Hello traders!

In the US tonight, the Dow Jones was down 92.75 points at 13,214.34, while the
S&P500 slipped 11.53 points to 1,469.52 and the Nasdaq Composite was off 29.33
points at 2,644.32.

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

G.

Morning all. Market reports:

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

The Bank of England Governor has issued an extremely unusual warning on world stock markets, indicating that shares may be heading for a major fall.
Markets poised for severe fall, says King

Equity markets are overpriced and the global economy is set to stall as a direct result of the liquidity crisis, HSBC warned yesterday as it revealed a further $1.4bn (670m) of sub-prime losses.
HSBC warns of more sub-prime misery

Barclays will seek today to calm widespread fears over its exposure to the sub-prime mortgage crisis by revealing for the first time the size of its writedowns and exposure to the global credit crunch. In an emergency statement, two weeks ahead of its scheduled end-of-year trading update, the bank is expected to reveal writedowns of billions of dollars that will be smaller than the most pessimistic speculation.
Barclays ready to allay fears by divulging size of its writedowns

Since the beginning of the year, RBS and Barclays have both lost roughly a third of their market value with the wildest gyrations coming in recent months. Few doubt that hedge funds are abusing the current uncertainty to manipulate the market. But, as ludicrous as the rumours may sound, there is substance to the fears. In the words of Citigroup analyst Simon Samuels, Barclays and RBS are dangerously "er-leveraged" with "capital deficits that range from 60pc to 80pc of market cap". Concerns about capital adequacy ratios , in particular at RBS, are grist to the rumour mill. High capital ratios are vital to confidence, providing the banks with a cushion when times get tough.
Why the rumours won't go away

Half the world's fund managers think corporate earnings will fall over the next year and most suspect that emerging markets are in a bubble, yet they are piling into risky equities for fear of missing out on a late-cycle rally.
Fund managers hold nerve despite fears

The head of Opec raised the stakes in the battle over high oil prices yesterday when he dismissed a call from the US energy secretary for the producers' group to pump more crude into the market.
Opec chief rejects US calls for more crude

NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

Good morning traders!

In Asia today, the Nikkei closed down 103.26 points at 15,396.3, while the
Hang Seng ended the morning down 137.48 points at 29,028.53.

Crude oil for December delivery rose as much as four cents at $94.13 a barrel from
its close at $94.09 on the New York Mercantile Exchange Wednesday.

Happy trading!

G.

OUTLOOK Reed Elsevier's bid plans to overshadow trading updateOUTLOOK Vedanta H1 EBITDA to rise as higher output outweighs rising costsOUTLOOK National Grid H1 pretax seen up on Keyspan buy, gas distribution salesOUTLOOK Experian H1 seen in line, focus on H2 outlook and credit crunch impactOUTLOOK SABMiller watched for comment on possible Scottish & Newcastle bidOUTLOOK Ladbrokes update to highlight progress since deregulation, smoking banTFN UK calendar and forecasts for todayAustralian shares close lower on profit-taking in banks, resources - UPDATETFN economic and business calendar

The Thursday Press Roundup London shares outlook - down as NY closes lower, M&A, earnings news focus

BROKERWATCH Antofagasta & Kazakhmys upgraded to 'neutral' from 'sell' at UBS*LADBROKES SAYS FOCUSED ON DEVELOPING NEW OPPORTUNITIES IN ITALY, SPAIN

BROKERWATCH Lonmin upgraded to 'buy' from 'hold' at CitigroupThomson Financial UK at a glance share guide

BROKERWATCH Rhodia starts 'outperform' in sector initiation at Credit Suisse

STOCKWATCH Barclays seen climbing in opening deals after reassuring update

BROKERWATCH Kingfisher upped to 'overweight' vs 'equal-weight' at Morgan Stanley

FTSE opens modestly higherUK smallcap opening - Minerva Resources lifted by positive update

STOCKWATCH German banks up as Barclays reports lower-than-expected writedowns

BROKERWATCH GlaxoSmithKline Avandia label revision 'far from worst case' - CitiUK smallcap opening - Spiritel advances on 1.25 mln stg Regent Inns contractLondon shares open higher - Barclays gains as says trading is ahead

STOCKWATCH Heineken lower as market worries about costs of upped bid on S&N

STOCKWATCH Barclays higher post trading update; Landsbanki reiterates 'hold'UK smallcap opening - Empyrean Energy higher on gas shows at Sugarloaf

UK smallcap opening - Earthport up on talk of stakebuilding by Dubai investor

UK smallcap opening - Clean Diesel up on swing to Q3 profits

STOCKWATCH SABMiller dips as investors focus on cautious outlook statement

STOCKWATCH British Land shares fall after results; KBC reiterates 'add'UK smallcap opening - Enova Systems slides as Q3 net losses widen

Metals - LME inventory data (Thursday)

Metals - Gold steady on dollar weakness but sentiment damp after sharp losses

STOCKWATCH Reed Elsevier ticks lower post in-line update; analysts uninspiredUK small caps open lower; Enova weighed down by increased Q3 losses

STOCKWATCH Bankinter up as bid speculation persists; ING rumour played downSTOCKWATCH Ladbrokes lower as poor UK retail overshadows high roller activity

STOCKWATCH Antofagasta higher on UBS upgrade, unaffected by Chile earthquake

STOCKWATCH Barclays shares up after trading update; broker reaction mixed UPDATEMetals - Copper eases on profit taking after gains; Chilean disruptions support

STOCKWATCH Carlsberg higher after raised bid for Scottish & Newcastle

STOCKWATCH Experian drops 12 pct after warning of H2 sales slowdownMetals - Gold steady but sentiment damp after recent sharp losses UPDATE

London shares - mid-morning features

Metals - Copper eases on profit taking after gains; Chile quake supports UPDATE

BROKERWATCH Smiths Group initiated 'buy' at Evolution Securities; target 1,200p

WALL STREET OUTLOOK Lower open seen on Applied Materials outlook, credit jitters

WALL STREET OUTLOOK Lower open seen on Applied Materials outlook, credit jitters

London shares - midday features

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

UK small caps lower at midday; Greatfleet at record low after warning of loss

Precious Metals Summary - London AM FixingsPrecious Metals Summary - London AM Fixings

STOCKWATCH Iberia resume trade sharply higher on news of Gala Capital-led bid

STOCKWATCH Antofagasta up on UBS upgrade, ops ok after Chile earthquake UPDATE

OUTLOOK Richemont seen posting strong H1 results, focus on profitability UPDATE

Metals - Gold falls below 800 usd after US data boosts dollar

FOCUS Suitors prepare ground for long-awaited Absolut auction process

FOCUS Suitors prepare ground for long-awaited Absolut auction process

London shares - midafternoon features

Metals - Copper falls on rising supply, weak demand; Chile quake damage unclear

Precious Metals Summary - London PM Fixings

FOCUS UK sports retailers look to Israel to help out England

End-of-day Market Roundup