Good morning traders!

In Asia today, the Nikkei was down 19.78 points at 9,661.09, while the Hang
Seng ended the morning up 117.67 points at 18,097.08.

Crude oil traded at $64.49 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

The current international monetary system is "unreasonable" and the dollar should eventually be displaced, even if it takes many years, according to reports yesterday which quoted Li Ruogu, chairman of the Export-Import Bank of China.
Chinese officials call for end to dollar's global dominance

The worst of the recession is over, according to the British Chambers of Commerce's (BCC) latest economic survey, but the business body warned that recovery was fragile and cautioned against complacency.
British Chambers of Commerce: worst of the recession is over

Hedge funds enjoyed a bonanza in May with gains at a nine-year high, according to industry figures released today. Hedge funds that invested in Hungary and India were among the highest performing, along with those that picked Russia and Brazil. Funds tracking the financial sector and the oil market also made strong gains during the month
Hedge fund gains hit nine-year high

Fitch slashed its rating on Californias general obligations bonds to triple B two notches above junk on Monday, after the state was forced to issue IOUs for certain payments while it frantically tries to agree a budget.
Fitch cuts Californias bond rating close to junk

Up to 26% of U.S. homeowners who stop paying their mortgage may be doing so intentionally, not because they can't make the payments but because they don't want to put money into a house that's worth less than what they owe.
Mortgage Defaults: Many Are Intentional, Study Finds

Sergey Aleynikov, a Russian computer programmer, living in New Jersey and who previously worked for Goldman Sachs, has been nicked by the FBI after allegedly stealing a batch of proprietary programme trading code from his former employer. According to the FBIs affidavit, the code 32MBs was transferred from Aleynikovs Goldman computer to an unnamed file-hosting service based in Europe just before he resigned from his $400,000-a-year job at the beginning of June.
The Great Goldman Black Box Heist

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

KOSPI	VIX	GOLD	NYMEX CRUDE

ASHM Citigroup: initiated buy, tp 220
BBAY Citigroup: upgraded to hold from sell, tp raised to 210 from 170
IPF Goldman: initiated buy
MRW Bernstein: reiterated marketperform, tp cut to 260 from 290
MRW Merrill: upgraded to buy from neutral
PFG Goldman: initiated neutral
TSCO Bernstein: reiterated outperform, tp cut to 440 from 450

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End-of-day Market Overview