Hello traders!

Investors quickly shrugged off the gains accruing after the Fed's decision to trim
interest rates by a quarter point.

Heading into the US close, the Dow Jones was down 15.96 points at 12,815.98,
while the S&P500 slipped 6.29 points to 1,384.65 and the Nasdaq Composite was
was off 14.5 points at 2,411.6.

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

Central bank cuts rates for seventh time since September, but sees less risks of slowdown, suggesting this may be last cut for a while.
Fed cuts rates again and hints at pause

Britain's banks are overstating losses from the turmoil in the credit markets and the sub-prime lending debacle, the Bank of England says. Despite frequent official pleas for "transparency" and for the banks to reveal the full scale of potential losses, the practice of "marking to market" trying to attach a value to unmarketable securities is creating its own problems, says the Bank.
Banks are overstating losses, says King

Britain's big banks stand to lose as much as a fifth of their profits as the commercial property market implodes, the Bank of England has warned.
Bank of England sounds alarm on 5bn commercial property defaults

Financial markets have become so pessimistic that the Bank of England fears banks could cut loans to consumers, causing an adverse impact on the economy and preventing a return of confidence.
Markets are too pessimistic, says Bank of England

The blow to tax revenues from the credit crunch is set to send the Chancellor plunging 16 billion or more deeper into the red over the next two years than he has planned, calculations for The Times indicate today.
Credit crunch to deliver 16bn squeeze on Chancellor's tax plans

This gloomy news for homeowners came as Jim ONeill, chief economist at Goldman Sachs, who correctly forecast the collapse of the US property market, said that Britain was likely to be the worst hit of the worlds economies in the fallout of the global credit crisis.
House prices fall as bank predicts credit crunch will hit UK hardest

Householders face a downturn in the housing market lasting two to three years after one of Britain's biggest mortgage lenders yesterday reported the first annual decline in property prices in more than 10 years.
House prices could keep falling for three years

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

US Video: Stock Market Technical Analysis 4/30/08

Good morning traders!

In Asia today, the Nikkei was down 93.14 points at 13,756.85 at the midpoint,
while the Hang Seng is closed for a pubic holiday.

New York's main oil contract, light sweet crude for June delivery surged $1.35 to
$114.81 per barrel from $113.46 at the close of floor trading during US hours Wednesday.

Happy May Day!

G.

OUTLOOK Smith & Nephew Q1 sales seen up 16-25 pct, Q4 comparatives may be toughThe Thursday Press RoundupTFN UK calendar and forecasts for todayTFN economic and business calendarThomson Financial Europe AM at a glance share guide: Shares, oil mixed

First Day of Dealings

BROKERWATCH BP cut to 'neutral' from 'overweight' at HSBC; target 675p vs 630Thomson Financial UK at a glance share guideLondon shares outlook - Weaker with drops in NY, Japan after Fed rate cut

Australian shares close down but off lows on strength in resources

BROKERWATCH Capital & Regional cut to 'neutral' from 'underweight' at JP Morgan

UK smallcap opening - ReEnergy ticks up as ongoing fundraising talks continue

STOCKWATCH Kingfisher falls after Goldman Sachs cuts to 'sell' from 'neutral'Tokyo shares close lower amid uncertainty on Fed's next move - UPDATE

London shares open weaker with drops in NY, Japan after Fed rate cutUK smallcap opening - Prelude Trust advances on portfolio wind-up move

Australian shares close off lows on strength in resources - UPDATE

STOCKWATCH Rexam up after positive trading update; Seymour Pierce keeps 'buy'

UK smallcap opening - ID Data

UK smallcap opening - Chromex mining rises on strategic board changes

STOCKWATCH Land Securities falls after Deutsche Bank cuts to 'hold' from 'buy'UK smallcap opening - Randgold Resources slides as AGM resolutions adjourned

STOCKWATCH British Airways leads on cooperation talks; brokers upbeat

UK small caps open easier; Randgold hit by AGM adjournment