Hello traders!

In the US tonight, the Dow closed up 117.78 points at 12,853.09, while the S&P500
was 11.2 points better at 1,420.33 and the Nasdaq Composite gained 13.97 points
at 2,488.52.

See you in the morning with the next episode...

G.

Morning all. Market reports:

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

Federal Reserve chairman Ben Bernanke has given the strongest signal yet that the US central bank is willing to slash interest rates aggressively in order to prevent the economy from heading in to a recession.
Bernanke signals he will fight off recession

The Federal Reserve will lower interest rates aggressively in the coming months to try to avert a US recession, the central bank's chairman Ben Bernanke signalled yesterday.
Bernanke signals 'substantive' cut in US interest rates

Homeowners must wait another month for a cut in interest rates after the Bank of England left the cost of borrowing on hold. The Bank's Monetary Policy Committee is widely expected to reduce its interest rate of 5.5 per cent next month, having judged that the economy will be able to withstand higher rates until February.
Bank of England holds rate cut for a month

Britons must now pay closer to £1 than 50p for one euro for the first time in history, after sterling suffered another weak day on the currency markets.
Euro breaks 75p mark against pound

Bank of America is in advanced talks to buy Countrywide in a move that should see America's largest mortgage lender avoid Chapter 11 bankruptcy protection. The deal will remove continued uncertainty surrounding the future of Countrywide, now synonymous with the US sub-prime mortgage crisis. Although there is no guarantee that an agreement will be reached, it is understood that if a deal is reached it will be done so very soon.
Bank of America to rescue Countrywide

Investment banks Citigroup and Merrill Lynch are in advanced discussions with a number of key regulators to pave the way for further capital injections from sovereign wealth funds. Merrill is expected to be looking for around $4bn (£2bn) from a Middle Eastern sovereign wealth fund, on top of the $5bn it received on Christmas Eve from Singapore's Temasek.
Citigroup and Merrill Lynch consult regulator on sovereign wealth funds

The London Stock Exchange plans an organised market by the end of this year in contracts for difference (CFDs), a sometimes controversial method of buying shares without paying their full price, The Times has learnt. The LSE has quietly written to market participants inviting them to a seminar at the end of this month at which it will set out its plans for a combined order book in equities and CFDs. It is thought the plan is to give reputable investors[!] a way to trade on a well-regulated market in the instruments, which are a form of equities derivative.
LSE planning to offer organised market in CFDs by end of year

NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

TFN economic and business calendarAustralian shares close lower for fifth straight sessionThomson Financial Europe AM at a glance share guide: Stocks, oil mixed

Australian shares close lower for fifth straight session - UPDATE

Good morning traders!

In Asia today, the Hang Seng ended the morning up 27.40 points at 27,258.26,
while the Nikkei closed down 277.32 points at 14,110.79.

New York's main oil contract, light sweet crude for delivery in February, increased
76 cents to $94.47 a barrel.

Happy Friday!

G.

TFN UK calendar and forecasts for today

London shares outlook - slightly higher, rebound on Wall Street offers support

Tokyo shares close at 26-month low on further US subprime lossesThe Friday Press Roundup

BROKERWATCH Sage Group cut to 'neutral' vs 'overweight' at JP Morgan, tgt 235p

BROKERWATCH Clarins, L'Oreal cut to 'sell' from 'hold' at Deutsche Bank

CORRECTION Tokyo shares close at 26-month low on reported subprime losses

Rolls Royce (RR.) have announced major job cuts but that they will not impact 2007 performance. Paragon (PAG) have announced a rights issue at a 90% discount so they're toast, and possibly the rest of the mortgage sector with them today. Conversely, Rightmove (RMV) have announced that their results will be at the upper end of analysts' expectations. Northern Rock (NRK) is selling its lifetime mortgage book to JP Morgan. British Energy (BGY) is reporting higher output.

There'll likely be some action on SCI Entertainment (SEG) today after the shocking trading statement they did their best to hide by issuing on the RNS at 6.18pm - although the 'working capital' issue has long been anticipated a number of shareholders in the event no bid transpired. At least it sounds like they've found the Yellow Pages section entitled 'Emergency Funding'. Speaking of which, the Google-bidding-for-YELL rumour is doing the rounds again in what is rapidly becoming a place-it-in-your-diary annual event. S&P see the European advertising market softening though.

Sage (SGE) had been downgraded to neutral from overweight with reduced target of 235 from 285 by JP Morgan.

Among the small caps NETeller (NLR) say they are trading in line.

The FTSE is currently being called up 9 at 6,231 by CMC. Dow futures are currently being called down 105 at 12,748 all but wiping out yesterday's 117 point gain. Asia's ugly with 1.5% to 2% losses on the major indices.

BROKERWATCH Icap started as 'neutral', Tullett Prebon as 'buy' at Goldman SachsBROKERWATCH SKF upgraded to 'overweight' vs 'neutral' by HSBC, target 130 skr

BROKERWATCH Ferrexpo upped to 'buy' in Deutsche Bank mining sector reviewBROKERWATCH BT Group upgraded to 'buy' from 'hold' at ING; target 335p vs 315Tokyo shares close at 26-month low as subprime fears return UPDATE

UK smallcap opening - Goldplat firmer as Ghana recovery plant fully operationalUK smallcap opening - Empyrean Energy up after 'significant' gas shows

UK smallcap opening - Ultima Networks rises after 'excellent progress' in H2CORRECT: Tokyo shares close at 26-month low as subprime fears return UPDATE

London shares open up after bounce in NY; Housebuilders rise on Bovis updateUK smallcap opening - Swallowfield rises after Czech plant opens

UK smallcap opening - NetDemensions up on e-learning order from Louis Vuitton

UK smallcap opening - NeTeller rises; confident FY to meet market expectations