Morning all. Market reports:

Telegraph
The Times
The Times (Need to know)
FT
The Guardian
The Independent
This is Money

Relations between the Bank of England and the banking industry have become strained, with top City financiers rounding on the central bank after money-market lending rates hit an eight-and-a-half-year high.

Financiers hit out at 'Victorian' Bank

The cost to banks of borrowing money over a three-month period hit a near-ten-year high yesterday as Britains biggest financial institutions searched for medium-term funding to help them to ride out the turbulence in the credit markets.

The London interbank offered rate (Libor) for three-month sterling reached 6.74 per cent, beating last Fridays record. It is the highest since the Long Term Capital Management hedge fund crash sent shivers through markets in December 1998.

Market turbulence sends up borrowing rates for banks

The Bank for International Settlements (BIS) tried to soothe market nerves yesterday, saying the effects of the sub-prime credit crunch are less severe than in the 1998 financial crisis.

BIS tries to calm market over toxic debt as IKB warns of losses near $1bn

The chairman of the investment manager Hargreaves Lansdown has urged individual stock market investors to hold your nerve in the face of weeks of volatile trading.

He pointed to high-yield stocks such as banks and other financial institutions as possible bargains: There may be great chances out there, the question is whether they will be even better in the future.

Dont panic over share turmoil, Lansdown tells investors

Three potential bidders are circling the ailing Landesbank WestLB amid continuing anxiety in the German banking sector sparked by the sub-prime mortgage crisis in the United States.

WestLB predators gather as German fears grow

Japan's economy has slowed sharply over the summer and may now be on the brink of recession, dampening hopes that Asia will buttress world growth as America battles the sub-prime housing crisis. In the latest grim data, Tokyo said wages had fallen for the past eight months in a row. The cumulative fall over the past year to July has been 1.9pc, evidence of how intractable deflation can become once lodged in an economy. Business investment fell 4.9pc, with the pace of decline gathering speed in recent months.

The seemingly endless string of weak data from Japan comes amid mounting concern in Washington that the US economy is starting to buckle, and possibly tipping into a severe slump. Marty Feldstein, Harvard professor and former chair of White House Council of Economic Advisers, has called for an immediate 1pc cut in the federal funds rate to 4.25pc, advising the Federal Reserve to ignore lingering inflation as the "lesser of evils" and tackle the near paralysis of the credit markets before it is too late. "The economy could suffer a very serious downturn. A sharp reduction in the interest rate, in addition to a vigorous lender-of-last-resort policy, would attenuate that very bad outcome,'' he said at the Jackson Hole, Wyoming, conclave of central bankers at the weekend.

According to Bloomberg reports, the mood at the gathering turned ever blacker as speaker after speaker warned that the economy may be on the cusp of a sudden downward dive.

Will Japan be next to feel the fallout of the US crisis?

NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

OUTLOOK Standard Life H1 profit seen up 59 pctOUTLOOK Kazakhmys H1 profit seen increasing on higher copper pricesOUTLOOK Premier Foods' H1 earnings increase, overshadowed by Hovis concerns

Thomson Financial Europe AM at a glance share guide: Stocks, oil mixedTFN economic and business calendar

LAND downgraded to neutral from buy - Citigroup
LLOY downgraded to neutral from buy - Merrill Lynch

TFN UK calendar and forecasts for today

BROKERWATCH Lloyds TSB cut to 'neutral' vs 'buy' by Merrill Lynch

London shares outlook - lower, NY closed, Kazakhmys results, miners spotlight

RDSA upgraded to buy from neutral - UBS

Thomson Financial UK at a glance share guide

Tokyo shares close lower ahead of US data

BROKERWATCH Royal Dutch Shell upped to 'buy' from 'neutral' by UBSAustralian shares close higher on better-than-expected Q2 GDP data

UK smallcap opening - Kefi Minerals ahead on encouraging drilling resultsUK smallcap opening - Media Square slides on FY profits warning

BROKERWATCH European oil sector reviewed at ING; ups Statoil and Norsk Hydro

Morning all.

UK smallcap opening - Conival up again on speculative interestAustralian shares close higher on better-than-expected GDP data - UPDATE

UK smallcap opening - Charlemagne Capital up on confident H1 statement

STOCKWATCH Kazakhmys rises after results; UBS reiterates 'buy', ups estimatesUK smallcap opening - Toledo Mining advances on BHP ore supply dealTokyo shares close lower ahead of US data - UPDATE

London shares open lowerLondon shares open lower awaiting NY open; Kazakhmys, Standard Life gainers

STOCKWATCH Hammerson lower after fall in H1 profit; Citigroup repeats 'hold'

UK smallcap opening - ServicePower firms on largest software deal to date

UK smallcap opening - Styles & Wood up on better-than-expected interimsUK smallcap opening - Advanced Medical rises on maiden H1 profits

STOCKWATCH Standard Life firmer post 'strong' H1 profits; SIPPs boost earnings

UK smallcap opening - Pure Wafer off on Q1 results warning

London shares open lower awaiting NY to open; Kazakhmys major gainer UPDATE

UK small caps open easier with Media Square hit by a FY profits warning

Metals - Copper leads all metals lower amid weak equity mkts, eyes on US dataMetals - LME inventory data (Tuesday)

Metals - Gold inches up ahead of US data after positive session in Asia

STOCKWATCH Styles & Wood sharply higher after H1 results; Altium 'hold'

Metals - Gold inches up ahead of US data after positive session in Asia UPDATE

Metals - All metals lower amid weak equity mkts, eyes on US data UPDATE

London shares - mid-morning features

STOCKWATCH Land Securities lower after Citigroup downgrades to 'hold' from 'buy'

STOCKWATCH Antofagasta down amid concerns of possible earthquake damage in Chile

WALL STREET OUTLOOK Flat to lower as investors look to data for direction

London shares - midday features

STOCKWATCH Drax Group up ahead of results; Citigroup upps to 'hold'UK small caps higher at midday; Cozart brightens on bid prospects

Precious Metals Summary - London AM Fixings

FOCUS Analysts see Carlsberg/Scottish & Newcastle merger making sense now

STOCKWATCH Shire falls after ADHD patch withdrawl

Metals - LME inventory data (Tuesday)

Metals - Signs of lower demand hammers nickel, risk aversion returns

STOCKWATCH Hungary's MOL pares losses on Sinopec news, analysts sceptical

London shares - midafternoon features

Precious Metals Summary - London PM Fixings

TFN economic and business calendar to Tuesday September 18

Metals - Gold hits fresh 6-wk intraday high on positive demand data

OUTLOOK Drax to announce H1 dividend, 22 pct rise in underlying earnings