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This is Money

In an extraordinarily outspoken speech last night, the Governor of the Bank of England, Mervyn King, described the regulatory system framed by Gordon Brown in 1997 as "inadequate", claimed that wrongly incentivised bankers had been "playing with fire", and said that a central tenet of the Financial Services Authority's new approach was a "delusion".
King accuses bankers of 'playing with fire'

"Never in the field of financial endeavour has so much money been owed by so few to so many. And, one might add, so far with little real reform."
King gets Churchillian and declares: Break up the banks

The Government borrowed ?14.8bn last month, the highest September level on record, putting the Treasury on course to overshoot its own forecasts according to some economists.
Government borrowing hits record September high

Painful as it maybe for the likes of David Rosenberg, the expensiveness of cash is forcing up the price of virtually all other assets ? and the JPM global asset allocation team reckon that as long as the return on cash remains pegged near zero, and investors continue to see uncertainty falling, money will keep flowing from cash into positive yield assets.
The price of cash

France has given its clearest indication to date that the surging euro is a threat to Europe's fragile recovery and will not be tolerated for much longer.
Euro at $1.50 is 'disaster' for Europe

Saudi Arabia and the other big producers ought to be thinking about slowing its ascent. But they will probably be happy to watch oil drift higher.
Conditions are in place for oil to pass $100 a barrel once more

Speaking as the price of US crude exceeded $80 per barrel this week for the first time in more than a year, Abdullah al-Badri, the Opec secretary-general, said that the group would not be comfortable with oil at $100 and that the recent price was not justified by fundamentals and had the flavour of speculation.
Opec chief blames speculators for oil price rise

A European super-regulator will have the final say over London's vast derivatives market and will acquire powers to limit the positions taken by banks and hedge funds, according to draft plans released by the European Commission.
City's market in derivatives faces control from Europe

Hedge fund managers need to learn to spot the difference between scouring every possible source for trading ideas, and out-and-out insider dealing, and they had better learn fast. The question now is whether the hedge fund industry is hooked on insider trading.
Watchdogs tell hedge funds: we are on to your game

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

KOSPI	VIX	GOLD	NYMEX CRUDE

SENSEX

Good morning traders!

In the US last night, the Dow lost 51 points at 10,041, while the Nasdaq fell 13
points at 2,163 and the S&P500 dropped 7 points at 1,091.

In Asia today, the Nikkei was last down 25.76 points at 10,311.08, while the
Hang Seng approached the midway break down 126.96 points at 22,258.

Crude oil traded at $78.82 a barrel on Nymex.

Happy trading!

G.

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