The 6am Cut London | FT Alphaville

The 6am Cut London

- Asian share markets opened lower, extending Wednesday’s losses. (Bloomberg) Markets are worried after Spain’s bond sale, and fearing there will be no further easing from the Fed or the ECB. (Wall Street Journal)

- JJB Sports has a saviour: US retailer Dick’s Sporting Goods, which is investing £20m in JJB, alongside a £10m investment from existing shareholders, the companies said. Dick’s could end up with a stake of more than 60%. (Financial Times)

- Falcone is “seriously considering” filing a voluntary bankruptcy for Lightsquared. (Reuters)

- A Tarp share buyback discount has drawn criticism. Two banks –Wilshire Bancorp and MainSource Financial Group – were allowed to buy back at a discount preferred stock acquired by the Treasury under Tarp. Former special inspector general for Tarp (Sigtarp), Neil Barofsky, said it sent a bad message, and some bankers have also privately expressed their doubts about the decision. (Financial Times)

- France’s foreign minister has signalled a more assertive stance within the EU on immigration and trade if President Nicolas Sarkozy wins re-election. (Financial Times)

Morgan Stanley is attempting to maintain its rating from Moody’s. Chief executive James Gorman has been in discussions with the ratings agency stave off a downgrade that could diminish the bank’s ability to buy the rest of Citigroup brokerage Smith Barney, according to people familiar with the matter. (Financial Times)

- Jamie Dimon’s total pay package is $23m, about the same as last year. (Bloomberg)

- A high court judge rebuked the SFO over the Vincent Tchenguiz case. (Financial Times)

- Some big Tesco shareholders are expressing unease ahead of the group’s AGM. (Financial Times)

COMMENT AND CURIOS

- Here is John Gapper’s defence of the FSA’s Ian Hannam fine. You’re welcome. (Financial Times)

- And David Davis’ contrary view on the FSA and Hannam. (Financial Times)

- We can make Greece work, says Antonis Samaras. (Wall Street Journal)

- Relative value bond arbitrage, the strategy made notorious by LTCM, is back in vogue. (Financial Times)

- Inside AT&T’s strike bootcamp, senior managers are learning how to unload ladders from trucks. (Wall Street Journal)

- Greece can’t fund a track and field Olympics team. (Financial Times)