Hello traders!

In the US, heading for the close, the Dow was down 118.85 points at 12,575.43,
while the S&P500 had slipped 12.91 points to 1,367.11 and the Nasdaq
Composite was off 23.12 points at 2,330.66.

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

G.

Morning all. Market reports:

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

Federal Reserve chairman Ben Bernanke said that the impact of the current housing-led slowdown in America has the potential to be far deeper than the collapse of the dotcom boom at the start of the decade.
Bernanke says US slowdown will eclipse dotcom bust

The dollar plummeted to record lows and shares tumbled in New York and across Europe yesterday after Ben Bernanke, the Chairman of the Federal Reserve, spooked markets with a prediction of US bank failures and fresh warnings over a grim outlook for Americas economy.
Ben Bernanke triggers dollars fall to new low

The US could be facing a "lost decade" like that suffered by Japan in the 1990s as the markets fail to respond to interest rate cuts and the US Federal Reserve runs out of options, the head of one of the leading private equity firms said today.
US economy risks a 'lost decade' like Japan

The turmoil in the global markets is being closely monitored by the Group of Seven industrialised nations, who are ready to take action if needed, Japan's top financial diplomat said today.
G7 'ready to take action' on financial turmoil

American International Group, the world's largest insurer by assets, has produced its biggest-ever quarterly loss as a public company after taking an $11.12bn (5.63bn) write-down on investments linked to US sub-prime mortgages.
Sub-prime lands AIG with $11bn write-down

Freddie Mac, the mortgage finance group, yesterday reported a record loss of $2.45 billion (1.23 billion) for its fourth quarter as it suffered from a surge in defaults on US home loans.
Freddie Mac cautious after record $2.45bn loss

A sole wheat trader has triggered losses of $141.5m (70.9m) at MF Global after a failure in the commodity broker's trading technology allowed him to breach trading limits.
Lone wheat commodity trader loses 70m bundle

Kevin Davis, MF Global's chief executive, described Mr Dooley's unauthorised losses as an absolutely awful event and blamed them on the group's risk-control systems, which had allowed him to trade well beyond his means on the broker's own account. He had been instantly dismissed and the failure in the group's order-entry system had been fixed, Mr Davis added.
Rogue trader's wheat bets cost MF Global $141.5m

The credit crunch has forced Peloton Partners, a $3bn (1.5bn) hedge fund run by former Goldman Sachs star traders, to liquidate its two investment funds, leaving its founders millions of pounds out of pocket.
Former Goldman Sachs star forced to liquidate Peloton Partners investment funds

The international credit crunch was threatening to claim a fresh hedge fund victim last night as London-based Peloton Partners told investors that it was being forced to liquidate a $2 billion (1 billion) bond fund.
Credit crunch threatening to claim new hedge fund victim

The Financial Services Authority has turned the spotlight on the insurance industry as it tries to seek out the next problem waiting to explode in the financial industry following the sub-prime mortgage crisis.
Financial Services Authority turns to insurers as it looks for the next crisis

Britons' confidence in the economy has sunk to the lowest level since the early 1990s in the wake of the Northern Rock crisis and further gloom surrounding the housing market.
Northern Rock and housing gloom hits consumer confidence

The price of oil shot to a new high last night as Wall Street traders bought fuel contracts to offset the falling value of the dollar.
Crude oil price hits new high of $102.59 a barrel

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

Good morning traders!

In Asia today, the Nikkei ended down 322.49 points at 13,603.02, while the Hang
Seng closed the morning down 385.82 points at 24,205.87.

New York's main oil contract, light sweet crude for delivery in April, was a cent
higher at $102.60 per barrel.

Happy Friday!

G.

OUTLOOK-HK's Hang Seng Bank 2007 net profit seen 15.3-16.7 bln hkd vs 12.038 blnOUTLOOK WPP 2007 profits seen lifted by Q4 contract surgeOUTLOOK United Business Media growth outlook under spotlightAustralian shares close lower on sell-off in financial stocks - UPDATETFN economic and business calendar

TFN UK calendar and forecasts for today

London shares outlook - slightly lower, after US falls; Capita and WPP in focus

BROKERWATCH Ladbrokes downgraded to 'underweight' from 'overweight' at Lehman

The Friday Press Roundup

Tokyo shares close sharply lower on yen strength, US economic concerns - UPDATEThomson Financial UK at a glance share guide

BROKERWATCH Bayer raised to 'overweight' from 'neutral' at Lehman Brothers

BROKERWATCH Yell downgraded to 'peer perform' from 'outperform' at Bear Stearns

BROKERWATCH Diageo cut to 'neutral' vs 'buy' at Goldman Sachs, target 1,100p

UK smallcap opening - Dart Group lower on FY profits warning

UK smallcap opening - Nestor Healthcare falls on talk that 3i will walk away

STOCKWATCH Capita down on FY numbers; Deutsche Bank, Landsbanki keep 'buy'London shares open lower, after US falls; Capita down; Close Bros falls

UK smallcap opening - SCi Entertainment plunges on restructuring; H1 losses

STOCKWATCH Smith & Nephew up on product launch; KBC Peel Hunt retain 'hold'UK smallcap opening - Ceramic Fuel runs back as H1 losses widen

Keep an Eye (Added by Master RSI on Fri 29 Feb 09:05 am)

LUP - Mid 75.5p
Reason - Trading statement today - sees FY results in line with analysts' expectations - Has done a bottom floor on the chart and now moving higherBuying ist own shares since last month

UK smallcap opening - Conival edges up on solid soup sales