Good morning traders!

In Asia today, the Hang Seng rose 292.59 points to finish the morning session at
23,090.2, while the Nikkei was recently down 201.66 points at 13,928.51.

New York's light sweet crude for July delivery, was 56 cents lower at $131.37 a
barrel. On Thursday it slid $4.75 to close at $131.93 on the New York Mercantile
Exchange.

Happy Friday!

G.

TFN UK calendar and forecasts for today

Morning all. Market reports:

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

Hedge funds are continuing to feel the full force of the credit crunch, with 170 funds forced into liquidation during the first quarter, a Chicago research firm reported yesterday.
Force of credit crunch made plain as 170 hedge funds crash in three months

A pair of Bear Stearns executives were arrested and charged with fraud yesterday over the collapse of two hedge funds. Both men were indicted on eight counts of fraud and Cioffi faces an additional charge of insider trading for withdrawing $2m of his own money shortly before the funds' problems were made public.
Feds charge Bear pair with fraud over $1.4bn sub-prime collapse

An unexpected shopping spree has increased the chance of multiple rises in interest rates by the Bank of England before the end of the year as the central bank seeks to fight inflation.
Shopping spree increases chance of Bank of England raising interest rate

Leading retailers and economists have slammed the Office for National Statistics after it published sales figures that suggested Britons were spending at the fastest rate for 30 years.
Office of National Statistics spending claims are bizarre, says Sir Philip Green

The Bank of England has been given the lead mandate to step in and take over failing banks under the biggest government shake-up at Threadneedle Street in more than a decade. Alistair Darling's decision to give the Bank the responsibility for his new special resolution regime is a blow to the Financial Services Authority (FSA), which had lobbied the Chancellor to secure the role.
Alistair Darling snubs FSA as Bank of England given new powers

Barclays is understood to be in the final stages of negotiating a capital tie up with one of Japans largest financial groups in a deal that could see a 100 billion yen (470 million) injection of cash for the battered British lender.
Barclays nears 470m boost from Japanese

HBOS has set aside an extra 720m to cover bad mortgage debts after warning that house prices will fall 9pc this year - significantly more than its "mid single digit" forecast just seven weeks ago.
HBOS deepens gloom with new warning on house prices

HBOS should learn to keep its mouth shut. Every time it issues a statement, which it has been doing a lot of in recent months, its share price takes a hammering. Yesterday's trading update was no exception.
Jeremy Warner's Outlook: Will someone please shut HBOS up

The mining industry was again focused on takeover speculation yesterday after Vale, the Brazilian mining giant, confirmed plans to raise up to $15bn (7.6bn) in a share placing before the end of the month.
Vale seeks to raise $15bn amid takeover talk

China has announced plans to raise petrol and diesel prices by more than 16 per cent, a sign that the countrys fuel subsidy regime is buckling under pressure from a soaring global oil price.
Rise in global oil price dents Chinas petrol subsidy policy

An unprecedented meeting of oil producers and users in Saudi Arabia this weekend, aimed at ending the rise in petrol prices, could propel the cost of energy higher, Gordon Brown was warned last night.
Warning that oil summit could push price up

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

The Friday Press Roundup

London shares outlook - Firmer on Wall Street, Asian rally after oil price fall

BROKERWATCH Antofagasta upped to 'neutral' vs 'underperform' at Merrill Lynch

BROKERWATCH Wolseley cut to 'underweight' at Morgan Stanley, target down to 380p

Tokyo shares close lower led by banks amid renewed credit concerns

BROKERWATCH SBM Offshore downgraded to 'neutral' at Goldman Sachs on valuation

Thomson Financial UK at a glance share guide

Australian shares close at 3-month lows on broad selloff

BROKERWATCH HBOS tgt cut to 370p at Credit Suisse; tgt cut to 320p at LehmanCORRECTION London shares outlook - Firmer with Wall Street after oil price fall

Tokyo shares close lower led by banks amid renewed credit concerns - UPDATE

UK smallcap opening - Ithaca Energy gains on Endeavour bid confirmation

STOCKWATCH Carnival higher on forecast-beating Q2, expected guidance cutAustralian shares close at 3-month lows on selloff in financial sector - UPDATE

UK smallcap opening - MobilityOne ticks up on 24 percent FY profits increase

UK smallcap opening - Interactive Prospect rises on upbeat statement

UK smallcap opening - EMED Mining up on positive Investors Chronicle comment

STOCKWATCH Barratt Developments up on reports banks may waive loan covenants