Good morning traders!

In Asia today, the Nikkei was up 127.27 points at 9,438.08, while the Hang Seng
ended the morning up 799.89 points (4.71%) at 17,791.45.

Crude oil traded at $62.45 a barrel on Nymex.

Happy trading!

G.

Morning all. Market reports:

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

Consumer confidence in the US has risen to an eight-month high, renewing hopes that the worst of the recession may be over.
US consumer confidence hits eight-month high

The increasing number of British consumers cutting back on meals out and holidays has led to the worst drop in business volumes in the services sector since 2001. The consumer and business services sector dominates the British economy.
Services sector suffers worst drop in business for eight years, CBI finds

Key money market rates rose for the first time in more than two months amid worries that the economic revival could stall as the financial health of banks remains fragile
Money market rates rise again

Chinese steelmakers and global miners are heading for a showdown over ore prices after Rio Tinto agreed to cut prices by a third for Japanese steel mills, much less than the reduction Beijing is demanding.
Miners set for showdown on ore prices

There is quite a lot of pain ahead for any institution with exposure to commercial real estate, as a various recent (and not-so-recent) reports make clear.
Coming soon: a wave of CMBS downgrades

General Motors Corp has failed to persuade enough bondholders to accept a debt-for-equity swap, setting the stage for the largest-ever U.S. industrial bankruptcy within days.
GM bankruptcy nears as bondholders shun tender offer

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

KOSPI	VIX	GOLD	NYMEX CRUDE

HAWK Daniel Stewart: initiated buy, tp 102
INVP Citigroup: reiterated buy, tp raised to 450 from 400
ITV Goldman: upgraded to conviction buy
JPR Goldman: upgraded to neutral from sell
LLOY UBS: reiterated buy
NWG Credit Suisse: upgraded to outperform from neutral, tp cut to 301 from 310
PNN Credit Suisse: tp cut to 617 from 667
RGU Panmure: initiated buy, tp 81
SVT Credit Suisse: upgraded to neutral from underperform, tp cut to 1210 from 1319
TRIL Goldman: reiterated sell
UU. Credit Suisse: upgraded to outperform from neutral, tp cut to 609 from 671

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