Hello traders!

In the US tonight, heading towards the close, the Dow Jones Industrial Average
was up 15 points at 12,223, backing off from a morning high of 12,331.

The S&P 500 was down 7 points at 1,353, while the Nasdaq Composite fell 40
points to 2,434.

See you tomorrow with the latest....

G.

Morning all. Market reports:

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

Germany and Spain have clashed in an escalating dispute over the European Central Bank, exposing the deep rift that has emerged between Europe's North and South.
Europe's deep rift exposed over ECB's interest rate policy

President Bush issued a call for a rise in the value of the US dollar on currency markets yesterday in a signal of mounting official alarm in Washington about the effect of the slumping greenback on the worlds largest economy.
President Bush betrays fears over economy with strong dollar call

Saudi Arabia is attempting to take the heat out of the oil price with a call for a meeting between oil producing and consuming nations about how to handle the price surge. Saudi has increased production and told oil companies it is ready to provide them with additional supplies if needed.
Saudi Arabia bids to calm oil market

Lehman Brothers revealed it has booked $17bn (8.5bn) in write-downs since the credit crisis began as it raised $6bn in fresh capital and unveiled its first quarterly loss since going public 14 years ago.
Lehman unveils first loss since going public

Swap rates - the key money market measure reflecting traders' expectations for borrowing costs - rose at the fastest rate since Black Wednesday 16 years ago after a "shocking" rise in factory gate inflation.
Inflation shock leaves markets fearing three interest rate increases this year

The number of houses changing hands has "collapsed" to the lowest level in 30 years, an influential housing market survey shows today. The fall in sales far exceeds the depths of the last housing crash in the 1990s and is the lowest since records began in 1978.
House sales fall worst in 30 years, says RICS

The Financial Services Authority took the unprecedented step of pressuring Britains five biggest banks into supporting the revised rescue capital-raising at Bradford & Bingley last week, The Times has learnt. HSBC, Royal Bank of Scotland, Barclays, Lloyds TSB and HBOS are understood to have each agreed to sub-underwrite 20 million-worth of the reworked 258 million rights issue.
FSA puts pressure on top five banks to support Bradford & Bingley rights issue

HBOS was under mounting pressure last night as its shares fell further towards its rights issue price on the day Royal Bank of Scotland announced the successful completion of its record-breaking 12bn cash call.
Falling share price puts HBOS cash call under pressure

Executives of listed British companies are borrowing funds to buy their own shares, despite the downward trajectory of prices and forecasts of economic hardship. Investec Private Bank says it has seen a "dramatic increase" in the number of inquiries from senior executives eager to buy shares in their companies since the credit crisis took hold.
Credit crisis does not stop bosses borrowing cash to buy shares

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

FOCUS New-generation oral diabetes drugs could swallow market shareOUTLOOK Tesco Q1 underlying UK sales growth seen slightly up on Q4TFN UK calendar and forecasts for todayTFN economic and business calendarThomson Financial Europe AM at a glance share guide: Stocks, oil mixed

FOCUS New-generation oral diabetes drugs could swallow market share

BROKERWATCH Fortis cut to 'neutral' from 'buy' at Merrill on capital concerns

BROKERWATCH ICAP downgraded to 'underperform' from 'neutral' at Credit SuisseBROKERWATCH Home Retail Group upped to 'buy' from 'neutral' at UBSLondon shares outlook - Lower; Asian falls overshadow DJIA rally

BROKERWATCH Oil companies upgraded, target prices hiked 14 percent at CitigroupAustralian shares close lower, financial stocks lead fallsThomson Financial UK at a glance share guide

BROKERWATCH Vedanta Resources initiated as 'overweight' at Morgan Stanley

UK smallcap opening - Provexis ticks up as fundraising move confirmed

UK smallcap opening - Betbrokers drops on profit warning

BROKERWATCH Goldman Sachs downgrades Redrow, Persimmon, upgrades Bellway, HolcimAustralian shares close lower, financial stocks lead falls - UPDATETokyo shares close lower amid Asian market declines on oil, credit worries

London shares open lower; Asian falls overshadow DJIA rally; banks weigh

STOCKWATCH ENRC jumps on surprise further stake purchase by Kazakhmys

STOCKWATCH Fortis plunges on Merrill downgrade, Lehman sentimentTokyo shares close lower amid Asian market declines on oil,credit worries UPDATEUK smallcap opening - Fairpoint plunges on FY profits warning

STOCKWATCH Tesco drops after Q1 figures; Merrill Lynch stays 'neutral'

STOCKWATCH Fortis plunges on Merrill downgrade, Lehman sentiment UPDATEUK smallcap opening - DM rises as strategic review kick-started

UK smallcap opening - Adventis up on earnings-enhancing acquisition

UK small caps open lower; Fairpoint plunges on FY profits warning

STOCKWATCH Chip companies fall after downbeat guidance from Texas Instruments