Hello traders!

In the US tonight, the Dow was down 283.1 points at 11,349.28, while the S&P500
slipped 29.65 points to 1,252.54 and the Nasdaq Composite declined 45.77 points
at 2,280.11.

On the New York Mercantile Exchange, crude-oil futures gained $1.05 to end at
$125.49 a barrel.

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

G.

Good morning traders!

In Asia today, the Hang Seng ended the morning down 446.68 points at 22,641.04,
while the Nikkei was recently down 247.89 points at 13,355.42.

Oil was little changed above $125 a barrel.

Happy Friday!

G.

Morning all. Market reports:

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

JP Morgan, the US banking giant that rescued Bear Stearns earlier this year, has held talks with several interested parties about forming a consortium to break up HBOS, the UK's biggest mortgage lender which includes the Halifax brand. JP Morgan is understood to have spoken to a large Australian bank, thought to be National Australia Bank (NAB).
JP Morgan leads possible HBOS break-up

The head of the City watchdog yesterday warned financial institutions that their business models might not withstand tougher conditions as the global market turmoil plays out.
FSA chief: financial crisis is entering 'third act'

Standard & Poors has warned of an acceleration in the number of rating downgrades for banks as bad debts start to hit traditional loan books. In a report published Thursday, the rating agency said while there would be further writedowns of structured credit portfolios, the effects of the broader economic downturn, including consumers and businesses struggling to repay loans, had not yet had a meaningful impact on banks financial results.
S&P warns on bank downgrades

The fear and the speculation that has plagued the financial sector since the start of the credit crisis returned with a vengeance yesterday, with investors dumping shares in one of the country's largest mortgage lenders.
Nerves return to financial sector as investors dump shares in WaMu

Seven senior executives at UBS cashed in $21m (10.6m) of their personal holdings in auction-rate securities just before the market for these securities collapsed, leaving thousands of the Swiss financial giant's clients holding securities they could not sell.
New York in multibillion-dollar mis-selling case against UBS

Homeowners have been offered some welcome relief as three major lenders said they would reduce their mortgage rates. Scottish Widows Bank, the Royal Bank of Scotland (RBS) Group and Bristol & West confirmed cuts to some of their mortgages, including popular fixed rate deals.
Major mortgage lenders cut interest rates

High street sales suffered a record slump last month, stoking fears that a vicious downturn in consumer spending will tip Britain into recession.The quantity of goods sold in shops across the country plummeted by 3.9 per cent during June, the biggest monthly drop since 1986, official retail figures showed.
Fears of recession grow as Britons stop spending and sales slump

In the first lawsuit of its kind since the agency began investigating alleged manipulation of the market in December 2007, the US Commodities Futures Trading Commission (CFTC) has filed civil actions against Dutch-based Optiver Holdings and the three men, accusing them of making $1m in profit in just 11 days.
Dutch oil traders accused of crude swindle

Russian corporate raiders with contacts reaching high into the upper echelons of the nation's law enforcement agencies have been accused of robbing the state of hundreds of millions of dollars in a sophisticated fraud uncovered by the activist US investor Bill Browder.
Bill Browder accuses Russian corporate raiders of $230m fraud

The future of BPs investment in Russia hung in the balance last night after Robert Dudley, the chief executive of TNK-BP, decided to leave the country.
TNK-BP chief executive Robert Dudley quits Russia

Newly merged media conglomerate Thomson Reuters is preparing to launch a business television news channel to rival that of Bloomberg and CNBC.
Thomson Reuters to venture into television

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

VIX

09:30 UK GDP Q2 (QoQ consensus 0.2%, YoY 1.6%)
13:30 US Durable Goods Orders June (consensus -0.3%)
15:00 US University of Michigan Confidence July (consensus 56.4)
15:00 US New Home Sales June (consensus 503K, MoM -1.8%)

OUTLOOK Mitchells & Butlers set to update on trading, REIT progress FridayLondon shares outlook - weaker as NY closes down, HBOS break up talks

Tokyo shares close sharply lower after Wall St's decline; financials lead fall

Thomson Financial UK at a glance share guide

BROKERWATCH Yell upgraded to 'overweight' from 'equal-weight' at Morgan Stanley

UK smallcap opening - Shanta Gold crashes on inability to access Mgusu project

London shares open weaker as NY closes lower; banks down, HBOS break-up talksUK smallcap opening - Titanium Resources ticks up on bauxite mine sale

STOCKWATCH Johnson Matthey higher; Morgan Stanley upgrades to 'equal-weight'

UK smallcap opening - Alizyme rebounds after disappointing trial results

BROKERWATCH Rolls-Royce cut to 'sell' from 'hold' at Deutsche Bank, target 300pUK smallcap opening - Afren rises on director's share buying

UK smallcap opening - Caspian Holdings edges up as chairman lifts stake

UK smallcap opening - Spice down on Official List debut

UK smallcap opening - Sylvania Resources adrift on post-results profit-takingLondon shares open weaker as NY closes lower; HBOS down break up talks UPDATE

UK small caps open lower; Shanta Gold hit by inability to access Mgusu project

Metals - Gold higher on bargain hunting, weak dollar, strong oil

STOCKWATCH Vivendi lower as Q2 sales growth disappoints