HANG SENG ENDS MORNING DOWN 447.44 POINTS AT 22,283.66

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Telegraph
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This is Money

Americans have begun to lose their jobs at the fastest rate in five years as the slow poison of the US credit crunch spreads through the broader economy. Fresh unemployment claims reached 448,000 last week - the highest since the dotcom bust - heightening fears that the summer fiscal package may not be enough to prevent a slide towards recession over coming months.
Recession fears as America sheds jobs

The US economy suffered its first decline for six years in the final quarter of 2007, indicating that the impact of the credit crunch was more severe than previously thought, according to figures released yesterday. The Commerce Department said that the US gross domestic product declined by 0.2 per cent on an annualised basis, in the fourth quarter of last year, compared with the previous three months.
US economy suffers first fall in six years

Banks borrowed a record amount of funds from the Federal Reserve in the latest week as the year old credit crisis took a persistent toll, while the commercial paper market continued to contract, signalling tough conditions for short term borrowers, reports Reuters.
US banks borrow record amount from Fed

Directors have bought 13 times more shares in their own companies than sold over the past week, in a move experts believe could herald a strong rally in the UK stock markets. The long-term average of buys to sells is 2.5 to one, suggesting that directors are increasingly confident that the market has bottomed out, according to financial information service DigitalLook.
Directors' spree points to stock market surge

Figures from TDX Group, which supplies debt collection information to banks, said that 17 per cent more homeowners applied to become insolvent this Spring than in the same period last year.
Insolvency figures soar as credit crunch burns debt-ridden homeowners

Writedowns from Deutsche Bank climbed to 5bn ($7.8bn) this year as Germanys largest bank revealed sharply lower Q2 profits. Josef Ackermann, chief executive, said liquidity remained a problem for the industry and stressed that Deutsche remained cautious for 2008.
Deutsche Bank takes further 2.3bn hit

The Carlyle Group is shutting down its hedge fund business pulling the plug after losses last year and a disappointing performance this year. The US private equity firm had a substantial minority stake of about 40% in Carlyle-Blue Wave Partners Management, the hedge fund group formed in April last year with an initial $900m under management.
Carlyle Group set to close hedge fund

Russian President Dmitry Medvedev has warned officials against "terrifying" business a day after BP chief executive Tony Hayward met one of the Russian billionaires fighting for control of TNK-BP. In an address to Russian ministers yesterday, Mr Medvedev said "law enforcement and state institutions should stop terrifying business" - a comment widely interpreted as a response to the escalating TNK-BP battle.
Russia's Medvedev warns officials against 'terrifying' businesses

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VIX

OUTLOOK BA to report sharply lower Q1 profits, may issue profit warningOUTLOOK BAE to post strong H1 driven by land systems ops, upbeat outlook

The Friday Press Roundup

London shares outlook - Weaker after DJIA overnight drop; U.S. jobs reports key

BROKERWATCH Antofagasta upped to 'buy' from 'hold' at Deutsche Bank, tgt to 700p

BROKERWATCH Unilever cut to 'hold' from 'buy' by ING, target 20 euros from 22Thomson Financial UK at a glance share guide

Tokyo shares close sharply lower on worries about U.S. economy

BROKERWATCH Unilever cut to 'hold' from 'buy' by ING, target 20 euros UPDATEUK smallcap opening - Autoclenz slides on results warning

London shares open weaker after DJIA overnight drop; U.S. jobs reports keyTokyo shares close sharply lower on worries about U.S. economy - UPDATE

STOCKWATCH Kingfisher higher after sells Italian business CastoramaUK smallcap opening - Beale climbs on Perloff tender offer

STOCKWATCH British Airways down post Q1; results towards bottom end of forecasts

UK smallcap opening - Ithaca Energy advances on C$75 million placing move

STOCKWATCH Centrica lower; JP Morgan cuts to 'neutral' from 'overweight'

UK small caps open lower; Autoclenz slides on results warning

STOCKWATCH BAE Systems shares higher on increased profit, upbeat outlookSTOCKWATCH Morrison higher; SG Secs ups to 'buy' vs 'sell', target upped to 311p

London shares open weaker after DJIA overnight drop; U.S. jobs report key UPDATE

STOCKWATCH EDF flat as market seeks clarity on M&A after British Energy setback

BROKERWATCH HBOS upgraded to 'buy' from 'trading buy' at Collins Stewart