Tokyo shares close higher as yen weakens ahead of Bernanke's speech - UPDATE

BROKERWATCH British Land, Brixton, Segro upped to 'overweight' at Morgan Stanley

The UK's most shorted stock, (HMV) report like-for-like up 9.4%, UK life-for-like up 14.1%, and margins were higher. FY pretax will be at the upper end of expectations. Evolution have upgraded to buy from add this morning, so stop adding and start buying. Euroclear say 35.5% of the stock is out on loan. Kesa Electricals (KESA) say they have had revenue growth but UK conditions are particularly difficult and they are being hit by high energy costs. Home Retail Group (HOME) say they are trading in line and they expect their FY results to be at the upper end, but forward sales growth will be harder. Analysts are saying they are below expectations.

Baratt Developments (BDEV) say they are trading satisfactorily, market fundamentals remain strong, but their forward order book is slightly lower at 1.26bln. Sibir Energy (SBE) has announced a new production record. Smiths News (NWS) is trading in line. Enterprise Inns say they balance sheet and cash flows remain healthy. Associated British Foods (ABF) say trading was ahead but EU sugar reform will hit FY profits - probably bad news for (TATE) then. Hikma Pharmaceuticals (HIK) say there are no changes to their expectations since their last update, they are sales were up 1.2%.

Metals trader Wogen (WGN) have trebled their pre-tax profit and increased gross margin. EarthPort (EPO) are claiming a 173% revenue increase (unaudited) and they are satisfied they will reach profitability and some unspecified point although the priority for the second half is winning orders.

Experian (EXPN) have been downgraded to neutral from buy with a 411 target from 510 by Goldman Sachs. Hammerson (HMSO) has been downgraded to equal-weight by Morgan Stanley. British Land (BLND) has been upgraded to overweight by Morgan Stanley. Enterprise Inns (ETI) have been downgraded to sell from reduce by Evolution, so stop reducing and start selling. Lehman Brothers have slashed estimates for Bradford & Bingley (BB.).

The FTSE is currently being called up 47 at 5,989 by CMC. Dow futures are currently being called up 77 at 12,543. The Hang Seng has had a 1,300 turnaround today from 500 points down to 800 up.

BROKERWATCH Experian cut to 'neutral' at Goldman Sachs, target reduced to 411p

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Metals - Gold steady after losing 3 pct yesterday; Fed speech in focus UPDATE

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