Morning all. Market reports:

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

The white smoke has at last emerged from the Bibliotheque Solvay in Brussels, but global markets do not like its odour. The Greek rescue plan agreed by EU leaders after a week of leaks is strangely thin, raising suspicions that Germany, Holland and the creditor states of Northern Europe still cannot agree on the terms of any bail-out.
Will markets call EU bluff on Greek rescue?

France and Switzerland have more exposure to Greek debt than any other countries in the world, and more than twice as much as Germany - perhaps adding fuel to the hesitance of the Germans to help bail out the troubled country.
France and Switzerland most exposed to Greece's debt crisis, say analysts

Sterling has weakened dramatically since the start of the financial crisis, despite the recent improvement against the euro, due to Greek and other problems. The Bank of England reckons that the pound has depreciated by around 25pc since mid-2007. It's a huge dip, in both absolute and historical terms.
Britain isn't in the euro but there's still plenty to worry about

America faces a tidal wave of bad commercial property debt that may stop as many as 3,000 small banks from lending, threatening the countrys budding economic revival, according to a Congressional watchdog.
US bailout watchdog warns of commercial property crisis

Interest rates on government bonds and across the whole spectrum of finance will more than double over the next decade, pushing Britain back towards 1970s-style levels, according to an authoritative new study.
Interest rates on gilts to double to 1970s' levels as population ages

Goldman Sachs is investigating claims that one of its computers was used to rig a public vote on the introduction of a so-called Robin Hood tax on bankers.
Goldman Sachs faces 'Robin Hood tax' vote-rigging claims

A former Goldman Sachs computer programmer was charged with stealing top-secret computer code from the Wall Street bank to use at a rival trading house.
Ex-Goldman employee indicted over software theft

NIKKEI 225	AUSTRALIA ASX200	HANG SENG	SHANGHAI COMPOSITE

KOSPI	SENSEX
NYMEX CRUDE	GOLD	VIX

Good morning traders!

In the US last night, the Dow gained 106 points at 10,144, the Nasdaq added
30 points at 2,177 and the S&P500 was up 10 points at 1,078.

In Asia today, the Nikkei was last up 119.81 points at 10,083.8, while the
Hang Seng ended the morning ahead 67.1 points at 20,357.79.

Crude oil traded at $74.91 a barrel on Nymex.

Gold settled at $1,090 an ounce.

Happy Friday!

G.

Opening Market Overview

Morning guys.
Looks like the German GDP figures were unexpected and has brought down the markets. Maybe that makes for more opportunities? Who knows, Kyoto?

Germany was slightly under and France was a bit more above. The former being more important and a bit psychological since it's a zero growth story as opposed to a token rise. I think we're all waiting for Tuesday now, but I'm going to be surprised if the EU manage to do anything really positive because it looks like they don't have any good options. Doesn't seem worth getting too involved right now because it all hinges on that Greek decision and where we go from there - recovery or the beginning of something truly ugly.

HMV is strong on volume this morning after Goldman's buy and aggressive 120 target yesterday. GMG is weak this morning so opportunities for a speculative long or pairs trade maybe.

MA25%: EMG-14 BT.A-13 HOC-12 LLOY-11 | SPD+7 RB.+3 SN.+3 EXPN+2 FXPO+2 VOD+1

I'm itching for a short bias but I'll wait until the EU announcement to see how bad things look - will probably hit the financials.

Mr Sarkozy hinted that the eurozone might act if Greece came under sustained market pressure. "We are sending a very clear signal. If there were to be other events then we would have to call another press conference," he said.

EU's lack of detail on Greek rescue leads to confusion

The market quivers in fear at your threat of another press conference, Mr. Sarkozy.

Midday Market Overview

KEEP an EYE

EMG 223.8p +5.6
breaking the 223p should be good to move higher
All Indicators ready for the move forward with MACD on convergence
15 minutes delay chart

End-of-day Market Overview

Have a great weekend all!