.S. government,and promotes community development and financial education.SOURCEFederal Reserve Bank of St LouisCharles B. Henderson, Office, 1-314-444-8311, Mobile, 1-314-609-5972,, or Adriene L. Dempsey, Office,1-314-444-7471, Cell, 1-314-852-5968, , bothof Federal Reserve Bank of St Louis. FTSEurofirst 300 index ends down 1.3 pct Stocks European Markets Russia Commods lower as crude, metal prices retreat U.S.

ADP Employment weighs on sentiment By Joanne Frearson LONDON, Jan 7 (Reuters) - European shares snapped a six-daywinning streak on Wednesday, hit by weak U.S. The pan-European FTSEurofirst 300 .FTEU3 index of topEuropean shares closed 1.3 percent down at 877.85 points afterfalling as low as 871.92. ID:nL7200802 "The economy continues to deteriorate at a rapid rate andthere is no end in sight. We don't see any bottom with any ofthe indicators," said Robert MacIntosh, chief economist at EatonVance Corp The U.S. Mortgage Bankers Association said its seasonallyadjusted index of mortgage application activity fell to itslowest reading since December 2000.

Oil major BP (BP.L) lost 5.55 percent, doggedby rumours it had told analysts earning would be lower thanexpected BP denied the rumours. ID:nL7373850 BG Group (BG.L), Royal Dutch Shell (RDSb.L) and Total(TOTF.PA) were down between 3.7-4.7 percent Miners retreated along with metal prices Copper MCU3LXlost 3.2 percent and U.S. gold futures GCG9 dropped over 3percent as news of a worsening global job market hurt bullion'sappeal as a hedge against inflation. Anglo American (AAL.L), BHP Billiton (BLT.L), EurasianNatural Resources (ENRC.L) and Rio Tinto (RIO.L) were down 4.4-6percent. ID:nL7311508 Germany's largest utility E.ON (EONGn.DE) and its peer RWE(RWEG.DE) fell back 3.4 percent and 2.1 percent respectively onconcerns lower oil prices will hit the companies' profits. Traders said stocks have also been pressured by news thatRussian gas flows to Europe through Ukraine have been shut downcompletely, reducing power to industries and homes in south-eastEurope and disrupting supplies to major economies.ID:nL6169908 Among financials, Royal Bank of Scotland (RBS.L) and UBS(UBSN.VX) were down 3.9 percent and 1.5 percent respectively.The groups confirmed they had some exposure to chemicals companyLyondellBasell ACCEIN.UL, whose U.S unit filed forbankruptcy.

ID:nL7385613 Commerzbank (CBKG.DE) lost 4.8 percent as JP Morgan resumedcoverage on the group with an "underweight" rating and UBS cutits price target to 7 euros from 9.5 euros Automobiles and defensives bucked the trend. BMW (BMWG.DE), Peugeot (PEUP.PA) and Renault (RENA.PA) wereup 1.2-3.7 percent while food and drug retailers also gained. Tesco (TSCO.L) and Delhaize Group (DELB.BR) were 1.4 percent and1.7 percent higher, respectively. Across Europe, the FTSE 100 .FTSE index was down 2.8percent, Germany's DAX .GDAXI was 1.8 percent lower andFrance's CAC 40 .FCHI shed 1.5 percent. (Editing by David Cowell) (; 44 207 542 2773,Reuters Messaging:) Stocks European Markets Russia. By Krista Hughes Stocks Bonds FRANKFURT, Jan 7 (Reuters) - If the European Central Bankwas really hoping to start the new year with hard evidence thatrecord interest rate cuts are helping the economy, it must befeeling disappointed. ECB President Jean-Claude Trichet ID:nLU207563 has battedback questions about the chances of another move this month bysaying the bank was focussed on the impact of its 1.75percentage points in cuts since October.