Good morning traders!

In Asia today, the Nikkei ended the morning down 298.56 points, or 2.1%, at
14,190.88.

New York's main oil futures contract, light sweet crude for July delivery, eased 82
cents to $137.72 a barrel after making its biggest one-day jump ever on Friday.

Happy trading!

G.

Morning all. Market reports:

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

Saturday

Fears the world economy is in the grip of a 1970s-style oil crisis sparked an almost 400-point plunge in leading US shares, the biggest one-day loss in 16 months.
Oil price pushed to new records as US economy plunges further

The debate over the cartel's capacity rages as American legislators look to make it pump more black gold, writes Elizabeth Eldridge.
Peak oil debate will rage as long as doubts remain over Opecs reserves

Less than a year after the credit crisis erupted, the European Central Bank has shocked financial markets by making it clear it is prepared to risk a potential recession in Europe as it steps up the fight against inflation.
European economy risks hitting a 'brickwall' on ECB's inflation fight

Markets are now pricing in an inflation rate of more than 4pc for the next half-century in the latest sign that they fear the Bank of England is losing the fight against rising prices.
UK inflation expectations for next 50 years soar

It is understood that investors have taken up at least 90 per cent of their rights by the 11am deadline for offers yesterday. That would leave the underwriters with at most 1.2 billion of stock to sell in the market next week.
Royal Bank of Scotland rights issue succeeds: relief for underwriters

The mortgage market has been turned on its head. Banks and building societies used to compete on price, vying to offer the lowest rates and most reasonable arrangement fees. But the credit crunch has prompted a complete volte-face. Instead of competing to offer the lowest rates, lenders are now competing to offer the least attractive deals, terrified that if they are left exposed as the best-buy on the market they will be inundated with mortgage applications.
Banks compete to offer worst-buy mortgages

Abbey, Britains third-largest lender, increased its mortgage rates last night as Citigroup, the worlds biggest bank, stopped offering home loans to British borrowers. With the credit crunch continuing to bring misery to homeowners across the country, Citigroup announced that Egg, its internet bank, had halted mortgage business.
Abbey increases mortgage rates and Egg quits mortgage business

Sunday

The North Sea is set for a second oil boom as record prices open up reserves previously regarded as too expensive to exploit. Oil & Gas UK (O&GUK), which represents North Sea operators, estimates that there are still about 25bn barrels of crude under the seabed, paving the way for producers to earn billions of pounds in profit.
Oil price boom sparks new North Sea gold rush

THE surge in oil prices to a record level of more than $139 a barrel on Friday has left the economy facing a severe stagflationary shock, economists say, with a rising risk of recession alongside high inflation.
Surge in oil prices leaves economy facing stagflationary shock

Executives at Barclays, Britain's third-largest bank, are in advanced talks with overseas government-backed funds to secure a capital injection of more than 3bn.
Barclays lines up sovereign wealth funds for cash boost

House prices are already falling by more than 25 per cent a year. That is the figure the experts at M&G have come up with by extrapolating the last three-monthly house price statistics from the Halifax. The fund manager also warns that 'UK house prices are set to fall a lot further'
Banks are only as safe as houses

Hedge funds have given a voluntary code for the industry a collective thumbs-down not a single firm has signed up to the compliance standards since they were launched in January.
Hedge fund managers shy away from signing compliance code

Monday

Record surges in crude prices have propelled the world into an era in which oil may never be cheap again and energy security will become the foremost concern of governments everywhere, the G8 heard yesterday.
G8 told world must work to avert crisis as oil soars

Britons must steel themselves for a fall in living standards which could be as sharp and painful as in the 1970s, as the western world faces up to a new era of stagflation, a former Bank of England policymaker has warned.
Britons must steel themselves for a sharp fall in living standards

The slide in house prices will continue for at least three years and crush the value of a home by almost 50% in real terms, according to a key index of property price futures. Indications from futures trading on long term property prices shows that the average UK home will recover its current value only in 2017.
Traders predict house prices will fall by 50% in four years

09:30 UK PPI May
09:30 EU Investor Confidence
15:00 US Pending Home Sales April (consensus 0%)

BROKERWATCH Ladbrokes upped to 'hold' vs 'sell' at Citigroup; target still 290pThe Monday Press Roundup

Thomson Financial UK at a glance share guide

BROKERWATCH Next upped to 'neutral' from 'underweight' by HSBC, target 1,280pBROKERWATCH Kesa Electricals upped to 'overweight' from 'neutral' by HSBC

Tokyo shares close sharply lower on oil, U.S. worries, stronger yenUK smallcap opening - Cobra Bio-Manufacturing ticks up on Korea deal

BROKERWATCH Home Retail Group upped to 'neutral' from 'sell' by Goldman Sachs

STOCKWATCH DSG International lower; cut to 'sell' vs 'neutral' at Goldman Sachs

UK smallcap opening - Hyder rises on 38 percent FY profits advance

UK smallcap opening - Nord Anglia soar on bid rejection

Tokyo shares close sharply lower on oil, U.S. worries, stronger yen - UPDATE

UK smallcap opening - Dawnay day advances on strategic review move

UK smallcap opening - Johnston Press adrift as May's cash call overshadows

BROKERWATCH InBev raised to 'buy' vs 'hold'; target 64 euros vs 52 at Petercam

STOCKWATCH Iliad outperforms on news of talks to buy Alice France

UK smallcap opening - Image Scan down on widening H1 losses

STOCKWATCH Compass Group lower; downgraded to 'neutral' by Exane BNP ParibasCORRECTION UK smallcap opening - Johnston Press adrift as cash call overshadowsUK small caps open lower; ServicePower drops on fundraising moves

Metals - Gold jumps above $900 as inflation jitters persist

STOCKWATCH Informa, UBM gain on UBM tie-up talks, talk of counter-offers

Metals - Gold jumps above $900 as inflation jitters persist UPDATE

London shares - mid-morning features

Selected on the "UPS" yesterday

Master RSI - 8 Jun'08 - 18:12 - 2 of 31 edit
RXP 14.75p
Reason - Moving up from lows on two days of higher volume, rumours are that the funding needed for exploration is being finalised. Last month said" it was in i advanced discussions with a number of potential international funders . A buy note from WH Ireland also last week while the oil price is at its high

Metals - Copper up on weak dollar but analysts warn price could fall again

STOCKWATCH HBOS lower midday; target cut to 480p from 610p at Goldman Sachs

UK small caps stay lower at midday; ServicePower hard-hit on fundraising moves

London shares - midday features

Precious Metals Summary - London AM Fixings

RXP 16 - 17p +1.75p

now motoring like last Friday

Midday Market Roundup

Metals - Gold near $900 as dollar comes off lows; oil prices eyed

London shares - midafternoon features

Precious Metals Summary - London PM Fixings

OUTLOOK Tesco Q1 underlying UK sales growth seen slightly up on Q4

TFN economic and business calendar to Monday June 23

End-of-day Market Roundup