They are hoping to finally nail down negotiations that have been going on since 1995. The head of the World Trade Organisation says there's too much at stake to fail this time. 

 

“Nothing that is on the table today is too technical and nothing requires governments to do anything that is unmanagable.”

 

“I think we all must understand,ah...as chair, ah....we are hoping for the best of outcomes,ah...but also we are fully cognisant of the risks that... in the event that we come out of Bali without a positive outcome. Ah... I think it will be a tragydy.. ah.. to the institution..ah.. and, I think, to many economies around the world.”

 

Let's go the markets now.

 

And the US markets are all trading lower with the Dow losing 90 points. In London overnight, the FTSE lost around one percent in value.

 

To commodity markets.

 

West Texas Crude is trading at 96 U.S.dollars a barrel. Tapis is at 119 U.S. dollars a barrel. And gold this morning is at 1222 U.S. dollars an ounce.

 

The Australian dollar is buying 91 US cents, 67 Euro cents and 56 pence sterling.