Good morning traders!

In Asia today, the Nikkei was down 90.87 points at 7,659.3, while the Hang Seng
ended the morning session down 397.16 points at 13,058.72.

Crude oil was down 40 cents at $36.75 a barrel on NYMEX.

Happy trading!

G.

Morning all. Market reports:

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

The Bank of Englands Deputy Governor warned yesterday that the recession could be even worse than it suggested less than a week ago.
New fears on fate of economy

The Bank of England's deputy governor has risked infuriating Britain's European partners by claiming that sterling's devaluation was necessary to ensure the UK's rebalancing and recovery.
Weak sterling will help economy

The president of the European Central Bank warned yesterday that short-term measures aimed at solving the economic and financial turmoil could sow the seeds of a future crisis. Jean-Claude Trichet told the European Parliament that there would be no solution to the financial and economic crisis until the structural problems in the world economy were corrected.
Trichet warns against stoking future crisis

The faster than expected pace of OPEC cuts and continued low temperatures are likely accelerating rebalancing in the global oil market. As a result, the bottoming in prices and timespreads could be closer than we originally expected.
Goldman calls bottom in oil, again

Crispin Odey, the hedge fund manager who made a reputation and big profits - short-selling UK banks, has turned bullish on some British lenders, such as Barclays and RBS, betting they will escape nationalisation if the government sets up a bad bank for their toxic assets.
Odey turns bullish on UK banks

Property sales may pick up in the next few months, according to a survey from the Royal Institution of Chartered Surveyors (Rics).
Home sales may rise say surveyors

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

KOSPI	VIX	GOLD	NYMEX CRUDE

0716 RIO Daiwa: downgraded to hold from buy, tp lowered to A$63.09 from A$72.85
0712 BT.A SocGen: downgraded to hold from buy
0710 LLOY NCB: downgraded to sell from reduce, tp 45
0657 LLOY Moodys: credit-rating downgraded to Aa3 from Aaa [1]
0652 YELL UBS: downgraded to sell from neutral, tp lowered to 35 from 45 [2]

End-of-day Market Overview