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FUTURES EXPIRY COULD LEAD TO MARKET VOLATILITY BETWEEN 10 -1030 AM

On Thursday the FTSE once again failed to hold above the 3 year downtrend resistance at 4200. In the U.S. stocks tumbled due to profit taking and weakness in General Electric and financial shares.

Today the FTSE 100 called to open 0.1% lower at 4125.5, according IG Index. "People are now pricing a 0.3% cut to interest rates on Wall Street following economic data yesterday and this is likely to spill over into the UK," says Cantor Index's Tim Hogman. Traders look to Smith & Nephew's trading statement, while caution will prevail due to the 'double-witching' (0930-1030 GMT) which is likely to cause volatility. "People just need to be brave and hold on to their positions," advises IG Index's Freddie Tulloch.

German produce figures fuel the fears for deflation.

Severn Trent said that Biffa, its waste management subsidiary had acquired Hales from RMC for 126m and paid GBP15m to ING to purchase vehicles and equipment used in the Hales business

Bloomsbury expecting profits of .15 million up from 9.5 million helped of course by Harry Potter, magic...

United Business Media says that conditions are improving and profitbality will be improved by cost cutting.

Calendar All GMT	United Kingdom (F)inals (I)nterim	United States (Click Flag)	Europe & World
Fri 20th	TSmith & Nephew Trading Statement Double Witching, Index Future & Option Expiry 10:00 10:30FTSE Quarterly Review After the Market Closes		11.00 German May Producer Price Ind y/y +1.4% exp.
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