Good morning traders!

In Asia today, the Nikkei was 0.9% lower and Hong Kong's Hang Seng was down
0.1%, adding to a two-day, 7.1% decline.

Happy Friday!

G.

Morning all. Market reports:

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

German exports and industrial orders have both plunged at the steepest rate since modern records began and Spain's unemployment has surged above three million, capping one of the most disastrous days for Europe's economy since the Second World War.
Europe's economy contracts at rates not seen since 1930s

The European Central Bank has deemed Britain unfit for monetary union even if it wants to join following the dramatic slide in sterling and the explosion in the UK budget deficit.
ECB deems Britain unworthy of euro

he German state on Thursday injected a further 10bn into Commerzbank and took a 25% stake to shore up the countrys second-largest lender and enable it to complete the takeover of Dresdner Bank, its ailing rival. The capital increase, which in effect partly nationalises Commerzbank, comes two months after the bank received 8.2bn in aid from Germanys financial sector bail-out fund.
Germany takes Commerzbank stake

Kuwait's biggest investment bank is seeking an urgent standstill agreement from its 30 international lenders after disclosing that it is in default on the majority of its $3bn (1.97bn) debts.
Economic slump engulfs Kuwait's top investment bank

Many of Britain's major banks looked on a collision course with the government tonight after they said merely that they were keeping their main lending rates "under review" in spite of the Bank of England cutting the base rate to an all-time low of 1.5%.
Government hits out as banks slow to pass on rate cut

The lowest interest rate in the history of the Bank of England will deter savers from depositing money and further undermine troubled banks, it was claimed yesterday.
Interest rate cut 'will starve banks of cash', as savers are deterred

Some of the most attractive savings deals have already been withdrawn and more are expected to follow next week as research showed the average savings rate is already at its lowest level for five years. And experts warned that if rates continue to fall, savers could even end up paying "negative" savings rates, where they are charged by banks for looking after their money.
Savers could end up paying to keep their money in a bank, experts warn

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