Morning all. Market reports:

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

Unemployment slows but Obama says that his $787bn economic stimulus has not boosted the jobs market as much as hoped.
US jobless claims lowest since January

China has moved to defuse a currency spat with the United States by hinting that it will allow the yuan to rise in the coming months. The weakness of China's currency, which critics say gives its exporters an unfair trade advantage, has become a major issue ahead of Barack Obama's arrival in Shanghai on Sunday.
China hints at currency appreciation before Barack Obama arrives

A leading academic institute has urged European governments to review global oil supplies for themselves because of the "politicisation" of the International Energy Agency's figures.
Oil: future world shortages are being drastically underplayed, say experts

Top European banking executives and financial experts are working on a European Central Bank-supported project to revitalize the market for securities backed by pools of loans and other assets through the creation of a quality label. If it works, the initiative could give investors greater confidence to buy securitization deals and allow banks to start moving existing loans off their balance sheets, freeing them up to lend more cash to consumers and businesses.
Europe wants to replace credit rating with credit labelling. Why?

Historically low interest rates in the United States are, as we know, supposedly encouraging investors to put on dollar-funded carry positions. But while current interest-rate differentials might imply this is a very profitable and popular trade, Barclays Capital warned clients on Thursday it would be a mistake to assume its quite as common as some believe.
Debunking the size of the carry trade

The fees charged by Britains big accounting firms for winding up failed companies will come under scrutiny after the Office of Fair Trading (OFT) yesterday launched a wide-ranging inquiry into corporate insolvencies.
Office of Fair Trading to investiage accountants' fees for corporate insolvency

In the 19th century it was European colonialists who scrambled for Africas riches. Today it is Asias emerging powers who are trawling the continent for raw materials to fuel their economies. This week, China promised African countries ?6 billion in cheap loans after signing a series of multibillion-dollar deals to swap resources for infrastructure. India was not far behind.
China and India engaged in 21st century scramble for Africa

NIKKEI 225	AUSTRALIA ASX200	SHANGHAI	HANG SENG

KOSPI	VIX	GOLD	NYMEX CRUDE

SENSEX

Good morning traders!

In the US last night, the Dow lost 94 points at 10,197, the S&P500 fell 11 points to
1,087 and the Nasdaq Composite dropped 18 points at 2,149.

In Asia today, the Nikkei was down 16.77 points at 9,787.72, while the Hang Seng
ended the morning up 24.2 points at 22,421.77.

Crude oil traded at $76.68 a barrel on Nymex.

Happy Friday 13th!

G.

AAL Merrill: reiterated buy, tp raised to 3400 from 2958
BT.A Nomura: reiterated neutral, tp raised to 160 from 120
COB Investec: buy, tp 260
ENRC Nomura: reiterated buy, tp cut to 965 from 1010
GPOR Credit Suisse: upgraded to outperform from neutral, tp raised to 305 from 268
IPR Goldman: reiterated buy, tp raised to 335 from 334
JMAT Merrill: upgraded to buy from neutral, tp reiterated 1730
KAZ Merrill: reiterated buy, tp raised to 1700 from 1173
KAZ Nomura: downgraded to reduce from buy, tp cut to 1065 from 1300
LLOY Goldman: reiterated buy, tp cut to 127 from 131
NWG Goldman: reiterated sell, tp cut to 203 from 206
REL SNS: downgraded to accumulate from buy
RIO Merrill: tp raised to 4600 from 3910
VED Merrill: reiterated buy, tp raised to 3400 from 2584
XTA Merrill: reiterated buy, tp raised to 1450 from 1073
XTA Nomura: downgraded to reduce from buy

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Midday Market Overview

NOTE OF THE DAY

FRIDAY 13th An unlucky day for the superstitious

Friday the 13th proved unlucky for commuters, train schedulers and anyone
with loose slates on their roof as torrential rain and gale force winds
hit Britain.

Severe weather warnings are in place across the south and west, and
flood warnings are expected to be issued in many areas by this evening
when the Met Office is predicting the weather will get even worse.

Trains between Newport and Gloucester, and cross-country trains from Cardiff
to Nottingham, were cancelled after more than a tonne of rubble, loosened in
the downpours, slid on to the tracks near Chepstow in south-east
Wales. Travellers have been advised to check for cancellations and
bus replacements before setting out.

In many places the downpours will last into tomorrow, with up to 40mm of
rain, and the forecast is for gale gusts of up to 40mph across London and
up to 70mph in parts of Wales enough to bring down branches and trees.

End-of-day Market Overview

Have a great weekend all!

G.