MARKET EXPECTATIONS

* Corus Group six months to June EBITDA under IFRS 629 mln stg vs 620 mln; interim dividend 0.5 pence vs nil

* Davis Service. Williams de Broe forecasts six months to June pretax profit 43.0 mln stg vs 40.6 mln; interim dividend 5.6 pence, up 6 pct

* Hilton Group pretax profit before exceptionals 185-200 mln stg vs 189.7; interim dividend 3.9 pence vs 3.6

* Rexam six months to June pretax profit before exceptionals 139 mln stg vs 135 mln

* Tomkins second quarter pretax profit before exceptionals under IFRS 63-68 mln stg vs adjusted 71.2 mln; intErim dividend 5.1 pence vs 4.83..

AFX UK at a glance share guide

LONDON (AFX) - Leading shares are expected to start the session lower, mirroring sharp falls on Wall Street overnight, as oil prices hit new record highs, dealers said.
According to spread-betting firm CMC, the FTSE 100 will open 23 points down at around 5,252, after closing yesterday off 25 at 5,275.2.

MARKETS
FTSE 100 5,275.2, down 25.0
FTSE 250 7,704.5, down 2.9
DJIA 10,434.90, down 84.70
Nasdaq Comp 2,128.91, down 8.34
S&P 500 1,209.60, down 8.00
Tokyo: Nikkei closed at 12,405.16, down 97.10
Hang Seng midday 14,929.40, up 55.55
Gold 437.20 usd (439.15 usd)
Oil - Brent Oct 66.01 usd (64.65 usd)

ECONOMICS
UK July motor vehicle production (0830 GMT)
UK Q2 business investment (0830 GMT)

TODAY'S PRESS
* US army looks to leave Iraq; troop cuts depend on political progress; part of push to hand defence to home forces; British in south likely to be withdrawn first - FT
* MISYS, the software and services group, is facing a shareholder rebellion next month over plans to award two executives a "retention" bonus worth 1.2 mln stg each to stop them quitting if they fail to become chief executive - FT
* London skyscraper CityPoint set to be sold for more than 500 mln stg by Pillar Properties, the fund manager recently acquired by LAND SECURITIES - FT
* Merger talks between NTL and TELEWEST reach a critical stage, with wrangles over pricing and tax issues potentially threatening to wreck any deal - Times

PRESS COMMENT
FT
THE LEX COLUMN comments on BHP BILLITON (BHP's production growth should offset an expected tailing-off in commodity prices; this pushes the peak in earnings forward, perhaps as far as 2007, and gives investors little reason to throw in the towel), Cash flow statements (cash may be king but in financial statements it's a second-class citizen), Swatch Group (prospects for radical restructuring at a company that has sat on a net cash position since 1998 look slim), Oil and earnings (Citigroup estimates that the revenue of US energy companies outweighs the cost of energy consumption for the S&P constituents) - BRAMBLES (may not be much upside potential in the short-term)
Times
RUMOUR OF THE DAY: FIRST AFRICA OIL (talk it is close to a deal on its assets in Chad with a state-owned Asian oil major) - DIRECTORS' DEALINGS: ABERDEEN ASSET MANAGEMENT (two directors sell 1.2 mln and 225,000 shares respectively) - TEMPUS: BHP BILLITON (hold on), HENDERSON GROUP (hold), PSION (buy)
Mail
LAIRD (dealers blow sale gossip at Laird out of the water) - CENTRICA (Gaz de France appears the most likely bid candidate)
Express
SHARE WHISPER: RAYMARINE (talk it has several value-enhancing acquisitions in the pipeline and appears undervalued following the outsourcing of its manufacturing from Portsmouth to Hungary) - WHO'S DEALING: ULTIMATE LEISURE (Allan Rankin, former chairman collected about 2.7 mln stg for more than half his stake)
Guardian
CENTRICA (Norsk Hydro bid speculation) - SHIELD CAPITAL (rumours it is close to announcing a reverse takeover) - PARITY (stock overhang cleared)
Telegraph
QUESTOR: BRAMBLES (take at least some profit), WOLVERHAMPTON & DUDLEY (worth holding on to), HENDERSON (probably worth buying but SCHRODERS is the quality play in the sector)
Independent
THE INVESTMENT COLUMN: BRAMBLES (hold), HITCHENS, HARRISON (buy), IQE (buy now before the herd)

How curious - amid a sea of red, there's LLOY up 10.5p.......

Midday Market Wrap

End of day market wrap