Custom Query to get latest blog post on Wordpress

gistfile1.php

<?php
  query_posts('showposts=1');
 
	// set $more to 0 in order to only get the first part of the post
	global $more;
	$more = 0;
 
	// the Loop
	while (have_posts()) : the_post(); ?>
		<h4><a href="<?php the_permalink(); ?>" title="<?php printf( esc_attr__( 'Permalink to %s', 'toolbox' ), the_title_attribute( 'echo=0' ) ); ?>" rel="bookmark"><?php the_title(); ?></a></h4>
		<?php the_excerpt(); ?>
		
<?php
	endwhile;
?>