S&P Futures

The Nasdaq composite erased nearly all its gains for 2004 closing down 52.07 in a technology-led sell off following disappointment over forecasts from Cisco and Ciena. The S&P down 9.51 lost around 0.8 percent and the Dow Jones industrial average down 34.44

With the economy surging ahead the Bank of England will probably raise interest rates again today, increasing the gap with the euro Invensys announced a refinancing plan totalling 2.7 billion pounds and said it would provide a solid base for the company's long-term viability. The plan included the placing and open offer of 2,187 million new shares at 21.5 pence each to raise 450 million pounds, the issuing of 625 million pounds in high-yield bonds and five-year credit facilities of 1.6 billion pounds.ICI announced its third dividend cut in three years as it reported fourth-quarter earnings that were at the top end of forecasts.4th quarter pre-tax profits fell two percent from last year to 86 million pounds against analysts consensus at 80.7 million.Shell just reported profits of 1.86 billion dollars against 2 billion dollars forecast and the future of the refining market was uncertain. Chemicals outlook challenging,

GWR (Q4), ICI (F) PBT 282-342m exp. Shell (Q4) Adj net $1.9bn exp. Signet (Q4), Smith & Nephew (F), Lonmin (AGM)

12:00 BOE rate announcement, 4% exp.

13:30 Weekly Jobless Claims 13:30 Q4 labour costs, 0.3% exp.

11:00 Nov retail sales m/m, y/y, 0.5%, 0.0% prev.

12:45 ECB rate announcement, 2.0% prev.

13:30 Q4 Productivity, 2.6% exp. 13:30 ECB press conference

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