UK smallcap opening - Condor Resources rises on positive update

Credit rating agencies could be held liable for investor losses on complex securities backed by risky US subprime mortgages and other assets, according to a study.

The studys authors say rating agencies have deviated from their traditional roles as providers of opinion and instead co-operate closely with investment bankers to help them secure the desired ratings to sell deals to investors.

The big three ratings agencies Moodys, Fitch and Standard & Poors were quick to dismiss this on Thursday, saying their role was limited to producing a rating opinion and that their rating criteria were publicly available for investment banks to use to structure transactions.

Rating agencies could be liable for losses

STOCKWATCH Iberia higher after better-than-expected Q1; M&A talk still dominatesUK smallcap opening - Carter & Carter dips after in-line trading update

UK smallcap opening - EBT Mobile slips after sales update

Metals - LME inventory data (Friday)

STOCKWATCH Next downgraded to 'hold' from 'outperform' by Seymour PierceUK small caps open lower, with Mercury hit by volume uncertainty

RVA 88 - 92p +2.50p

up at both sides, and now looking good on the bounce

Metals - Gold rebounds slightly on bargain hunting after yesterday's falls

London shares - midmorning features

Metals - Gold rebounds on bargain hunting after yesterday's falls UPDATE

OUTLOOK Land Securities set for dividend increases following REIT conversion

Asian economic and corporate news summary

Asian bourse roundup

STOCKWATCH Northern Rock spikes on takeover talk, Cazenove sees upside potential

US futures flat-to-lower

Metals - Copper falls on fears of declining Chinese demand, stronger dollar

UK small caps extend losses at midday, ADL falls on profit warning, poor H2

OUTLOOK Vedanta FY results seen up sharply on high volumes, commodity pricesLondon shares - midday features

Midday Market Roundup

KEEP a good watch
reversing the trend lately

SCR 5.75 - 6p +0.25p

move up earlier on the offer and just now on the bid