Hello traders!

In the US tonight, the DJIA was up 266.48 points at 11,397.56 with the S&P500
ahead 28.83 points at 1,263.2 and the Nasdaq Composite 55.4 points better at
2,319.62.

Crude-oil futures accelerated their losses, with the contract for September
delivery down $1.73 to stand at $123 a barrel.

See you in the morning with the next exciting instalment.....

G.

Good morning traders!

In Asia today, the Hang Seng was last up 412.94 points at 22,668.11, while the
Nikkei was recently up 180.81 points at 13,340.26.

New York's main contract, light sweet crude for September delivery, was 42 cents
lower at $121.77 a barrel after slumping $2.54 to $122.19 Tuesday on the New
York Mercantile Exchange.

Happy trading!

G.

Morning all. Market reports:

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

The Doha round of world trade talks has collapsed in what one former trade chief called the biggest blow to globalisation since the end of the Cold War. An emergency World Trade Organisation summit aimed at resuscitating the seven-year long talks broke down in acrimony last night.
Doha world trade talks collapse in blow to globalisation

The world's financial storm has swept through Australia and New Zealand this week amid mounting signs of contagion across the Pacific regionIt is now clear that the Antipodes are tipping into a serious downturn. Australia's NAB business confidence index fell to its lowest level in seventeen years in June. New Zealand's central bank began to cut interest rates last week on fears that the economy may have contracted in the second quarter, and is now entering recession. Housing starts slumped 20pc in June to the lowest since 1986.
Australia faces worse crisis than America

Italy is sliding into a deep structural crisis and risks being forced out of Europe's monetary union as the region's economic downturn gathers pace, according to a new report by Capital Economics.
Growth slump may force Italy out of eurozone

The banking industry will be forced to take hundreds of billions of dollars of further writedowns on mortgage-backed securities after Merrill Lynch sold $30.6 billion (15.5 billion) of collateralised debt obligations (CDOs) for only 22 per cent of their face value on Monday, according to a leading US ratings expert.
Huge writedowns forecast for banks after Merrill Lynchs cut-price sale of debt

The seizure in Britains mortgage market will persist for at least three more years, Sir James Crosby, the former chief executive of HBOS, said yesterday.
Sir James Crosby's report predicts mortgage market paralysis for three years

British banks are facing double the "repayment shock" on their securitised mortgages than previously thought, leaving lenders with a major funding gap that could intensify the credit crisis, a Government report has warned. Sir James Crosby, the former chief executive of HBOS, noted in his interim report into mortgage finance for the Treasury that "the amount of [wholesale funding] maturing each year from 2008 to 2010 is estimated at around 40bn". A number of economists had estimated the obligation to be 20bn.
Mortgage finance report suggests funding gap higher than thought

Woolworths' results were not the only gloomy news for the high street yesterday as figures revealed that retail activity had slumped to a 25-year low, with rising energy prices and the deteriorating outlook driving consumers to tighten their belts.
Retail activity collapses to 25-year low as consumers retrench

Powerful fund managers have suggested a ban on short-selling during rights issues in a move that could anger the investment banks that guarantee company cash-calls. The Association of British Insurers (ABI), whose members own more than a fifth of the UK stock market, suggested that underwriters should also consider outlawing stock-lending until a rights issue has been completed.
Fund managers call for short-selling ban during rights issues

The campaign by the Financial Services Authority (FSA) to clean up the City entered an aggressive new phase yesterday with the arrest of eight people suspected of running an insider-trading ring. A sub-contractor at JPMorgan Cazenove, the investment bank, and a junior member of support staff at UBS, the Swiss bank, were two of the eight arrested, it was confirmed last night.
Eight arrested in investigation by Financial Services Authority

The High Court judge who prompted sharp intakes of breath from newspaper editors when he awarded Max Mosley damages last week has now drawn sighs of relief from website owners, by blocking a web forum libel case that could have suffocated the flame wars that often rouse debate. The court imposed a civil restraint order on Smith that bars him from suing posters at ADVFN, a leading investment forum. He had issued 37 sets of libel proceedings against individual users and ADVFN itself.
Mosley orgy judge blocks web forum libel writ onslaugh

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

VIX

09:00 EU Bloomberg Eurozone Retail PMI July
10:00 EU Business Climate Index
10:00 EU Economic Sentiment
12:00 US MBA Mortgage Applications

The Wednesday Press Roundup

OUTLOOK Bayer Q2 opg to edge up as weak dollar seen curbing drug unit's gain

BROKERWATCH BP upped to 'buy' from 'hold' at Citigroup; target still 600p

BROKERWATCH Legal & General cut to 'hold' vs 'buy' at Citigroup; target to 100p*CADBURY SAYS RENEWING FOCUS ON COSTS, PRICING, STRUCTURE AND PORTFOLIO*CADBURY SAYS FACING UNCERTAIN ECONOMIC OUTLOOKM, FURTHER INPUT COST INCREASES*NEXT SAYS REMAINS 'VERY CAUTIOUS' ON OUTLOOK FOR H2

Tokyo shares close higher on Wall St rise, weaker yen - UPDATEUK smallcap opening - Ensor plunges on H1 profits warning

UK smallcap opening - Uniq slides on widening H1 losses, tough tradingUK smallcap opening - Prime People runs back on static Q1 net fee income

STOCKWATCH Bayer slightly higher as co reports strong Q2 sales, good bottomline

London shares open higher after NY, Asia gains; Lloyds TSB underperforms post H1

STOCKWATCH Arcelor Mittal surges on forecast-busting Q2, strong Q3 guidanceUK smallcap opening - Ark gains on research update

STOCKWATCH LLoyds TSB shares fall on loan impairment; Goldman cuts estimates

UK smallcap opening - Blinkx up on product launch

STOCKWATCH British Airways higher as Cazenove, Deutsche Bank upgrade on M&A news

STOCKWATCH Arcelor Mittal surges on forecast-busting Q2 - UPDATE

UK small caps open higher; Ark claims top spot on research update

STOCKWATCH Bayer drops as concerns over pharma unit outweigh good Q2 UPDATE

STOCKWATCH Next lower as it reports fall in first half underlying sales

Metals - Gold lower as dollar remains strong

STOCKWATCH Drax top FTSE 100 faller; Goldman Sachs cuts to 'neutral' from 'buy'STOCKWATCH Elan Corp sheds on disappointing trial news; Exane cuts to 'neutral'

STOCKWATCH Cadbury edges up after profit rises; brokers positive

BROKERWATCH Tate & Lyle upped to 'hold' from 'sell' at Panmure Gordon

STOCKWATCH Remy Cointreau down sharply on flat profit guidance

London shares - mid-morning features

STOCKWATCH Rexam higher after profit rises; Evolution reiterates 'buy'STOCKWATCH Kazakhmys ticks up on Q2 update; Evolution Securities stays 'buy'

Metals - Copper lower as dollar remains strong amid weak demand period

BROKERWATCH Northern Foods cut to 'hold' from 'add' at Dresdner KleinwortSTOCKWATCH Aviva higher after 'solid' H1 results; Cazenove keeps 'outperform'

UK small caps stay higher at midday; Business Direct soars on group sale news

Thomson Financial News at a Glance - UK, European broker recommendations

Midday Market Roundup

London shares - midday features

Precious Metals Summary - London AM Fixings

London shares - midafternoon features

Precious Metals Summary - London PM Fixings

End-of-day Market Roundup