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News Headlines:

The Dow Jones rang up its worst loss of the year with a 307-point drop as hopes faded for a short war in Iraq. Amid reports of rising casualties and an appearance by Saddam Hussein on Iraqi television, stocks sold off sharply as money flowed into bonds, oil and gold.  The FTSE is forecast to open sharply down following the U.S losses and further worries from the Iraq conflict.

Singapore quarantines hundreds of people due to the spread of the new respiratory disease SARL  Watch for further fall out on Airlines?

ICI: <Warning> Group sales and cash flow for the quarter are both expected to be satisfactory, in spite of continuing challenging trading conditions. Whilst Paints is performing in line with our expectations and Uniqema continues to experience difficult conditions, as in Q4, Group trading performance so far this year has been impacted by Significant raw material cost increases in National Starch; and Weakness in Quest Food sales in Europe. They now expects Q1 profit before taxation to be down to 50m in comparison from last year's 66m.

EMAP: said it expected revenues for the year to be up 2% on last year. It said it was confident of delivering full year results in line with its expectations. BUT It also said it was taking a cautious view of trading conditions for the coming financial year in the light of uncertain economic and political  conditions, but was still confident of good progress.

BAE <Downgrade> are expected to open up to 10p lower after being hit by a credit rating downgrade by Standard & Poor's Ratings Services. They say "The downgrade reflects BAE Systems' poor profitability, weak cash flow generation, a decline in historically strong liquidity, and a sizable pension deficit,"

RM technology firm said that trading for the first six months of its financial year, and the outlook for the full year, were in line with expectations.

Electrocomponents <Warning> electrical and industrial parts distributor said it expected 2003 profits to fall from last year due to continuing tough market conditions in its sector.

JJB Sports said its chairman and founder, DaveWhelan, was "seriously considering" making an offer to buy out the firm.

Compass catering said on Tuesday trading had continued in line with management expectations with growth of at least 6%

Northern Foods said its full-year results would be in line with expectations and described sales trends in the fourth quarter as encouraging.

Calendar

All GMT

United Kingdom (F)inals (I)nterim

United States (Click Flag)

Europe & World

Tuesday

25th

BMetal Bulletin (F) PBT 7m exp. Ted Baker (F) PBT 10.8m exp. Also Reporting: Amey (F), Carlton Communications (AGM), Galen (AGM), Gleeson (I), Peterhouse (F), Premier Oil (F), Unite Group (F), Venture Production (F)EMAP Trading Statement

12.45 BTM/UBSW sales  13.55 Redbook sales 15.00 March consumer confidence 15.00 Feb existing home sales

Bertelsman AG (F), Olivetti (F)

7.50 France Feb consumer spending m/m 11.00 EMU Jan retail sales m/m