Morning all. Market reports:

Telegraph
Telegraph (Bloomberg summary)
The Times
FT
The Guardian
The Independent
This is Money

Morgan Stanley has advised clients to slash exposure to the stock market after its three key warning indicators began flashing a "Full House" sell signal for the first time since the dotcom bust.

Teun Draaisma, chief of European equities strategist for the US investment bank, said the triple warning was a "very powerful" signal that had been triggered just five times since 1980.

"Interest rates are rising and reaching critical levels. This matters more than growth for equities, so we think the mid-cycle rally is over. Our model is forecasting a 14pc correction over the next six months, but it could be more serious", he said.

Morgan Stanley issues triple sell warning on equities

Fed chief reignites 'stagflation' fears

City's red faces over debacle at Sports Direct

NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

Good morning traders!

In Asia today, the Hang Seng ended the morning up 56.33 points at 20,898.48,
while the Nikkei was recently 18,059.97, up 6.16 points.

New York's main oil contract, light sweet crude for July delivery, was 25 cents
higher at $65.86 a barrel from $65.61 in US trading overnight where it had dropped
70 cents.

Happy trading!

G.

OUTLOOK Barratt Developments set to join FTSE 100 in pending reshuffleAsian markets summaryAsian economic and corporate news summaryThomson Financial Europe AM at a glance share guide: Stocks mixed, dollar weakerTFN economic and business calendarSTOCKWATCH - Australia's Asciano gains on market debut

LLOY upgraded to neutral from underweight - JP Morgan

The Wednesday Press Roundup

Thomson Financial UK at a glance share guide

Australian shares close lower on interest rate concerns

BROKERWATCH Standard Chartered target price lifted to 2,077p by Merrill LynchBROKERWATCH Intercontinental Hotels tgt raised to 1,540p vs 1,420 by JP MorganBROKERWATCH BHP Billiton upgraded to 'buy' at Citigroup, target 1,500 penceBROKERWATCH Lloyds TSB upped to 'neutral', Northern Rock downgraded at JP Morgan

Tokyo shares close flat after economic outlook counters Wall St falls

Australian shares close lower on interest rate concerns - UPDATE

UK smallcap opening - Asterand ticks up on strategic reviewFirst Day of Dealings on AIM

STOCKWATCH Severn Trent slightly lower on in-line FY; Merrill repeats 'neutral'UK smallcap opening - Oxonica resumes trading lower amid equity issue warning

UK smallcap opening - XTL Bio adrift on development suspension of XTL-2125

STOCKWATCH Bayer revisited with 'buy' at JP Morgan, price target 63 eur/shareSTOCKWATCH Iberia in focus on hopes of bid from ApaxUK smallcap opening - Fonebak drops on FY losses warning

STOCKWATCH Kingfisher weak;Morgan Stanley places 57 mln shares in 238-241p range

UK smallcap opening - Ceramic Fuel Cells higher again on bid talk

UK smallcap opening - Medical Marketing rise on successful research data

UK smallcap opening - Globus Maritime debuts with solid premium