Morning all. Market reports:

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

Core inflation for factory goods in the US fell to minus 0.6pc in October from a year earlier, edging the country closer towards Japanese-style deflation despite massive monetary stimulus.
Core deflation in the US continues to gather pace

Fears that the Bank of England may have to reverse its policy of quantitative easing ? injecting cash directly into the economy ? and raise rates sooner than expected were heightened yesterday with the publication of the latest inflation figures.
Inflation figures trigger QE reversal fears

The head of the International Monetary Fund (IMF) has suggested China should let its currency rise to aid the country's development over the longer term and help to correct global imbalances.
IMF wants stronger Chinese currency

FT Alphaville has previously delved deeply into the latest product offering from ETF Securities: collateralised currency securities, also known as ETCs. Were revisiting the topic, but while our conclusions remain unchanged - these are hugely complicated products - we would like to clarify one matter: how these products can expose investors to carry-trade returns.
Currency ETCs revisited

Citi analysts forecasts that about 40 per cent of the hybrids Moodys covers will be downgraded by a notch as a result of the revised methodology. A quarter could go down by three or four notches, and 10 per cent could go down by five levels or more. Thats something that will have a big impact on the holders of such subordinated debt: Fixed income funds and, curiously, many insurance companies.
The slow march of the Moodys hybrid downgrades

Gazprom, the world's biggest gas producer, has undermined warnings from economists of a gas glut for the next six years, insisting that the current oversupply will disappear by 2011.
Gazprom dismisses warnings of lengthy gas glut

Gold is different from other commodities in many ways. Still, the price of the yellow metal depends on the same three factors as oil or wheat: supply, demand and financial conditions. Put them together, and the 20pc increase since August might only be the beginning.
Gold at $5,000 an ounce? Don't disgard it

The Financial Services Authority faces criticism after Regal Petroleum was fined ?600,000 by the London Stock Exchange for "systematic" breaches of rules ? just months after the watchdog closed its own investigation without conclusion.
FSA red faced as LSE fines Regal

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

KOSPI	VIX	GOLD	NYMEX CRUDE

SENSEX

Good morning traders!

In the US last night, the Dow added 30 points at 10,437, the Nasdaq gained 6
points at 2,204 and the S&P500 ticked up a point at 1,110.

In Asia today, the Nikkei fell 88.41 points to 9,641.52, while the Hang Seng ended
the morning off 160.16 points at 22,753.99.

Crude oil traded at $79.69 a barrel on Nymex.

Happy trading!

G.

BRBY Nomura: downgraded to neutral from buy, tp raised to 623 from 562
COB Morgan Stanley: initiated overweight, tp 300
ISAT BarCap: reiterated underweight, tp raised to 545
LAD Merrill: upgraded to buy from hold, tp 160
LAND Evolution: reiterated add
LMI Merrill: reiterated neutral, tp cut to 1800 from 1900
UU. Credit Suisse: reiterated outperform, tp reiterated 550

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