Hello traders!

In the last updates tonight, the Dow Jones Industrial Average was up 39 points at 10,552, while the S&P500 gained 1.33 points to 1,220 and the Nasdaq Composite rose 10.47 points to 2,147.

Crude futures turned backed down and were 4% lower at $63.40 a barrel, well below the record high of $67 set last week.

See you in the morning with updates.

G.

Good morning traders!

A mixed bag in Asia as the Hang Seng Index ended the morning down 71.66 points at 15,377.92 while the Nikkei was recentl;y trading at 12,337.66, up 64.54 pts.

New York's main oil contract, light sweet crude for delivery in September, had fallen 2 cents to $63.23 a barrel from $63.25 in the US overnight.

A few early broker notes.....

GLAXOSMITHKLINE UPGRADED TO 'NEUTRAL' VS 'UNDERWEIGHT' AT JP MORGAN

DE VERE GROUP CUT TO 'HOLD' VS 'BUY' AT DEUTSCHE BANK

EMI UPGRADED TO 'OUTPERFORM' VS 'NEUTRAL' AT CSFB

DIAGEO UPGRADED TO 'OVERWEIGHT' VS 'EQUAL-WEIGHT' AT MORGAN STANLEY

JOHN WOOD GROUP CUT TO 'NEUTRAL' VS 'OVERWEIGHT' AT JP MORGAN

Back soon with any breaking news....

Happy trading!

G.

AFX UK at a glance share guide

LONDON (AFX) - UK blue chips look set for a flat start today following yesterday's weak showing after Wall Street finished firmer but off its best levels last night, and in the absence of almost any corporate news for direction as the dog days of August roll on, dealers said.
Spread betters IG Index expect the FTSE 100 index to open around 1 point higher at 5,293.
The UK blue chip index yesterday closed 29.6 points easier at 5,292.7.

MARKETS
FTSE 100 5,292.7 down 29.6
FTSE 250 7,654.5 down 42.5
DJIA 10,550.70 up 37.30
Nasdaq Comp 2,145.15 up 8.09
S&P 500 1,220.25 up 0.90
Tokyo: Nikkei midday 12,335.02 up 61.90
Hang Seng midday 15,377.92 down 71.66
Gold 442.20 usd (444.05 usd)
Oil - Brent Sep 62.56 usd (65.08 usd)

MARKET EXPECTATIONS
Weir Group PLC. Arbuthnot Securities forecasts six months to June pretax profit before exceptionals and goodwill under IFRS 22.5-23.5 mln stg vs 24.6 mln; interim dividend 3.55 pence vs 3.45.

TODAY'S PRESS
* BP slated for 'systematic lapses'; US agency attacks oil group over Texas accidents; probes urged at all company's US plants; recommendations set to be costly - FT
* Probe into Deloitte on MG Rover role - FT
* Gate Gourmet accuses Tony Woodley, the union leader, of trying to coerce it into rehiring 550 workers it dismissed last Wednesday - FT
* European Union's senior antitrust regulator poised to approve Johnson & Johnson's 14 bln stg takeover bid for rival US group Guidant - FT
* Morgan Stanley to keep card unit and sell air leasing arm - FT
* Shell wins exploration licence off Irish coast - FT

PRESS COMMENT
FT
THE LEX COLUMN comments on computer viruses (as attacks rise the 10 bln usd antivirus software market is booming), Nestle (not a very attractive defensive bet), Adecco (premium to Manpower hard to justify), Hewlett-Packard (the shares have factored in a large part of the expected improvements)

Times
RUMOUR OF THE DAY: VICTORIA OIL & GAS (talk that drilling results from its West Medvezhye gas project in Russia will impress) - DIRECTORS' DEALINGS: CARDPOINT (two directors sell stock for 1.38 mln stg) - TEMPUS: EAST SURREY (anyone willing to assume that fortune favours brave investors should buy), BALFOUR BEATTY (buy), HG CAPITAL TRUST (buy)
Mail
TOUCHSTONE (managing director Keith Birch plans to use the 636,000 stg cash proceeds of the share placing on an earnings-enhancing acquisition; the market should not have to wait too long for news)
Express
SHARE WHISPER: ASHTEAD (speculation it might sell off its UK operations) - WHO'S DEALING: CARDPOINT (founder sells 750,000 shares at 138 pence)
Guardian
RANK GROUP (talk it could soon find itself on the receiving end of a 330 pence-a-share bid from a private equity group)
Telegraph
QUESTOR: BARCLAYS (worth a look - but not for immediate gains), BALFOUR BEATTY (worth holding on), ACAMBIS (only for the brave)
Independent
THE INVESTMENT COLUMN: BALFOUR BEATTY (long-term buy), AMLIN (there will surely be better time to buy)

http://news.bbc.co.uk/1/hi/business/4150742.stm

Re: housing market confidence for those interested.

Noon Market Wrap