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The news will be posted approx 7:35 in the morning

David@FTSEDOW.com     www.FTSEDOW.com

 Legal & General (9 Month) 660m exp. Sage (F)

09:30 Sep M4 Broad Money m/m 0.0%, y/y 6.6% prev. 09:30 Sep M4 Sterling lending 4.78 prev. 09:30 Sep PSNCR 3.418 prev. 09:30 Aug trade balance estimate

Lexmark, Citigroup, Hasbro, Texas Instruments, 3M Company (Q3) Southwest Airlines (Q3) WM Wrigley (Q3)

15:00 Sep leading indicators 0.1% exp.

Peugeot Citroen

Norsk Hydro (Q3) Novartis (Q3)

11:00 EMU July trade balance

Allied Domecq (F) PBT 476-493m exp. Arm Holdings (Q3) PBT 5.5m exp.

Brambles (AGM, Trading statement) Stagecoach (Trading statement)

11:00 Q3 CBI business optimism 11:00 October CBI total orders

SBC Comms, UPS, AT&T

Capital One (Q3), Eli Lilly (Q3)

Hilton Hotel (Q3), Amgen (Q3) Bank One (Q3) United Parcel Services (Q3) Bancorp (Q3)

Valeo, Electrolux (Q3) DaimlerChrysler (Q3) Schneider Electric F (Q3) Teleca S (Q3)

GlaxoSmithKline (Q3) PBT 1,578-1712m exp. Egg (Q3) PBT consensus loss of 2m exp.

Reuters (Instinet Trading statement) Diageo (AGM)

09.30  MPC vote breakdown.

Eastman Kodak, Schering Plough, McDonalds, Bank of NY, Merck, Computer Associates, Eli Lilly, AOL Time Warner, Anheuser-Busch

Lucent Technologies (Q3), Whirlpool (Q3)

Sungard Data Systems (Q3) Symantec (Q3), Tupperware (Q3)

Commerzbank, LOreal, Casino

Adecco F (Q3) Michelin F Peugeot F Sanofi-Synthelabo F (Q3)

Ex Dividend: Aggreko Plc (2.2), Armour Group PLC (0.35), Axon Group Plc (1), Benchmark Group Plc (3.1), Bovis Homes Group Plc (5.3), Express Dairies Plc (9.6), Fairplace Consulting Plc (3), Go-Ahead Group Plc (18), Hays Plc (3.63), James R Knowles Holdings PLC (2.1), Kiln Plc (0.2), Mears Group Plc (0.35), Mowlem PLC (2.8), Ricardo Plc (6.3), SIG Plc (4.1),  Coal PLC (5), West Bromwich Albion Plc (170), Yule Catto & Co Plc (5.3)

Amvescap (Q3) AstraZeneca (Q3 GMT 10:00) PBT 720-1000m exp. Aviva (Q3) New Business 1.8bn exp. Marconi (Q2) Shell (Q3) PBT $3.25bn exp.

Dow Chemicals, Applied Micro Circuits,  Bristol Myers, Xerox (Q3)

Colgate Palmolive (Q3) Goodyear (Q3), Medimmune (Q3) Microsoft (Q1), NCR (Q3) Reebok (Q1), Schering-Plough (Q3)

13:30 US weekly jobless claims, 383k exp.

HVB Group, Renault, Lafarge, Volvo

Autonomy (Q3) BHP Billiton (AGM)

WPP(Q3)

09:30 Q3 preliminary GDP q/q 0.6%, y/y 2.0% prev. 09:30 Sep retail sales m/m, y/y 0.2%, 3.8% exp.

Brunswick

France Telecom, SwedbankEssilor F (Q3)

Renault F (Q3) Royal Dutch Petroleum NL (Q3)

Syngenta CH (Q3), Volvo S (Q3) Wanadoo F (Q3). Web.de D (Q3)

10:00 EMU current account NSA 1.28 prev.

Clocks Back by 1 hour

Alterian (I) VTR(F)

10 Group (AGM) Aero Inventory (AGM), Mosaique (AGM) THB (AGM), Drew Scientific (AGM)

BBA mortgage lending survey (0830 GMT)

BP (I) Bristol and West Investments (I) Peacock Group (I), Interregnum (F)

BHP Billiton (I), Celsis International (I) Unilever (I)

Charterhouse Communications (AGM) Getmapping.com (AGM), Bristol Water (EGM) Pacific Horizon Trust (AGM), Cambridge Mineral Resources (AGM) Daejan Holdings (EGM), Murray Income Inv Trust (EGM)

Ex Dividend: A

Chloride Group (I) Jennings (I)

 NetBenefit (AGM)

Ambient (I)

 European Diamonds (EGM)

 World Travel Holdings (AGM)

It is a very busy week ahead with 10 blue-chip firms reporting which represents 21 percent weighting of the FTSE index.

Monday

Sage the last remaining FTSE tech stock said in April 11 first-half results were in line with expectations. Analysts expect Sage to increase its dividends buy at least 7% this year in the year ahead.

Legal and General  On Friday UBS reiterated its buy on while trimming the target price to 115p from 118p.

Tuesday Allied Domecq could signal its intention to acquire an alternative Australian wine producer after its unsuccessful attempt to buy Australian company Peter Lehmann Wines. Profits are likely to be unchanged at 480m for the year with sales increases in its quick service restaurants and wine sales offset by higher pensions costs, weakness of the US dollar and inventory de-stocking. ARM Holdings are expected to say that revenues are flat and produce profits of 5.5m against 6.5m in the previous three months  Lower royalty income because of deflation and a build up in inventories in Asia is likely to have affected turnover. Investors will be keen to hear the company's thoughts on the prospect of a rebound in 2004.

CBI's industrial trends survey will offer clues on the pace of economic revival

WednesdayGlaxoSmithKline will provide investors with a chance to gauge the impact of generic competition following the launch of a copycat version of its blockbuster anti-depressant Paxil. Despite the competition sales are likely to show growth in the high single digits and profits are expected to rise to around 1.7bn from 1.4bn.   In July, Glaxo launched two new products in the US, Levitra and Webutrin.

Reuters is trying to offset falling sales by costs cutting.  In July it expected full-year revenues to decline around 11%, though it stressed that its "Fast Forward" rationalisation programme was progressing well, achieving cost savings ahead of plan.Bad Egg? Q3 figures are expected to have been hit by its costly attempt to crack the credit card business in France which has failed and it may have withdraw from the French market. Predicting the company's performance is a difficult task and analysts forecasts vary by as much as 52m.  There is also a rumour that the Prudential intends to sell its 79 percent stake in Egg. (Keep an eye on Prudential!)

The minutes from the Bank of England's last meeting will show if the mood is shifting towards a raise in interest rates. House builder stocks could react to the news. ThursdayShell is expected to report strong Q3 earnings with growth up to 1.87bn from 1.34bn a year earlier. Higher oil and gas prices following the Iraq conflict will be partly offset by the hot summer weather in EuropeAstraZeneca, which reports Q3 figures has also been hit by generic competition to its ulcer drug Prilosec. But it has also been busy getting drugs to the market with its cholesterol treatment Crestor in the US and recently said 14 European countries have extended the use of Seroquel to treat manic-depressive illness. Sales are expected to have grown by around 10% but anaysts expect profits to have slipped to 511m from 538m. However  In July, AstraZeneca was upbeat about is full-year prospects and lifted its profit estimates by 6%.

Amvescap: On Friday Dresdner Kleinwort Wasserstein upgraded it to reduce from sell, with a 470p price target FridayAutonomy release Q3 results and said at the start of the month that earnings for the last quarter should be ahead of market estimates.

WPP said in August that it reckoned the advertising industry was starting to climb out of the bathtub of recession. Well lets hope they haven't slipped on the soap.

Third quarter GDP data will show if the UK's economic revival is still on track

Thoughts

As expected last week the market optimism lifted the FTSE 100 some 80 points to a 14-month high of 4,383 points on Wednesday before it lost some ground falling to 4,344 on Friday, up 0.6 percent on the week and more than 6 percent already this month. 

In the U.S. Q3 earnings increased the confidence that the 3 year slump is finally over with improving economic data being reflected in company profits. Technology stocks rose as companies reported that spending on IT and software is increasing.

But there is usually a BUT or HOWEVER and this week is no exception with a feeling that the rally may have gone too far and too fast. This nervousness may result in a fall back next week especially as it is the anniversary of the 1987 stock market crash when the FTSE 100 tumbled 22 percent in two days.

Looking at the chart we have a trend trading range of 4310/4410 for the week ahead which can be extended forward to 4440/4540 by Xmas if there is not a change in sentiment. With the current FTSE at 4344 we have more upside potential than down but I would not be surprised to see a test of support mid week.

As always I look forward to your thoughts and comments on the week ahead! 

All the above comments are purely a personal opinion and no investment advice is intended.  Please do your own research.

Headlines 19th October

Superstores To Face Christmas Day Ban - Sky News - Government faces huge debt deficit - Britain faces a current account deficit of over twice Chancellor Gordon Brown's budget forecast and a net borrowing requirement of around 10 billion pounds above his 27 billion forecast for the 2003 financial year, according to a survey. Reuters. Shareholders reportedly want to oust ITV Carlton Communications and Granada, boss - Reuters Equitable Exes Lose Fight - Nine former non-executive directors of Equitable Life have failed to block a multi-million pound lawsuit launched against them by the troubled mutual insurer.The legal action was launched in the wake of the financial disaster which brought it close to collapse three years ago. SKY

Granada Focus: Coup at ITV Judgment Day: Should you buy shares in Matalan? Dixons Scottish Business Digest EMI, Granada, Carlton The truth will out no matter what Fidelity says Vital Statistics Cattles Holdings Sharewatch: Paddy Power Antisoma Drugs firms help Footsie to climb further Barclays What made me do a Ratner? Cattles Holdings Cattles boss takes a creditable line HBOS Value rolls on up Carlton Coup at ITV Cattles Holdings Sean Mahon's working day Sharewatch: Minmet JJB Sports Directors' Deals: Sportswear boss nets a 10m profit Working Space  

Barclays Barrett reaches his credit limit Mitchells & Butlers Carr: It's Spirit's funeral

Canary Wharf Reichmann faces pressure to quit BSkyB investors turn up heat on Murdoch over job for son

OBSERVER Carlton, Granada ITV boards to resist City rebels BT Group Eurocreep infiltrates the United Kingdom Egg beaten by the French Randgold set to table counter-bid for Ashanti

Trinity Mirror of gloom as Sly rescue plan stalls London Stock Exchange Not so fast to the altar, LSE

Black cloud over BP oil deal Carlton Is Fidelity tuning up an American ITV? Barclays Trouble on the cards BP, Lloyds, RBOS, Bear market over? That's just a load of bull Barclays Will the gaffer decide to go?  

SUNDAY MAIL Treasury 5bn raid on miners' pensions Break-up on cards for Kingston Cost-cutting drive at phone group Vodafone back in the spotlight Barclays hit by customer backlash, Credit card anger swamps phone lines Green tipped for 200m-plus profits, Strong results due from Bhs, Arcardia Connex faces a fast-track exit, Rail firm may be forced out early

Mortgage misery 'within 18 months', Runaway credit prompts 5% rates fear 2.5bn Laurel pubs sale looming, Deutsche Bank looking for way out Suitors hover for Chelsfield empire, Property company up for sale Rolls poised for Boeing 747 order, Clean-engine contract worth 14bn Turmoil in the cinema boardroom, Odeon directors head for exit

INDEPENDENT Corus accuses utilities of electricity rebate scam Vodafone, mmO2, Orange Hello? Is anybody out there listening? British Energy Energy minister to bat for BNFL in Japan

The Week Ahead: Glaxo update will be easy to swallow HSBC From the ivory tower to Bangalore, the world's local bank listens no more

SCOTLAND ON SUNDAY  Barclays Concern over corporate credit quality Allied Domecq Whisky giants in high spirits as sales healthy Wolfson's full debut to shed light on strength of electronics sector Online Travel All-Hotels to shed jobs in cost-cutting drive

Cheer for AWG investors with 150m property sale Caledonia Investments Cayzer saga must not drag on Staff pour 3m into coffers of Martin Currie BA faces extra 100m pension bill a year

SUNDAY EXPRESS

In the week that Concorde is due to make its final flight, British Airways shares are tipped to take off from their current 185 1/2p. If regulators back an Air France and KLM merger, there is little to stop stronger links with American Airlines. Property group Chelsfield's chairman Elliot Bernard is heading a management buyout bid, although shareholders are likely to hold out for a higher price. Worth a punt at 315 1/2p. Bid speculation surrounding football club Manchester United shows no sign of ending, yet the share price - currently at 233p - has not responded in the way many City experts had expected

INVESTORS CHRONICLE Tips: Buy Imperial Tobacco (IMT) at 976p - John Laing (LNGO) at 164p - Tellings Golden Miller (TGM) at 105p - Tex (TXH) at 135p - Stream Group (SEA) at 16p.

Sell Computacenter (CCC) at 437p.Tip Updates: Buy Smith & Nephew (SN) and Cookson (CKSN). Hold Fairplace Consulting (FCO). Air Music and Media (AMU) and ITE (ITE) are good value.Company Results: Buy Bellway (BWY).

SHARES MAGAZINE Plays of the Week: Buy Henlys (HNL) at 90p - Zoo Digital (ZOO) at 9.1p - Pennant International (PEN) at 16p.Tip Updates: Buy Arena Leisure (ARE) and Inveresk (IVS). Sell Brit Insurance (BRE),

Gaming Plays to Gamble On, Speculative Buy London Clubs (LCI), Buy Paddy Power (PAP). Hold Rank Group (RNK) and William Hill (WMH), Reduce Stanley Leisure (SLY). Neutral Wembley (WMY).

David@FTSEDOW.com     www.FTSEDOW.com