Hello traders!

In the US tonight, the Dow was off 201.68 points at 12,826.48, while the S&P500
slid 12.32 points to 1,414.31 and the Nasdaq Composite fell 23.28 points to
2,492.81.

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

G.

Good morning traders!

In Asia today, the Hang Seng ended the morning down 170.57 points at 24,998.89,
while the Nikkei was recently down nearly 2% to 13,880.88.

New York's main oil futures contract, light sweet crude for July delivery, was up six
cents at $129.04 a barrel.

The contract for June struck an all-time high of $129.60, before expiring at
$129.07 on Tuesday at the New York Mercantile Exchange.

Happy trading!

G.

Morning all. Market reports:

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

Investors are betting that oil prices will continue rocketing for years to come, it emerged as the crude price hit a new record high. Long-term oil future prices have jumped at an unprecedented rate in a sign that investors are buying up stocks of oil en-masse almost a decade in advance.
Oil price contango may signal market is heading much higher

The vice-chairman of the Federal Reserve has warned that the US faces serious economic problems if the public comes to expect higher inflation in the future.
Fed warns on inflation as oil prices continue to rise

Washington overcame a significant obstacle yesterday in its attempt to sue Opec for behaving as an oil cartel and keeping the price of fuel artificially high. The House of Representatives overwhelmingly approved legislation to bring a lawsuit against Opec members because they have collectively set the price of oil and limited oil supplies.
Congress takes step towards Opec legal challenge

Insurance giant AIG has been given a boost after its $12.5bn (6.4bn) fundraising to shore up its balance sheet pulled in $20bn in just 10 days. AIG, the world's largest insurer, raised the larger-than-expected figure through a succession of swiftly executed and well-subscribed equity and debt issues.
AIG raises $20bn in just 10 days

HBOS, Britain's largest mortgage lender, yesterday completed the first mortgage securitisation since the credit markets seized up in August last year. The bank, which owns the Halifax and accounts for a fifth of all UK mortgages, raised 500m in the wholesale money markets at 85 basis points above the benchmark three-month London inter-bank offered rate (Libor).
HBOS's 500m mortgage move an 'encouraging' sign

Taxpayers' money tied up in Northern Rock is more at risk than first thought, the nationalised lender's chairman, Ron Sandler, has conceded, as the credit crisis threatens to undermine its restructuring.
Northern Rock billions 'at risk in a downturn'

FRANKFURT (AFP) - Warren Buffett, the world's richest man, is backing Barak Obama for US president and thinks current US economic policy will push the dollar lower against other global currencies.
US billionaire Buffett backs Obama for president

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

STOCKWATCH Yell Group falls; brokers cut targets after FY results TuesdayOUTLOOK Cable & Wireless pension surplus in focus at FY; demerger talk persistsSTOCKWATCH Wolseley dips lower as market digests as-expected weak updateSTOCKWATCH Experian down as conference call on FY results raises concerns UPDATESTOCKWATCH Experian ticks up on better-than-expected FY results

UK small caps down at midday - Belgravium plunges on poor trading updatePrecious Metals Summary - London AM FixingsLondon shares - midday features

Midday Market Roundup

Metals - Copper languishes as demand fears outweigh stronger oil, weaker dollar

Metals - Gold steadies near $920 an ounce, inflation fears supportLondon shares - midafternoon features

Precious Metals Summary - London PM Fixings

TFN economic and business calendar to Wednesday June 4

End-of-day Market Roundup