Hello traders!

In the US tonight, the Dow ended 51.7 points lower, at 13,543.4. The S&P 500 lost
7.48 points to finish at 1,502.17, while the Nasdaq Composite fell 15.20 points to
settle at 2,795.18.

See you in the morning with the latest.......

G.

Morning all. Market reports:

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

A new phase in the credit crunch, one of $1 trillion losses seems to be dawning. The crisis at Citigroup and renewed doubts about some of the worlds leading banks disquieted stock markets on both sides of the Atlantic yesterday, with the fractious mood set to continue.

Markets fear banks have $1 trillion in toxic debt

The peak pain for America's sub-prime debtors will hit next spring as interest rates jerk upwards with venomous effect on all those "teaser" loans taken out at the height of the property bubble in 2005 and 2006. A cascade of defaults will inevitably follow through next summer and beyond, hobbling any recovery in the global credit markets for months to come.

Plunging markets fear a meltdown

The prospect of a credit card crunch in the UK has increased, experts have warned, after lenders tightened their criteria and hiked their fees for cash withdrawals.

UK credit card crunch looms, experts warn

Cuts in US interest rates have helped revive the global leveraged finance market, claims the world's largest ratings agency. Standard & Poor's said there are signs that the market which came to an abrupt halt in June as the fall-out of the sub-prime mortgage sector ended major takeover deals has begun to recover.

S&P sees signs of recovery in liquidity

NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

Good Morning traders!

In Tokyo this morning , the Nikkei rose 0.3% to 16,311.03, while the Hang Seng
ended the morning session 1.3% higher at 29,312.99.

Crude oil for December delivery rose as much as 69 cents to $94.67 a barrel, after
falling $1.95 to $93.98 a barrel on the New York Mercantile Exchange Monday.

Happy trading!

G.

OUTLOOK InterContinental Hotels investors weigh cost of two dollar poundOUTLOOK Marks & Spencer H1 underlying pretax profit seen up 9 pctOUTLOOK US subprime fallout in focus at Yell Group's H1OUTLOOK Swiss Re Q3 seen strong from absence of large damage claimsOUTLOOK Bayer Q3 opg seen rising 6 pct on higher drug, pesticides revenueTFN economic and business calendar UPDATETFN economic and business calendarThomson Financial Europe AM at a glance share guide: Stocks mixed

TFN UK calendar and forecasts for today

London shares outlook - firmer; Dow closes down but off lows; earnings in focus

*INTERCONTINENTAL HOTELS SAYS OUTLOOK REMAINS POSITIVE

BROKERWATCH Total upped to 'outperform', Shell cut to 'neutral' at Credit Suisse

BROKERWATCH Serco upped to 'buy' vs 'hold' at Citigroup; target upped to 525p

BROKERWATCH Sainsbury upgraded to 'neutral' at JP Morgan, cut to 'sell' at SGThe Tuesday Press Roundup

Thomson Financial UK at a glance share guide

STOCKWATCH Bayer up slightly pre-bourse as Q3 numbers a nudge above expectations

BROKERWATCH Invesco upped to 'overweight' vs 'equal-weight' by Morgan StanleySTOCKWATCH Swiss Re seen higher, on solid Q3, M&A uncertainty to cap gains

BROKERWATCH Pernod Ricard outperforms spirits sector, says Lehman Bros

BROKERWATCH UK housebuilder price targets, profit forecasts cut at Credit Suisse

BROKERWATCH Pearson seen as opening higher after it agrees Les Echos sale y'dayUK smallcap opening - Cryo-Save marked up on AIM debut

STOCKWATCH MOL's Cameroon acquisition seen neutral for shares

STOCKWATCH Bayer slightly higher as Q3 numbers a nudge above expectations UPDATESTOCKWATCH MOL tracks market as Cameroon acquisition seen neutral - UPDATE

UK smallcap opening - Eruma firms on successful security blinds testsUK smallcap opening - Matra Petroleum higher on Russia oil find

STOCKWATCH Swiss Re surges as market welcomes forecast beating Q3 resultsLondon shares open firmerLondon shares open firmer; Dow closes off lows, miners and earnings give lift

BROKERWATCH Tate & Lyle downgraded to 'neutral' from 'buy' at Merrill Lynch

UK smallcap opening - Global Marine up on increased Emer bid

STOCKWATCH SMG down sharply on rights issueTokyo shares close slightly lower on credit market worries - UPDATE

STOCKWATCH Old Mutual up; target 200p from 190 at Deutsche Bank; keeps 'buy'

UK smallcap opening - Leadcom Integrated dips on lower nine-month profits

Metals - Gold hits highest price since 1980; mkt stress spurs safe haven buyingMetals - LME inventory data (Tuesday)

STOCKWATCH Yell top faller post results; Panmure 'hold', Goldman 'neutral'UK small caps open higher, with Matra Petroleum higher on Russia oil find

Metals - Copper up on bargain hunting after recent lows; weak dollar supports

STOCKWATCH Marks & Spencer edges higher as H1 profit tops hopes

STOCKWATCH AB Foods lower on warning of negative impact from EU sugar reforms

STOCKWATCH Liberty International falls on mixed Q3; Merrill Lynch 'neutral'

Metals - Gold hits peak price since 1980; mkt woes spur safe haven buying UPDATE

STOCKWATCH Bayer lower on profit-taking after Q3 resultsLondon shares - mid-morning featuresMetals - Copper up on bargain hunting; weak dollar supports UPDATE

Metals - Gold hits fresh peak around 820 usd as oil prices surge

STOCKWATCH AB Foods down on warning of negative hit from EU sugar reforms UPDATE

Metals - Gold hits fresh peak around 820 usd as oil prices surge UPDATEWALL STREET OUTLOOK Modest opening gains seen, but credit fears persist

Thomson Financial News at a glance - Today's UK, European broker recommendations

STOCKWATCH Intercontinental Hotels down post Q3; tgt cut to 1,320p at Evolution

Precious Metals Summary - London AM Fixings

STOCKWATCH Tesco dips on Dresdner Kleinwort downgrade to 'hold' from 'add'STOCKWATCH Sainsbury higher; Dresdner Kleinwort upgrades to 'hold' vs 'reduce'BROKERWATCH Barclays upped to 'hold' from 'reduce' at Dresdner KleinwortMetals - Copper up on weak dollar, Peru strike supports; tin at new high

OUTLOOK Umeco H1 profits seen up 8 pct on strong aerospace sector

OUTLOOK Virgin Media customer exodus set to slow in Q3

London shares - midafternoon features

OUTLOOK Man Group H1 profit seen up 15 pct

Metals - Gold hits highest level in almost three decades on inflation jitters

Precious Metals Summary - London PM Fixings

TFN economic and business calendar to Tuesday Nov 20