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This is Money

Shares on Wall Street have fallen more than 300 points to their lowest level in 14 months after the head of the US central bank backed drastic plans to pull the economy out of a looming recession. Federal Reserve chairman Ben Bernanke threw his weight behind a massive package of tax cuts and spending increases designed to kick-start the US economy, adding fuel to fears that the world's biggest economy is facing an increasingly desperate 2008.
US recession worries spark Wall Street plunge

Rising inflation may prevent the Bank of England from cutting rates as fast as it had intended in the wake of the credit crisis, its deputy governor has warned.
Interest rate cuts 'won't be easy' says Sir John Gieve

British manufacturers are facing the greatest pressure to raise prices in more than a decade, according to an authoritative survey which will stoke inflation fears. The British Chambers of Commerce said industry was having to cope with dramatically eroded margins and falling order books. It urged the Bank of England to cut interest rates in response.
Pressure mounts for high street price rises

The role of the bond insurers in the sub-prime crisis is coming under renewed focus after ratings agency Moody's threatened to cut Ambac's AAA credit rating after reporting write-downs of $3.5bn (2bn).
Ambac facing rating cut over sub-prime write-downs

Doom-laden forecasts that world oil supplies are poised to fall off the edge of a cliff are wide of the mark, according to leading oil industry experts who gave warning that human factors, not geology, will drive the oil market. A landmark study of more than 800 oilfields by Cambridge Energy Research Associates (Cera) has concluded that rates of decline are only 4.5 per cent a year, almost half the rate previously believed, leading the consultancy to conclude that oil output will continue to rise over the next decade.
World not running out of oil, say experts

The monetary authority of the world's second-biggest economy faces a looming succession crisis as parliamentary meltdown threatens to create a vacuum scenario at the Bank of Japan (BoJ).
Parliamentary deadlock could leave Bank of Japan without a governor

As rebukes go in the close-knit world of central banking, few hurt as much as the scathing indictment of US Federal Reserve policy by Professor Anna Schwartz. The high priestess of US monetarism - a revered figure at the Fed - says the central bank is itself the chief cause of the credit bubble, and now seems stunned as the consequences of its own actions engulf the financial system. "The new group at the Fed is not equal to the problem that faces it," she says, daring to utter a thought that fellow critics mostly utter sotto voce.
Anna Schwartz blames Fed for sub-prime crisis

Nearly one pound in every seven spent on consumer goods in 2007 was spent over the internet, a jump of more than 50pc since 2006, new figures reveal.
Businesses coin it in as online sales up 50pc

Alistair Darling's dithering over planned reforms to the capital gains tax (CGT) regime threatens to cause a false market in AIM-listed shares, stockbroker Brewin Dolphin has warned. If his proposal to increase the tax rate from 10pc to 18pc is left unchanged, Brewin Dolphin fears a flood of share sales before the start of the new tax year on April 5 that will artificially reduce prices.
CGT increase 'will create false market on AIM'

NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

TFN economic and business calendarThomson Financial Europe AM at a glance share guide: Stocks, oil fall

Good morning traders!

In Asia today, the Nikkei closed up 77.84 points at 13,861.29, while the Hang
Seng ended the morning down 306.96 points at 24,808.02.

New York's main oil contract, light sweet crude for delivery in February, slid 51
cents to $89.62 a barrel.

Happy Friday!

G.

TFN UK calendar and forecasts for today

Tokyo shares close higher as investors pin hopes on US stimulus plan

London shares outlook - lower, Dow plunges as evidence of recession gathers pace

The Friday Press Roundup

Thomson Financial UK at a glance share guide

BROKERWATCH Aegis, Havas initiated both as 'hold' at ING in media review

Carphone Warehouse (CPW) say Q3 revenues are up 14% and the FY outlook is unchanged and positive, despite the more uncertain consumer environment. Cantor are calling it lower. Rio Tinto (RIO) plan to develop a mine that mines itself. HSBC (HSBA) wants a listing in China. Gordon Brown has travelled to China with Northern Rock (NRK) bidder Richard Branson - he wants their Sovereign Wealth Fund investments...

It's been a Night of the Long Knives over at SCi Entertainment Group (SEG), where the CEO, Managing Director and Studios Director have all 'stepped down', without the customary thanks from the Chairman for their service. They are still looking for funding. Marchpole Holdings (MPH) have settled their legal dispute out of court. Cineworld (CINE) say they've had a solid year and a good start to 2008. Regal Petroleum (RPT) have failed to find further hydrocarbons. Major Northern Rock shareholder RAB Capital (RAB) say trading in Q3 and Q4 was difficult but claim their performance was 'commendable'. Distressed lender Paragon (PAG) say they are continuing to trade profitably in line with expectations, but will cease most new lending on 28 February and will continue to seek funding after the rights issue. EMI is supposed to be bidding for Chrysalis (CHS).

Kazakhmys (KAZ) has been upgraded to overweight from neutral with a reduced 1500 target by HSBC.

The FTSE is currently being called down 17 at 5,885 by CMC. Dow futures are currently being called up 128 at 12,287 after yesterday's 307 point fall. The Hang Seng has had a another 1,000 point turnaround. Tom Hougaard saw signs of capitulation yesterday and thinks it's time to go long - sees 100 points on the S&P and 500-600 on the Dow. But 2008 will be difficult.

Tokyo shares close higher as investors pin hopes on US stimulus plan - UPDATE

BROKERWATCH Kazakhmys upped to 'overweight' vs 'neutral' at HSBC

BROKERWATCH Heineken upped to 'hold' from 'reduce' at SNS; target stays 40 eurUK smallcap opening - Business Control ticks up on positive update

BROKERWATCH Kazakhmys upped to 'overweight' at HSBC, target cut to 1,550p UPDATE

UK smallcap opening - Cobra Bio-Manufacturing retreats on swing to FY loss

UK smallcap opening - Entertainment Rights runs back on FY profits warningLondon shares open lower as Dow tumbles on recession fears, miners offer support

BROKERWATCH Atos upped to 'add' vs 'hold' in sector review at Dresdner KleinwortCORRECTION BROKERWATCH Heineken upped to 'hold' from 'reduce' at SNS; tgt 42 eur

UK smallcap opening - Paragon drops after trading update

STOCKWATCH Rio Tinto up on BHP Billiton bid talk with ABN Amro retaining 'hold'