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This is Money

The prices of the most traded risky European and US loans have reached their highest levels for more than a year, in a further sign of improving conditions in credit markets.
Leveraged loans hit 12-month high

According to government researchers, about $170 billion in bank loans were channeled into the stock market from January to May, which partly explains the 87% rise in Chinese equity values so far this year. If low-interest loans meant to keep businesses humming are being diverted to stock speculation, how sustainable is China's recovery? An asset bubble may already be forming.
China's Soaring Stocks Pose Risk to Global Markets

The total value of the UK has fallen for the first time since 1992, official figures showed on Monday. The Office for National Statistics (ONS) report, which adds up the value of buildings, roads and financial assets among other things, said the UK was worth 6.95 trillion at the end of 2008, down 177bn or 2 per cent on a year earlier.
Value of the UK falls for first time since 1992

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

KOSPI	VIX	GOLD	NYMEX CRUDE

SENSEX

HSBA Daiwa: downgraded to underperform from hold
HSBA Goldman: reiterated conviction buy
HSBA JPMorgan: upgraded to overweight from neutral, tp raised to 760 from 450
HSBA Merrill: upgraded to neutral from underperform
HSBA Morgan Stanley: reiterated equalweight
HSBA UBS: reiterated buy, tp raised to 700 from 675
REL Citigroup: upgraded to buy from hold
UBM Citigroup: upgraded to hold from sell

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Kyoto:
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Take care.

End-of-day Market Overview