Morning all. Market reports:

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

European finance ministers told Greece on Tuesday it may need to take further steps to bring a swollen debt under control and calm "irrational" financial markets, as wage cuts already announced by Athens sparked another strike.
Eurozone finance ministers give Greece a month to make drastic budget cuts

Highlighting the febrile atmosphere in Greece, a bomb exploded outside the central Athens offices of the US bank JP Morgan, causing extensive damage but no injuries.
Greece needs austerity cuts, say people of Athens

And the markets are worried. Not, admittedly as fretful as they are about Greece, but the market price of insuring Spanish government debt has jumped in recent weeks (the mysterious-sounding credit default swaps), and now stands at 139,000 per 10m of debt - four times the cost of insuring an equivalent German bond.
Eurozone contagion fears spread to Spain

The Bank of England's governor says the 3.5pc annual inflation rate in January is "temporary", despite a high 3.1pc core inflation rate, which excludes energy prices. King is probably right, but both inflation and deflation threaten the UK's recovery.
Bank of England caught in inflation-recession squeeze

Efficient market theory has taken quite a few knocks lately. The latest Credit Suisse study of long term investment returns, compiled by three London Business School academics, provides another. While in theory it is incredibly hard for actively managed portfolios to outperform the market, in fact there have been some pretty simple ways to do just that.
Leave the stock market dogs in their kennel

The Court of Appeal ruled that Robert Gaines-Cooper was liable to pay UK tax despite spending less than 91 days a year in the country because England had remained the centre of gravity of his life and interests.
Entrepreneur faces 30m tax demand after residency ruling leaves thousands exposed

Malcolm Calvert, a Cazenove marketmaker until he retired in 2000, is being prosecuted for 12 counts of criminal insider dealing for buying shares ahead of six takeover deals in which Cazenove advised. Mr Calvert, 65, is alleged to have acted on tips from his Cazenove source to buy about 420,000 shares ahead of crucial stock exchange announcements by HP Bulmer, Macdonald Hotels, Vernalis, Johnston Group, South Staffordshire and RAC between 2003 and 2005.
The Cazenove connection: ex-broker tried for inside deals

NIKKEI 225	AUSTRALIA ASX200	HANG SENG	SHANGHAI COMPOSITE

KOSPI	SENSEX
NYMEX CRUDE	GOLD	VIX

Good morning traders!

In the US last night, the Dow closed up 170 points at 10,269, the Nasdaq was up
31 points at 2,214 and the S&P500 gained 19 points at 1,095.

In Japan today, the Nikkei was last up 250.17 points at 10,284.42, while the Hang
Seng ended the morning ahead 359.03 points at 20,627.72.

Crude oil traded at $77.14 a barrel on Nymex.

Gold settled at $1,120 an ounce.

Happy trading!

G.

ARI Deutsche: initiated buy
BARC RBS: upgraded to buy from hold
DMGT JPMorgan: neutral, tp raised to 475 from 450
FGP Deutsche: initiated buy
HFD HSBC: upgraded to overweight from neutral
INF JPMorgan: overweight, tp raised to 385 from 375
JPR JPMorgan: underweight, tp cut to 23 from 36
MAB Deutsche: upgraded to buy from hold
NEX Deutsche: initiated hold
PSON JPMorgan: neutral, tp raised to 990 from 840
QQ. Citigroup: upgraded to buy from hold
REL JPMorgan: upgraded to overweight from neutral
SGC Deutsche: initiated hold
TNI JPMorgan: upgraded to neutral from underweight
UBM JPMorgan: neutral, tp cut to 495 from 550

Opening Market Overview

EMG - The late last week "KEEP an EYE" is roaring ahead, should be looking on the short term for the 50 days MA.
Nice opening GAP today

LONDON, Feb 17 (Reuters) - Shares in Man Group Plc rose 5.1 percent on Wednesday, with traders citing talk of takeover interest from U.S. fund group BlackRock .

BlackRock declined to comment, while Man Group was not immediately available for comment.

Traders also said positive weekly performance numbers from flagship fund AHL supported Man Group shares.

Citing rumours in the U.S. markets, the Daily Mail's market column said BlackRock was looking for another large deal after acquiring the funds business of Barclays last year.

The newspaper said the U.S. firm was missing the kind of hedge fund business that Man -- the world's largest listed hedge fund firm -- could provide.

EMG 243.8p +16p

edit - repeat

End-of-day Market Overview