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U.S. stock markets tumbled on worries that interest rate rises will damage the economic recovery Sage reported a better than expected half year profit of 86.7 million pounds on revenues up 23 percent to 332.5 million. "Whilst market conditions are substantially unchanged, these strong results show that our growth strategy is gaining momentum in each of our core markets. We therefore continue to view 2004 with confidence," Chairman Michael Jackson said in a statement. Enodis maker of  ovens for fast-food chains, said it was cautiously optimistic about the rest of its financial year as it reported first half profits in line with expectations. Slough Estates business parks operator said that while overall economic conditions had made 2003 a tough year, things were improving and its long-term outlook remained good. John David Group sportswear retailer sales rose O.9 percent in the quarter as the company reviews operations to improve its prospects after its full-year profits slumped to 6m million pounds from 15.1m at the low end of market forecasts. Ashtead equipment hire firm will post an eight percent drop in annual revenues due to the impact of the weaker U.S. dollar. Revenues were around 500m compared with 540m the year before.

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Centurion Electronics (I), Enodis (I), Sage Group (I), Robert Wiseman (F), UKbetting (F), John David (I), Ashtead (I)Johnson Service Group (AGM), Macfarlane Group (AGM),  Standard Chartered (AGM / Trading), WSP Group (AGM),March Industrial/Manufacturing Output (08:30) NIESR GDP Estimate		Cisco Systems, TJX Companies May Department Stores, Mylan Labs El Paso, Meridian Gold		Degussa AG, IWKA AG RWE AG, Rheinmetall AG Wella AG, CNP Assurances Klepierre SA

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David@SnappyTrader.com   www.SnappyTrader.com			Pre Market Futures	FTSE +26	DAX+20	DOW +27	S&P +5	Nasdaq +4

I thought this was interesting - especially the comment from Paul Dales!

LONDON (AFX) - Sterling remained under pressure, setting a 2004 low against the dollar after a dismal performance in the UK manufacturing sector dampened expectations of rapid UK interest rate increases.

The pound sank to as low as 1.7534 usd before recovering slightly.

The sell off, which saw the pound drop more than 1 cent against the dollar came after beleaguered manufacturers saw output decline for the second straight month in March, raising concerns that higher borrowing costs are taking their toll on the sector.

Official data showed manufacturing output in March falling 0.3 pct from the previous month, against expectations of a 0.6 pct increase. On a year-on-year basis, manufacturing output was up 0.4 pct against expectations of a 1.0 pct rise.

Sterling has been the main mover today - after markets were taken by surprise by the data, especially in an otherwise quiet day, said Naeem Wahid at HBOS.

Signs are that the Bank of England will not be in a hurry to hike interest rates. The central bank has already raised rates three times in six months, the third came last Thursday, taking the benchmark repo rate to 4.25 pct.

Capital Economics' UK economist Paul Dales said today's numbers provide a "strong warning" to the MPC "not to forget about the rest of the economy in its attempts to cool down the housing market".

Separately, French industrial output also came in weak, adding to worries over recovery in the euro zone, especially after equally dismal figures recently out of the area's largest economy, Germany.

Seasonally-adjusted French industrial output for March was up 0.1 pct, well under expectations of a 0.4 pct rise.

Taken together, the French and UK data helped the dollar shrug off a weak start to climb higher.

Still a "broadly consolidative" tone is likely for the dollar, given

the lack of US economic data, Marc Chandler, chief currency strategist at HSBC Bank USA said.

The yen was also under pressure but steadied from 8 month lows against the dollar. The dollar rose past 114 yen briefly on Monday.

Fundamentalist - I was thinking about EK's comment about shorting JVRS - it would not surprise me if he did the opposite - he's not stupid, and knows how to play the game, and others.

little woman-

its funny but the more i see of the world of markets, the more i think of those old films like the ipcress files and the newer conspiracy ones where no-ones what they seem and your just a pawn in a game your only dimly aware of!

Little Woman

Thanks for the title, I will get a copy and have a read. I like the contrarian theory you have posted - certainly food for thought.

It's also why I never listen to Gurus.

You just end up double bluffing yourself and being influenced
by the last person, Bull or Bear, that you listened to.

As I've said before. Start off assuming that folk are looking
out for themselves.
Put yourself inside their heads. What do they hope to gain from
their 'free' words to you?
How do they go about it and will it be to your detriment?
For them to make money someone has to loose it.
Is it you? Or do they want you as a foot soldier to swell the
army fighting their battle?

When you've totally tied yourself in mental knots, you just end
up saying,
"Why bother? Now then, which way is the chart pointing? Towards
resistance or support?"

Melnibone.

Well Put Melnibone.
Best way to watch Gloomberg or CNBC is -switch the volume OFF.
All these gurus just "fit the news to the item or the item to the news"-Do you think they care a jot about us - i think not.
Best to do your own research,follow the support and resistance and let the market dictate your actions.

rgds
zarif