Australian shares close lower on US equity sell-offTokyo shares close lower on worry about US economic outlook

Asian markets summary
Asian economic and corporate news summary

Greenspan says chance of 1997-style crisis hitting Asia again remote

STOCKWATCH Standard Chartered upgraded to 'overweight' at Lehman Brothers

Australian shares close lower on US equity sell-off - UPDATEUK smallcap opening - Mercury Recycling hit by short-term volume concerns

STOCKWATCH Hanson cut to 'hold' from 'buy' at Citigroup, target 1,025p vs 850First Day of Dealings

FTSE opens session lower

UK smallcap opening - Elementis picks up after disposal news

UK smallcap opening - Fun Technologies gains on narrower Q1 loss

STOCKWATCH RM cut to 'reduce' from 'hold' at Altium SecuritiesTokyo shares close lower on worry about US economic outlook - UPDATE

UK smallcap opening - Visual Defence ticks higher on contract win

UK smallcap opening - Condor Resources rises on positive update

Credit rating agencies could be held liable for investor losses on complex securities backed by risky US subprime mortgages and other assets, according to a study.

The studys authors say rating agencies have deviated from their traditional roles as providers of opinion and instead co-operate closely with investment bankers to help them secure the desired ratings to sell deals to investors.

The big three ratings agencies Moodys, Fitch and Standard & Poors were quick to dismiss this on Thursday, saying their role was limited to producing a rating opinion and that their rating criteria were publicly available for investment banks to use to structure transactions.

Rating agencies could be liable for losses

STOCKWATCH Iberia higher after better-than-expected Q1; M&A talk still dominatesUK smallcap opening - Carter & Carter dips after in-line trading update

UK smallcap opening - EBT Mobile slips after sales update

Metals - LME inventory data (Friday)

STOCKWATCH Next downgraded to 'hold' from 'outperform' by Seymour PierceUK small caps open lower, with Mercury hit by volume uncertainty

RVA 88 - 92p +2.50p

up at both sides, and now looking good on the bounce

Metals - Gold rebounds slightly on bargain hunting after yesterday's falls

London shares - midmorning features