Morning all. Market reports:

Telegraph
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The Independent
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This is Money

John Paulson is living proof that investment really is a zero-sum game. While most of Wall Street has disclosed catastrophic losses following the sub-prime credit crisis, Mr Paulson personally banked at least $3bn last year by betting on the collapse, it was disclosed yesterday.
Fund manager Paulson rides out economic storm to bank $3bn

Economic growth next year will fall significantly below government forecasts, creating a tax shortfall of up to 20bn that will jeopardise one of the Treasury's key stability rules, says the Institute of Directors.
IoD warning over 20bn tax shortfall

First-time buyers lacking a sizeable deposit will no longer be able to secure a mortgage deal. Abbey, Britains third-biggest lender, is the last big bank to abandon 100 per cent mortgages loans that cover the entire purchase price of a property.
Abbey scraps 100 per cent mortgages

In a major investigation, Jill Treanor explores how banks brought the credit crisis on themselves and how it could mark a return to basics.
Toxic shock: how the banking industry created a global crisis

TPG, the US buyout firm, is in advanced discussions to inject $5 billion (2.5 billion) into Washington Mutual (WaMu), Americas largest building society, which has been rocked by the US housing crisis.
TPG seeking $5bn stake in Washington Mutual

The price of all things steel, from refrigerators to cars to saucepans, is set to surge after an agreement was struck yesterday that will triple the price of coking coal, the fuel used to make the metal.
Steel firms face 200 per cent hike in coal costs

Exports slump in the rush to protect home markets while biofuel is causing a cut in the production of food grains.
Fear of rice riots as surge in demand hits nations across the Far East

It has been called a perfect storm - a combination of apparently unrelated events that have come together to trigger soaring food prices. Millions of people, particularly in developing countries, are affected by rises that have caused riots and many deaths.
Food prices rise beyond means of poorest in Africa

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

The Tuesday Press Roundup

Tokyo shares close sharply lower on poor earnings outlook

BROKERWATCH Bayer started as 'outperform' at Credit Suisse, target 62 eurosBROKERWATCH Novartis cut to 'peer perform' at Bear Stearns after Alcon dealBROKERWATCH Tate & Lyle cut to 'neutral' from 'outperform' at Credit SuisseBROKERWATCH Astrazeneca cut to 'neutral' from 'buy' at Goldman Sachs

STOCKWATCH BT seen supported as Ian Livingstone appointed CEOAustralian shares close lower on profit-taking in cautious trade

Tokyo shares close sharply lower on poor earnings outlook - UPDATE

UK smallcap opening - GW Pharmaceuticals down; Sativex misses significant result

STOCKWATCH Protherics higher after JMFinn starts with 'buy', target 100 penceLondon shares open lower after lacklustre Wall St, U.K. house price fall

UK smallcap opening - EnCore Oil dips on postponed demerger

STOCKWATCH Severn Trent ticks up on Ofwat guilty plea; Merrill Lynch keeps 'buy'Australian shares close lower on profit-taking in cautious trade - UPDATEUK smallcap opening - Vernalis down; Endo withdraws application for Frova

UK smallcap opening - TMN Group fall as Tangent withdraws offer

STOCKWATCH BT Group up as Ian Livingston to replace Ben Verwaayen as CEO UPDATEUK smallcap opening - AEA Technology up; sees FY profits ahead of expectations

UK smallcap opening - Spiritel rises as senior management raise stakes

Metals - Gold ticks up after rising yesterday as dollar remains weak

Metals - Copper down on demand concerns but tight supply, dollar limit losses

London shares - midmorning features

STOCKWATCH UK Banks fall after house price, mortgage data

WALL STREET OUTLOOK Lower open seen on Alcoa 1Q profit shortfall, AMD warningMetals - Gold steady after rising yesterday as dollar remains weak UPDATE

Metals - Copper down on demand concerns but tight supply, dollar underpin UPDATE