Hello traders!

In the US tonight, the Dow tumbled 214.6 points to 12,040.39, while the S&P500
was off 29.36 points at 1,304.34 and the Nasdaq Composite slipped 52.31 points
to 2,220.5.

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

G.

Morning all. Market reports:

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

Property investment trusts shares have crashed on panic selling in New York after an affiliate of the private equity giant Carlyle Group fell into default on mortgage losses.
Carlyle Group default sparks panic selling in New York

A Dutch-listed affiliate of The Carlyle Group that owns $22 billion (10.9 billion) of mortgage-backed investments was in emergency restructuring talks with its banks last night after failing to meet repayment requests.
Carlyle arm faces further default notices as repayment calls mount up

The credit crunch is, if anything, getting more acute again. Banks are more scared about lending to one another and are rushing to call in loans or demand more collateral, or extract better terms from borrowers.
CCC's woes show the crunch is still biting

Thornburg, the American mortgage lender, was teetering on the brink of bankruptcy last night as a key creditor demanded that it liquidate assets after failing to put up $28 million (13.9 million) in extra collateral.
Major US homes lender near bankruptcy

UBS shares fell to their lowest for more than five years yesterday on concern that the ailing Swiss banking giant had sold SFr25bn (12bn) of risky mortgages at a big discount and faced further writedowns from the US sub-prime crisis.
Mortgage 'fire sale' hits UBS shares

The European Central Bank has dashed hopes for an interest rate cut in coming months, defying mounting calls from across the political and economic spectrum for monetary stimulus to head off a sharp slowdown.
Hawkish ECB risks central bank fight on rates

The European Central Bank has dashed hopes for an interest rate cut in the coming months, defying mounting calls for monetary stimulus to head off a sharp slowdown.
ECB president Jean-Claude Trichet brushes off warnings that Europe is lurching towards crisis

The Bank of England has held interest rates at 5.25pc today as fears of inflation take priority over concerns about the economic slowdown in the UK.
Interest rates held at 5.25pc on inflation fears

The pound has broken through the $2 mark for the first time since January, after the Bank of England voted to leave interest rates unchanged at 5.25pc.
Sterling surges through $2 mark as interest rates held

UK house prices fell 0.3pc in February, Halifax said in its latest monthly report. It is the first fall in three months according to Britain's biggest mortgage lender, after houses prices were flat in January and actually rose 1.3pc in December.
UK house prices fall again

Ill-thought-out changes to tax and regulation are damaging and the Government should think again, financial leaders warn.
Britain's status as a financial leader is under threat, Alistair Darling is cautioned

Lehman Brothers, the American investment bank, has suspended two equity trad-ers in London after its internal controls showed up issues related to share valuations.
Lehman suspends equity traders in London

One of America's star fund managers has become the biggest name to date to be dragged into the long-running probe into lavish gifts allegedly doled out in an attempt to win business from the world's largest mutual fund company.
Star fund manager Peter Lynch agrees to settle SEC 'gifts' case

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

Good morning traders!

In Asia today, the Nikkei was recently down 429.42 points at 12,786, while the
Hang Seng fell 664.57 points to 22,678.16 in the morning session.

New York's main oil contract, light sweet crude for delivery in April, rose 13 cents
to $105.60 per barrel.

Happy Friday!

G.

JAPAN'S NIKKEI CLOSES DOWN 432.62 POINTS OR 3.3 PERCENT AT 12,782.80

OUTLOOK Fortis Q4 to be distorted by one-offs, focus on ABN Amro integrationTFN economic and business calendarAustralian shares close lower as banks take a battering, miners drag - UPDATEThomson Financial Europe AM at a glance share guide: Stocks fall, dollar weak

TFN UK calendar and forecasts for today

Tokyo shares close sharply lower on yen strength, credit markets woes

BROKERWATCH UK banks upped to 'neutral' in UBS equity strategy review

London shares outlook - Weak after overnight slides; US jobs report key

BROKERWATCH UK banks upped to 'neutral' in UBS equity strategy reviewOUTLOOK Fortis Q4 to be distorted by one-offs, focus on ABN Amro integrationLondon shares outlook - Weak after overnight slides; US jobs report key

Tokyo shares close sharply lower on yen strength, credit market woes - UPDATEThomson Financial UK at a glance share guide

BROKERWATCH Yell price target cut to 150 pence from 265 at UBS; 'sell'

BROKERWATCH Metals, mining, steel group price targets raised by Merrill Lynch

The Friday Press Roundup

BROKERWATCH BSkyB price target cut to 700p from 775 at JP MorganUK smallcap opening - Newport Networks ticks up on major OEM agreement

UK smallcap opening - Mission Capital plunges as FY losses mount

STOCKWATCH BSkyB lower; Daniel Stewart initiates as 'sell' with 490p target

UK smallcap opening - Hot Tuna down on widening H1 operating losses

UK smallcap opening - InterQuest climbs on record FY numbers