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This is Money

NEW YORK (Fortune) -- Thursday's stock market selloff reflects a sobering truth: Nine months of strong medicine have failed to cure the credit crisis and left the economy in a weakened state.
Economic muddle sinks stocks

Global stock markets tumbled as a weak dollar pushed the oil price over $140 a barrel for the first time in London and New York.
Dow Jones leads global market panic as oil price hits record

Fears that Britain is heading for an inflationary spiral have been salved by figures showing that pay awards rose by 3.3pc last month - well below the Retail Price Index.
Below inflation pay rises ease rate rise fears

Fears of immediate interest rate rises receded yesterday as Mervyn King, Governor of the Bank of England, said that drastic rate moves to curb inflation could plunge the country into recession.
Bank of England Governor Mervyn King tries to calm fears of interest rate rise

Commercial property prices need to fall by another 10pc before they offer good value, according to one of the UK's most experienced property investors.
Commercial property prices must fall further 10pc, warns investor

Falling demand from the financial sector has led to the volume of vacant office space in the City of London nearly doubling over the past 12 months. Figures for the second quarter of this year from commercial property agent NB Real Estate show the vacancy rate in the City increased 90pc to 10.2pc in the second quarter compared with the same period last year.
Vacant office space in City nearly doubles

Belgian bank Fortis has joined the credit crisis casualty list, axing its interim dividend and raising 1.5bn (1.2bn) via a placing of new shares to shore up its finances. The news came as Italy's Unicredito revealed plans to slash 9,000 jobs and the head of the German Bundesbank ruled out additional help for Europe's struggling banks.
Rescue package for Fortis as credit crisis claims new victim

Private equity deals have continued to dry up in the wake of the credit crunch, with the value of buyouts worldwide tumbling to a four-year low during the last quarter.
Buyouts plunge by 82% in wake of crunch

Halifax Bank of Scotland's chairman yesterday took a swipe at City regulators who had failed to discover any evidence of manipulation after a 17% one-day fall in the bank's share price in March.
UK is weak on tackling white collar crime and short sellers, says HBOS chairman

Hopes that today might usher-in a new era of successful shareholder activism in Japan were dashed by mid-afternoon after western investor funds suffered a number of high-profile defeats.
Japan stands firm against Western activism

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

09:00 EU Bloomberg Eurozone Retail PMI June
09:30 UK GDP Q1 (QoQ consensus 0.4%, YoY 2.5%)
10:00 EU Business Climate Indicator June (consensus 0.4)
10:00 EU Eurozone Consumer Confidence June (consensus -16)
10:00 EU Eurozone Economic Confidence June (consensus 96.5)
10:00 EU Eurozone Industrial Confidence June (consensus -3)
10:00 EU Eurozone Services Confidence June (consensus 7)
11:00 UK Land Registry's UK house price index
13:30 US Personal Income May (consensus 0.4%)
13:30 US Personal Spending May (consensus 0.7%)
13:30 US PCE Core May (MoM consensus 0.2%, YoY 2.1%)
15:00 US University of Michigan Confidence June (consensus 56.8)

Thomson Financial Europe AM at a glance share guide: Shares plunge, oil edges upTFN economic and business calendar

TFN UK calendar and forecasts for today

London shares outlook - lower as NY drops on high oil concerns, Tesco focus

BROKERWATCH Home Retail to 'underweight' at JP Morgan; Signet upped to 'neutral'

BROKERWATCH Kazakhmys upped to 'buy' vs 'hold' at Deutsche Bank, tgt 1,900pBROKERWATCH StatoilHydro upgraded to 'overweight' at JP Morgan in sector review

BROKERWATCH Wolseley downgraded to 'sell' vs 'hold' at ABN AmroTokyo shares close at 2-month lows on firmer yen, Wall St slide

Australian shares close lower but above session lows on late buyingThomson Financial UK at a glance share guide

BROKERWATCH Cairn Energy upgraded to 'outperform' from 'in-line' at CazenoveUK smallcap opening - Global Oceanic jumps on agreed 170-1/2p Newport bid

Tokyo shares close at 2-month lows on firmer yen, Wall St slide - UPDATE

UK smallcap opening - Hardy Amies up as FY losses narrow

London shares open higher - commodity sector gains after record oil price

Australian shares close off lows on late buying - UPDATE

UK smallcap opening - Oilexco higher on North Sea find

UK smallcap opening - Nextgen up on commercial deal

London shares open lower - banking weakness offset commodity gains UPDATE

UK smallcap opening - Merchant Securities slides on placing news

UK small caps open lower; Merchant Securities hit by placing news UPDATE