The YEN soars as the government allows more flexible exchange rates leading to fears for exporters. This caused the near 4.5% fall on the Nikkei.

Collins Stewart Tullet stockbroker reported a big rise in half-year profits with its results boosted by a strong contribution from its newly acquired inter-dealer broker Tullet Liberty. The company, which is currently embroiled in a legal wrangle with a former employee, said profits in the six months to June 30, 2003, rose to 29 million pounds from 11.9 million in the same period last year.

Daily Mail & General Trust said display advertising revenues at its national titles fell 3.5 percent in the 11 months to end August, but the decline slowed in July and August. "Those businesses within the group that are most dependent on advertising have continued to experience challenging trading conditions"

EMI says it is in non-exclusive talks with media giant AOL Time Warner about a deal involving the U.S. firm's recorded music business.

United Kingdom Calendar (F)inals (I)nterim	United States  (GMT)	Europe & World (GMT)
Mon 22nd Sep Reporting Company Updates Financial Data Canary Wharf (F), Collins Stewart (I), Emblaze (I), Gresham Computing (I), Peter Hambro Mining (I), Ricardo (F) Daily Mail & General Trust Trading Statement Unilever Trading Update
Good Trading!      david@FTSEDOW.com     www.FTSEDOW.com Pivot Calculator

Canary Wharf (F), Collins Stewart (I), Emblaze (I), Gresham Computing (I), Peter Hambro Mining (I), Ricardo (F)

Daily Mail & General Trust Trading Statement

Unilever Trading Update

Metalrax Group (I) PBT 13m exp. Wolseley (F) PBT 439 exp. Brit Insurance Holdings (I), Corin Group (I), Game Group (I), Skyepharma (I)

Electocomponents Trading Statement EMAP Trading StatementRoyal & Sun Alliance (RSA) Rights Issue Ex Date. Terms are 1 Right for 1 Ordinary Share at a subscription price of 70p

Goldman Sachs (Q3), Lehman Brothers (Q3), Morgan Stanley (Q3)

1

07.00 July German BBK Construction Orders m/m

Smiths Group (F) PBT 380m exp. Ashtenne Holdings (I), Barr (A.G) (I), Barratt Developments (F), Beazley Group (I), Boot (Henry) (I), Corus Group (I), JKX Oil & Gas (I), Reed Health Group (F)

Car phone warehouse trading update

09.30 August Car Production 3m %

Vivendi Universal (I),

09.00 EMU July Current Account NSA Europe:

Ex Dividend: Alba (7.75), Alvis (2.5), Aviva (9), CODASciSys (1.1), Centrica (1.7), City Centre Restaurants (0.75), Davis ServiceGroup (5), Devro (1.1), Enterprise (2.6), London Bridge Software (0.35), National Express (8.5), Northern Rock (7.5), PSD Group (3), Premier Farnell (4), French Connection (5), Hammerson (5.12), Incisive Media (0.6), Independent News & Media (EUR 0.028), Intercontinental Hotels (4.05), Interserve (4.2), John Wood Group (US$ 0.011), Kingfisher (3.5), LogicaCMG (2.3), Redrow (5), SHL Group (1), SVB Holdings (0.4), Savills (3.6), Taylor & Francis (1.6), Taylor Woodrow (2.4), Tesco (2.07), Ulster Television (4.1), Wyevale Gardern Centre (8.08), Xstrata (US$0.067)

Alpha Airports Group (I), Andrews Sykes Group (I), Amstrad (F), Chaucer Holdings (I), Dana Petroleum (I), Maiden Group (I), Ottakar's (I), Parity Group (I), Simon Group (I) London Stock Exchange Trading Statement Pilkington Trading Statement Imperial Tobacco Trading Statement

13.30 August Durable Goods Orders 0.5% exp. 13.30 Initial Jobless Claims (w/e 09/20) 400k exp. 15.00 August New Home Sales 1120k exp. 15.00 August Existing Home Sales 6.05m exp. 15.00 August Help Wanted Index 38.0 exp.

Pernod-Ricard (I), GAP (F), H&M (Q3)

09.00 Sep German IFO Business Climate 91.6 exp.

Atrium Underwriting (I), BATM Advanced Communications (I), Bertam Holdings (I), Goshawk Insurance (I), Marylebone Warwick Balfour (F), Minerva (F), Rowe Evans Investments (I), Retail Stores (F) Capital Radio Trading Statement00.01 Bank of England Quarterly Bulletin Released

13.30 2nd Quarter Final GDP q/q 3.1% 13.30 2nd Quarter Final Personal Consumption q/q 4.0% exp. 14.50 September Final Michigan Sentiment 88.5 exp.

07.00 EMU August German Import Price Index m/m 0.4% exp.

Compass Group trading statement

SABMiller PLC trading statement United Kingdom Consumer Credit August  

3i Group (I),Manchester United (F)A Cohen - IPO trading date. BEMA Gold - IPO trading date. Current Account Q2 GDP Y/Y for Q2 Final GDP Q/Q for Q2 final

B

CIPS/Reuters UK PMI Sep CBI Distributive Trades Sales Sep

Ex Dividend: Amersham PLC (2.85), Barclays (7.05), Countrywide Assured Group (2.15), Exel (7.9), FKI (0.3), First Choice Holidays (1.6), Granada (1.0), Jarvis (8.5), Kelda Group (18.19), Kidde (0.89), Legal and General Group (1.57), MFI Furniture Group interim (1.8), Mersey Docks & Harbour Co (7.1), PZ Cussons (21.5), Pennon Group (26.5), RPS Group interim (0.88), Reg Vardy (9.95), Rentokil Initial (1.75), SMG (2.5), Severn Trent (28.56), TBI (1.6), Travis Perkins (7.6), Trinity Mirror (5.5), Viridian Group (23.38), WS Atkins (3.0), Weir Group (3.35),

Taylor Woodrow (I)

CIPS/Reuters UK Services September  

Average Workweek Sep NA 33.6 - Hourly Earnings Sep NA 0.1% - Nonfarm Payrolls Sep NA -93K - Unemployment Rate Sep NA 6.1% - Services Sep NA 65.1 -

Engineering, building-based stocks and especially some of the more exciting smaller quoted companies will provide the main focus for investors next week.

MondayUnilever provide a trading update after recently making a number of strategic disposals in the US. The company said that full-year turnover is expected to improve 4% and earnings per share should grow in the "low single-digits"

Daily Mail & General Trust will provide a trading update after it cautioned that results for the full year would be dependent on events outside of its control. Recent signs of an increase inadvertising may have improved the situation.. TuesdayWolseley's issues annual results with unfavourable currency movements expected to knock as much as 20m he figures. Despite this analsyts expect Wolseley to hold full-year profits largely unchanged at 44 helped by a strong performance from the company's UK division. Another factor affecting them is likely to have been adverse weather conditions in North America. It generates half its business thereGame generate almost all its profits in the second half of the year, investors will be more concerned by Christmas releases than an expected fall in first-half figures. Profits are likely to come in at 1.7m, down on the 3m seen a year earlier, because the high-profile launch of the Nintendo GameCube and Microsoft Xbox consoles lifted demand last time around. Look for profits in the region of 34.2m with Game hoping to avoid a repeat of last year's pre-Christmas profits warning Emap Imagazine and broadcasting group could gain on signs from the tentative recovery in the advertising market. The last update in July maintained hopes that Emap would meet full-year targets for the year to March, although there was some concern about the competitive music television market.

WednesdaySmiths finals should rise around 3% to 372m after the effects of currency movements and higher research and development costs with productivity gains. It has been refocusing on its core aerospace, medical and detection operations, but with acquisitions currently lagging behind disposals investors will be keen to hear clues on potential purchases. Barratts should deliver an 11th successive year of growth with profits rising toabout 272m from 220m last year. Share prices have held in the sector with investors looking for further consolidation in the house building sector following Taylor Woodrow's surprise move to buy rival Wilson Connolly earlier this month.

AG Barr makers of Orangina, Irn-Bru and Findlays Natural Mineral Water, could surprise with a significant rise in sales volumes as a result of the recent warm weather. Of more interest will be the progress of Irn-Bru, which has seen volumes up 16% year-on-year.

Carphone Warehouse issues a trading statement after branching out into fixed-line telecom services. However, it will be mobile handset sales that most interest the market, especially picture phones and 3G cellphones. ThursdayPilkington issues its first half-trading update and Investors will be looking for news on a cost-cutting. The company is targeting cost savings of21m by March 2004 as it battles against falling glass prices in Europe and North America. Around half of its earnings come from Europe, but the continued pressure on prices and the weakness of other currencies look likely to have offset gains from the strong euro. Analysts are predicting profits of around 153m Friday

Capital Radio could also benefit from an upturn in advertising revenues.

Thoughts

Last week we went guessed correctly that the markets would rise slightly remaining within the 12 month up channel (Blue FTSE -Orange DOW).  Unless there is any bad external news I see more of the same and have no reason to look for shorts. The Dow prediction of 10,000 befor Xmas and the FTSE above 4500 is easily within range now.

As always I look forward to your thoughts and comments on the week ahead!

David (Crocodile)

David@FTSEDOW.COM  www.FTSEDOW.com    All the above comments are purely a personal opinion and no investment advice is intended.  Please do your own research.

Headlines

Chancellor Gordon Brown is reported to be planning to slap another five pence on the price of a gallon of petrol from October 1.He froze the tax on fuel in April's Budget because the Iraq war had sent oil prices soaring.

Shell is weighing a 12 billion pound bid for U.S. oil exploration and production company Anadarko Petroleum Corp, Sunday Times . Philip Green, owner of Bhs and Arcadia, will not make a bid for Safeway, Independent on Sunday Rupert Murdoch might quit his role as chairman of BSkyB if it will help investors accept his son James as chief executive, ObserverCanary Wharf Group's founder and chairman Paul Reichmann is set to support two U.S. investment banks seeking to buy the property company, Sunday Times Hotels entrepreneur Jack Petchey, whose holdings include a 29 percent stake in Jarvis Hotels, is preparing a bid for the company, Sunday TelegraphNetwork Rail is to spend 4.9 billion pounds less than planned on rail infrastructure over the next five years, largely by deferring track renewal, Sunday Times U.S. billionaire Philip Anschutz has identified Manchester United as a potential takeover target, the Mail on Sunday

Dawson in share issue to pay debt EMI must pay high price to call the tunes Reichmann to give Canary Wharf shares to bank bidders Wolseley Scottish business digest Safeway bid saga nears end of the line Vodafone raises cost of international messaging Time Warner offered 25% stake in EMI Independent News and Media to sell Abbey Street premises GlaxoSmithKline says no new directors Woolly management blamed for PPL Therapeutics fall Shell Transport weighs up 12bn Anadarko IWP International Murphy to take helm of as value rises Aberdeen Asset Management boss toughs it out PizzaExpress Fuel cell firm aims to switch on investors BT Group Number up for 11 88 88

Business digest Debenhams

Boots, Barclays, BP Nectars sweet taste of shopping success Barclays, Boots, BP, Sainsbury Store-card giant orders revamp after protests Seymour Pierce Keith Harris's working day Gallaher Market Mole: Citywire reveals secret City deals Directors' Deals: Aberdeen shares buy may help recovery BAA Banks stir up private-equity bids for BAA Judgment day: should you be buying shares in Balfour Beatty? INM, Ryanair Holdings Irish Agenda: This is no way to run a railroad Vital Statistics Seymour Pierce Sunday Times Ireland: Insider case against Flavin may be dropped DCC Sunday Times Nectars sweet taste of shopping success Sainsbury Sunday Times Seymour Pierce Andrew Davidson: Just what exactly is Keith Harris up to? Boots are made for stalking Sharewatch: Havelock Europa James picks up the ball to run BSkyB

William Morrison DTI fears legal challenge from Wal-Mart Granada and Carlton say 'no' to American suitors Abbey pulls Scot Prov sale Petchey set to table bid for Jarvis EMI takes the number one slot in race for Warner Music

BT Group Media & Income Trust The wrong numbers for 118 Allied Domecq Diageo and Allied plan mega-alliances with rivals Walsh toasts Diageo's spirits . . . Safeway's sell-by date, William Morrison

Rumour mill puts Rose in frame for BAE job EMI Time Warner name game won't heal old wounds Permira raises stakes again at Debenhams BSkyB Game may be up for Ball but he'll still be a catch Wembley bribes witness 'hounded out of her job' Scottish and Newcastle Spirit heads S&N race with 2.6bn pubs offer In brief Corus Group, British Energy

Business comment Collins Stewart Tullett Media diary Daily Mail & General Trust Cheapside mmO2 Has US contagion hit the City? Collins Stewart Tullett Murdoch 'to stand down at BSkyB' Seven bids for Trinity Mirror's Irish newspapers  

US billionaire targets Man United Fury at Paddington insurer 'fat cats' 87% rise for rail crash payout execs Threat to BSkyB football deals EC demands new bidding process Murdoch under pressure to step down Sky investors fear dividend cut Skelmersdale or bust for Matalan tycoon Divide may lead to Tesco takeover

Old Mutual set to make 1bn AMP bid Insurer targets UK assets House of Fraser looks at more sales Poorly performing stores scrutinised Braced for a verdict in Safeway battle, Report to reveal winners and losers Warner boss to quit over EMI bid Ames will go if 600m bid successful

Divide may lead to Tesco takeover

Vodafone A quarter of drivers admit to mobile use Green turns his back on the scramble for Safeway PizzaExpress, SABMiller Losing its Bottle

The Week Ahead: Still a lot of irons in the fire at Corus

AstraZeneca The Lowdown: McKillop gives his opponents the treatment BSkyB Business View: The FSA won't do it, so BSkyB's shareholders must regulate Murdoch Unilever Because the black pound is worth it  

Shares in online travel firm ebookers are near an all-time high at 592.5p after a solid trading performance and speculation over consolidation in the sector. Interest from the likes of US-based Expedia could lift the stock.

Safeway verdict long overdue as bidders queue in the aisles BT warms to broadband link with Sun Ray BSkyB soars as competitors lie low Souter coaxing Stagecoach back up to speed with skilful manoeuvres Broughton is ale and hearty after M&S deal Stagecoach on track to run NZ train service

ScottishPower banks on sales tie-in with Lloyds TSB Record profit in pipeline for Dana as price of oil gushes Scottish and Newcastle Courage to move out of capital HQ PPL investors want McCall back on board ScottishPower banks on sales tie-in with Lloyds TSB

Shareholders to get progress report on talks between Wiggins and LNC

 Norwich Union owner Aviva's recent results were helped by a number of international ventures while weaker new business sales in the UK were offset by positive sales growth overall. Buy at 518.25p. : Camping specialist Holidaybreak has continued to deliver strong sales in the face of tough conditions for the travel industry. Camping bookings are up 41% since May with short breaks 27% ahead. Buy at 575.5p. Interserve's switch from a pure construction outfit into one also offering services appears to have paid off, with facilities services enjoying a 6% turnover rise and industrial revenues up 27%. Buy at 277.5p.  The outlook for Christmas appears promising for chocolate and sweets maker Glisten after annual results showed a 16% rise in pre-tax profits and sales up 9% to 15.6 million. Buy at 148.5p.

Tips: Buy Smith & Nephew (SN) at 414p, Aga Foodservice (AGA) at 220p, THB Group (THB) at 131p, Air Music and Media (AMU) at 7p, GX Networks (GXN) at 6.25p. Sell Photo-Me International (PHTM) at 105p.Tip Updates: Buy Stadium (SDM), WS Atkins (ATK), Enterprise Inns (ETI), BSkyB (BSY). Hold Angus & Ross (AGU).Worry Free Shares: Gallaher (GLH), Travis Perkins (TPK), Bellway (BWY), T Clarke (CTO), Mears (MER), Shell (SHEL), Domnick Hunter (DKH), AB Foods (ABF), Greggs (GRG), Scottish & Southern Energy (SSE).Feature on Conglomerates: Hilton (HG), P&O (PO), Rank (RNK), AB Foods (ABF), Allied Domecq (ALLD).Company Results: Buy Acambis (ACM), Fusion Oil & Gas (FOG), Freeport (FPR), Enterprise (ETR), Ultimate Leisure (ULG), P&O (PO). Sell Next (NXT).  

Plays of the Week: Buy Cardpoint (CASH) at 74.5p, International Power (IPR) at 130p, Forbidden Technologies (FBT) at 63p, Long-term buy Wigmore Group (WGT) at 2.5p.Updates: Hold Mayborn (MBY), Sell half of your holding in Celtic Resources (CER), Buy Premier Oil (PMO).Which laggards will become 2004 leaders?: Inter-Alliance (IAL), British Energy (BGY), Goldshield (GSD), Henlys (HNL), Charter (CHTR), Ashtead (AHT), Oystertec (OYS), Corus (CS), Abbeycrest (ACR), Laura Ashley (ALY).