A Brief Look At The Week Ahead

Another busy week ahead, with the main focus on the Bank of England's interest rate fixing on Thursday. Pundits are split on the outcome. Look out for numbers from HSBC (Monday) with expectations of big write-downs at its US business likely to reverberate across the sector. On the same day, Pearson and Xstrata are slated to announce results. Others to look out for this week include Schroders, Travis Perkins and Drax (Tuesday), ITV, IMI and Dragon Oil (Wednesday), Arriva, Taylor Wimpey, Reuters and Cobham (Thursday) and JD Wetherspoon (Friday). Enough there to keep us all busy! Greystone Thanks, as always to Supermum, Kyoto and Digger for their invaluable input to The Traders Thread. (Greystone is Alan English, City Editor at MoneyAM.)

Friday's market reports:

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

Saturday

Britain's banks have been forced to write off a record chunk of household debt in the past year in the latest sign that families are struggling to keep up their repayments.
UK banks write off record 6.8bn in household debt

UK house prices fell for a fourth consecutive month in February, but the prospect of Britain sliding into recession is "remote", according to the latest survey from mortgage lender Nationwide.
UK house prices endure worst run since 2000

Crude oil has surged for a fourth day as the feeble dollar and lacklustre stock markets increased the appeal of commodities for investors.
Oil price surges to all-time high

Gold leaped to a new record today within sight of the $1,000 mark after oil also powered to a fresh high overnight. Soaring commodity prices sparked fears of spiralling inflation despite signs that the global economic growth is set to ease this year led by a recession in the US.
Gold within sight of $1,000 an ounce

The boss of Dubai World, the powerful sovereign wealth fund, has issued a thinly veiled warning to critics of the $2.5trn (1.25trn) sector, threatening to take his money elsewhere if the European Union tried to regulate his activities.
Head of Dubai World threatens to take his money out of Europe

Warren Buffett believes America only has itself to blame for the waves of foreign money from Sovereign Wealth Funds being invested in some of its largest companies.
Warren Buffett says wealth fund investments are 'trade equation'

Warren Buffett, the worlds third-richest man, declared that the insurance party is over, as his Berkshire Hathaway investment vehicle reported that fourth-quarter insurance underwriting profit fell 46 per cent to $465 million (235 million), while insurance investment income rose 12 per cent to $978 million.
Warren Buffett tells investors the party is over

Sunday

Interest rates should be cut to as low as 4 per cent as Britain heads into a probable recession, one of the Bank of England's most prominent former policymakers has said. Charles Goodhart, a former Monetary Policy Committee member, warned that both the United States and Britain were facing a "shallow recession" in the coming months as the strains in the housing market and financial system take hold.
Interest rates should be cut to 4 pc, says Goodhart

Bank of England rate-setters face a tough decision this week, as they weigh the risks of a sharp economic downturn against rocketing inflation.
MPC urged to make rate cut

HSBC will tomorrow reveal a record $16bn (8.1bn) of bad debts at its full year results but seek to reassure investors that it is containing the sub-prime crisis by lifting its dividend in line with its banking peers.
HSBC to hike dividend as crunch bites

Banking giant HSBC is this week expected to reveal that it is writing off $11bn (5.5bn) of its US mortgage and consumer lending, as part of a $17bn write-off against bad debts across its global operations.
HSBC poised to write off $17bn debts

CVC Capital Partners is set to raise the largest European private equity fund to date, attracting 12.1bn in spite of the downturn in the leveraged loan market.
CVC push to raise record Euro fund

With their old routes to riches blocked by the credit crisis, Louise Armitstead looks at the innovative directions bosses are exploring to make a return on their money.
Private equity, public pain

Focus Capital, an award-winning US-based hedge fund, has liquidated some of its biggest positions, raising fears of another implosion in the high-rolling sector. The fund, which is run out of New York and Geneva, has caused turmoil as it dumped large positions in a raft of Swiss small cap stocks in recent days.
Implosion fears as Focus Capital slashes positions

FEARS of a hedge-fund meltdown are rippling through the City, with dozens more funds said to be close to following Peloton into collapse.
Pelotons crash fires fund fears

'Don't use your best lines too quickly' - that was the advice from a senior US financier to commentators on the credit crunch, with the obvious implication that the agony will be prolonged. The meltdown (dubbed 'American Sars' by the same financier, because it has infected the world) has gone far beyond a problem with risky US sub-prime mortgages.
The real problem? No one trusts a bank

Global population growth and a shift from grain-based diets are contributing to a sharp rise in the cost of food, which has already sparked riots in several African countries.
Surging food prices put the world on high alert

The heads of the biggest gas and electricity companies are being ordered by the Government to hand over part of their multi-billion pound profits - or face a new windfall tax.
Gas and electricity bosses told 'give back profits'

We are on the brink of a new energy order. Over the next few decades, our reserves of oil will start to run out and it is imperative that governments in both producing and consuming nations prepare now for that time. We should not cling to crude down to the last drop ??we should leave oil before it leaves us. That means new approaches must be found soon.
We can't cling to crude: we should leave oil before it leaves us

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

The dollar fell to a record low against a basket of currencies on Monday, dragging Asian stock markets down and compounding worries about a likely U.S. recession and more write-downs in the global financial sector.
Asian stocks hit as dollar tumbles

The verdict is in. The Fed's emergency rate cuts in January have failed to halt the downward spiral towards a full-blown debt deflation. Much more drastic action will be needed. Yields on two-year US Treasuries plummeted to 1.63pc on Friday in a flight to safety, foretelling financial winter.
The Federal Reserve's rescue has failed

San Francisco is a city on the frontline of the growing US property nightmare.
'Ninja' loans explode on sub-prime frontline

HSBC has started an internal review of its troubled American banking business, which is expected to reveal writedowns today of up to $11 billion (5.5 billion) from defaults on mortgages sold to poor-risk homebuyers.
Pressure grows on HSBC over sub-prime

Hopes that Britain's manufacturers are holding up well in the face of the economic downturn this year will be boosted by figures out today showing that they reported growth in the three months to March.
Confident factories mark three months of growth

The value of your house may be slipping, but your builder will return calls and you may get a good deal on renovations.
Builders feel the pain as credit crisis bites

The Bank of England is facing one of the biggest dilemmas in its history as it meets this week to consider whether to cut rates to shore up Britain's rapidly slowing economy.
Rate cut unlikely as inflation fears rise

Britains financial regulator and its central bank must develop a better plan for warning banks and investors of high risks, after overseeing the loss of billions of pounds in the global credit crisis, a damning report by MPs will recommend today.
Credit crunch rebuke for FSA and Bank of England

The Treasury Select Committee has accused investment bankers of sparking the credit crisis by creating "ludicrously complex financial products which you need a Nobel prize in physics to understand". In its report on financial stability, which will be published today, committee chairman John McFall will warn the entire financial services industry that it faces far stiffer regulation unless it cleans up its act.
MPs lambast financial sector complexity

Ministers will today unveil plans for a pilot scheme to provide free financial advice to British consumers. The move comes in response to a report commissioned by the Treasury from Otto Thoresen, the insurance boss.
Free financial advice plan as debt fears grow

Otto Thoresen wants to help you - to save more, to manage your money better, to avoid the kind of financial disasters that can ruin lives and lead to burdens that take years to lift, if they lift at all. He wants you to have fair and impartial advice on everything from mortgages, insurance products, savings and pensions. And he wants it to cost you nothing.
Financial management may become a free service

Saudi Arabia and other Opec members are expected this week to rebuff calls from Western consumer nations for an increase in oil production to help to avert the threat of a worldwide recession.
Opec to resist the West on oil production

Moves by 'green' nations to cut energy use will prove pointless if oil-producing states maintain production as prices fall.
Why oil rulers wont go green

The right to use water will soon follow in the footsteps of carbon emissions and become a commodity, like the right to pollute, that industry will have to pay for, executives have warned.
Water to be the next commoditised resource

Energy prices could soar and green investment may suffer if the Government pushes ahead with a threat to impose windfall tax on gas and electricity firms, according to a senior industry representative.
Windfall tax will raise energy prices

The announcement by Shadow Chancellor George Osborne that the Conservative Party plans to set up a new "Green Environmental Market" (GEM) for clean technology start-ups left many in the Aim community scratching their heads.
George Osborne warms green debate with GEM

Japan plans to set up an activist sovereign wealth fund, with a 10 billion share portfolio, aimed at keeping Japan Inc honest and shareholder-friendly, The Times has learnt.
Japan plans activist sovereign wealth fund

OUTLOOK Taylor Nelson Sofres seen reporting 5 pct revenue growth in 2007OUTLOOK Paddy Power set for 50 pct increase in FY earningsOUTLOOK Xstrata FY earnings seen overshadowed by Vale bid talkOUTLOOK HSBC FY profit seen 12.4 pct higherAustralian shares close sharply lower on Wall Street lead, US recession woesTFN economic and business calendar to Friday March 14

Good morning traders!

In Asia today, the Nikkei closed down 610.84 points (4.5%) at 12,992.18, while
the Hang Seng ended the morning down 717.17 points at 23,614.5.

New York's main oil contract, light sweet crude for April delivery, held steady at
$101.84, Friday's closing price in New York.

Happy trading!

G.

TFN UK calendar and forecasts for today

OUTLOOK Pearson's US education market under spotlight

Thomson Financial UK at a glance share guide - weekendTokyo shares close sharply lower on yen's rise, Wall Street's slump

London shares outlook - lower, ahead of HSBC FY; rate decision due Thursday

The Monday Press Roundup

BROKERWATCH Danone upped to 'buy' from 'hold' at Citigroup; tgt 62 eur from 60

BROKERWATCH 3i upped to 'buy' from 'neutral' at UBS; target cut to 1,005pThomson Financial UK at a glance share guideTokyo shares close sharply lower on yen's rise, Wall Street's slump - UPDATE

BROKERWATCH Prudential upped to 'neutral' from 'underweight' by JP Morgan

BROKERWATCH HBOS cut to 'peer perform' vs 'outperform' at Bear Stearns

UK smallcap opening - Maypole perks up on move to black; acquisition

*HSBC SEES 'UNCERTAIN' OUTLOOK FOR 2008UK smallcap opening - Gas Turbine Efficiency higher on contract wins; update

London shares open lower after NY drop on Friday, Pearson falls after FYUK smallcap opening - Staffline gains on solid FY results; Altium 'buy'

First Day of Dealings of AIM

BROKERWATCH Carrefour cut to 'sell' from 'hold' at ABN AmroUK smallcap opening - Focus Solutions rises on Home of Choice contract win

UK smallcap opening - British Polythene slides on 'challenging' year ahead

UK smallcap opening - Sepura retreats on FY revenue warning

London shares open lower, after drop in Asia; HSBC gains on FY but peers fallUK smallcap opening - Huveaux off on swing to FY losses, dividend cut

Metals - Gold hits fresh record on dollar weakness; 1,000 usd in sight UPDATE

OUTLOOK Drax FY EBITDA expected to fall; market eyes on special dividend

UK small caps open sharply lower; Sepura hit by FY revenues warning

One for the "UPS"

RXP - Mid 22.5p
Reason - Volume and share price rising last couple days after AGM last Friday were acquisition of a 59 pct stake in Eragon Petroleum (has intereststhree oil and gas assets Kazakhstan) paid in shares worth last August $1.30 or 65p, well up on todays price

STOCKWATCH Pearson down on US education market worries

Metals - Copper rises as investor demand remains strong, tight supply supports

STOCKWATCH HSBC edges higher as FY results highlight strong Asia performance

STOCKWATCH Xstrata shares lower after results; brokers repeat 'buy' ratings

Metals - Gold hits fresh record on dollar weakness; 1,000 usd in sight UPDATE

OUTLOOK International Power opg profit seen up, boosted by acquisitionsLondon shares - mid-morning features

Another one for the "UPS"

SIL - Mid 20.675p
Reason - On a chart were the bottom was reached last month, positive news today "forward bookings remain strong for both New York and Dubai services" and load factor up to 64% from last month 54% low.

Metals - Copper steady on tight supply, investor demand still strong UPDATE

WALL STREET OUTLOOK Lower open seen on ongoing credit, growth jitters

OUTLOOK Travis Perkins FY results focus on outlook for 2008

UK small caps stay low at midday; Sepura stays low on FY revenue warning

London shares - midday features

Precious Metals Summary - London AM Fixings

STOCKWATCH Renovo slumps on mixed trial results; Blue Oar stay positive, 'buy'

Metals - Gold hits record and heads to 1,000 usd on weak dollar, inflation fears

Metals - Gold hits new record on weak dollar, inflation fears UPDATE

Metals - Nickel rises over 5 pct on supply fears, investor demand, weak dollar

London shares - midafternoon features

OUTLOOK Kazakhmys FY EBITDA steady as stronger copper prices offset lower outputPrecious Metals Summary - London PM Fixings

TFN economic and business calendar to Monday March 17

Metals - Gold hits new record after weak US data

End-of-day Market Roundup

UK small caps close near session low; Renovo sheds half its value on trial data