Morning all. Market reports:

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

The European Commission has ordered Greece to slash public spending and spell out details of its austerity plan within "one month", invoking sweeping new EU Treaty powers to impose a radical shake-up of the Greek economy. One banker described events as eerily similar to market confusion before the failure of Bear Stearns and Lehman Brothers in 2008, this time involving sovereign states rather than banks.
Greece under EU protectorate as funds shift fire to Portugal

Portuguese bonds slid, pushing the yield on the 10-year note up by the most in 11 months, on concern that the country will fail to curb its budget deficit. The decline sent the yield on the security to the highest since March, increasing the yield premium investors demand to hold the debt instead of benchmark German bunds to 144 basis points as of 2:40 p.m. in London, the widest in 10 months.
The contagion spreads

Britain faces the longest period of spending cuts since records began in 1948 if the Government is to repair the damage to public finances inflicted by the banking crisis and the recession. The Institute for Fiscal Studies (IFS) said yesterday that departmental spending would be cut for at least five consecutive years as the Government battled to curb public borrowing.
UK warned of five years of cuts in deep economic winter

Despite signs that January's arctic weather conditions affected output from the service sector last month, the Bank's nine-strong monetary policy committee is expected to announce a temporary suspension to gilt purchases through quantitative easing tomorrow.
Bank of England poised to suspend Britain's ￡200bn quantitative easing lifeline

NIKKEI 225	AUSTRALIA ASX200	HANG SENG	SHANGHAI COMPOSITE

KOSPI	SENSEX
NYMEX CRUDE	GOLD	VIX

Good morning traders!

In the US last night, the Dow fell 27 points at 10,270, the Nasdaq gained a
point at 2,191 and the S&P500 lost 6 points at 1,097.

In Asia today, the Nikkei was down 89.74 points at 10,314.59, while the
Hang Seng ended the morning off 320.24 points at 20,401.84.

Crude oil traded at $76.77 a barrel on Nymex.

Happy trading!

G.

ADM UBS: initiated buy
BLT Credit Suisse: upgraded to outperform from neutral
BP. HSBC: upgraded to overweight from neutral
CNE RBS: reiterated buy, tp raised to 400 from 344
DNX RBS: reiterated buy, tp cut to 1400 from 1495
LAD Citigroup: initiated hold
NWR Merrill: downgraded to hold from buy, tp 750
RBS BNP: downgraded to neutral from outperform
RIO Credit Suisse: upgraded to neutral from underperform
TPK HSBC: upgraded to neutral from underweight
WMH UBS: initiated buy

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Was expecting a bit more strength in the FTSE today but that's not to be right now.
Closed my LLOY longs yesterday at a profit having been heavily submerged at one stage and opened another small long towards the close. Should have waited until this morning!

End-of-day Market Overview