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U.S. stocks and bonds tumbled after the Fed altered the language in the policy statement following its last interest rate meeting of the year to a slightly more bullish outlook on the economy. The Nasdaq composite fell 40.53 to 1908.32 S&P down 9.12 to 1060.18 and the Dow Jones down 41.85 to 9923.42. It did make 10,000 for a brief moment Intraday as expected

U.K Chancellor Gordon Brown will unveil his pre-budget report today against a backdrop of surging spending and sluggish tax receipts which threaten to bust his own much-vaunted fiscal rules. The Chancellor will need all his political guile to present his worst ever public borrowing total while arguing he is not facing a black hole in the public coffers.

Abbey National The FSA said it had fined the bank a total of 2,320,000 pounds for breaches of its money laundering rules and for an inadequate monitoring of key regulatory risks.

Kingfisher said it expected tough trading in the last quarter of its financial year as it reported a big rise in third-quarter retail profit. "With an uncertain outlook for consumer spending, combined with strong prior year comparative sales growth figures, the fourth quarter is likely to be challenging,"  Profit rose 21.3 percent to 179.1 million pounds in its third quarter with like-for-like sales up 3.6 percent.

Stagecoach Group train and bus operator posted a 20-percent fall in first-half profits to 60.3 million pounds compared with 75.2 million pounds in the previous year and said trading so far in the second half was in line with its expectations.

Reg Vardy car dealer posted a 35 percent rise to 24.6 million pounds in first-half profit and said it was on track to have 100 dealerships by April 2005.Telewest Communications and NTL are heading for a merger before the end of 2005 when both groups' hefty bank facilities run out, (The Guardian newspaper)

Britsih Airways to get European green light on merger with Iberia

Blick (F), Burndene Investments (F), DS Smith (I), Hardys & Hansons (F), Henlys Group (F), iSoft Group, (I), Kingfisher (Q3), Mentmore (I), Northgate Info Solutions (I),

Numis Corporation (F), Photo-Me International (I), Stagecoach (I)

BAA Nov Traffic

12.30 Chancellor Gordon Browns Pre-Budget Report

Digex (Q3), Joule (Q3), Novadel Pharma (Q3)

07.00 Nov German Wholesale Price Index flat exp. 07.00 Oct German Trade Balance 13.9bn exp.

Ex Dividend: AbacGroup (6.8), Aberdeen Asset Management (2), Acal (7), Aggregate Industries (1.13), BSS Group (4.15), Bellway (13.8), Business Post Group (5.95), Castings (2.38), Country and Metropolitan (2.6), De La Rue (4.4), Dyson Group (1), East Surrey Holdings (4.75), Emap (7.6), Ennstone (0.35), Fenner (3.85), Fuller Smith & Turner (5.1), Goldshield Group (1), Headlam Group (3.6), Helphire Group (2), Jarvis (4.5), JD Sports (2.86), Luminar (3.67), Northumbrian Water (2.32), Pillar Property (2.4), Quintain Estates (2.75), Richmond Foods (5.5), Telecom Pl(4.5), VP Plc (1.6), Wincanton (3.48), Yates Group (1.65)

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