Morning all. Market reports:
The Times
The Times (Need to know)
FT
The Guardian
The Independent
This is Money
The eurozone's financial system is under "severe strain" and risks setting off a downward spiral as the banking crisis and economic recession feed on each other, according to European Central Bank president Jean-Claude Trichet.
ECB's Trichet sounds alarm over Europe's credit contraction
For months the ECB held sternly to the high ground of orthodoxy as the US, Japanese, British, Canadian, Swiss and Swedish central banks slashed rates towards zero and embraced quantitative easing, but a confluence of fast-moving events is now forcing it to move.
ECB faces mutiny from national bank governors as recession deepens
Central Europes battered currencies rallied on Monday after four of the regions central banks issued co-ordinated statements calling recent currency weakness unjustified and raising the possibility of intervention on forex markets.
Central Europe bolsters currencies
Some of the City's shrewdest hedge fund investors, who made millions of pounds betting that UK bank shares would fall, have turned their guns on insurers amid heightened worry about the financial strength of the sector.
Short-sellers place their bets against big insurers
Senior City bankers are demanding pay rises of up to 10 per cent this year to make up for the clampdown on the bonus culture, a senior City head-hunter has told The Independent.
We need a pay rise bankers demand