Morning all. Market reports:

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

British households should brace themselves for greater pain in 2011 than 2010, as the brunt of the Government's tax rises and spending cuts come into force, economists have warned.
Brunt of Britain's pain to be felt in 2011, economists say

The housing market revival is expected to accelerate over the next few months as financial investors are once again using the complex funding structures that were linked to the credit crunch, a top law firm involved in the industry said.
Housing market expected to take off - thanks to the return of securitisation

Jean-Claude Trichet announced that a final instalment of funds for banks would not be fixed at an ultra-cheap 1pc, but indexed to bids in future refinancing operations. Still, the ECB's president could hardly have been more keen to stress that this did not signal any tightening in monetary policy. Liquidity, the central banker said, would remain "extremely abundant".
Jean-Claude Trichet puts his money where his mouth is

More than 200 American economists have thrown their weight behind a campaign for a so-called Tobin tax on financial transactions, adding weight to pressure on the Obama administration to consider an anti-speculation levy that could raise an estimated $150bn annually in the US.
Leading American economists back campaign for 'Tobin tax'

The Treasury was wrong-footed by the banking crisis, privately judging that Royal Bank of Scotland was reasonably strong less than one week before the bank was rescued with 37 billion of secret government loans, according to an official report.
Treasury rated RBS as sound less than a week before throwing it a 37bn lifeline

HARADHEERE, Somalia (Reuters) - In Somalia's main pirate lair of Haradheere, the sea gangs have set up a cooperative to fund their hijackings offshore, a sort of stock exchange meets criminal syndicate. "Four months ago, during the monsoon rains, we decided to set up this stock exchange. We started with 15 'maritime companies' and now we are hosting 72. Ten of them have so far been successful at hijacking," Mohammed said.
Somali sea gangs lure investors at pirate lair

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

KOSPI	VIX	GOLD	NYMEX CRUDE

SENSEX

Good morning traders!

In the US last night, the Dow lost 87 points at 10,366, the Nasdaq fell 12 points
at 2,173 and the S&P500 dropped 9 points at 1,100.

In Asia today, the Nikkei was down 12.43 points at 9,965.24, while the Hang
Seng ended the morning off 313.01 points at 22,240.86.

Crude oil traded at $76.04 a barrel on Nymex.

Gold settled at $1,204 an ounce.

Happy Friday!

G.

AAL Nomura: tp raised to 3500 from 2700
ANTO Nomura: tp raised to 1010 from 915
BARC JPMorgan: upgraded to neutral from underweight
BAY Citigroup: upgraded to buy from hold, tp raised to 280 from 250
BLT Nomura: tp raised to 2090 from 1650
ENRC Nomura: tp raised to 1080 from 1010
KAZ Nomura: downgraded to reduce from buy
RIO Nomura: tp raised to 4300 from 3425
VED Nomura: tp raised to 2280 from 1950
XTA Nomura: tp raised to 1400 from 1300

End-of-day Market Overview

Have a good weekend all!

G.