Director Dealings - Thursday 24 May 2007

Alliance Trust PLC (ATST)BHP Billiton PLC (BLT)Barr(A.G.) PLC (BAG)Brammer PLC (BRAM)British Airways PLC (BAY)British Airways PLC (BAY)British Energy Group (BGY)CBG Group Plc (CB.)CRH PLC (CRH)Cadbury Schweppes (CBRY)Cavanagh Group PLC (CVH)Cheltenham & Gloucs (BD27)Clipper Windpower (CWP)Eleco PLC (ELCO)Foreign&Col Invest (FRCL)Foreign&Col Invest (FRCL)Great Portland Ests. (GPOR)ICAP PLC (IAP)

ITE Group PLC (ITE)ITE Group PLC (ITE)Inchcape PLC (INCH)Inmarsat PLC (ISAT)Interco. Hotels Grp (IHG)Jarvis Securities plc (JIM)Land Sec. Group Plc (LAND)Lloyds TSB Group PLC (LLOY)London Capital Group (LCG)Misys (MSY)Netcall PLC (NET)Paddington Asia FundPlaygolf (Holdings) (PLG)Primary Health Props (PHP)Primary Health Props (PHP)Primary Health Props (PHP)Quadnetics Group plc (QDG)

Raven Russia Limited (RUS)Serco Group PLC (SRP)Serco Group PLC (SRP)Severfield-Rowen PLC (SFR)Smith & Nephew Plc (SN.)Smiths Group PLC (SMIN)Swiss Re (RUKN)Tarsus Group PLC (TRS)Tate & Lyle PLC (TATE)Telit Communications (TCM)Unilever PLC (ULVR)VietNam Holding Ltd (VNH)Wood Group (John)PLC (WG.)Wood Group (John)PLC (WG.)Xaar PLC (XAR)Xchanging PLC (XCH)Xchanging PLC (XCH)

Morning all. Market reports:

Telegraph
Telegraph (Bloomberg summary)
The Times
FT
The Guardian
The Independent
This is Money

The Financial Services Authority has issued a stern reminder to hedge funds, arbitragers, and other market activists in the wake of a series of highly speculative reports of imminent buyouts of FTSE 100 companies.

The City regulator has warned all market participants to be careful to ensure that they are not making up stories of takeovers, or sharing information in certain companies, to the disadvantage of the majority of other shareholders.

FSA 'reminder' over speculative buyout reports

Project Turquoise, the share trading system backed by a group of the worlds largest investment banks, will be a hybrid system that allows transactions both on-exchange as well as in dark liquidity pools, where firms offer to buy and sell large blocks of shares away from public sight.

Dark pools emerge in Project Turquoise

Chinas soaring stock market is at risk of a marked correction that could have a knock-on effect on its entire banking system, the OECD said yesterday, adding its voice to a litany of bearish warnings on the countrys share prices.

Chinas stock market faces the threat of a marked correction

Several of Wall Street's biggest investment banks are developing private "stock markets" for shares in companies that don't want the expense or scrutiny of going public.

The phenomenon is the latest challenge to traditional stock markets, and a potentially significant new source of profit for the burgeoning private equity industry. As more and larger companies are being taken private in buyout deals, a private market offers a new way for the private equity owner to cash in some of its investment.

Goldman Sachs, Wall Street's dominant financial institution, has already quietly launched one of these private markets, and several others are understood to be finalising similar plans. Afraid of losing out on trading in companies that might previously have considered a public listing, Nasdaq is also said to be considering launching its own private trading platform.

Goldman leads way by opening up its own private stock market

NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

Good morning traders!

Today is "Crocodile Day" and marks the third anniversary of the sad and sudden
death of David "Crocodile" Anderson who continues to be an inspiration to so many
traders. Bless you and thank you Croc. RIP.

In Asia today, the Hang Seng ended the morning down 300.58 points at 20,498.39,
while the Nikkei was recently off 277.58 points at 17,419.39.

New York Mercantile Exchange's main oil futures contract, light sweet crude for
delivery in July, had risen 20 cents to $64.38 a barrel from $64.18 in late trading in
the US overnight.

Good hunting!

G.

Asian economic and corporate news summaryAsian markets summary

London shares outlook - lower after Wall St falls; eyes on HSBC AGM, Marstons H1

The Friday Press Roundup

Thomson Financial UK at a glance share guide

Australian shares close lower on continued profit taking

BRBY upgraded to buy from hold - target 810 from 660 - UBS
EMAP upgraded to overweight from equal-weight - target 1025 - Morgan Stanley
MAB downgraded to hold from buy - target 947 - Deutsche Bank
PFL downgraded to neutral from buy - target 240 - UBS
SHB upgraded to overweight from neutral - target 775 - JP Morgan

STOCKWATCH European property stock ratings, price targets shuffled at JP Morgan

Tokyo shares close lower on Wall St slide, China concerns

SGRO downgraded to neutral from overweight - target 800 - JP Morgan

Australian shares close lower on continued profit taking - UPDATE

UK smallcap opening - Regent Inns slides on FY profits warning

Tokyo shares close lower on Wall St slide, China concerns - UPDATELondon shares open down after Wall Street falls amid rate concerns; miners weigh

UK smallcap opening - Trakm8 better on Motorola deal

UK smallcap opening - Integrated Asset Mangement up on placing news

STOCKWATCH BHP Billiton cut to 'hold', Rio Tinto to 'sell' at SG Securities

STOCKWATCH Elan Corp initiated as 'buy' at Goldman Sachs, target 25 usd