S&P Futures

G7: Chancellor Gordon Brown says the British and U.S. economies are picking up strongly but he has warned that the euro zone needs radical economic surgery if it was to share in the world recovery

Vodaphone confirms it is considering an offer of 37 Billion dollars for AT&T wireless. Even with the sale of Verizon for 20 Billion it will leave them with a 17 Billion funding gap. These concerns have led to the recent weakness in VOD.

British Airways posted a third-quarter profit of 125 million above analysts average forecast of 94 million near the top of the forecast range but said security issues were still having some impact on forward bookings.

PSION, Is disposing of its Symbian stake for approx 135 million pounds to Nokia. This works out some 215p a share so with the share price of PSION being 95p except fireworks!

Eurotunnel posted a 1.9 billion euro net loss due to big write downs, and said it had proposed significantly cutting access rates for train operators to boost traffic but to do this it would need a more stable financial structure.. Operating profit fell to 248 million euros from 326 million euros.

Bloomsbury is set to launch the paperback version of the latest chronicles of Harry Potter, on July 10.

 Albemarle & Bond (I), British Airways (Q3) Cambridge Antibody Technology (Q1) Albemarle & Bond (I), Cambridge Antibody Technology (Q1), Diagonal (F), Eurotunnel (F), Royalblue (F),

ScS Upholstery (EGM), Jan PPI (09:30)

Dec house prices (00:01), Dec industrial production (09:30)

Hasbro (Q4)

3.00pm Wholesale Inventories

Croc@SnappyTrader.com  WWW.SnappyTrader.com

 Albemarle & Bond (I), British Airways (Q3) Cambridge Antibody Technology (Q1) Albemarle & Bond (I), Cambridge Antibody Technology (Q1), Diagonal (F), Eurotunnel (F), Royalblue (F),

ScS Upholstery (EGM)

Dec house prices (00:01) Dec industrial production (09:30) Jan PPI (09:30)  

Hasbro (Q4)

3.00pm Wholesale Inventories

Aquarius Platinum (I), Galen (Q1) Alphameric (F), Bookham Technology (F), BP (Q4), Brandon Hire (F), BWD Securities (F) Dobbies Garden Centre (F), Enodis (Q1) nCipher (F), Quantica (F),

Baggeridge Brick (AGM), Fountains (AGM), Holidaybreak (AGM) Paragon Group of Companies (AGM), Victrex (AGM)Dec trade (09:30)

Viacom (Q4) Prudential Financial (Q4)

Bouygues (Q4) Renault (F) Valeo (F)

Rhoen-Klinikum

Antisoma (I), British Sky Broadcasting Group (I) Scott Tod (I), Yell (Q3) Electric Word (F), Liberty International (F), Reckitt Benckiser (F)

Countryside Properties (AGM), United Drug (AGM) Safeway (EGM),

BAA (January) Traffic FiguresJan/Dec labour market report (09:30) BoE quarterly inflation report (1030)

Coca-Cola (Q4) The Walt Disney (Q1)  

Douglas Holding (Q1) Elmos Semiconductor A AWD

Ex Dividend: Grainger Trust 12.8p, Montpellier Group 1.15p, Asset Management 3.0p, Awaiting further data.....

Alumasc (I), BT (Q3),  McBride Scottish & Newcastle (8 mths & 12 mths)

Barclays (F), Centrica (F), GlaxoSmithKline (F) London Bridge Software (F), Marconi Corp (F) Pendragon (F), Rolls-Royce (F), Unilever (Q4) , LastMinute.comBrewin Dolphin (AGM), Mitchells & Butlers (AGM)Q4 housebuilding data (09:00) Q4 ODPM housebuilding stats (09:00)

Analog Devices (Q1) Dell Computer (Q4) Safeway (Q4) NVIDIA (Q4)

13:30 Business Inventories 13:30 Initial Claims 13:30 Retail Sales 13:30 Retail Sales ex-auto

7.00pm Treasury Budget

Webnet (I), Heavitree Brewery (F) LloydsTSB (F)Network Technology (AGM)

13:30 Export Prices ex-ag. 13:30 Import Prices ex-oil 13:30 Trade Balance

7.00pm Treasury Budget

12.45pm Mich Sentiment-Prel.

ITNET (F)

DICOM Group (I) Fairplace Consulting (I) Netstore (I) BG Group (F) Bradford & Bingley (F)Hardys & Hanson (AGM)RICS Jan house price survey (00:30)

BoE`s minutes of Feb MPC meeting  (09:30) UK Treasury monthly economists survey of GDP, inflation forecasts  (09:30)

Ex Dividend: Awaiting data

Millennium & Copthorne Hotels (F) Morgan Sindall (F), RBOS (F)UK RICS Jan house price survey (00:30)

CML Jan mortgage lending data Jan BBA net stg lending data Jan capital issuance Jan M4/M4 lending (prov) Jan PSNCR Jan retail sales

Go-ahead (I) Alliance & Leicester (F)

Monday UK industrial production and producer prices data could give the FTSE some direction.

British Airways third-quarter figures are expected to reflect the recent rebound in long-haul air travel. Profits should lift to around 100m from 25m last time. However heightened concerns about terrorism and now avian flu could dampen enthusiasm for the year ahead. This may be seen in forward bookingsTuesday

BP expect to produce a profit leap from 7b to almost 11b despite a slip in petrochemical margins in the final four months of the year. Income is expected to benefit from the strong operating environment and the inclusion of the group's Russian venture.

UK trade balance figures.

Reckitt Benckiser, on the other hand, is expected to post a 9% rise in revenues to 3.8b, with profits climbing 18% to 650m

Bookham Technology is expected to reveal that its Q4 loss narrowed further from both the year-ago and previous quartersWednesday

BSkyB could announce that is paying its first dividend when it announces its interim results. It is expected to say it has more than doubled pre-tax profits from 99m to 240m, Subscriber numbers could be up to 7.2m and those with SkyPlus may rise to 250,000 Thursday

The U.S government will issue weekly claims for jobless benefits, as well as reports on business inventories for December and retail sales for January. These will be closely scrutinised for signs whether consumer spending, which accounts for about two-thirds of U.S. economic activity, could be slowing down.

BT reports Q3 figures but the city may be more interested in how they plan to boost turnover, cut costs and maintain revenue growth as revenue is hit by competition into its core market. Turnover is expected to fall by 2% but profits should improve by 16m to 537m because of lower interest costs on its reduced net debt.

Barclays are expected to post profits of around 3.9b, some 8% higher than last year following a strong trading statement in December

GlaxoSmithKline the world's number two drug company is expected to post a 6% rise in pre-tax profit to 7b for the full year. However the city is worried over delays in bringing new drugs to the market. Unilever is widely expected to unveil a new corporate strategy which focuses attention on improvements in earnings per share. According to the Observer on Sunday there could be a SALES WARNING

Centrica should report pre-tax profits close to the 1bn from 870m a year earlier following higher profits from its North American energy business and AA breakdown operation combined with reduced losses from the telecoms section. The city will be looking for news on future acquisitions to maintain growth

Rolls-Royce posts full-year results which are expected to show an improvement in pre-tax profits to 268m from 255m. Analysts will be looking for signs of a pick-up in the civil aerospace market and an update on its pension funding.

Friday

US reports the December international trade deficit, projected to widen to $39.45 billion from $38.01 billion in November, and the University of Michigan's preliminary February reading on consumer sentiment, forecast to dip to 103.3 from January's final reading of 103.8,

Thoughts

World stock markets may get some direction from this weekend's meeting of the G7 finance ministers in Florida. The main subject discussed will be the worries over the slumping value of the U.S. dollar. The risks from Avian flu and the continuing worries about terrorism are also likely to depress World markets.

US Stocks could drift lower next week as the current earnings season comes to an end. So far 80 percent of the S&P's 500 companies have reported quarterly results. However here in the UK we're just starting the big UK reporting season with some of the biggest names reporting earnings next week. The FTSE however historically has been susceptible to a pullback at this time of year after gains in January.

Both the yearly and 6 monthly chart show that the market is currently testing support which could well signal a bounce higher to 4500 short term. The 10 day Intraday chart shows the FTSE broke the long running downtrend on Friday morning. If it can not maintain this rise and falls back below 4390 I will go short looking to close around 4350. However if it does it will break the 5 month & 1 year uptrend which could well signify the end of the bull run.

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.

Sunday Newspaper Financial Headlines - 8th February

Exchange rates dominate G7 talks: It is understood that the US accepts that the dollar should not get much weaker against the yen and the euro. The Americans also want the Chinese currency to be able to move more freely according to the market's dictates.

Rail authorities have been told to upgrade rail lines across Britain to allow trains to run at 200mph.Ministers must start planning now to put the UK's ailing railways on a par with Europe, says the Commission for Integrated Transport.

After the Bank of England put its interest rate up by 0.25% to 4%.news was released that the number of Britons going bankrupt surged to its highest level in at least 10 years in the fourth quarter of 2003.

Unilever has seen its recent financial performance hit by the popularity of the Atkins diet, is expected to announce this week that it has slashed its sales forecasts. Chairman Niall Fitzgerald is expected to sweeten the news with an announcement that the company will embark on a share buy-back which could be worth up to 1.5 billion pounds over the next twelve months

SUNDAY TIMES Shell Trans: Forget AT&T, Sarin should go for the real prize IAWS associate on German roll Change board structure now, Shell is told New Look boss to quit if Singh offer is accepted Celltech Prufrock: Court gets clogged up Debenture threat to Queens Moat sale Tesco in Valentine's Day war on Interflora Boots feels pain from loss-making dentists Barclays Prufrock: Court gets clogged up Eircom: Damien Kiberd: Forget the unions and let market forces flow US mobile bid may cost Vodafone an extra 4bn Hard-up Invensys rules out dividends

BAE Systems Stonecipher: 'Albaugh will do fine'

Ryanair pilots to fight O'Leary ban on unions easyJet Chris Gent declares: 'I want the chairmanship of ITV' BAE Systems Cost of aircraft carriers rises to 5bn

Next Directors' Deals: 2.5m goes into David Joness locker Judgment Day: Should you buy shares in Greggs Sharewatch: Celltech Irish Agenda: Ryanair flies clear of Armageddon as Brussels spouts spin Case Study: Tesco worker will check out 15,000 richer Shell Transport Quote of the week Vebnet (Holdings) Sharewatch: Software pays off You can't be sure of Shell Judgment Day: Should you buy shares in Easyjet?  

Shell Transport 'I am determined to fix it' Lloyds keeps it simple Invensys Third time lucky? Watts not finished at Shell

RIT Capital Rothschild family to scoop 100m

OBSERVER Brascan to up Canary offer Vodafone to shock City with US megabid US fund demands shake-up at ShellUnilever takes knife to sales targets

BSkyB Now it's Top-Up TV for digitally entranced Britons Lloyds TSB You can still bank on banks ITV Now it's Top-Up TV for digitally entranced Britons

FSA to probe trading in British Energy

MAIL ON SUNDAY Barclays on hunt for US foothold Blow the whistle or we'll sack you, 150,000 Boeing staff must sign charter Big banks are on the gravy train, Leasing costs boost overcrowding Virgin's 55m ghost rail fleet, Firm pays even when trains can't run Ryanair defiant on wheelchair charge, Airline accused of 'imposing' 2,400% profit Online travel firms book in for merger Deal could start journey to market

BT pension firm's Parmalat alert, Warning a year before 10bn collapse Top banker floated to a fortune 'They saw it as time to fill their boots' Mothercare dispute over sales figures, Stores firm and researcher disagree Bank of England faces acid test over rate rise, Suspicion new index being ignored BT under fire as mobiles plan falls flat, Analysts fear new shares sell-off 8 for 10 channel Freeview top-up, Former BSkyB duo in digital deal

Think tiny for really big returns, Smallest companies outstripped giants

INDEPENDENT  Amec, British builders in bid for $6.5bn Iraqi contracts Mowlem (J) British builders in bid for $6.5bn Iraqi contracts Shell chairman fails to quell revolt as investor anger grows 'Beano' publisher in frame at SMG Ritblat makes last-minute move to muscle in on Canary battle Canary Wharf New chief for Invensys as full woes emerge

BP: The Week Ahead: Vodafone chief's big call over AT&T

The Week Ahead: Vodafone chief's big call over AT&T HSBC Business View: If banks can't milk consumers for growth, they'll have to find some suckers BT The Week Ahead: Vodafone chief's big call over AT&T Lloyds TSB : If banks can't milk consumers for growth, they'll have to find some suckers Barclays If banks can't milk consumers for growth, they'll have to find some suckers  

SCOTLAND ON SUNDAY  Royal Bank to launch 3.3bn GreenPoint bid US connection too risky for Vodafone Ryanair threatens to sue Germany in revenge for EC ruling

British Airways Investors who think small reap benefits Directors invest heavily in IndigoVision

Rolls-Royce Investors who think small reap benefits Scottish and Newcastle Investors who think small reap benefits BAE Systems 'Robocop' headset can be ARC of triumph for BAE Systems BAE Systems Spin survey shows who's hot and who's not  

SUNDAY EXPRESS DFS Furniture group is highly profitable and has a strong cash position, according to Teather & Greenwood. It is also a growth business with the potential to increase retail floorspace by 50%. Buy at 371p. Umeco aerospace parts group ' newly acquired 80% stake in US group Tailored Logistics Corp will improve earnings and boost Umeco's links with the Pentagon. Buy at 385p.

The Business

Business Post: Keep an eye on UK parcels deliverer Business Post, which is benefiting from soaring demand for electronic goods such as mobile phones and personal computers. Business Post has deals with several electronics manufacturers to deliver their goods, including an exclusive contract with Dell. The shares are valued at about 22 times expected earnings, but these estimates may be on the low side. BNP Paribas: After French opposition to the invasion of Iraq, BNP Paribas - the eurozone's biggest bank - had little chance of winning Washington's approval for an acquisition in the United States. But BNP has hinted strongly of the chances of a deal there soon. A strong upturn in the French economy and a modest rating make BNP's shares among the most attractive in the sector.

INVESTORS CHRONICLE Tips: Buy - Scottish & Newcastle (SCTN), Lookers (LOOK), Country & Metropolitan (CRY), Centurion Energy (CUX), Domino Pizza (DOM).Sell - Aggreko (AGK). Tip Updates: Dana (DNX) (Good Value) - Alizyme (AZM) (Good Value) - Ramco (ROS) (Hold) - Henlys (HNL) (Sell) - Hornby (HRN) (Hold) - Merrydown (MYW) (Buy).

SHARES MAGAZINE Plays of the Week: Buy - K3 Business Technology (KBT), Westmount (WTE), Melrose (MRO). Hold - Peterhouse (PHS). Sell - Henlys (HNL), Ramco Energy (ROS). P&O (PO) (sell), Glaxo (GSK), Jarvis (JRVS), London Clubs (LCI), GUS (GUS), Dmatek (DTK), Aberdeen Asset Management (ADN), Protherics (PTI), Richmond Foods (RFD), Yates (YTE).

Croc@SnappyTrader.com  WWW.SnappyTrader.com