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This is Money

Two of Americas biggest banks, Morgan Stanley and Wells Fargo, on Wednesday threw into sharp relief the mounting woes of the US commercial property market when they reported large losses and surging bad loans.
US banks warn on commercial property

The UK gilt market was alarmed on Wednesday after the minutes of the Bank of England's July Monetary Policy Committee meeting raised fears that it would not extend its quantitative easing (QE) programme beyond the 125bn already committed.
MPC minutes trigger jitters in the gilt market over QE plans

Water company shareholders were bracing themselves for fresh pressure on dividends as the industry regulator prepared to issue a decisive ruling today on the water bills paid by 26 million households.
Water companies' dividends threatened by Ofwat ruling on earnings

Spot iron ore prices are fast approaching $100 a tonne, well above the levels at which miners and steelmakers in Japan, South Korea and Europe have struck supply deals, as demand outside China recovers.
Iron ore spot prices forge path to $100

Italy is facing a two-pronged crisis. First theres the fiscal crisis, heightened by waning appetite for Italian bond issues in the face of expected government issuance of up to 260bn this year. Then theres the current incubation of future bad debt, via the governments very own encouragement of loosened lending criteria.
Subprime Italy?

A former analyst at Lehman Brothers was pressurised into burying a piece of negative research relating to a company the bank was attempting to float on the stockmarket, an Employment Tribunal heard today.
Lehman analyst told to suppress negative research, Tribunal hears

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

KOSPI	VIX	GOLD	NYMEX CRUDE

CPW Execution: reiterated buy, tp 200
DLN UBS: downgraded to sell from neutral, tp raised to 890 from 850
LII UBS: downgraded to sell from neutral
PSN UBS: downgraded to neutral from buy
SXS Jeffries: downgraded to underperform from hold, tp 450
TATE Investec: reiterated buy, tp reiterated 350
WMH UBS: upgraded to neutral from sell

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