Chart of VLK breakout

Morning all. Friday's market reports:

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

Beleaguered investment bank Bear Stearns is the subject of a criminal investigation into the collapse of two of its mortgage-related hedge funds and the loss of $1.6bn (£800m). Federal prosecutors have launched the investigation, which comes in addition to an existing probe by the powerful Securities and Exchange Commission. The US Attorney’s Office in the Eastern District of New York is reported to have made a request for information related to the hedge funds from the bank, in connection with the fund losses.

Bear Stearns facing Federal crime probe

Global investment bank Merrill Lynch is to write off almost $5.5bn (£2.75bn) as a result of a significant series of wrong-way bets on the debt markets which were exposed due to the continuing credit crisis. The hit is one of the largest for any single investment bank to date during the crisis, and comes as a result of severe problems in Merrill's fixed income, currencies and commodities (FICC) business.

Merrill writes off $5.5bn as turmoil grows

The 12 members of the Federal Reserve may be rethinking their 0.5pc interest rate cut last month after key jobs data that their decision was partly based on was revised.

Fed based rate cut on false jobs data

Some 40,000 people work in investment banks in the City and, since the credit crunch hit in July, the people whose job it is to raise debt, parcel it up, buy it and sell it on have had very little to do.

Fear and loathing over jobs in the City

NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

Good morning traders!

In Asia today, the Hang Seng closed the morning up 589.24 points at 28,420.76,
while the Nikkei is closed for a public holiday.

Crude oil for November delivery fell as much as 35 cents to $80.87 a barrel, down
from an earlier high of $81.11 and from Friday's close in New York at $81.22.

Happy Monday!

G.

Thomson Financial Europe AM at a glance share guide: Stocks rise, oil downTFN economic and business calendar to Friday Oct 19

TFN UK calendar and forecasts for today

The Monday Press RoundupThomson Financial UK at a glance share guide - weekend

London shares outlook - higher, rally set to continue in quiet start to week

BROKERWATCH Barclays resumed as 'buy' by Merrill Lynch, target to 800p vs 885

BROKERWATCH Standard Chartered and Socgen put on Europe-1 list at Merrill LynchThomson Financial UK at a glance share guide

BROKERWATCH Astrazeneca kept at 'equal weight' by Morgan Stanley ahead of rulingBROKERWATCH Rexam resumed at Merrill Lynch as 'buy', 600 pence price targetUK smallcap opening - Debtmatters declines on cautious press commentAustralian shares close higher on positive US employment data

BROKERWATCH HBOS upped to 'outperform';RBS cut to 'underperfrom' at Bear Stearns

BROKERWATCH BP price target cut to 650 pence from 675 at JP Morgan

STOCKWATCH Xstrata up after Credit Suisse ups to 'outperform'; target 3,800pUK smallcap opening - OneSource surges on agreed 179 mln stg ABM bid

FTSE opens marginally higher

UK smallcap opening - Emblaze climbs on president's share buying

London shares open flat, quiet start to trading, Northern Rock up on bid hopesUK smallcap opening - Pentagon Protection up on contract gain

UK smallcap opening - ILX rises on upbeat trading statement

STOCKWATCH Vodafone up after buys Tele2 businesses; brokers positiveUK smallcap opening - Gulfsands Petroleum higher on Cham partnership

UK smallcap opening - Eredene Capital ticks up on unit's investment move