Hello traders!

In the US tonight, the Dow was last off 65.68 points at 13,248.89, while the
S&P500 was down 8.33 points at 1,464.09 and the Nasdaq Composite 19.23 points
lower at 2,617.90.

See you in the morning with the latest.....

G.

Morning all. Market reports:

Telegraph
The Times
FT
The Guardian
The Independent
This is Money

The storm clouds are gathering over the jobs market; the climate on the high street is growing distinctly chilly; a typhoon of bad debt is buffeting the banks. Could a "perfect storm" be about to hit the British economy?
Is Britain's economy heading for the perfect storm?

Britain's mortgage lenders should brace themselves for a double-whammy of funding shortages and rising bad debts next year as conditions in financial markets look set to worsen, the Financial Services Authority warned yesterday. The FSA warned lenders to prepare for the worst, amid fears of rising customer defaults, frozen wholesale funding markets and a surge in withdrawals of retail deposits that would force some institutions to wind down or sell up.
FSA warns lenders to prepare for crisis

Two of the most respected former Monetary Policy Committee members have urged the Bank of England to cut borrowing costs tomorrow. Willem Buiter and Sushil Wadhwani have warned that unless the Bank reduces rates by at least a quarter percentage point it risks leaving the economy even weaker over the coming months.
Ex-MPC duo urge Bank to cut rates

Britains mortgage lenders face a 30 billion funding shortfall next year if the Bank of England does not step in to ease the credit squeeze, the industrys lobby group said yesterday. As much as a third of the 90 billion required to finance the demand for mortgage loans expected next year will need to come from money markets that effectively have been closed since August, the Council of Mortgage Lenders (CML) said.
UK mortgage market could face 30bn squeeze in 2008

A host of new figures suggested a bleak beginning to 2008 for the British economy yesterday. Just 24 hours after a trio of high-street firms issued profit warnings, the Nationwide Building Society's consumer confidence index slipped 12 points from 98 to 86, its largest monthly fall since it began in May 2004. Attitudes towards spending in the next six months slumped the most.
Record monthly fall for consumer confidence index

US interest rates will plunge from 4.5pc to 2pc as the American economy suffers its first consumer recession since 1991, Merrill Lynch has forecast. The investment bank warned in its annual economic outlook that America is under attack by the "Four Horsemen" of soaring energy prices, unemployment, a housing slump and an ongoing credit squeeze, but it remained optimistic about prospects for the rest of the world in 2008.
Merrill forecasts gloom for US economy

Demand still outstrips supply, but with the era of easy exploration gone, investors switch focus to mergers and acquisitions.
Gold is now more precious than ever

NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

OUTLOOK Standard Chartered expected to deliver confident FY trading statementTFN economic and business calendarAustralian shares close lower on fear of US recession

Good morning traders!

In Asia today, the Nikkei was recently up 128.69 points at 15,608.88, while the
Hang Seng was ahead 66.38 points at 28,945.97 at the midpoint.

New York's main oil contract, light sweet crude for January delivery, was up 37
cents at $88.69 a barrel from $88.32 in late US trades Tuesday.

Happy trading!

G.

Australian shares close lower on fear of US recession - UPDATE

Tokyo shares close higher after yen falls on Northern Rock report

TFN UK calendar and forecasts for today

The Wednesday Press Roundup

BROKERWATCH Severn Trent cut to 'underweight' from 'neutral' at HSBCLondon shares outlook - open higher; Standard Chartered to update market

BROKERWATCH Bradford & Bingley upgraded to 'hold' from 'sell' at Citigroup

Thomson Financial UK at a glance share guide

BROKERWATCH BAT retained as 'outperform' by Credit Suisse, tgt to 1,950 penceBROKERWATCH Allianz, ING, Standard Life cut to 'neutral' at Merrill Lynch

Tokyo shares close higher as Northern Rock report eases housing worries - UPDATE

BROKERWATCH United Utilities target upped to 850p vs 820p at JP Morgan

UK smallcap opening - Planet Payment up on BNU deal

UK smallcap opening - Northacre higher on Kensington Odeon planning consent

London shares open higher, miners in demand on higher prices, M&A talk

UK smallcap opening - Chrysalis better on bid approaches

UK smallcap opening - Brammer rises on upbeat trading statement