Hello traders!

In the US tonight, the Dow Jones Industrial Average gained 416.66 points to
12,156.81. The S&P 500 climbed 47.28 points to 1,320.65, while the Nasdaq
Composite climbed 86.42 points to 2,255.76.

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

G.

Morning all. Market reports:

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

The US Federal Reserve has taken the boldest action since the 1930s, accepting $200bn of housing debt as collateral to prevent an implosion of the mortgage finance industry and head off a full-blown economic crisis.
Fed takes boldest action since the Depression to rescue US mortgage industry

Terry Smith, the outspoken chief executive of money brokers Tullett Prebon, warned today that the current turmoil in the financial markets could take "years not months" to unwind.
Credit crunch 'could last years

The oil price hit a new record for the fifth consecutive trading session, coming within a whisker of $110 a barrel, as the International Energy Agency warned there was little prospect of energy costs falling far.
Oil price hits new high of $110 a barrel with no sign of a fall

Citigroup has committed $1 billion (498 million) to bail out six of its hedge funds hit by turmoil in the municipal bond market, adding fuel to fears that a meltdown is on the way.
Citigroup puts $1bn into funds rescue plan as crisis deepens

Hidden positions were likely to come to light if a trader was unable to manage them for a two-week stretch, the FSA said, which would act as a deterrent. Mr Kerviel's failure to take a holiday in more than a year was considered one of the French bank's key mistakes.
Banks staff two-week holidays 'would curb rogue traders'

The number of new homebuyers taking out mortgages fell to another low in January. Only 50,300 buyers were granted a home loan, more than a third fewer than in January last year, figures released yesterday by the Council of Mortgage Lenders (CML) show.
First-time buyers paying more despite Bank cuts

Last month's blizzards, the worst in China for half a century, wrought havoc, but as well as causing massive human misery the snowstorms drove food prices to record highs, forcing the biggest rise in inflation in 11 years.
Snowstorms send food prices in China to 'unbearable' highs

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

Good morning traders!

In Asia today, the Nikkei closed up 202.85 points at 12,861.13, while the Hang
Seng ended the morning up 516.92 points at 23,512.27.

New York's main oil contract, light sweet crude for April delivery, traded briefly at
$108.90 a barrel, up 15 cents from its record closing high of $108.75 on Tuesday.

Happy Budget Day!

G.

OUTLOOK UK energy industry awaits government policy in budgetOUTLOOK Standard Life expected to update investors alongside FY figuresTFN UK calendar and forecasts for todayAustralian shares close higher as Fed move boosts financial sector - UPDATETFN economic and business calendar

First Day of Dealings on AIM

London shares outlook - higher after NY surge on Fed move; Budget in focusThe Wednesday Press Roundup

Thomson Financial UK at a glance share guide

Tokyo shares close off highs as worries over credit market, US persist - UPDATE

BROKERWATCH CFT initiated as 'outperform' with 260 sfr target at Credit Suisse

BROKERWATCH Pearson upped to 'equal-weight' vs 'underweight' at Lehman Brothers

UK smallcap opening - Tissue Science soars on agreed 103-1/2 pence cash bid

UK smallcap opening - Avanti Screenmedia ticks up on Spar contract extension

UK smallcap opening - French Connection perks up on in-line FY results

London shares open sharply higher after NY, Asia surge on Fed move; Budget due

UK smallcap opening - Global Energy advances on rig mobilisation

BROKERWATCH Cairn Energy to 'sell' at Seymour Pierce, Europa Oil & Gas to 'buy'

STOCKWATCH Fortis higher with analysts confident on Ping An investment dealUK smallcap opening - Thor Mining up on off-take deal with CITIC Australia

STOCKWATCH Standard Life shares surge after results beat forecastsUK smallcap opening - Yule Catto lifted by FY results, optimistic statement

UK smallcap opening - Lookers accelerates on in-line FY results; positive start