Morning all. Market reports:

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

The renewed battering for shares came after the World Bank drastically cut its forecasts for the global economy this year to show an even more savage slump than had been projected previously. It now foresees global GDP sinking by 2.9 per cent this year, compared with the 1.7 per cent decline that it predicted in March.
Markets take fright over world recovery prospects

Nationwide is raising rates on more than a third of its fixed-rate loans, increasing them by an average of 0.23 of a percentage point. The increases have been driven by steep rises in "swap" rates, on which fixed-rate mortgage deals are based. Two-year swap rates have soared from 1.98pc in the middle of May to 2.34pc today, peaking at around 2.5pc on June 11.
Nationwide raises mortgage rates for second time in fortnight

The analyst credited with predicting the record spike in oil last year says he know why oil will fall back this summer. Neil McMahon from Bernstein Research last year correctly predicted the record spike in oil it eventually reached $147 a barrel. Now he says satellite tanker movement data is pointing to s a sharp drop-off in the price of oil.
Full China reserves to stem oil price, expert warns

A summer gas war is brewing in Ukraine, threatening another cut-off of Russian gas supplies into Europe and a worsening of the cash squeeze on Gazprom, Russias biggest company.
European gas war looms as Ukraine seeks cash to pay Gazprom for July deliveries

Switzerland faces economic sanctions if it delays opening up its notoriously secretive banks to international scrutiny. The threat will be made today by world finance ministers in a key meeting to discuss how to broaden the crackdown on tax havens that are draining exchequers of tens of billions of dollars each year.
Switzerland faces sanctions over banking secrecy

The culprit is Blue Oar Securities (now called Astaire Securities), which the LSE says failed to discharge its responsibilities as a nominated adviser (nomad) to Worthington Nicholls, a former high-flying AIM stock. The statement makes for fascinating reading, and while the LSE should be applauded for naming and shaming those involved we cant help feeling this is another nail in the coffin for the nomad system of self regulation.
Anatomy of an Aim blow up

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

KOSPI	VIX	GOLD	NYMEX CRUDE

AAL BofA: upgraded to buy from underperform
AAL Investec: downgraded to sell from hold, tp reiterated 1500
AV. Citigroup: upgraded to hold from sell, tp raised to 350 from 210
BLT Citigroup: upgraded to buy from hold, tp raised to 1730 from 1600
BRBY Morgan Stanley: upgraded to overweight from equalweight, tp raised to 465 from 431
HMV HSBC: downgraded to neutral from overweight
IMG Jeffries: upgraded to hold from underperform
JDW Morgan Stanley: upgraded to overweight from underweight, tp raised to 480 from 440
LGEN SocGen: downgraded to sell from hold
RIO Citigroup: reiterated buy, tp cut to 2810 from 2974
RIO ING: upgraded to buy from hold, tp reiterated 2095
SGRO SocGen: upgraded to hold from sell

Twitter Updates
more >>

End-of-day Market Overview