Good morning traders!

In Asia today, the Hang Seng was recently up 65.91 points at 23,441.43, while the
Nikkei ended the morning session up 5.17 points at 14,026.34.

New York's main oil futures contract, light sweet crude for July delivery, was 61
cents higher at $131.92 per barrel.

Happy trading!

G.

Thomson Financial Europe AM at a glance share guide: Stocks, oil mixedTFN economic and business calendar

TFN UK calendar and forecasts for today

Morning all. Market reports:

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

The Governor of the Bank of England delivered a grim assessment on the economy yesterday as he warned that families face the "longest period of financial turmoil that most of us can remember". In a speech to bankers, Mervyn King raised the spectre of "stagflation", saying that households are facing "rising inflation and falling economic growth".
We face longest era of turmoil in memory, says Bank boss

Mervyn King called yesterday for an improved system of financial stability for Britain as he admitted that prolonged turmoil in the markets had left the economy facing a period of rising inflation and weaker growth.
Give me powers to rein in market turmoil, says King

The Governor of the Bank of England put himself on a collision course with the high street banks yesterday by calling on them to put billions of pounds into a consumer compensation scheme. Mervyn King used the British Bankers Association (BBA) conference to suggest that banks make upfront payments to a new scheme to compensate savers who lose money in a bank collapse.
Bank of England Governor wants banks to set up compensation scheme

The Bank of England yesterday promised Britains lenders that they could rely on the central bank for a liquidity facility that works in all seasons similar to the emergency 90bn scheme already in place.
BoE pledges a 'liquidity facility for all seasons'

The daily New York Funding Rate (NYFR) will be a poll of one- and three-month rates, and will act as an alternative to Libor, which has come under criticism in recent months due to suggestions that it does not provide an accurate picture of actual funding rates.
NY rival for Libor launched

The banking model that delivered record growth on the back of soaring debt in recent years and has since been blamed for the credit crunch is "bankrupt", HSBC chairman Stephen Green declared yesterday as he forecast a return to "good old fashioned" principles.
HSBC boss: Credit crisis resulted from now 'bankrupt' debt model

The Russians undermined Opec's attempts to talk down the oil market yesterday by warning that crude prices could almost double to $250 a barrel within 18 months.
Oil to hit $250 a barrel, says Gazprom chief

Petrol retailers have disclosed that fuel sales dropped sharply over the past few weeks and the latest figures appear to show that demand for petrol in Britain has slumped by as much as 20 per cent over the past 12 months.
Petrol sales fall 20pc as drivers feel the pinch

The plight of Barratt Developments may be so severe that it will have to resort to a debt-for-equity swap to survive as a flurry of negative coverage sent shares in the company to a 20-year low.
Barratt 'needs 1bn to survive'

The term was first coined in 2000 following the bursting of the dot.com bubble, as a series of companies saw their share price crumble, but until the credit crunch, the club's membership had been on the wane. Today, however, though the stock market is nowhere near the nadir of early in the century, the 90 per cent club is once again welcoming new members.
Plunging share prices: The 90% Club

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

The Wednesday Press Roundup

09:30 UK Jobless Claims May (consensus 8.0K)
09:30 UK Trade Balance April
12:00 US MBA Mortgage Applications
15:30 US DoE Crude Oil Inventories (consensus -1500K)
15:30 US DoE Gasoline Inventories (consensus 1200K)
19:00 US Fed Biege Book

London shares outlook - higher after gains in NY & Asia; RBS trading update dueRPT - TFN UK calendar and forecasts for today

BROKERWATCH Sainsbury upgraded to 'neutral' from 'underweight' by JP MorganTokyo shares close higher as softer yen helps exportersThomson Financial UK at a glance share guide

BROKERWATCH Debenhams, DSG, Kingfisher, among those downgraded in Citigroup noteAustralian shares close higher on late buying of bank stocks

BROKERWATCH HBOS upgraded to 'buy' vs 'neutral' at UBS, target cut to 350 penceUK smallcap opening - NetStore climbs on confirmation of bid talks

UK smallcap opening - Global Gaming advances on oil producer deal gossip

London shares open higher after gains in NY and Asia; banks rise post RBS update

Tokyo shares close higher as softer yen helps exporters - UPDATEAustralian shares close higher on late buying of bank stocks - UPDATEUK smallcap opening - First Property rises on bumper FY results

UK smallcap opening - Imaginatik ticks up as FY losses narrow

BROKERWATCH Marks & Spencer cut to 'sell', Next to 'hold' at Seymour Pierce

STOCKWATCH Deutsche Bank up on talk Russian billionaire Kerimov buying sharesUK smallcap opening - Cape higher on positive update

UK smallcap opening - Caspian Energy plunges on failure to find hydrocarbons

UK small caps open firmer; Global Gaming strong on oil producer deal gossip

STOCKWATCH Centrica gains; Cazenove ups to 'outperform' from 'in-line'Metals - Gold steady as oil, dollar support but lacking fresh direction