Good morning traders!

In the US, the Dow closed down 33.30 points at 10,406.77 with the Nasdaq 6.25 points adrift at 2,114.05 and the S&P500 off 4.25 points at 1,202.76.

The Fed hiked the repo rate to 4%.

In Asia, the Nikkei has closed up 26.92 points at 13,894.78 and the Hang Seng was down 16.30 points at 14,555.96 at the mid-point.

There is looong list of ex-dividends today so don't be caught out.

Happy trading!

G.

RECKITT BENCKISER UPGRADED TO 'BUY' VS 'NEUTRAL' AT UBS
PEARSON UPGRADED TO 'NEUTRAL' VS 'REDUCE' AT UBS

LONDON (AFX) - The FTSE 100 is set to open lower, reflecting falls on Wall Street overnight, after the Federal Reserve raised short-term interest rates to 4 pct and signalled further hikes were in the offing, dealers said.
Spread bettors IG Index are calling the FTSE 100 to open around 8 points lower at 5,336, having closed up 27 points at 5,344.3 yesterday.

MARKETS
FTSE 100 5,344.3 up 27.0
FTSE 250 7,777.1 up 66.0
DJIA 10,406.80 down 33.30
Nasdaq Comp 2,114.05 down 6.25
S&P 500 1,202.75 down 4.25
Tokyo: Nikkei 13,894.78 up 26.92
Hang Seng midday 14,555.96 down 16.30
Gold 459.95 usd (465.70 usd)
Oil - Brent Dec 58.37 usd (58.10 usd)

TODAY'S PRESS
* Investors win powers to sue; new bill heralds big changes to corporate law; shareholders can pursue negligent bosses; fears over investment funds' increased leverage - FT
* An employee of MAN GROUP's US brokerage division helped launch the failed Philadelphia hedge fund firm that now faces allegations of fraud, according to a document obtained by the Financial Times
* Top shareholders at Euronext pressing the Paris-based stock exchange to abandon its pursuit of the LONDON STOCK EXCHANGE and instead launch merger negotiations with Deutsche Boerse, its larger continental rival - FT
* BBA set to announce a proposed sale or demerger of its Fiberweb division in a deal that could value it at about 700 mln stg
* SAINSBURY's chairman calls on regulators to rein in TESCO - Independent

PRESS COMMENT
FT
THE LEX COLUMN comments on UBS (management is talking about small-scale hiring, not big acquisitions), BAA (further international expansion is likely; while this would allow BAA to move into unregulated markets with the potential for generating higher returns, it also means it will bear less resemblance to a utility stock with stable revenue flows and a modest yield), IMPERIAL TOBACCO (investors should focus on Imperial's appeal as a dependable stock offering an equity free cash flow yield in excess of 7 pct), European telecoms (if synergies are unclear, then only nil-premium mergers are justifiable), Refco (deficiencies were not small), Procter & Gamble (pressure from discount retailers, as well as branded competitors, is increasing)
Mail
GAMING HOLDINGS (dealers hear that a mobile gaming deal could be on the cards)
Times
Rumour of the day: NAUTICAL PETROLEUM (talk it has been awarded an extension of its license over Block 9/2 for a third year) - Smaller stock to watch: Software Radio Technology (a solid AIM debut expected today) - TEMPUS: PEARSON (buy for the long-term), MYTRAVEL (hold), UMECO (buy)
Independent
THE INVESTMENT COLUMN: ROLLS-ROYCE (buy), FRIENDS PROVIDENT (buy), JD WETHERSPOON (have a punt)
Telegraph
QUESTOR: BAA (hold), IMPERIAL TOBACCO (buy), AMLIN (hold off from buying in the market; however, existing shareholders should take up their rights)

Good morning all from a very wet North Wales and thanks greystone and digger.

Morning All,

Market might take a breather today, but who knows with all this takeover frenzy.

Morning all & thanks to greystone & digger.

Good Morning all

End-of-day Market Summary