A Brief Look At The Week Ahead

It seems as though the banking crisis will continue to grab the headlines again this week, if weekend press reports are correct. HSBC seems set to announce more write-offs at its US operation and rumour has it that Barclays will bring forward its trading statement in order to placate worried investors and do something to shore up its share price. Yet another Northern Rock rescue attempt is being mooted, but the market gives every indication that it is already too late. The mining sector will be in focus with suggestions that BHP Billiton is looking to sell off its petroleum business to help finance its bid for Rio Tinto. Lonmin comes out with numbers on Wednesday which might bring the speculators back down to earth. Watch out on Monday for numbers from Majestic Wine, which always seem to bring a fizz to the market. On Wednesday Sainsbury bare all and Thursday sees National Grid, SABMillar and Reed Elselvier on stage. More opportunities for profit out there, but still a time for caution. Good hunting! 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.)

Morning all. Friday's market reports:

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

Barclays was forced to make a rare public denial in response to rumours that it was facing a multibillion-pound loss related to the meltdown in the sub-prime mortgage market in America, just as fresh signs emerged that the credit crisis was worsening.
Barclays swept up in sub-prime panic

BARCLAYS is working with its auditor Price Waterhouse Coopers to provide a detailed review of its financial performance when it releases its trading statement later this month. The decision to give financial figures with its trading statement on November 27 is a break with tradition. The company normally uses just words to guide the market, but Barclays has decided to change tack in an attempt to quell market speculation about its potential exposure to sub-prime loans.
Barclays calls in auditor to quell City fears of black hole

Barclays is believed to be considering bringing forward its trading statement, due at the end of November, to this week to allay the storm of speculation about write-offs and losses that has sent its shares spiralling downwards. That will increase the pressure on Royal Bank of Scotland to do the same.
Barclays moves to ease fears after shares plunge

Britain's major banks are preparing to try to win back investors' confidence by giving a full briefing on their credit positions in the next few weeks, following unprecedented buffeting of their share prices due to fears they might be sitting on massive losses.
UK giants to come clean on losses

Nervous investors have wiped more than 90 billion off the value of Britains eight leading banks in the past nine months on fears that they are heading for major credit losses, an analysis by The Times has found.
British banks value dives by 90bn in nine months

One major factor is not being fully understood by the market. While accounting rules are not wildly different on either side of the Atlantic, Wall Street's big investment banks are not actually banks at all. Technically, the likes of Goldman Sachs, Merrill Lynch, Morgan Stanley, Lehman Brothers and Bear Stearns are "broker-dealers". While broker-dealers have to mark to market, the same rules don't always apply to banks. In some cases, it is possible for banks to value distressed assets at a price that reflects their long-term value.

"There is a trick to be used here," says one senior investment banker. "Everyone thinks that Barclays and RBS have been hit in the same way as all the others. But if they hold those losses on their banking books rather than their trading books, they won't have to show the write down. So there won't be big losses at all."
What lurks beneath the surface for banks?

Standard Chartered, the emerging markets bank, has started to unwind its debt market investment fund, selling off $5bn (2.5bn) of bonds and other high-grade assets within the past few weeks.
Std Chartered slashes SIV

HSBC will this week reveal a further $1bn (475m) of bad debts stemming from its American mortgage business, amid mounting fears that the full impact of the global credit crunch has yet to wash up on British shores.
HSBC to reveal new $1bn sub-prime hit

They wanted to be global titans. Now, as the most powerful finance houses stagger under the weight of losses and write-offs, a once-unthinkable idea is gathering strength: it's time they were broken up.
Is it the end of the world for big banks?

House prices are at risk of falling next year as a "toxic mix" of rising interest rates, overvaluation and debt weighs on the market, investment bank Citigroup has warned.
Toxic mix to drive down house prices

Food prices in dollar terms are up by more than 30% on a year ago, according to the Economist commodity-price index. The rise in sterling and most other currencies is less, but still significant.
Food for thought as prices soar

Shoppers are expected to spend a record amount of money this Christmas, defying economists who believe that consumer confidence has been seriously dented by the Northern Rock crisis.
Christmas shoppers ignore crisis

Ross Norman looks at the factors that are driving the gold price towards an all-time record
Gold soars as a perfect storm begins to gather

NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

Good morning traders!

In Asia today, the Hang Seng ended the morning down 1,282.45 points at
27,500.96, while the Nikkei ended down 468.62 points at 15,114.80.

Crude oil for December delivery fell as much as $1.25 to $95.07 a barrel in
electronic trading, after ending up 86 cents at $96.32 a barrel on the New York
Mercantile Exchange Friday.

Happy trading!

G.

OUTLOOK BoE Inflation Report to cut growth outlook but stay hawkish on inflationAustralian shares close lower on credit crisis concerns - UPDATETFN economic and business calendar to Friday Nov 23Australian shares close lower on credit crisis concerns

TFN UK calendar and forecasts for today

Thomson Financial UK at a glance share guide - weekend

The Monday Press Roundup

Tokyo shares close sharply lower, Nikkei briefly dips below 15,000 points

London shares outlook - down, weak usd and sell-off in Asia add to economic woes

Thomson Financial UK at a glance share guide

OUTLOOK - UK companies results for 2 weeks to Nov 23

BROKERWATCH ITV cut to 'underweight' vs 'equal-weight' at Morgan Stanley

BROKERWATCH Pennon cut to 'underweight' vs 'neutral' by JP Morgan in reviewBROKERWATCH HSBC initiated as 'underweight' at Morgan Stanley; tgt 800p

BROKERWATCH ICAP cut to 'neutral' from 'outperform' at Credit Suisse

Tokyo shares close sharply lower; Nikkei briefly dips below 15,000 - UPDATE

UK smallcap opening - Nexus slides as associate loses credit provider