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This is Money

A rift has opened between regulators in Washington and London after the Americans called for restrictions on oil trading in the City. It is understood that the Financial Services Authority (FSA) is resisting calls by the US Commodity Futures Trading Commission (CFTC) to introduce daily price limits on some oil futures contracts. The Americans also want to cap the amount of particular oil contracts that a trader can hold.
US regulator CFTC calls for curbs on oil trading in London

Central banks across much of Asia, Latin America, and Eastern Europe will soon have to jam on the breaks or risk a serious crisis as inflation spirals into the danger zone. As the stark reality becomes ever clearer, this year's correction in emerging market bourses and bond markets has now accelerted into a full-fledged rout.
Emerging markets face inflation meltdown

Only one in five members of the public believes the Bank of England is doing a good job controlling inflation, its own survey has shown.
Bank of England is 'failing on inflation'

The British public believes prices are now rising at 4.9 per cent a year, even though the official rate of inflation stands at only 3 per cent, the Bank of England's latest survey of inflationary expectations revealed yesterday.
Blow for Bank as consumer inflation fears escalate

Lehman Brothers shares have fallen by about 60 per cent this year as the company has been dogged by persistent rumours that it is on the brink of collapse. The group has repeatedly denied that it is short of cash.
Lehman Brothers replaces finance and operating chiefs as investor jitters grow

Bankers believe Barclays is looking for a capital injection from Middle Eastern or Asian investors but comments yesterday from Shao Ning, vice-chairman of China's state-owned Assets Supervision & Administration Commission, appeared to dampen hopes.
Speculation mounts over Barclays fundraising

Barclays is thought to be working on a plan to raise 3bn from its shareholders, with the backing of a sovereign wealth fund. Amid rumours that Barclays is in discussions with a sovereign wealth fund to help bolster its finances, City investors have become concerned that their influence over the bank would be reduced if this were to occur because their existing shareholding would be diluted.
Barclays shareholders fear dilution of influence as bank seeks backing of sovereign wealth

There are concerns in Whitehall and among oil companies that the dispute could have wider effects if other drivers refuse to cross picket lines and halt fuel supplies to other retailers. Militant hauliers and farmers have also threatened to join the pickets in protest about high taxes on fuel.
Petrol stations busy before four-day strike by tanker drivers begins

Sir Stuart Rose, the executive chairman of Marks & Spencer, has said that high petrol prices are deterring customers from driving to out-of-town retail parks, in the latest example of how the consumer economy is being affected by rising commodity prices.
Marks & Spencer boss says oil price is hitting out-of-town retail

Citigroup is closing its Old Lane hedge fund business just a year after buying it for $800m (411m), in an embarrassing move for the bank's chief executive Vikram Pandit, one of Old Lane's founders.
Red faces as Citigroup closes Old Lane businesses

Ordinary Germans have begun to reject euro bank notes with serial numbers from Italy, Spain, Greece and Portugal, raising concerns that public support for monetary union may be waning in the eurozone's anchor country.
Support for euro in doubt as Germans reject Latin bloc notes

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

Thomson Financial Europe AM at a glance share guide: Stocks, oil mixedTFN economic and business calendar

13:30 US Consumer Price Index May (MoM consensus 0.5%, YoY 3.9%)
15:00 US Michigan Confidence June (consensus 59)

TFN UK calendar and forecasts for today

London shares outlook - down, after Wall Street scales back gains

The Friday Press Roundup

Thomson Financial UK at a glance share guide

Tokyo shares close higher led by exporters; G8 meeting, U.S. CPI data eyed

Australian shares close higher led by BHP Billiton

Australian shares close higher led by BHP Billiton - UPDATE

UK smallcap opening - Hydrogen slumps on profits warning

London shares open lower, after U.S. gains scaled backUK smallcap opening - GCM Resources lower as Polo terminates bid talks

Tokyo shares close higher led by exporters; G8 meeting, U.S. data eyed - UPDATE

UK smallcap opening - AEA Technology drops on flat FY profits, acquisition move

UK smallcap opening - Supporta moves up on Romac bid rejection

UK smallcap opening - Meldex perks up on cash-call denial

UK smallcap opening - Ensor gains after 19 percent increase in FY profits

STOCKWATCH Carnival dips as Evolution cuts to 'reduce' from 'buy'UK small caps open lower; AEA Technology hit by flat FY profits & acquisition