Morning all. Market reports:

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

Sterling fell by almost 3 cents, ending the day below $1.50 for the first time in nearly a year amid fears that Britain will be left with a weak government unable to cut spending and balance the budget.
Pound slumps over fears of election stalemate

On the back of the increasing political uncertainty the pound fell as much as 4 cents against the dollar - the sharpest intra-day decline for more than a year. If you look at the short positions now being held by traders, worse could be about to follow.
If speculators are on the money, the pound still has a long way to fall

David Bloom, Global Head of FX Research for HSBC, is none-too-impressed with suggestions the Great British Currency is more krona than sterling. 'Currencies are a relative concept. So who is the UK and GBP going to have a crisis against - the euro? The analysts that are putting the GBP crisis view are the very same analysts who seem to be simultaneously predicting the break up of the euro and a GBP crisis whilst only last year telling us the USD was finished and losing its reserve currency status.'
'Talk of a GBP crisis seems like hysterical claptrap

George Soros, one of the world's leading investors, believes the euro "may not survive" and has publicly declared that he is buying into gold - even though he says he considers it a "bubble".
Soros hedge fund bets on demise of the euro

Mr Dimon told investors at the Wall Street banks annual meeting that there could be contagion if a state the size of California, the biggest of the United States, had problems making debt repayments.
Dimon: Weve hedged Greece. But California

Greece is set to announce additional austerity measures in order to get its battered economy back on track and to reassure international markets that the country will not default on its debt.
Greece set to announce more austerity measures

Germanys top financial regulator has launched an investigation into the market for credit default swaps (CDS), seeking evidence that speculators have been using the instruments, which provide insurance against the default of a bond issuer, to bet against Greek government bonds.
German inquiry into CDS trades and Greek bonds

NIKKEI 225	AUSTRALIA ASX200	HANG SENG	SHANGHAI COMPOSITE

KOSPI	SENSEX
NYMEX CRUDE	GOLD	VIX

Good morning traders!

In the US last night, the Dow was up 79 points at 10,404, the Nasdaq gained 35
points at 2,274 and the S&P500 added 11 points at 1,116.

In Asia today, the Nikkei was up 40.88 points at 10,212.94, while the Hang Seng
ended the morning down 173.94 points at 20,882.99.

Crude oil traded at $78.86 a barrel on Nymex.

Happy trading!

G.

AAL Nomura: reiterated buy, tp raised to 3600 from 3500
ANTO Nomura: reiterated buy, tp raised to 1100 from 1010
BBY RBS: reiterated buy, tp cut to 309 from 425
BDEV RBS: reiterated buy, tp cut to 162 from 170
BLT Nomura: reiterated reduce, tp raised to 2300 from 2090
ENRC Nomura: reiterated buy, tp raised to 1200 from 1080
IAP UBS: initiated buy
KAZ Nomura: reiterated reduce, tp raised to 1500 from 1275
LMI Nomura: reduce, tp raised to 900 from 830
LSE Deutsche: initiated neutral
PRU Merrill: reiterated buy, tp cut to 720 from 820
PSON Merrill: reiterated underperform, tp raised to 915 from 850
PSON RBS: reiterated sell, tp raised to 865 from 790
RIO Nomura: reiterated buy, tp raised to 5300 from 4300
TOMK Citigroup: upgraded to buy from hold
VED Nomura: reiterated neutral, tp raised to 2800 from 2280
XTA Nomura: reiterated buy, tp raised to 1500 from 1400

Morning Kyoto.
So what do we have in store today I wonder.

Midday Market Overview

From the "UPS" Thread ...........

UPS

BVC 40.125p (40 / 40.25)

Reason - The large drop after the results have reached the point where the propper bounce is due as the Indicators have been exausted on the oversold position

End-of-day Market Overview