Morning all. Market reports:

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

The credit crunch has reached a new intensity, with the cost of borrowing money in London's money markets hitting a new high in spite of the Bank of England's attempts to cool the system by pledging to inject more cash.

Credit squeeze grows to worst for 20 years as cost of borrowing hits new high

The majority of computer-driven hedge funds, which were blamed for large-scale market fluctuations that wiped billions of pounds from global stock markets last month, have emerged largely unscathed.

Quant hedge funds recover their losses

A headline-grabbing note from the European strategy team at Morgan Stanley illustrates how dangerous it can be to be caught on the wrong side of a shift in Mr Market's mood. It asks what might happen if we were to pull through the current financial turmoil and see shares start to rise again. Its controversial answer is that we might see a spectacular change in sentiment leading to a "mania of epic proportions".

Bull market may have steam left for an upward surge

Japans economy suffered a shock reversal in the second quarter of the year as companies reined in spending and the countrys longest postwar period of growth ground to a halt. In a heavy blow to investor confidence, the Government revised its previous estimate of 0.5 per cent growth during the April-to-June period and said yesterday that gross domestic product shrank by 0.3 per cent from the previous quarter.

Investors confidence slumps as growth grinds to a halt in Japan

The yen carry trade investment gambit that has driven highly leveraged hedge-fund bets around the world may be on the brink of collapse and could trigger months of extreme currency volatility.

Analysts issue warning of imminent collapse in yen carry trade

Opec oil ministers meet today amid a backdrop of record crude prices and a fear that unless the cartel agrees to increase supplies it will further damage the global economy, which already faces a slowdown as the US financial turbulence spills out into the rest of the world.

Opec may defy calls to increase output

NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

OUTLOOK Next H1 pretax profit seen up 2 pctOUTLOOK Cairn Energy update on India pipeline deal to overshadow H1TFN economic and business calendar

DSGI downgraded to underweight from equal-weight - Morgan Stanley

Good morning traders!

In Asia today, the Hang Seng ended the morning up 80.91 points at 24,080.61,
while the Nikkei was recently up 159.13 points at 15,924.10.

The main crude contract was recently up 40 cents at $77.89 a barrel, after
touching $78.32 a barrel earlier in the session.

Happy trading!

G.

TFN UK calendar and forecasts for today

Thomson Financial Europe AM at a glance share guide: Shares mixed, dollar weak

*NEXT 'REMAINS CAUTIOUS' ON OUTLOOK FOR UK CONSUMERLondon shares outlook - higher; NY closes up

The Tuesday Press Roundup

BROKERWATCH Tesco upgraded to 'overweight' vs 'equal-weight' at Lehman Brothers

Thomson Financial UK at a glance share guide

BROKERWATCH DSG International cut to 'underweight' at Morgan Stanley

BROKERWATCH AB Foods target price cut to 1,090 pence vs 1,160 at JP Morgan

UK smallcap opening - Formjet up on reduced H1 losses; confident statement

Australian shares close higher led by banks on earnings expectations

Tokyo shares close mixed to higher in directionless trade; focus on USUK smallcap opening - Ultimate Finance slips on cautious FY statement

FTSE opens sharply higher

STOCKWATCH Cairn Energy up after India approval on pipeline, H1 resultsTokyo shares close mixed to higher in directionless trade; focus on US - UPDATE

UK smallcap opening - Arc up on breakthrough Intel deal

Good morning all
One for the UPS
IOS - Mid 23.25p
Reason - Buyers are returning for the last couple days as the chart is looking ready for a push forward, company has cash of 27.9p and is in advanced stages of completing an acquisition