Hello traders!

In the US tonight, the Dow closed down 49 points at 12,527, while the S&P500
fell 11 points to 1,354 and the Nasdaq Composite lost 26 points to 2,322.

The May crude contract closed up 2.2% to $110.87 a barrel, having topped $112
earlier in the session.

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

G.

Morning all. Market reports:

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

The US mortgage crisis has spiralled into "the largest financial shock since the Great Depression" and there is a one-in-four chance that it will cause a full-blown global recession, the International Monetary Fund warned yesterday.
We are in the worst financial crisis since Depression, says IMF

There is now a one-in-four chance of a global recession, the International Monetary Fund has warned, as it slashed its expectations for economic growth across the Western world.
IMF warns of global recession

Having already pumped $300m (151m) of extra money into the US financial system, the Federal Reserve is making extraordinary contingency plans in case the credit crisis persists for so long that its own reserves dwindle. One option is for the Fed to take the unprecedented step of issuing debt, which it would then lend on into the credit markets.
US Fed prepares to replenish war chest

Goldman Sachs's exposure to illiquid assets jumped by almost 40pc to $96.39bn (48.75bn) in just three months, making their mark on the balance sheet of the one bank to have largely weathered the credit crisis.
Goldman's illiquid assets surge

The Bank of England's Monetary Policy Committee faces one of its most difficult decisions over interest rates today, as calls grow for a cut to kick-start lending, despite inflationary pressures.
Bank of England faces tough decision on interest rates

A last-minute dent to hopes of an interest rate cut today was delivered by much stronger than expected news from British manufacturing yesterday, showing industry holding up in the face of difficult economic conditions.
Interest rate cut hope on the line as manufacturing output rises

Banks are continuing to increase mortgage rates despite expectations that the Bank of England will cut the base rate by at least a quarter-point today. Experts blamed the soaring cost of Libor, the rate of interest at which banks lend to each other, for the sudden flurry of price rises immediately before the MPCs decision.
Mortgage costs will rise even if Bank of England cuts interest rate

The extent of sub-prime lending in Britain could be a lot worse than is commonly assumed because a large number of homeowners have more than one loan secured on their property, according to the property research group UKValuation.
Full extent of UK sub-prime crisis is hidden

Britain's commercial property sector last month saw its sharpest fall in activity since 2003 as the credit crunch took hold and investor confidence waned, according to new figures.
Commercial property shows biggest fall in activity since 2003

The pound fell to a record low of 80p against the euro yesterday as currency dealers fretted about the state of the British economy and bet that the Bank of England will cut interest rates again today.
Pound falls to record low of 80p against euro

Hopes that the US housing recession may be nearing an end were dashed today after new data showed that American property sales fell to their lowest level on record.
US housing to stagnate after falling to new low

Private equity firms have started to invest again after months sitting on the sidelines, which some experts say could signal the bottom of the market. The past few weeks have seen a series of deals in which buyout firms have invested in equity stakes and discounted debt of troubled companies.
Private equity heads back to the market as banks offload problem debt

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

Good morning traders!

In Asia today, the Hang Seng was last up 65.84 points at 24,050.41, while the
Nikkei was down 146.20 points at 12,965.69.

New York's main oil contract, light sweet crude for delivery in May, dipped 21
cents to $110.66 a barrel.

Happy trading!

G.

TFN economic and business calendarThomson Financial Europe AM at a glance share guide: Stocks weak, oil up

TFN UK calendar and forecasts for today

The Thursday Press Roundup

London shares outlook - weaker as NY closes lower, caution ahead of BoE decision

Thomson Financial UK at a glance share guide

BROKERWATCH European real estate sector cut to 'underweight' at SG SecuritiesBROKERWATCH Scottish & Southern Energy cut to 'neutral' at JP MorganBROKERWATCH Xstrata cut to 'hold' at ABN Amro on valuation in mining sector note

Tokyo shares close lower on caution about U.S. earnings, stronger yen

BROKERWATCH Marks & Spencer still 'underweight' at JP Morgan, target cut to 350p

Australian shares close lower for third day on credit and economic worries

UK smallcap opening - Cenes agrees to Paion takeover for 10.9 mln poundsUK smallcap opening - Econergy up as Tchenguiz Family Trust reviews interest

UK smallcap opening - Proteome Sciences surges; licenses patent to Thermo FisherLondon shares open firmer; British Energy gains on bid talk; await BoE decision

UK smallcap opening - Silverjet climbs; in talks regarding offer for company

STOCKWATCH Areva higher on news of 2 bln euros contracts in Japan

STOCKWATCH RWE down as reported British Energy offer seen opening bidding warTokyo shares close lower on caution about U.S. earnings, stronger yen - UPDATEUK smallcap opening - Indago Petroleum higher on swing to FY profit

UK smallcap opening - Primary Health up on positive outlook