Hello traders!

More of the same this week....?

I guess we'll see the vultures picking over the bones of Northern Rock and the
depressing housing market in the US will continue to weigh on companies like
Wolseley....

Take care out there.... Good hunting!

G.

Friday's market reports:

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

Leading City figures have warned the credit crunch, which last week prompted Britain's first bank-run for 140 years, could continue for another 18 months.

City stars warn of months of turmoil ahead

HSBC is to take a $945m (467.7m) hit as it closes its struggling US sub-prime mortgage arm in the wake of the continued troubles in the north American housing market.

HSBC hit by sub-prime crisis

Hedge funds reaped 1 billion in profits from Northern Rocks collapsing share price over the past seven months, according to one of Londons most prominent hedge fund managers. Philip Richards, co-founder of RAB Capital and the biggest shareholder in Northern Rock, launched a ferocious attack on some rival hedge funds for fomenting panic, and accused regulators of failing to properly regulate trading in Rock shares

Hedge funds make 1bn from Rock misery

A heady mix of a collapsing dollar, a British banking crisis, and widespread suspicion that central banks are slackening in the fight against inflation, all combined to propel gold above the $730 peak of May 2006.

Fears for global economy fuels propels gold price

Mark Kleinman talks to the influential investment strategist credited with being the first to predict the US sub-prime meltdown.

Chris Wood: the man who predicted the subprime crisis

Barclays is preparing to sell one of its sub-prime consumer loan businesses at a loss, in a further sign that banks are looking to escape exposure to credit risk.

Barclays risks loss in sale of sub-prime arm

Israeli commandos seized nuclear material of North Korean origin during a daring raid on a secret military site in Syria before Israel bombed it this month, according to informed sources in Washington and Jerusalem.

Israelis seized nuclear material in Syrian raid

THE United States Air Force has set up a highly confidential strategic planning group tasked with fighting the next war as tensions rise with Iran.

Secret US air force team to perfect plan for Iran strike

A looming crisis faces British business, with auditors reluctant to sign off year-end accounts. They fear that banks will call in loans and companies will struggle to arrange alternative financing in the credit crunch.

Top firms face audit time-bomb

Shares magazine, a title read by thousands of private investors in the stock market, has been put up for sale by its owners for up to 10m. As well as Shares, the group also owns financial information website MoneyAM, which is used by retail investors to check share prices and gather up-to-date information on financial market events.

Potential buyers include rival magazine publishers and venture capitalists. Online trading platforms may also be interested as they could use MoneyAM as a channel to generate new customers, said sources.

Investors' magazine, Shares, for sale with 10m tag

NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

Nikkei is closed today.

A new currency, the Ebu, on Monday enters the worlds foreign exchange zoo. The European Borrowing Unit offers no rate of interest but has been created by Barclays Capital to shield users from currency swings. The Ebu, based on a portfolio of 10 major currencies, is simply a basket of long and short currency positions against the euro, and is aimed principally at corporate and institutional borrowers who want an alternative to low-yielding currencies such as the yen and the Swiss franc.

Currency swings spawn the Ebu

HONG KONG (MarketWatch) -- Mining giant BHP Billiton is expected to announce that it has uncovered what is potentially the largest gold resources in the world at its Olympic Dam mine in South Australia, reported the Herald Sun newspaper Monday, without citing a source.

BHP Billiton strikes gold at Olympic Dam : report

OUTLOOK Wolseley FY pretax profit seen down on US woesThomson Financial Europe AM at a glance share guide: stocks rise; oil lowerTFN economic and business calendar to Friday Oct 5

Good morning traders!

In Asia today, the Hang Seng ended the morning up 563.41 points at 26,407.19.

Japan's markets are closed for a public holiday.

Happy trading!

G.

TFN UK calendar and forecasts for today

Thomson Financial UK at a glance share guide - weekend

The Monday Press Roundup

London shares outlook - little changed, hopes of Northern Rock bidder fade

BROKERWATCH Marks & Spencer reiterated 'buy' at Deutsche Bank, tgt 815 penceThomson Financial UK at a glance share guide

BROKERWATCH Tesco upped to 'buy' vs 'hold' at Citigroup, target 500 pence vs 450BROKERWATCH Prudential target price upped to 1,060p vs 1,016 at Lehman Brothers

Australian shares close at record high led by BHP Billiton,. Rio Tinto

BROKERWATCH Man Group resumed as 'overweight' at Lehman, cuts target to 620p

BROKERWATCH Smiths Group initiated 'outperform' at Credit Suisse, target 1,160pUK smallcap opening - Gas Turbine moves up as H1 losses narrow

BROKERWATCH Wolseley recommendation under review at Landsbanki post FY results

STOCKWATCH Ladbrokes lower as SocGen downgrades to 'sell' from 'hold'

Australian shares close at record high led by BHP Billiton, Rio Tinto - UPDATE

UK smallcap opening - KleenAir Systems advances on orders increase

UK smallcap opening - Anglo Asian Mining ticks up on credit facility agreement

BROKERWATCH Barclays cut to 'underperform' vs 'peer perform' by Bear StearnsUK smallcap opening - Matra Petroleum up on Russian field acquisition hopes

London shares open lower; Northern Rock slides as bid hopes fade, miners supportUK smallcap opening - Networkers rises on solid H1 numbers

STOCKWATCH Smiths Group higher as Exane raises to 'outperform' on break-up hopesUK smallcap opening - Adventis up on 57 pct interim profits surge

BROKERWATCH Dee Valley initiated as 'buy' by Landsbanki; target price 1,263pUK smallcap opening - Chloride boosted by upbeat update

UK smallcap opening - Erinaceous off as talks with lenders confirmed

Metals - Gold rises as dollar plumbs fresh depths vs euro

STOCKWATCH Wolseley falls post FY results with cautious prospects statement

Metals - LME inventory data (Monday)

UK small caps open higher with Anglo Asian up on credit facility agreement

STOCKWATCH Northern Rock up on bid rumour; JP Morgan reiterates 'underweight'

Metals - Gold rises as dollar plumbs fresh depths vs euro UPDATEMetals - Copper climbs above 8,000 usd on weak dollar, supply tightness

Metals - Copper climbs above 8,000 usd on weak dollar, supply tightness UPDATE

STOCKWATCH Wm Morrison up as JP Morgan repeats 'overweight', cuts tgt to 330p

London shares - mid-morning features

WALL STREET OUTLOOK Higher open seen in light day for data; GM in focus

US futures advance

OUTLOOK Smiths Group FY profits to edge up amid company turmoilUK small caps stay higher at midday; Anglo Asian remains top on credit agreement

Midday Market Roundup

London shares - midday features

Precious Metals Summary - London AM Fixings

OUTLOOK Kesa Electricals H1 pretax profit seen lower

FOCUS Italy's Esselunga may find foreign buyer, launch IPO; valuations queried

Metals - Gold continues higher midafternoon as dollar flounders

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FOCUS Cervarix approval highlights the ethics and potential of vaccinesSTOCKWATCH DaimlerChrylser up on rumours that Quandt family may buy 3 pct stake

FOCUS Cervarix approval highlights the ethics and potential of vaccinesLondon shares - midafternoon features

Precious Metals Summary - London PM Fixings

TFN economic and business calendar to Monday Oct 8

End-of-day Market Roundup