BROKERWATCH Liberty International initiated at Citigroup as 'hold'

BROKERWATCH Rexam cut to 'hold' from 'buy' at Citigroup, target 440 penceTokyo shares close sharply lower on Wall Street losses, inflation fears - UPDATE

BROKERWATCH Reed Elsevier restarted as 'outperform' by Credit Suisse,target 710p

Seems like a quiet news morning as Christmas approaches, or maybe everyone's searching for a bunker to hide in. Glaxo (GSK) has had its Cervarix cancer vaccine delayed by the FDA. 888 has said it's trading in line.

Among the small caps ex-QXL Tradus (TRAD) seems likely to attract some attention after weekend takeover stories in the press, and Western Canadian Coal (WTN) is also supposed to be up for sale at a large premium to its current price. Disappointing results from Photo-Me International (PHTM).

Standard Life (SL.) has been initiated at neutral by HSBC with a 300 target, Hammerson (HMSO) has been upgraded to buy from neutral by UBS, and Liberty International (LII) has been initated at hold with a 1100 target by Citigroup. Rexam (REX) has been downgraded to hold from buy by Citigroup with a 440 target.

FTSE is currently being called at 6313 by CMC - a fall of 84. Dow futures are down 41 at 13,297 after the 178 point fall on Friday. There have been large falls in some Asian markets - notably Australia - where the ASX200 closed down 3.5%.

UK smallcap opening - Fletcher King drops on FY profits warning

UK smallcap opening - Charteris rises on positive update

UK smallcap opening - NSB Retail climbs on agreed Epicor bid

STOCKWATCH Next, Debenhams lower; Seymour Pierce cuts ratingsUK smallcap opening - Anite dips on static FY prediction

UK smallcap opening - Alphameric adrift as offer talks fail

UK smallcap opening - Global Energy slides as offer talks are terminated

BROKERWATCH Credit Suisse advises buying mining cos after last week's selloff

STOCKWATCH Carnival higher as Collins Stewart reiterates \'buy\', tgt 2,861pUK smallcap opening - Xcite Energy up on press comment

STOCKWATCH GlaxoSmithkline falls on Cervarix delay

UK small caps open sharply lower; Fletcher King hit by FY profits warning

Metals - Gold extends losses as dollar rally continues

STOCKWATCH Pernod bucks mkt slide as mkt welcomes prospect of Stolichnaya buy

BROKERWATCH Standard Life, Munich Re downgraded to 'neutral' vs 'buy' by UBS

Metals - Copper falls as global equities weaken and dollar rebounds

BROKERWATCH Diageo, Pernod best placed to weather US downturn - Lehman Brothers

London shares - mid-morning featuresMetals - Gold extends losses as dollar rally continues UPDATE