Hello traders!

In the US tonight, the Dow rose 174.93 points to 13,620, while the S&P500 was
ahead 22.33 points at 1,507.34 and the Nasdaq Composite 42.67 points better at
2,709.03.

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

G.

Morning all. Market reports:

Telegraph
The Times
FT
The Guardian
The Independent
This is Money

There were fears in the City last night that the Bank of England has lost control of monetary policy after expectations for money market borrowing costs rose - despite the Monetary Policy Committee cutting interest rates. Experts warned that it was a sign that the credit crisis could escalate over the Christmas period, even though the Bank has now embarked on a major series of interest rate cuts for the first time in almost eight years.
Market fears that Bank has 'lost control'

The Bank of England admitted for the first time yesterday that the economy is facing a serious slow-down because of the global credit crisis. The Organisation for Economic Co-operation and Development said one of the biggest risks now facing Britain was of the market falling into a "significant slump".
Warning of slump as Bank cuts rates to 5.5pc

The Chancellor faces having to raise taxes or cut spending during the impending economic downturn if he wants to avoid breaching the Treasurys tough rules for the nations finances, he was told yesterday
OECD warns Alistair Darling of bleak choices in economic turndown

The Monetary Policy Committee is fast learning that with money markets in the state they are, there is nothing for it but to throw the textbooks out of the window. It is facing up to a serious problem: central banks around the world have - for the moment - lost control of monetary policy.
The rate cut gift that failed to dispel fear

The European Central Bank has again proved itself the sternest of the world's big central banks, defiantly resisting calls for a rate cut despite the super-strong euro and falling house prices in Ireland, Spain and France.
ECB hawks snub pleas for rate cut

More than four in every 100 debt-laden companies worldwide will default on their repayment obligations in a years time, according to a report released yesterday by Moodys Investors Service, the credit rating agency. Moodys predicted that its global default rate, which is at a 26-year low, would surge more than fourfold over the next 12 months as conditions in the credit markets deteriorate rapidly and the American economy threatens to go into recession.
Default rates to rise fourfold as credit markets deteriorate, warns Moodys

Royal Bank of Scotland has confounded the sceptics by taking a lower-than-expected provision against "toxic" US sub-prime mortgage debts and pledging to deliver profits this year "well ahead of consensus".
RBS shrugs off sub-prime woes

Rabobank on Thursday became the third bank in the past two weeks to bail out a troubled structured investment vehicle in a further sign of the deteriorating conditions in the financial markets. The Dutch bank plans to take assets worth 5.2bn ($7.6bn) on to its balance sheet to prevent a fire sale of Tango Finance.
Rabobank bails out SIV

With foreclosures surging to record levels, according to figures out yesterday, the controversial plan is aimed at propping up the housing market and limiting the financial losses suffered by mortgage lenders and investors in mortgage-backed securities. However, the plan could trigger a wave of legal action from those investors, and there was also an angry reaction from many homeowners who have been diligently paying their mortgage bills.
Bush unveils sub-prime bail-out plan to threats of legal action

A rescue plan aimed at preventing tens of billions of dollars of losses on secretive off-balance-sheet vehicles has attracted little support on Wall Street and may have to be dramatically scaled back.
Wall Street rescue fund comes up short

Oil prices are falling back to levels not seen since the end of October, sharply reducing the risk of oil hitting $100 a barrel.
Risk of oil at $100 a barrel recedes as US stocks rise

EDF and E.ON are among several energy groups that are understood to be considering price rises of up to 10 per cent, possibly as early as January. One industry source said: It is not a question of if, so much as when. Once one goes, they will all go.
Higher energy prices feared in new year

NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

Good morning traders!

In Asia today, the Hang Seng closed the morning up 185.93 points at 29,744.85,
while the Nikkei was recently up 126.32 points at 16,000.40.

New York's main oil contract light sweet crude for January delivery gained 11 cents
to $90.34 a barrel from $90.23 in late US trades Thursday.

Happy Friday!

G.

TFN economic and business calendarAustralian shares close higher as US recession fears easeThomson Financial Europe AM at a glance share guide: Stocks mixed; oil firms

Australian shares close higher as US recession fears ease - UPDATE

TFN UK calendar and forecasts for today

London shares outlook - firmer after Dow surges on home foreclosure plan

The Friday Press Roundup

BROKERWATCH Royal Bank of Scotland upgraded to 'overweight' vs 'neutral by HBSC

Thomson Financial UK at a glance share guide

BROKERWATCH Shaftesbury cut to 'neutral' at JP Morgan; cuts property targets

RPT Tokyo shares close higher on Wall Street gains, softer yen

*YELL GROUP SAYS OUTLOOK UNCHANGED SINCE NOV 6 INTERIMSUK smallcap opening - William Ransom slides on voluntary product recall

UK smallcap opening - Vianet up on upbeat statement, fundraising move

London shares open firmer; housebuilders gain on rate cut hopes

UK smallcap opening - Focus Solutions rises on swing to H1 profits

BROKERWATCH Tesco price target upped to 600p vs 592p by ABN Amro; stays 'buy'

BROKERWATCH Sainsbury target cut to 479p vs 544 at ABN AmroUK smallcap opening - Archipelago higher on Toka Tinding update

UK smallcap opening - Omega Diagnostics ticks up as H1 losses narrow