Morning all. Market reports:

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

A severe recession may now be under way in the United States, according to a closely watched economic barometer. The Philadelphia Fed warned late yesterday that the manufacturing sector in the key heartland of the US is suffering its lowest output for seven years - a firm sign that the world's biggest economy is now shrinking, experts said.
Severe US recession may already be underway

The rocketing cost of protecting corporate bonds has shone a light on another arcane corner of the financial world the $45trn (23trn) market for credit default swaps (CDS).
The next credit tidal wave

Dresdner Bank has been forced to step in and rescue its $18.8bn (9.6bn) structured investment vehicle K2 just the latest nail in the coffin of the ailing SIV industry.
Dresdner's bail-out of K2 adds to worries over SIVs

Surprisingly strong retail sales figures for January suggesting that the slowdown in the economy is still some months away have been released by the Office for National Statistics.
Strong retail sales ease City fears of slowdown

The Financial Services Authority (FSA) is set to clear a path for widespread retail investment in hedge funds with a key policy statement expected as early as today.
FSA clears way for small investors

The names of almost 4,000 directors of British companies appear on international watchlists of alleged fraudsters, money launderers, terror financiers and corrupt officials, The Times has learnt.
4,000 company directors listed as global terror suspects and fraudsters

A trio of disgraced British bankers known as the NatWest Three are to be sentenced to lengthy jail stretches by an American judge tomorrow for stealing $7.3m (3.7m) in a complex Enron-related fraud which sparked an international political row over Britain's extradition policy.
NatWest Three to be jailed

The price of gold could spike to above $1,000 per ounce after it reached a record high today as investors seek a safe haven from volatile global equity markets.
Spooked investors rush to the safety of gold

Surging desire for the precious metal from increasingly well-off Chinese fuelled a 26 per cent increase in demand in 2007.
Demand for gold up by 26 per cent as China becomes second-biggest market

HM Revenue & Customs has launched a crackdown on the buy-to-let market, doubling its efforts to track down amateur landlords who are not paying tax on earnings from their second property.
Revenue launches crackdown on buy-to-let landlords

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

Good morning traders!

In Asia today, the Nikkei ended down 187.82 points at 13,500.46, while the Hang
Seng was down 434.75 points at 23,188.25 at midday.

New York's main oil contract, light sweet crude for delivery in April, fell 31 cents to
$97.92 per barrel.

Happy Friday!

G.

OUTLOOK Lloyds TSB FY profit seen up 4.7 pctTFN economic and business calendarThomson Financial Europe AM at a glance share guide: Stocks mixed; oil drops

TFN UK calendar and forecasts for today

London shares outlook - Weak after drops in New York, Asia; Lloyds TSB key

*LLOYDS TSB 'CONFIDENT' ON EARNINGS OUTLOOK

BROKERWATCH Ladbrokes downgraded to 'sell' from 'hold' at Citigroup

The Friday Press Roundup

Thomson Financial UK at a glance share guide

UK smallcap opening - Voller Energy up on bid hopes

STOCKWATCH Sage Group falls after poor Intuit Q2; Seymour Pierce repeats 'sell'BROKERWATCH Schroders and New Star target prices cut at Citigroup

BROKERWATCH Greene King upped to 'buy' in pub sector review at Goldman Sachs

UK smallcap opening - CMR edges up on fuel cell market optimism; Investec 'buy'

BROKERWATCH M&S cut to 'reduce' in UK general retailer review at LandsbankiUK smallcap opening - Persian Gold higher on positive drilling results

UK smallcap opening - Gresham Computing rise on substantial contract win

UK smallcap opening - Humberts runs back on swing to FY losses; funding threat

OUTLOOK Old Mutual FY profit seen flat on rand weaknessUK small caps open easier; Humberts hit by FY losses & funding threat

OUTLOOK Persimmon FY pretax profit seen marginally higherMetals - Platinum hits record above 2,200 usd on South African supply fears

STOCKWATCH Lloyds TSB shares rise as profit beats forecasts