Morning all. Market reports:

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This is Money

Shareholders in Britain's biggest banks lost 8bn yesterday as rumours swept the stock market that other high-street lenders could be forced to follow Northern Rock's call for a Bank of England bail-out.

More banks may need bail-outs as Northern Rock crisis affects Alliance & Leicester

Fears that the banking crisis is spreading to Alliance & Leicester, Bradford and Bingley, and other home lenders led to a sudden aversion to the pound, with options contracts now pointing to the likelihood of a sharp depreciation over coming months.

Panic on street means sterling plunges against euro and dollar as yen gets boost

The analyst credited with predicting the collapse of the United States sub-prime mortgage market warned yesterday that the Northern Rock crisis was "just the beginning" of Britain's exposure to the unwinding of the structured credit industry.

Housing market crisis for UK suggests Christopher Wood

The advice from the trader at Lehman Brothers was unequivocal: "One final tip. Load up on NRK [Northern Rock] for your children, your Mum, your goldfish... it is not going bust, gives an excellent yield, is cheap and is a realistic takeover target buy it now."

City gurus who cried 'buy' Northern Rock all the way down

Discount brokerage says tight credit will force it to leave businesses that don't deal directly with retail investors.

E-Trade slashes profit outlook

Iran threatened to fire long-range missiles at American targets in the Middle East yesterday as the war of words between Teheran and the West continued to escalate.

Iran threatens missile attacks on US targets

NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

Good morning traders!

In Asia today, the Hang Seng was recently down 157.23 points at 24,442.11,
while the Nikkei was off 264.91 points at 15,862.51.

New York's main oil futures contract, light sweet crude for October delivery, rose
46 cents to $81.03 a barrel.

Happy trading!

G.

OUTLOOK Resolution H1 profit seen sharply higher on Abbey acquisitionOUTLOOK Debenhams to report continuing fall in underlying salesTFN economic and business calendarThomson Financial Europe AM at a glance share guide: Shares lower, oil soars

TFN UK calendar and forecasts for today

The Tuesday Press Roundup

BROKERWATCH Fortis cut to 'sell' from 'hold' at Societe Generale

London shares outlook - firmer, caution ahead of US FOMC rate decision

BROKERWATCH National Grid upped to 'buy' from 'hold' at Deutsche Bank

Thomson Financial UK at a glance share guide

Morning all.

BROKERWATCH SAP downgraded to 'sell' from 'hold' at Societe Generale

Tokyo shares close sharply lower on fresh credit market worries

BROKERWATCH Northern Rock cut to 'sell' at Goldman Sachs, slashes tgt to 296pAustralian shares close lower on uncertainty ahead of US Fed rate decision

BROKERWATCH Shire upgraded to 'buy' from 'neutral' at Goldman Sachs; tgt 1,375pBROKERWATCH WPP initiated a 'buy' at ING, target set at 800p

UK smallcap opening - Media Corp rises on directors' share buying

Australian shares close lower on uncertainty ahead of US rate decision - UPDATE

UK smallcap opening - Deuxmill Marine up after bumper interims

STOCKWATCH Fortis performs in line, analysts mixed on Dutch clearance of ABN bidTokyo shares close sharply lower on fresh credit market worries - UPDATERPT UK smallcap opening - Deuxmil Marine up after bumper interims

STOCKWATCH Alliance & Leicester jumps; upped to 'outperform' at CazenoveFTSE opens modestly higher