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News Headlines:    Disappointing earnings and forecasts from IBM and Nokia sent the Nasdaq reeling Thursday, while solid results from Caterpillar and Coca-Cola insulated the Dow from the same steep declines

UK Stocks are set to start today's session near flat, although ARM Holdings may find rise after Ericsson beat expectations. The expiry of FTSE 100 index options at 0930 may create some volatility, although dealers said the effect was likely to be relatively small. The University of Michigan's preliminary July consumer sentiment index is due out at 1345 GMT. It is expected to read 90.0, little changed from the final June figure of 89.7 Mothercare report sales up 2.4% and the recovery gathering pace. Cable & Wireless: Ratings agency Moody's Investors Service downgraded the telecom company's credit rating late on Thursday, reflecting concerns over restructuring costs. Xtrata miner said it was to cut production at its Australian Baal Bone colliery to 1.2 million tonnes from two million tonnes and would also reduce the number of staff. BATS Ratings agency Moody's said on Thursday it placed the world's second biggest cigarette maker on review for a possible downgrade after its's purchase of Italian state-owned tobacco firm ETI.

Calendar All GMT	United Kingdom (F)inals (I)nterim	United States (Click Flag)	Europe & World
Fri 17th	BAA (AGM) 09.30  June Preliminary M4 y/y 8.1% exp. ope: 09.30  June PSNCR 9.2bn exp. 09.30  June CML, BBA & BSA Lending Figures	14.50 US July Preliminary Michigan Sentiment 91.0 exp.	Ericsson (Q2) 11.00  May o-Zone Trade Balance 11.00  Labour Costs y/y 2.8% exp.
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