Hello traders!

In the US tonight, the Dow closed up 38.37 points at 13,245.64, while the S&P500
was ahead 7.12 points at 1,460.12 and the Nasdaq Composite finished 34.51
points better at 2,635.52.

See you in the morning with the latest....

G.

Morning all. Market reports:

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

The crisis in the commercial property investment market deepened last night as Friends Provident froze its £1.2billion flagship fund after a rush for the exit by investors over the past three weeks.
Friends Provident locks exit from £1.2bn property fund

Fresh fears of a high-street meltdown rose yesterday after it emerged that retailers have issued a record number of profit warnings in the run-up to Christmas. Ernst & Young said retailers have been forced into 46 warnings in the year to date - up 53 per cent on 2006 - with 11 coming since the start of October alone, including French Connection, Moss Bros and Sports Direct.
Rising profit warnings spark high street fears

More than half of mortgage lenders have failed to pass on this month’s interest rate cut in full to homeowners or to guarantee that they will.
More than half of lenders deny homeowners full base rate cut

Experts warned about the state of Britons' finances yesterday after figures showed households setting aside more cash for debt payments than at any time since 1991. Families are having to spend an average of 13.6 per cent of their incomes on regular repayments, according to the Office for National Statistics. Other figures indicated that the 12-year housing boom is ending abruptly.
Lending adds to housing market gloom

The pound has slumped to its lowest level in 20 months, after a "shocking" raft of figures revealed how deeply reliant the UK has become on debt. The pound has slumped to its lowest level in 20 months, after a "shocking" raft of figures revealed how deeply reliant the UK has become on debt.
Debt fears push sterling to 20 month low

Shares in MBIA recorded their biggest decline in 20 years yesterday, after the world’s largest insurer of mortgage-backed bonds revealed that it had underwritten interest payments on $8.1 billion (£4.1 billion) of high-risk securities backed by sub-prime home loans. The disclosure raises questions over MBIA’s ability to survive in the long term and may translate into widespread additional losses among bond investors.
MBIA shares plunge on sub-prime bond risk

Japan's economy is slowing due to weakness in housing investment and cautious corporate sentiment, the central bank governor said, hours after the bank left its benchmark interest rate unchanged at 0.5pc.
Japan's economy slows but rate is unchanged

China raised interest rates for the sixth time this year to cool the economy after inflation accelerated at the quickest pace since 1996. The benchmark one-year lending rate will increase by 0.18 percentage point to a nine-year high of 7.47pc, starting today, the People's Bank of China said. Consumer prices rose 6.9pc in November, property prices climbed at the fastest pace in two years and the main stock index has more than doubled in 2007.
China's sixth rate hike to curb inflation

NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

Good morning traders!

In Asia today, the Nikkei was recently up 228.06 points at 15,259.66, while the
Hang Seng reached the midpoint ahead 440.93 points at 27,458.02.

New York's benchmark oil futures contract, light sweet crude for delivery in
February, was 16 cents higher at $91.22 a barrel after closing down 18 cents at
$91.06 in US trading Thursday.

Happy Friday!

G.

Australian shares close up ending 7-day losing streak as banks rise - UPDATEAustralian shares close higher, ending 7-day losing streak on support for banksThomson Financial Europe AM at a glance share guide: Stocks up, oil mixed

TFN economic and business calendar

TFN UK calendar and forecasts for today

London shares outlook - up, after late Wall Street rally, retail sales in focus

BROKERWATCH Wolseley cut to 'hold' from 'buy' at Deutsche Bank

The Friday Press Roundup

Thomson Financial UK at a glance share guide

RIO may now be subject to a two way battle between BHP Billiton (BLT) and Xstrata (XTA), who may be considering a bid. BSkyB (BSY) is facing up to a £200m loss if it has to sell its stake in ITV. BP. should face a $2bn fine over Texas City according to victims lawyers. Dana Petroleum (DNX) have found oil in the North Sea.

Pendragon (PDG) say there is no change in the previously given outlook statement. Sports Direct's (SPD) directors have bought about a million pounds worth of shares.

Among the small-caps, Eckoh Technologies (ECK) is in talks with three bidders according to the Telegraph, and EBT Mobile China has also been approached, though it reminds its shareholders that it is not subject to the takeover code and therefore they are not protected by it. Debtmatters (DEBT) are reporting some higher revenues but disappointing performance and a strategic review which is 'progressing'.

Wolseley (WOS) has been downgraded to hold from buy by Deutsche Bank.

FTSE is currently being called up 57 at 6402 by CMC. Dow futures are up 67 at 13,312. Australia has broken its seven day losing streak, the Hang Seng is up 2% and the Nikkei up 1.5% despite their kansei fukyo. Cantor think we are seeing a 'sentiment move'.

Tokyo shares close sharply higher on Merrill Lynch capital infusion -UPDATE

BROKERWATCH William Hill & Ladbrokes' targets cut at Citigroup in sector review

London shares open higher, after late Wall Street rally, retail sales in focus

UK smallcap opening - Straight drops on FY profit warning

BROKERWATCH Carnival cut to 'neutral' from 'outperform' by Exane BNP ParibasUK smallcap opening - Zenith Hygiene falls on 2007 profit warning

UK smallcap opening - Proteome Sciences runs back on licence deals delay

UK smallcap opening - Antrim Energy gains on North Sea oil find

UK smallcap opening - EBT Mobile China jumps on 'preliminary' approach