Morning all. Market reports:

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

Greek debt markets have come under fresh assault from hot money funds after a commission of experts in Athens told the country's parliament that it had uncovered 40bn (35bn) of "hidden debts" during an investigation into past manipulation by the financial authorities.
Greece rattled by 'hidden debt' controversy

China should relax its strict controls on its currency and link the yuan to a basket of currencies, said the Organisation for Economic Cooperation and Development.
OECD piles pressure on China to revalue its currency

The National Institute of Economic and Social Research (Niesr) said the plans announced so far by Alistair Darling would see the Chancellor fall short of his aim of halving the budget deficit as a proportion of national income by the 2013-14 financial year, despite the Government having pledged to enshrine that commitment in law.
UK will break Darling's debt promise, warns think-tank

Clearly frustrated, the 82-year-old adviser to President Barack Obama said that a failure to limit the speculative activities of banks would lead to a financial crisis in the future. "I may not live long enough to see the crisis," he told the committee, "but my soul is going to come back and haunt you."
'Pass my plans or I'll come back to haunt you,' says Volcker

According to a forthcoming book by US reporter Eamon Javers and confirmed by the CIA, financial firms have recruited spooks on active service to help determine if colleagues are telling the truth. One case described by Javers shows how veteran CIA workers helped hedge fund clients to make enormous investment decisions by assessing the veracity of a company's financial presentation.
CIA workers trained Wall Street firms to detect lies

NIKKEI 225	AUSTRALIA ASX200	HANG SENG	SHANGHAI COMPOSITE

KOSPI	SENSEX
NYMEX CRUDE	GOLD	VIX

Good morning traders!

In the US last night, the Dow gained 111 points at 10,297, the Nasdaq
added 19 points at 2,190 and the S&P500 was up 14 points at 1,103.

In Asia today, the Nikkei was up 54.25 points at 10,425.34, while the
Hang Seng ended the morning ahead 261.16 points at 20,533.34.

Crude oil traded at $76.90 a barrel on Nymex.

Gold settled at $1,114 an ounce.

Happy trading!

G.

Banks told to comply on bonuses or lose UK banking licences in shock FSA ultimatum

AAL UBS: upgraded to buy from neutral
ANTO UBS: initiated neutral
ARM RBS: reiterated buy, tp raised to 235 from 220
BP. ING: reiterated buy
BP. Nomura: reiterated buy, tp 700
CGL Goldman: upgraded to conviction buy from buy
ENRC UBS: initiated buy
FGP Investec: downgraded to sell from hold
IAP Morgan Stanley: equalweight, tp cut to 425 from 505
IMT Citigroup: reiterated buy, tp raised to 2260 from 2025
LSE Citigroup: upgraded to hold from sell, tp raised to 675 from 660
LSE Morgan Stanley: underweight, tp cut to 720 from 741
RB. BarCap: initiated equalweight
SGC Investec: downgraded to hold from buy
TLPR Morgan Stanley: overweight, tp cut to 380 from 469
ULVR BarCap: initiated equalweight
VOD SocGen: reiterated sell, tp reiterated 100
XTA UBS: reiterated buy

I believe Merrill positive on BARC RBS and LLOY this morning, especially BARC - suggesting 53% upside. No specific recs at the moment.

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Good morning.
It was so pleasant to see that my LLOY long had finally returned to profit (for a few minutes at least!)
Let's hope the upgrades from Merrill this morning follow through to some decent price rises.

Barc and RBS looking more healthy now.

Opening Market Overview

There's an iceberg bot on HMV sell-side at 80. Looks big - seems to have been running since mid yesterday afternoon that I'm aware of. Might be worth looking at if it clears.

Midday Market Overview

Grey and overcast today.

End-of-day Market Overview