S&P Futures

US stocks fall back on interest rate worries..

M&S delivers worse than expected sales: Fourth quarter sales came in much worse than predicted with clothes & household goods sales down 5.2 percent compared with analysts' estimates of minus 2.4 to plus 2.3 percent growth. They said cost cutting would offset the disappointing sales performance, meaning full year pre-tax profits would be in line with consensus estimates.

Burberry reported a 13 percent rise in reported sales for the second half as its new ranges had revitalised the brand in the final 3 months of 2003 and it should hit its financial goals.

JJB Sports said it had seen a disappointing start to the year with lower sales amid tough competition from discount retailers and supermarkets especially on sports clothing. Profit for year however met analysts expectations.

Associated British Foods maker of Twinings tea and Silver Spoon sugar, which also owns Primark discount clothing stores beat forecasts in first-half profit. Demand for sugar and cheap clothes lifted profit 10 percent to 238 million pounds some 10 million above expectations.

Filtronic warned that the strength of sterling against the U.S. dollar would knock 2.6 million pounds off annual operating profits, although it reported a new contract win.

St. Ives printer said there were few signs of improvement in prices in most of its markets, as it posted a 2.6 percent rise in underlying first-half profit to 17.1 million pounds on turnover down 6.3 percent to 209 million pounds.

Associated British Foods (I),

St. Ives (I), JJB Sports (F)Burberry (Trading),

Marks & Spencer (Trading)

Texas Instruments Inc(Q1), Advanced Micro Devices (Q1), Apple Computer (Q2), Delta Air Lines (Q1), Eaton Corporation(Q1), Harley-Davidson (Q1), MGIC Investment (Q1),Bank of America (Q1), Progressive Corporation(Q1), Rowan Companies(Q1), 

Southtrust Corporation(Q1),UnitedHealth Group(Q1),

American Standard Companies(Q1)

13:30 Core CPI Mar 0.2%, CPI Mar 0.3.% 13:30 Trade Balance Feb /$42.3B 19:00 Treasury Budget Mar $58.9B

Danone Group (Q1) Guyenne et Gascogne (Q1) Seb SA (Q1) Hermes International (Q2) Thomson Multimedia (Q1)