Nov. 7 (Bloomberg) -- U.S. stocks slid, sending the market to its biggest two-day slump since 1987, after jobless claims jumped and the shrinking economy crushed earnings at companies from Blackstone Group Inc. to News Corp. The Bank of England unexpectedly cut the benchmark interest rate by 1.5 percentage points to the lowest since 1955 as U.K. policy makers tried to limit damage caused by the worst banking crisis in almost a century.

TOP STORIES/MOST READ ON BLOOMBERG

Bank of England Reduces Key Rate to Lowest Since 1955

The Bank of England unexpectedly cut the benchmark interest rate by 1.5 percentage points to the lowest since 1955 as U.K. policy makers tried to limit damage caused by the worst banking crisis in almost a century.

Las Vegas Sands Plunges on Default, Bankruptcy Risk

Las Vegas Sands Corp., billionaire Sheldon Adelson's casino company, fell the most in New York trading since went public after saying it may default on debt and face bankruptcy.

Blackstone Has Quarterly Loss on Asset Writedowns

Blackstone Group LP, the world's largest private-equity firm, posted the biggest quarterly loss in 18 months as a public company as the financial crisis eroded the value of the businesses and real estate it has acquired.

Emanuel Accepts Obama's Chief of Staff Position

Representative Rahm Emanuel, an Illinois Democrat and former Clinton administration official, has accepted President- elect Barack Obama's offer to become White House chief of staff, a Democratic aide and a congressional colleague said.

MAIN ECONOMIC RELEASES TODAY Bank of Korea May Cut Interest Rate By Quarter-Point to 4% Taiwan's Exports Seen Declining 4.2% in October Vs Year Ago Australian Construction Industry Index for October Is Released

MAIN ANALYST UPGRADES/DOWNGRADES *STANDARD CHARTERED CUT TO `UNDERWEIGHT' AT MORGAN STANLEY *ARCELORMITTAL RAISED TO `STRONG BUY' VS `BUY' AT BHF-BANK *TOYOTA MOTOR CORP. CUT TO `REDUCE' AT MIZUHO SECURITIES *ASAHI GLASS CO. CUT TO `NEUTRAL' AT DAIWA INSTITUTE *SHOWA DENKO KK CUT TO `SELL' AT GOLDMAN SACHS

ASIAN MARKETS

The Nikkei 225 futures contract due in December fell 170 points to 8,700. The Hang Seng November contract slumped 1,043 to 13,730. The S&P/ASX 200 Index futures due in December dropped 180 to 4,035 at 7:59 a.m. in Sydney.

U.S. Stocks Tumble in Market's Worst Two-Day Slump Since 1987

U.S. stocks slid, sending the market to its biggest two-day slump since 1987, after jobless claims jumped and the shrinking economy crushed earnings at companies from Blackstone Group Inc. to News Corp.

U.S. 2-Year Notes Gain as Stocks Plunge, Payrolls Report Looms

Treasury two-year notes rose for the fourth day as stocks plunged before a government report forecast to show payrolls shrank by 200,000 jobs in October, the biggest drop in five years.

Euro Falls Against Dollar, Yen; Trichet Says Economy Weakening

The euro fell against the dollar, yen and pound after European Central Bank President Jean-Claude Trichet said the economy ``weakened significantly'' and the International Monetary Fund cut growth forecasts for the region.

European Stocks Drop on Economy, Profit Concerns; Adidas Falls

European stocks dropped for a second day as European Central Bank President Jean-Claude Trichet said the financial crisis may lead to a protracted economic slump, deepening concern the slowdown will stifle profit growth.

European Bonds Advance as ECB Lowers Benchmark Interest Rate

European government bonds rose after policy makers lowered the benchmark interest rate by a half-percentage point and the International Monetary Fund cut growth forecasts for the region.

Oil Falls to 19-Month Low on Concern Slump Is Hurting Demand

Crude oil fell to a 19-month low on signs that fuel demand will contract as the global economy slows.

Gold Declines as Dollar Gains on European Interest-Rate Cuts

Gold fell as lower borrowing costs in Europe and the U.K. boosted the dollar, eroding the appeal of the metal as an alternative investment. Silver also declined.

HIGHLIGHTS FROM NEWSPAPERS

National Party Holds Lead Over Labour in New Zealand Polls

New Zealand's main opposition National Party holds the lead over the governing Labour Party a day before the general election, according to polls published in two newspapers.

Last Updated: November 6, 2008 16:19 EST