Hello traders!

In the US tonight, the Dow Jones Industrial Average closed down 34.9 points at
12,466.2, while the S&P 500 declined 7.75 points to close at 1,373.2 and the
technology-heavy Nasdaq Composite dropped 23 points to 2,394.59.

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

Fund managers across the world have turned "super-bearish" over the last month, abandoning hope that Europe and Asia can escape contagion from the US housing crisis.
Fears of major recession escalate

As investors mull over the recent tumble in equity prices, Merrill Lynch strategists in London on Wednesday had further bad news to deliver. n recent weeks, the US bank has polled some of the largest global asset managers in the world, who control some $700bn of assets. The responses show that expectations of a global recession are rising and the outlook for company profits is worsening as the credit crunch appears to be entering a new phase.
World equities heading for bear territory

Japan's prime minister Yasuo Fukuda has pledged to intervene if necessary to prevent a disorderly plunge of the Tokyo bourse amid fears that the country may be sliding back into recession.
Japanese stock market plunge rattles Fukuda

The midcap FTSE 250 index - which is widely seen as a barometer for the British economy - has slumped into bear market territory, after falling more than 21pc from the 12-month peak it reached in May last year.
Bears prowling the FTSE 250 as it drops 21pc since May

Britain's economic woes have been lightened with news that, far from worsening in the wake of the credit crunch, unemployment has fallen to a 32-year low.
UK Jobs figures best ever but fall-off predicted

The European commission has mounted dawn raids on pharmaceutical companies across Europe as part of an investigation into possible anti-competitive behaviour that could be preventing new drugs and cheaper generic alternatives from entering the market.
EC stages dawn raids on Europe's pharmaceutical companies

A new scandal is brewing in the personal finance industry that could dwarf the revolt against overdraft charges which has tarnished the reputation of the banks and won customer refunds of 1bn. As the Office of Fair Trading begins a court case against those bank charges, thousands of customers are seeking, and winning, refunds of premiums for payment protection insurance (PPI).
The banks' 4bn protection racket

Ambac, America's second-biggest bond insurer, issued a profit warning yesterday as it reduced the value of the securities it guarantees, ousted its chief executive, cut its dividend by two thirds and announced plans to raise $1billion (510million).
Ambac shares slide as chief is ousted and dividend payout slashed

NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

Good morning traders!

In Asia today, the Nikkei ended up 278.94 points at 13,783.45, while the Hang
Seng reached the midpoint down 91.95 points at 24,358.90.

New York's main oil futures contract, light sweet crude for delivery in February,
gained 9 cents to $90.93 per barrel.

Happy trading!

G.

OUTLOOK AB Foods to reassure trading meeting market expectationsOUTLOOK Home Retail Group seen reporting respectable Q3TFN UK calendar and forecasts for todayTokyo shares close higher as yen weakens ahead of Bernanke's speechAustralian shares close lower ahead of Bernanke's speech - UPDATEAustralian shares close lower ahead of Bernanke's speech, Merrill Lynch resultsTFN economic and business calendar

London shares outlook - set for bounce, Home Retail in focus

The Thursday Press Roundup

Thomson Financial UK at a glance share guide

BROKERWATCH Genmab upped to 'overweight' by Lehman; price target up to 380 dkr

Tokyo shares close higher as yen weakens ahead of Bernanke's speech - UPDATE

BROKERWATCH British Land, Brixton, Segro upped to 'overweight' at Morgan Stanley

The UK's most shorted stock, (HMV) report like-for-like up 9.4%, UK life-for-like up 14.1%, and margins were higher. FY pretax will be at the upper end of expectations. Evolution have upgraded to buy from add this morning, so stop adding and start buying. Euroclear say 35.5% of the stock is out on loan. Kesa Electricals (KESA) say they have had revenue growth but UK conditions are particularly difficult and they are being hit by high energy costs. Home Retail Group (HOME) say they are trading in line and they expect their FY results to be at the upper end, but forward sales growth will be harder. Analysts are saying they are below expectations.

Baratt Developments (BDEV) say they are trading satisfactorily, market fundamentals remain strong, but their forward order book is slightly lower at 1.26bln. Sibir Energy (SBE) has announced a new production record. Smiths News (NWS) is trading in line. Enterprise Inns say they balance sheet and cash flows remain healthy. Associated British Foods (ABF) say trading was ahead but EU sugar reform will hit FY profits - probably bad news for (TATE) then. Hikma Pharmaceuticals (HIK) say there are no changes to their expectations since their last update, they are sales were up 1.2%.

Metals trader Wogen (WGN) have trebled their pre-tax profit and increased gross margin. EarthPort (EPO) are claiming a 173% revenue increase (unaudited) and they are satisfied they will reach profitability and some unspecified point although the priority for the second half is winning orders.

Experian (EXPN) have been downgraded to neutral from buy with a 411 target from 510 by Goldman Sachs. Hammerson (HMSO) has been downgraded to equal-weight by Morgan Stanley. British Land (BLND) has been upgraded to overweight by Morgan Stanley. Enterprise Inns (ETI) have been downgraded to sell from reduce by Evolution, so stop reducing and start selling. Lehman Brothers have slashed estimates for Bradford & Bingley (BB.).

The FTSE is currently being called up 47 at 5,989 by CMC. Dow futures are currently being called up 77 at 12,543. The Hang Seng has had a 1,300 turnaround today from 500 points down to 800 up.

BROKERWATCH Experian cut to 'neutral' at Goldman Sachs, target reduced to 411p

UK smallcap opening - Newport Networks up on contract hopes

STOCKWATCH HMV firmer post full year statement; broker reaction mixed

BROKERWATCH Euro retail sector cut to 'neutral' vs 'attractive' at Goldman SachsLondon shares open higher, Home Retail surges after upbeat statement

UK smallcap opening - Tribal Group higher on upbeat update

UK smallcap opening - Egdon debuts following Portland Gas demerger

STOCKWATCH Rexam higher; upped to 'buy' vs 'neutral' at UBS; target 510p vs 540

STOCKWATCH SABMiller lower as Q3 misses forecasts; confirms slowdown - broker

STOCKWATCH Enterprise Inns firmer after update; Deutsche Bank reiterate 'buy'UK smallcap opening -ValiRx up on positive studies

STOCKWATCH AB Foods higher as Primark's strong Xmas overshadows sugar warningUK smallcap opening - IBS OPENSystems off on FY profits warning

STOCKWATCH Home Retail higher post FY update; 'buy' at Merrill Lynch; tgt 355p

London shares open higher, Home Retail surges after upbeat statement UPDATEUK small caps open higher, with Newport Networks strong on contract hopesMetals - Gold steady after losing 3 pct yesterday; Fed speech in focus

STOCKWATCH Kesa Electricals up on sales boost; Merrill Lynch 'buy', cuts ests

STOCKWATCH Vertice 360 soars on Avanzit takeover rumours; Avanzit halted

STOCKWATCH Drax, International Power, Centrica fall on windfall tax fearsMetals - Copper recovers from two days of falls amid US rate cut hopes

Metals - Gold steady after losing 3 pct yesterday; Fed speech in focus UPDATE

Metals - Copper recovers from two days of falls amid US rate cut hopes UPDATE

London shares - mid-morning features

BROKERWATCH Experian downgraded to 'neutral' from 'buy' at UBS, cuts tgt to 380pBROKERWATCH Enterprise Inns cut to 'sell' vs 'reduce' by Evolution after update

BROKERWATCH HMV Group upped to 'add' from 'hold' by Dresdner Kleinwort; tgt 120p

STOCKWATCH Kesa Electrical up on sales boost; Dresdner Kleinwort to 'add' UPDATE

FOCUS Fund managers learn to be selective as traditional defensives pressured

WALL STREET OUTLOOK Rebound seen ahead of Bernanke testimony, Merrill earnings

STOCKWATCH Avanzit soars as M&A rumours persist despite Lazard denialUK small caps stay higher at midday; Lennox Holdings top as Sehgal ups stake

London shares - midday features

OUTLOOK Morrison the 'winner' in Christmas battle of UK food retailers

Midday Market Roundup

Precious Metals Summary - London AM Fixings

STOCKWATCH Prudential falls; dealers dismiss warning talk as 'ridiculous'

Metals - Gold up as dollar's rise stalls; Fed speech in shot

STOCKWATCH Scottish & Newcastle up; begins talks with Carlsberg and Heineken

London shares - midafternoon features

STOCKWATCH S&N up; begins talks with Carlsberg and Heineken UPDATE

STOCKWATCH Carlsberg lower on potential 800 p/share bid for S&N with Heineken

STOCKWATCH Heineken higher; investors welcome Carlsberg funding higher S&N bid

Precious Metals Summary - London PM Fixings

TFN economic and business calendar to Thursday Jan 31

STOCKWATCH Rentokil higher amid speculation of MBO at 140 pence per shareMetals - Copper holds onto gains as Fed chairman Bernanke begins testimony

End-of-day Market Roundup

UK small caps close higher; Egdon Resources shines on AIM debut after demerger

Precious Metals Summary - London Close