Morning all. Friday's market reports:

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

HBOS has found new sources of funding for the 18bn financing vehicle that it was forced to take back on to its own balance sheet at the height of the credit crunch. Grampian, which was refinanced by the bank when the market for commercial paper loans dried up, is now being funded entirely from the markets once more.

Grampian funded fully says HBOS

Victoria Mortgages, which specialised in loans to sub-prime borrowers with poor credit histories, has been dissolved. The company became Britain's first failed sub-prime lender earlier this year after it was forced to call in administrators. The Sunday Telegraph has learned that KPMG has now sold the remnants of the lenders' 600m loan book to three investment banks. The book has been sold in tranches to specialist debt desks at UBS and Morgan Stanley and to Dresdner Kleinwort's sub-prime mortgage operator, Livingstone.

Victoria reaches end of the line

Federal Reserve chairman Ben Bernanke is poised to make a second emergency cut in interest rates this Wednesday, as the chaos from the sub-prime mortgage fiasco ripples through America's economy, exposing hundreds of thousands of families to the threat of losing their homes. Wall Street investors are betting on a quarter-point reduction in borrowing costs at the Fed's two-day meeting this week; but with the news from the collapsing housing market worsening almost by the day, Julian Jessop, of Capital Economics, said Bernanke and his colleagues could even go for a half-point cut.

Credit chaos to force fresh US rate cut

NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

Good morning traders!

In Asia today, the Nikkei closed up 192.45 points at 16,698.08, while the Hang
Seng ended the morning up 1,086.75 points (3.75%) at the session's high of
31,491.97.

Crude oil for December delivery rose as much as 74 cents to $92.60.

Happy trading!

G.

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Supermum,

What charting package do you use?

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