Morning all. Friday's market reports:

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

Saturday

Sources said that counterparties may have spotted SocGen's actions, potentially giving them inside knowledge, and taken short positions as a result, further exacerbating market falls.
FSA trawls Exchange in SociGale probe

There is worse to come for the world economy, Gordon Brown warned today. He also said banks had been guilty of underpricing risk and doing too much off-balance sheet activity.
Worse to come for economy, warns Brown

Top bankers gathered in the Swiss Alps are at last convinced that the credit crisis will soon subside, insisting that dramatic action by the US authorities over recent days will be enough to restore confidence and head off a serious downturn.
Bernanke calms fears of a credit bloodbath

Japan is in advanced discussions to create its first sovereign wealth fund in a move aimed at mobilising one of the worlds biggest pools of foreign exchange reserves.
Japan to create 25bn sovereign fund as fears mount on global sub-prime loss

Rolling power cuts across South Africa are putting the lights out on the country's economy with gold and platinum mines suspending production.
Energy crisis closes South African mines

HM Revenue & Customs has dramatically escalated attempts to compel banks to release the names of thousands of customers with offshore accounts as part of its fight against tax evasion despite fears that it may be overstepping its legal powers.
Banks alarmed by Revenue's strategy for offshore assault

Sunday

As the trading books were being squared off for the day at SociGale's Paris headquarters 10 days ago, a sharp-eyed compliance officer spotted something awry. Somehow or other, one of the bank's clients had gone over its trading limit - by billions and bilions of euros. Or so it seemed.
Je Kerviel: SociGale's 5bn fraudian slip

THE Financial Services Authority (FSA) is to crack down on equity derivatives trading in the wake of the rogue trader scandal that has rocked the French bank SociGale.
FSA scrambles to close rogue trader loopholes

THE former Federal Reserve chairman Alan Greenspan believes there is little hard evidence of an American recession, but a better than even chance of a severe downturn.
Former Fed chief says no slump yet

A RAFT of European hedge funds have been forced to introduce emergency measures to protect their businesses from collapsing in the wake of the turmoil in financial markets. Up to 10 European hedge funds have suspended redemptions after investors clamoured for their cash when the managers made severe losses.
Crisis grips European hedge funds

Looking out of their windows across London's grey skyline, investment bankers are now wondering where their next deal will come from. With both debt and equity markets in chaos, the start of 2008 is a far cry from the heady days of early 2007, when top financiers were cooking up bids for some of Britain's largest companies and confident management teams and private equity dealmakers were all too eager to press the red button.
Does the crunch mean M&A is dead and buried?

Latest figures for high-street spending over Christmas and New Year will reveal the extent of the slowdown on Britain's high streets, putting pressure on the authorities to cut interest rates.
'Desperate' high street looks for interest rate cut

Monday

Wall Street is expecting the US Federal Reserve to cut interest rates by another half a percentage point to 3 per cent when it meets tomorrow and on Wednesday, which would push down the cost of borrowing in America by almost a third in just over a week
Wall Street expects the Fed to cut interest rates to 3%

The economy is poised for its weakest period of growth since the Exchange Rate Mechanism crisis of 15 years ago, with a danger that it could slide into recession, according to a forecast for Deloitte, the accountancy group.
Deloitte says house price slump could provoke period of slow growth

Chinas booming economy is expected to consume more than half of the worlds key resources within a decade, according to Rio Tinto.
Rio predicts political strife as Chinas appetite grows

When the dust settles on the financial market mayhem of the last few months mayhem which degenerated into an extraordinary convulsive fit last week one consequence will, I suspect, stand out from all others. We will say goodbye to unfettered free-market capitalism and the minimal state.
Market convulsions will lead to the return of the state as a major economic force

NIKKEI	SHANGHAI	HANG SENG

Yahoo's charts might be broken - I've got Nikkei down 3%, Shanghai down 5.5% and Hang Seng down 4.6% at the moment.

Good morning traders!

In Asia today, the Hang Seng ended the morning down 1,185.41 points at 23,936.96, while the Nikkei was recently down 409.95 points at 13,219.21.

New York's main oil contract, light sweet crude for delivery in March, was down 55
cents at $90.16 per barrel.

Happy trading!

G.

JAPAN'S NIKKEI 225 INDEX ENDS DOWN 541.25 POINTS (4%) AT 13,087.91

TFN UK calendar and forecasts for todayTFN economic and business calendar to Friday Feb 8Thomson Financial Europe AM at a glance share guide: Stocks lower, oil mixed

Thomson Financial UK at a glance share guide - weekend

The Monday Press Roundup

Thomson Financial UK at a glance share guideLondon shares outlook - down, after Wall Street slide; Shell set for record

BROKERWATCH Shire cut to 'underperform' vs 'market perform' at Sanford Bernstein

UK smallcap opening - Maxima Holdings slides on FY results warningUK smallcap opening - Elephant Loans top riser on share placingUK smallcap opening - Food & Drink Group down on trading disappointment

BROKERWATCH Vedanta Resources upped to 'neutral' from 'sell' by Goldman Sachs

UK smallcap opening - Granby Oil & Gas falls on gas production delay blowUK smallcap opening - Prosperity Minerals up on FY profit hopesUK smallcap opening - Pantheon Resources up following drilling update

BROKERWATCH Carlsberg raised to 'outperform' from 'neutral' at CarnegieUK smallcap opening - Condor Resources up on maiden resource calculations

London shares open lower, after Asia tumbles, Wall Street weakness on FridayUK smallcap opening - Pixel Interactive Media gains on FY profit hopes

BROKERWATCH Enterprise Inns upped to 'buy' in leisure sector review at ABN AmroUK smallcap opening - Zest Group top riser on 3.1 mln stg disposal

STOCKWATCH Genmab sharply higher on takeover rumoursBROKERWATCH Alliance & Leicester cut to 'sell' vs 'hold' by Dresdner Kleinwort

BROKERWATCH Reckitt Benckiser upped to 'buy' vs 'hold' at Panmure Gordon

UK small caps open lower; Maxima Holdings down sharply on FY results warning

BROKERWATCH Next upped to 'add' from 'reduce' by Evolution after company visit

Metals - Gold up on South African supply outages as investors eye rate cutsMetals - Copper falls as nervousness of US economic outlook returns

BROKERWATCH Remy, Carlsberg added to 'conviction buy' at Goldmans

Metals - Gold up on SAfrican supply outages as investors eye rate cuts UPDATE

BROKERWATCH BAE Systems price target cut to 540p vs 560p by Morgan Stanley

Metals - Copper falls as nervousness of US economic outlook returns UPDATELondon shares - midmorning features

BROKERWATCH Next upped to 'add' vs 'reduce' by Evolution UPDATE

WALL STREET OUTLOOK Lower open seen on weakness in European, Asian bourses

BROKERWATCH Repsol YPF, Royal Dutch, StatoilHydro upgraded at Dresdner

BROKERWATCH Sanford Bernstein cuts price targets for European Food RetailersUK small caps remain lower midday; Maxima Holdings down after profit warning

London shares - midday features

Midday Market Roundup

BROKERWATCH DNO upgraded to 'buy' from 'hold' at Dresdner Kleinwort

Precious Metals Summary - London AM Fixings

OUTLOOK AstraZeneca FY profits seen down, guidance in the spotlight

Metals - Platinum holds near record as South African power shortage cuts output

London shares - midafternoon features

Precious Metals Summary - London PM Fixings

FOCUS Heineken's S&N deal seen yielding decent synergies, limited in short term

TFN economic and business calendar to Monday Feb 11

Metals - Gold, platinum break record highs on dollar weakness, supply fears

Metals - Copper turns higher as Wall Street rebounds, players await rate cuts

End-of-day Market Roundup