Hello traders!

In the US tonight, the Dow was down 93.39 points at 10,961.8 with the S&P500
off 13.41 points at 1,214.89 and the Nasdaq Composite 2.84 points better at
2,215.71.

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

G.

Good morning traders!

In Asia today, the Hang Seng rose 97.33 points to end the morning session at
21,272.1.

New York's main oil contract, light sweet crude for August delivery, was 22 cents
higher at $138.96 a barrel.

Happy trading!

G.

Morning all. Market reports:

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

Merrill Lynch has warned that the United States could face a foreign "financing crisis" within months as the full consequences of the Fannie Mae and Freddie Mac mortgage debacle spread through the world. The country depends on Asian, Russian and Middle Eastern investors to fund much of its $700bn (350bn) current account deficit, leaving it far more vulnerable to a collapse of confidence than Japan in the early 1990s after the Nikkei bubble burst.
US faces global funding crisis, warns Merrill Lynch

Americas banking crisis reached new levels of hysteria yesterday as police ordered angry customers of IndyMac, a Californian bank on the brink of collapse, to remain calm or face arrest. Police waded in to quell unrest among anxious IndyMac depositors as they queued outside the banks San Fernando Valley branch in a desperate attempt to withdraw their money.
Fears over safety of savings triggers panic in America

America's leading financial regulator is to put in place emergency measures to stop short-sellers from using "naked shorting" to target mortgage companies Fannie Mae and Freddie Mac as well as investment banks Lehman Brothers, Merrill Lynch, Goldman Sachs and Morgan Stanley.
Securities and Exchange Commission moves to curb Fannie and Freddie short-sellers

The Financial Services Authority (FSA) mounted a fierce defence of its regulation of the oil markets yesterday amid growing criticism that its approach may be contributing to manipulation and prices of nearly $150 a barrel.
Financial Services Authority rejects criticism it is soft on oil traders

Lenders called yesterday for urgent government help for the home loans market as investor confidence in the banking industry took a fresh hammering. The Council of Mortgage Lenders took the opportunity to call for extra help for the home loan market on top of the Bank of England's special liquidity scheme (SLS), introduced in April. It warned the Treasury that "speed is of the essence".
Battered lenders ask Treasury for more

Investors are betting that the Bank of England's next move in interest rates will be down rather than up for the first time since May. In an acknowledgement that Britain is now staring recession in the face, money markets priced in a 40pc chance that the Monetary Policy Committee will cut borrowing costs by a quarter of a percentage point early next year.
Interest rate cut on cards as gloom deepens

Inflation could hit 5 per cent later this year, economists have warned, as official figures showed the cost of living has hit a 16-year high. The Consumer Prices Index the Government's preferred measure of inflation shot up from 3.3 per cent in May to 3.8 per cent in June, the Office of National Statistics said.
Inflation could hit 5 per cent, economists warn

Fears about the extent of the economic problems facing Spain intensified yesterday when the country's largest property developer filed for bankruptcy.
Spain's largest property developer collapses

Investors in contracts for difference (CfDs) are facing steep rises in the costs of taking out the controversial derivatives as the markets swing wildly, and they could face another round of cost hikes if conditions become worse. Market participants fear more firms could follow MF Global, which lifted margin requirements to 90 per cent earlier this year, well above the usual rate of up to 25 per cent. Others predict some smaller companies could collapse altogether.
Volatile markets bring rise in cost of CfDs

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

VIX

09:30 UK Jobless Claims Change June (consensus 10K)
09:30 UK Average Earnings May
10:00 EU Eurozone CPI June (MoM consensus 0.4%, YoY 4%)
12:00 US MBA Mortgage Applications
13:30 US Consumer Price Index June (MoM consensus 0.7%, YoY 4.5%)
14:15 US Industrial Production June (consensus 0%)
15:50 US Oil Inventories
18:00 US NAHB Housing Market Index

BROKERWATCH JP Morgan starts Drax at 'neutral', International Power 'overweight'BROKERWATCH William Hill & Ladbrokes target prices cut at Morgan StanleyBROKERWATCH Zon initiated as 'buy', Sonaecom as 'hold' at CitigroupTokyo shares close mixed as tech gains offset fall in oil issuesThomson Financial UK at a glance share guide

STOCKWATCH Wolseley set to fall as conditions worsen, scraps final dividend

UK smallcap opening - Norwood Immunology up on MedImmune deal

UK smallcap opening - ANT rises on AsusTek licence agreement

UK smallcap opening - Berkeley Resources higher on Enusa partnershipTokyo shares close mixed as tech gains offset fall in oil issues - UPDATELondon shares open higher after Wall Street pares losses; unemployment data due

STOCKWATCH Land Securities' dearth of demerger details weighs on trading update

UK smallcap opening - Matica edges up on U.S. JV and in-line trading

UK smallcap opening - Holders Technology drops on lower H1 profit

UK smallcap opening - Healthcare Locums lifted by positive update

UK smallcap opening - Blinkx up on Brazil online venture; MSN partnership

UK small caps open lower; Holders Technology hit as H1 profits fall

STOCKWATCH ICAP climbs on inline IMS; Numis Securities says 'buy', tp 680 pence

London shares - mid-morning features

STOCKWATCH Wolseley falls as it scraps dividend; Merrill stays 'underperform'

STOCKWATCH International Power up; JP Morgan start 'overweight'; Evolution 'buy'