Morning all. Market reports:

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

Royal Bank of Scotland became the latest bank to admit discomfort from the credit crunch as it parted company with the head of its once-booming collateralised debt obligations unit. Rick Caplan, managing director and co-head of CDOs at RBS Greenwich Capital in the US, has left the bank, along with six of his colleagues.

RBS loses CDO executive and six others as credit crunch bites

State prosecutors in Dseldorf are investigating seven present and former board members of WestLB in connection with massive trading losses racked at the German state-owned bank this year

State prosecutors look into big trading losses

Profits at the big investment banks of Wall Street and the City of London will collapse by 70 per cent in the second half if the credit crunch proves as fierce as in 1998, Standard & Poors said yesterday.

S&P warns of investment bank fallout should 1998 be repeated

Central banks across the world have begun taking urgent regulatory action to stem the crisis caused by the US sub-prime mortgage meltdown as new casualties emerged amid evidence that the liquidity crunch is not easing.

Regulators step in as US sub-prime mortgage crisis tentacles extend

NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

OUTLOOK Diageo set to update on growth strategyOUTLOOK DSG International set to report solid Q1OUTLOOK Altadis H1 driven by recovery in Spanish cigarette opsTFN economic and business calendar today

Good morning traders!

In Asia today, the Hang Seng closed the morning up 517.58 points at 23,538.18,
while the Nikkei was recently ahead 179.96 points at 16,192.79.

Crude oil for October delivery rose nine cents to $73.60 a barrel, after closing
2.5%, or $1.78, higher at $73.51 a barrel on the New York Mercantile Exchange.

Happy trading!

G.

Thomson Financial Europe AM at a glance share guide: Stocks rise, oil mixed

TFN UK calendar and forecasts for today

London shares outlook - higher as NY rebounds on rate cut possibility

The Thursday Press Roundup

Thomson Financial UK at a glance share guide

Tokyo shares close higher on Wall St rebound, renewed hopes for US rate cut

BROKERWATCH Marks & Spencer tgt to 725p vs 830p by Lehman Brothers, 'overweight'

UK smallcap opening - Media Corp ticks up on fresh buying by CEOAustralian shares close well off highs after ANZ warning

First Day of Dealings

UK smallcap opening - Black Raven hardens on confident H1 statement

UK smallcap opening - Tinci up on contract win

Tokyo shares close higher on Wall St rebound, US rate cut hopes - UPDATE

STOCKWATCH DSG International firmer post Q1 sales update, brokers positiveAustralian shares close up but well off highs after ANZ warning - UPDATEUK smallcap opening - Eruma up on bullish interim statement

UK smallcap opening - Central China Gold gains on gold find

STOCKWATCH Altadis underperforms after in line H1, veiled FY profit-warningLondon shares open higher as NY rebounds overnight, commodities gain

UK smallcap opening - Galleon lifted by increased Pepsico order