TFN economic and business calendar to Friday July 11Thomson Financial Europe AM at a glance share guide: Shares mixed, oil up

TFN UK calendar and forecasts for today

Thomson Financial UK at a glance share guide - weekend

Morning all. Friday's market reports:

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

Saturday

Wall Street was last night on the brink of a bear market after the Dow Jones industrial average slid sharply for the second day in succession, spooked by the rising price of oil. The Dow Jones closed down 106.90 points last night, or nearly 1 per cent, to 11,346.50, just shy of a 20 per cent decrease from Octobers stock market peak. Economists classify a bear market as one that has lost a fifth of its value from a bull markets peak.
Second day of falls takes Wall Street near to bear market

The housing market will not return to its pre-credit crunch health for at least six or seven years, an expert adviser to Gordon Brown has warned.
House prices won't recover until 2015, ex-MPC expert warns

The turmoil in the mortgage market could be coming to an end, experts have said as two banks cut some of their rates and another bank launched a new competitive deal.
Credit crisis: mortgage market may be over worst, say experts as banks cut rates

Berkeley Group, the housebuilder, has been interpreted as calling the bottom of residential land market by deciding to spend up to 360m on buying land rather than return the cash to shareholders.
Berkeley Group calls bottom by buying land

Families are saving at the weakest rate in almost half a century as the credit crunch squeezes into their incomes, official figures have shown. Britons are having to dig deep into their savings as they face soaring mortgage rates, rising living costs and stagnant wage increases, the statistics reveal.
Britain's savings rate plunges to lowest in almost 50 years

Vietnam lurched closer to a currency crisis yesterday as the Government cut the official exchange rate to a record low. UBS analysts said that the countrys economic profile was more extreme than that of Thailand on the eve of the 1997 Asian financial crisis. Edward Teather, UBS economist, said that if Vietnam were to unravel, investor sentiment and financial markets in Malaysia, Singapore, Thailand, the Philippines and Indonesia could all take a knock.
Markdown of dong, the Vietnamese currency, seen as act of desperation

Sunday

The European Central Bank is poised to raise interest rates on Thursday, underlining its determination to stamp out inflation, despite mounting evidence of a downturn in the eurozone.
ECB set to raise rates despite fears of fallout in eurozone

Barclays chief executive John Varley has shot down speculation that the 4.5bn the bank is raising may not be enough for it to ride out the credit crunch. Analysts at Citigroup said in a client note late last week that the fundraising falls about 9bn short of what is necessary to absorb credit-related writedowns and bring the bank's capital in line with European peers.
John Varley insists Barclays' 4.5bn rights issue is enough

THE housebuilder Taylor Wimpey is in the advanced stages of an emergency 400m fund-raising to save it from collapse. A deal could be in place by Wednesday to accompany a gloomy trading statement. Chairman Norman Askew and Peter Redfern, chief executive, are also close to securing a deal with its banks to relax lending covenants on bank debt of 1.9 billion.
Emergency rescue for housebuilder Taylor Wimpey

Insurers could be stung for up to $60bn in claims related to the credit crunch, warns Peter Harmer, chief executive of the British arm of giant US insurance broker Aon.
Insurers 'will be hit hard by sub-prime losses'

Monday

The global economy may be heading for a far deeper crisis than is expected and a bout of deflation in the world's biggest economies is now a possibility, according to one of the world's most highly regarded economic institutions. The Bank for International Settlements has warned that many in the City and elsewhere may have underestimated the scale of the coming economic downturn in one of its most sombre portraits yet of the international financial system.
Global economy faces deep slowdown and deflation threat, BIS warns

Larry Kantor is not like other economists. While his peers have been engaged in a vicious spat as to who can predict the darkest scenario for the American economy, Kantor has been quietly and self-assuredly forecasting quite the opposite. Kantor, global head of research at Barclays Capital, predicts that the US economy will experience a growth rate of 3pc in the second half.
Larry Kantor: The one bullish American economist amid the growling bears

The era of globalisation is over and rocketing energy prices mean the world is poised for the re-emergence of regional economies based on locally produced goods and services, according to a former energy adviser to President Bush and the pioneer of the peak oil theory.
Former President Bush energy adviser says oil is running out

Home owners are taking a record length of time to sell their houses, according to the latest gloomy house price survey. The average length of time for a home seller to receive an offer is now 10.3 weeks, up from 6 weeks this time last year, according to Hometrack, the leading property research firm.
UK house prices fall for ninth straight month

Families are more fearful about their financial future than during the depths of the last recession, as they struggle with soaring food and fuel costs.
Families cash fears worst for 26 years

The Celtic Tiger appears to have lost its bite as the threat of recession stalks Ireland. These are the conclusions of a report by the Republic's Economic and Social Research Institute (ESRI), which last week forecast a recession - the first since 1983 - and a return to net emigration.
Ireland teetering towards recession as bubble bursts

HM Revenue & Customs has started allowing self-employed workers to offset their mortgage interest and council tax against their annual income tax bill; an expense that accountants have historically believed to be off-limits.
Self-employed can set mortgage costs against tax, says HMRC

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

London shares outlook - lower, after Wall Street falls; Drax in focus

09:00 UK Retail Sales May (MoM consensus 0.2%, YoY 4.1%)
09:30 UK Mortgage Approvals May (consensus 51K)
09:30 UK Net Consumer Credit May (consensus 1.0B)
10:00 EU Eurozone CPI YoY June (consensus 3.9%)
14:45 US Chicago Purchasing Manager June (consensus 48)

The Monday Press RoundupThomson Financial UK at a glance share guide

Tokyo shares close lower on U.S. concerns, Nikkei down for 8th day

BROKERWATCH Yell Group price target cut to 92p from 510 at JP MorganBROKERWATCH ICAP upgraded to 'buy' at Merrill Lynch, target cut to 650 pence

STOCKWATCH Drax higher after saying it expects FY earnings to be above consensus

UK small caps open higher; Intellego Holdings up on narrowed FY pretax loss

BROKERWATCH Holcim, Kingspan, Wienerberger downgraded at Exane BNP Paribas

London shares - midmorning features

BROKERWATCH Kingfisher target price cut to 95p vs 110p by Pali International

WALL STREET OUTLOOK Lower open seen on ongoing concern over crude, credit crisis

London shares - midday features

UK small caps turn lower at midday; Myhome Int'l down on swing to H1 loss

Midday Market Roundup

Precious Metals Summary - London AM Fixings