Morning all. Market reports:

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

A new phase in the credit crunch, one of $1 trillion losses seems to be dawning. The crisis at Citigroup and renewed doubts about some of the worlds leading banks disquieted stock markets on both sides of the Atlantic yesterday, with the fractious mood set to continue.

Markets fear banks have $1 trillion in toxic debt

The peak pain for America's sub-prime debtors will hit next spring as interest rates jerk upwards with venomous effect on all those "teaser" loans taken out at the height of the property bubble in 2005 and 2006. A cascade of defaults will inevitably follow through next summer and beyond, hobbling any recovery in the global credit markets for months to come.

Plunging markets fear a meltdown

The prospect of a credit card crunch in the UK has increased, experts have warned, after lenders tightened their criteria and hiked their fees for cash withdrawals.

UK credit card crunch looms, experts warn

Cuts in US interest rates have helped revive the global leveraged finance market, claims the world's largest ratings agency. Standard & Poor's said there are signs that the market which came to an abrupt halt in June as the fall-out of the sub-prime mortgage sector ended major takeover deals has begun to recover.

S&P sees signs of recovery in liquidity

NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

Good Morning traders!

In Tokyo this morning , the Nikkei rose 0.3% to 16,311.03, while the Hang Seng
ended the morning session 1.3% higher at 29,312.99.

Crude oil for December delivery rose as much as 69 cents to $94.67 a barrel, after
falling $1.95 to $93.98 a barrel on the New York Mercantile Exchange Monday.

Happy trading!

G.

OUTLOOK InterContinental Hotels investors weigh cost of two dollar poundOUTLOOK Marks & Spencer H1 underlying pretax profit seen up 9 pctOUTLOOK US subprime fallout in focus at Yell Group's H1OUTLOOK Swiss Re Q3 seen strong from absence of large damage claimsOUTLOOK Bayer Q3 opg seen rising 6 pct on higher drug, pesticides revenueTFN economic and business calendar UPDATETFN economic and business calendarThomson Financial Europe AM at a glance share guide: Stocks mixed

TFN UK calendar and forecasts for today

London shares outlook - firmer; Dow closes down but off lows; earnings in focus

*INTERCONTINENTAL HOTELS SAYS OUTLOOK REMAINS POSITIVE

BROKERWATCH Total upped to 'outperform', Shell cut to 'neutral' at Credit Suisse

BROKERWATCH Serco upped to 'buy' vs 'hold' at Citigroup; target upped to 525p

BROKERWATCH Sainsbury upgraded to 'neutral' at JP Morgan, cut to 'sell' at SGThe Tuesday Press Roundup

Thomson Financial UK at a glance share guide

STOCKWATCH Bayer up slightly pre-bourse as Q3 numbers a nudge above expectations

BROKERWATCH Invesco upped to 'overweight' vs 'equal-weight' by Morgan StanleySTOCKWATCH Swiss Re seen higher, on solid Q3, M&A uncertainty to cap gains

BROKERWATCH Pernod Ricard outperforms spirits sector, says Lehman Bros

BROKERWATCH UK housebuilder price targets, profit forecasts cut at Credit Suisse

BROKERWATCH Pearson seen as opening higher after it agrees Les Echos sale y'dayUK smallcap opening - Cryo-Save marked up on AIM debut

STOCKWATCH MOL's Cameroon acquisition seen neutral for shares

STOCKWATCH Bayer slightly higher as Q3 numbers a nudge above expectations UPDATESTOCKWATCH MOL tracks market as Cameroon acquisition seen neutral - UPDATE

UK smallcap opening - Eruma firms on successful security blinds testsUK smallcap opening - Matra Petroleum higher on Russia oil find

STOCKWATCH Swiss Re surges as market welcomes forecast beating Q3 resultsLondon shares open firmerLondon shares open firmer; Dow closes off lows, miners and earnings give lift