Morning all. Market reports:

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

European leaders are poised to announce a multibillion-pound rescue of the Greek economy today to try to stop its debt crisis spreading to other countries and wrecking the euro.
EU leaders on verge of deal to rescue Greece and save euro

Wake up, smell the Greek coffee. Prod Germany out of its slough of despond. Thanks to an absurd financial mess in the Balkans, there beckons a once-in-a-lifetime opportunity to reform Europes finances.
Greek tragedy offers Berlin a chance to usher in true European reform

Looks like Credit Suisse has jonied the conspiracy trying to undermine Spain. Heres a ranking of countries by perceived risk, taking into account things like current account balances, public and private debt, and CDS spreads.
Handy sovereign risk table

The Government's cost of borrowing tumbled back beneath the 4pc mark on Wednesday as the Bank of England signalled that it may yet restart quantitative easing (QE).
Pound falls as Bank signals QE not over

Stronger-than-expected growth in manufacturing production has raised hopes that the economy may be emerging from recession at a slightly faster rate.
UK output spurt raises hopes of faster recovery

According to the report, the default rate in the FHAs single-family portfolio hit 9.12 per cent in the fourth quarter of 2009, compared with 6.82 per cent in the same period a year prior. In absolute terms, that means the number single-family mortgages insured by the FHA and in default reached 531,671 in the fourth quarter of 2009. Thats a 66 per cent increase versus the same period in 2008.
FHA says everything is A-OK - but defaults are running at 9%

NIKKEI 225	AUSTRALIA ASX200	HANG SENG	SHANGHAI COMPOSITE

KOSPI	SENSEX
NYMEX CRUDE	GOLD	VIX

Japan is closed today.

Good morning traders!

In the US last night, the Dow lost 20 points at 10,038, the Nasdaq fell 3
points at 2,148 and the S&P500 dropped 2 points at 1,068.

In Asia today, the Hang Seng ended the morning ahead 270.01 points at
20,192.23. Tokyo markets are closed for a public holiday.

Crude oil traded at $74.85 a barrel on Nymex.

Happy trading!

G.

CPR Goldman: sell, tp raised to 901 from 855
CSR Citigroup: reiterated buy, tp raised to 575 from 550
DEB Goldman: reiterated buy, tp cut to 93 from 111
DSGI Goldman: reiterated sell, tp cut to 30.6 from 34.4
HFD Goldman: reiterated neutral, tp raised to 487 from 485
HMV Goldman: reiterated buy, tp cut to 120 from 126
HOME Goldman: reiterated sell, tp cut to 282 from 301
KESA Goldman: reiterated sell, tp cut to 136 from 145
MKS Goldman: upgraded to conviction buy from buy
NEX RBS: upgraded to buy from hold, tp cut to 250 from 360
NXT Goldman: reiterated neutral, tp cut to 2412 from 2399
SN. Morgan Stanley: upgraded to overweight from equalweight
WLF Jeffries: upgraded to buy from hold

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